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Economy improving a little, but still pretty ghastly
The monthly Treasury round-up of independent Forecasts for the UK Economy is always worth reading and this months shows the independent (mainly City) economists responding to the rising business optimism of recent months. Theres an awful lot of economic indices and surveys floating around these days but two I always take seriously have suggested things are looking up. Yesterdays Industrial Trendssurvey from the CBI found 39 per cent of manufacturers expecting output to rise in the next three months, as against 15 per cent expecting it to fall; the net balance of + 24 per cent is the highest since this time last year.
The latest Purchasing Managers Index for services was robust, with confidence in the sector the highest for a year and the PMI for manufacturing was positive, with signs of greater confidence.
A Warning for Those with Unsecured Credit Card Debt
Are you immersed knee deep in debts and cannot see an escape route out of the labyrinth? Well, debts are a risk when you cannot repay your creditors and they keep pressurizing you through harassing phone calls. You might not be worried about the secured debts as they are secured by a mortgage hence in case of any default this mortgage gets confiscated. But unsecured credit card debts are really troublesome, as they are not secured with collateral. You can opt to pay off these debts by negotiating with your credit card companies but this might not prove to be a wise decision at all times.
Decreasing your expenses and increasing your income will help in speeding up the debt repayment process but managing your expenses and income is the biggest challenge. You can opt for credit counseling in order to consolidate your unsecured debts into one account that allows you to make only one payment each month without a loan.
Finovate: 3 companies worth watching
The Finovate conference held last week in NYC brought together some of the most creative minds in finance and technology. Nerd alert, I know—but fascinating, too! Here’s a pre-launch sneak peek at some of the nifty new products you may hear buzz about in the next couple months. (And let me say up front that I’m not endorsing any of these products—just think they might be interesting to watch.)
- BankSimple. The name says it all—a new, simpler way to bank, courtesy of an Australian (CEO Josh Reich) who moved to the States and found American banking to be the baffling, customer-unfriendly ordeal we all know it to be. Enter BankSimple, a web- and app-only service that tracks and categorizes your expenses a la Mint.com, but partners with FDIC-insured banks and credit unions to keep your money safe and accessible. Why choose it over your standard, storefront bank? BankSi
The Stupid Things You Do With Your Money (and How To Fix Them)
Money. You need it to live, but whether youre a spendthrift or a miser, money can make you do foolish things. Youll waste it trying too hard to save, spend it on things you dont need, and simply overpay on regular expenses every month. Heres how to avoid being stupid with your hard-earned cash.
Stupid Thing #1: You Spend More by Trying Too Hard to Save
Frugality has its downfalls. When you try too hard to save, sometimes you end up wasting your money in the process. This may seem almost impossible, but it happens when you try so hard to cut costs that you stop paying for things you actually need. Doing this leads to more problems down the road—problems that are far more costly.
For example, skipping regular checkups at the doctor and the dentist can save you a few hundred dollars each year, but there will come a day when your lack of preventative care—which is very important—will earn you a much higher bill.
Doing your own taxes with inexpensive software may also seem like a good idea, but if the software makes any mistakes you could end up paying for them later. If yo
Capital One to buy ING Online.. So Long ING?
Long time readers of this blog know that ING and I go way back. I became a loyal customer of theirs back in 2004. Ive shared countless referrals to new customers for a free $25 bonus since this site began, but heres something that has me rethinking that relationship with ING Direct.
To be honest, Ive been a little wary since 2008, when ING received a bailout from the eurozone.
Truth be told, I havent actually seen any downside to that bailout as a customer, but it seems that one of the conditions of that bailout was that ING sell its U.S. online banking division. I wont pretend that this condition makes any sense, since it seems a profitable arm of the conglomerate and it was likely the mortgage division, marketing no money down, interest only ARMs that got them in trouble in the first place. The problem is that Capital One looks set to acquire the ING Direct operation.
Ive had a credit card with Capital One since the dawn of time, or very nearly.
No-frills cards are becoming more popular from lenders
Consumers who are wary of the high cost of dealing with credit card debt and had worked hard to chisel down their balances may be excited to learn that lenders are once again offering more affordable accounts.
Though the hottest competition among the nations top credit card lenders remains for those who have the best possible credit scores, consumers with more modest incomes and credit ratings may soon find that the offers they receive for less expensive accounts are increasing, according to a report from the Wall Street Journal. These days, lenders are once again seeing the value in marketing low-rate cards to consumers of more modest means who previously had worked to reduce debt and get their finances under control.
The type of cards now being offered to these borrowers typically comes with low interest rates and almost no fees, but also no rewards or other perks, the report said.
In previous months, most credit card marketing was geared toward those who have higher credit ratings, for accounts that have top-notch rewards programs attached. Read full post…
Obstacle Course Awaits Congress in Quest for Simpler Tax Code
The allure of a simpler, efficient tax code that could fuel economic growth presents a tantalizing possibility for U.S. lawmakers. The path to that goal is littered with political and legislative obstacles.
Even if President Barack Obama and House Speaker John Boehner had agreed to pursue a tax code overhaul as part of a deal to raise the debt ceiling, completing such an effort would require sustained bipartisan cooperation on an issue that deeply divides Republicans and Democrats.
Congress hasn’t rewritten the U.S. tax code since 1986, and that isn’t for lack of trying. The problem extends beyond disagreements about the proper size of government and the role of government in fighting income inequality. The difficulty is that the clearest track to a simpler code with lower rates would require eliminating or curtailing cherished tax breaks such as those for home mortgage interest, charitable contributions, domestic manufacturing and capital gains.
“A lot of these groups are pretty well-organized, so I think this battle within the business community of who’s going to win and who’s going to lose is the big issue,” said David Kautter, managing director of the Kogod Tax Center at American University in Washington. “That’s wha