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Archive for February, 2010

Team USA wins silver. Canada won gold in overtime. Great game.

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Interesting News just in on CNN. Part of a new law put in effect to stop banks from charging many of the fees they have in the past that hurt the consumer, limits the banks from charging the overdraft fees. CNN reports that what the banks are doing are calling the customers and telliing them that they can opt in a program which would keep them from charging a fee if they make a minor overdraft. They will move money from other accounts and not charge the customer. That sounds great but if it’s more than their predetermined amount, it gives them the right to charge you those same fees. However, what most consumers wouldn’t know is that they can’t charge them the fees at all unless they opt into that program Don’t fall victim and share this.

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CNN reports on the greedy credit card market. Between the banks and the credit card companies, most of us affected by the sins of those exact companies, find ourselves struggling just to pay the fees and bills. By passing reform but giving the companies 10 months to figure out how to continue to screw us. They’ve done just that. Go back over your statements in the last 10 months. If you are like most people, you found your credit lines decreased(for no reason- though if you called the company they always say your credit changed.) After intense arguing and showing them proof that it hadn’t, as I did, some actually would raise the limit back up. Most wouldn’t. Then, interest rate hikes, once again for no reason. But if you contacted them they always had a reason for that too. You’d have to be a credit expert to even understand what they were and are doing.
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Another $1 billion in small business credit vanishes
By Catherine Clifford, staff reporter December 16, 2009: 5:42 PM ET

NEW YORK (CNNMoney.com) — The small business credit crunch is still deepening: Major banks cut their small business loan balances by another $1 billion in October, according to a Treasury report released late Tuesday.

The 22 banks that got the most help from the Treasury’s bailout programs have decreased their small business lending by a collective $11.6 billion since April, when the Treasury began requiring them to file monthly reports. The banks’ total lending has fallen 4.3% in that six-month period, to $257.7 billion.
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Most people are disgusted and frustrated with the apparent lack of any ethics in the credit card industry. While people are struggling to survive and feed their families in this economic nightmare, Credit card companies have decreased credit lines for people, even when the person’s credit situation hasn’t changed. This happened to me. What did they do then?
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Bank of America Extends More Credit in 2009 Than Any Other U.S. Bank

Bank of America issued its fourth-quarter Lending & Investing Initiative Report, noting the extension of more than $758 billion in credit during 2009, including nearly $180 billion during the fourth quarter alone. This quarterly report outlines the company’s progress in driving economic recovery through 10 key areas, including lending to consumers and businesses of all sizes, support for municipalities and nonprofits, community development and other initiatives.

The company reported that it extended more than $16 billion in new credit to small businesses last year. Bank of America also assisted more than 60,000 small business clients by modifying payment structures to improve their monthly cash flows to help ride out the recession. In the fourth quarter, Bank of America announced it will increase 2010 lending to small- and medium-sized businesses by $5 billion.
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Many businesses are asking this same question. The problem is complex but can be answered as simply. Banks DO NOT have to lend to make money. They can sit on their deposits and shore up their resources to make more profits. Simple. They DON”T have to lend and they are not right now.
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