Online Financial Services

Did you know that credit cards are a fairly new invention?  In the recent past, people always saved up for the things that they wanted and paid for these items with cash that they withdrew from their bank account.  Today, people wipe their plastic for all sorts of purchases that our grandparents wouldn’t have thought of, like fast food meals or gasoline purchases.  There are many things that you probably didn’t know about credit cards that the credit card companies would rather keep under wraps, but knowing the truth about these financial products will help you make better decisions about your own finances.

1 – Interest Rates Have No Maximum

Every card holder’s agreement for every credit card marketed contains a clause that states that the credit card issuer can change the interest rate for the credit card at any time for any reason that they consider valid.  Although the new credit card laws issued state that these companies must now give a certain amount of notice before an interest rate hike and give the borrower the option to pay off the balance under the original terms, the new laws do not say anything about a limit to the interest rate that is charged.  Many of larger banking institutions are headquartered in states that have no usury rate, so they can charge their customers whatever interest rate they choose without any fear of legal repercussions.

2 – Paying Off A Credit Card Rarely Happens

The individuals that are using credit wisely attempt to pay off the balance of their credit card every month, but the vast majority of credit card users carry a balance on their credit cards from month to month and many of these individuals only pay the minimum due each month.  What many people do not realize is that the typical minimum payment only covers the fees charged for that month and 1% of the principal balance.  This means that it could take someone decades to pay off a credit card and that is only if they do not use the credit card again while they are paying it off.

3 – Rewards Programs Are Costing You

Many people sign up for credit cards because of the perks and rewards that they will get from using the credit card, but many do not realize that these perks are not free.  You are paying for these rewards through the interest payments, finance charges, and membership fees associated with the credit card account.  An analysis of one popular credit card rewards program showed that the credit card holder would have to spend at least $5,000 annually to break even with the membership fee for being in the rewards program.

While traveling in Europe, I made a mental note of banks that I recognized.  Between Paris and London, I only saw HSBC, ING, and American Express.  I’m not really surprised because they seem to have the world on lock.  But here are a few banks that I didn’t recognize.

I know Barclays is a global financial firm, but it is not a recognizable household name (to me).  The other two are associated with specific geographic locations and made me think of Bank of America.  Wonder if they suck as bad you would find a BofA in another country? LOL

Isas will offer a better deal for savers following recent changes and could even offer a suitable alternative to pensions, it has been suggested.

Savers using an Isa are entitled to set aside a certain limit each year without the tax man getting his hands on any of the cash, which may make it a great option for those looking to make their money go a little further.

Earlier this week the Office of Fair Trading (OFT) revealed it has come to an agreement with the Isa industry on a number of changes.

This arrangement came following a super complaint by the consumer watchdog Consumer Focus about the length of time transferring money to a new bank or building society can take.

At least 17.5m people in the UK have £143 billion held in cash Isas, meaning the benefits of the changes could be widespread.

In addition to this, the Investment Management Association found that Isa sales for April were at their highest for nine years. Read more…

Inventory continued its climb in Edmonton in June, reaching the second highest level for June on record. Last month we thought we were close to the peak of inventory, but we didn’t know sales would slow as much as they did this month. The REALTORS® Association of Edmonton released the June sales stats today calling the market “normal.”

“External influences pulled sales activity into the first four months of the year which reduced the demand in May and June. Overall there were 680 less residential sales in the first half of the year as compared to 2009,” said Larry Westergard, president of the REALTORS® Association of Edmonton. “Consumers still seem interested in getting into the housing market or moving up but seem to be resting after a confusing period of uncertainty and change in the conditions that surround a property purchase.”

The number of new listings slowed substantially, almost back to normal levels:

So the jump in inventory is mostly due to low sales. Based on th

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Conventional wisdom has always taught us that springing for a new car instead of a slightly used car was a financial mistake. In fact, I’ve written about what you need to know before buying your next car and buying used over new was one of my key points. The reason is that cars are depreciating assets and it isn’t uncommon for a new car to lose anywhere from 10-20 percent of its value in the first year. So, if a savvy consumer is shopping for a car it often makes sense to get a used model about a year old with low miles. This way the original owner takes the greatest depreciation hit while they get an almost new car still covered under warranty.

Well, the economy has changed the game for many makes and models and in some cases you can actually buy a new car for less than the same car used. New data from Comerica Bank’s Auto Affordability Index shows that new cars are now the most affordable they’ve been since records started being kept in 1979. In fact

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Wireless communication systems are pervasive these days, but if you’re running a business chances are your still running a lot of wires and plugs in your walls.  The more electronic gadgetry that’s available to business owners also means the higher demand for electricity.  According to the American Council for an Energy-Efficient Economy, “office equipment directly consumes 7% of total commercial electrical energy.”

Whether desktop computers, monitors, fax machines, copiers, scanners, or other multifunctional devices, office equipment consumes a fair amount of electricity.  Even when these devices are not on, but are still plugged in, they consume power.  A recent study from the Energy Center of Wisconsin examined energy used by this kind of equipment, and offers solutions to reduce it.  Here are five suggestions for businesses looking to limit their office ‘phantom’ energy use.

1. Enabling power management settings on computers- Researches found that 75% of desktop computer electricity consumption occurs when no one is in front of the computer.  When you enable power settings your system will automatically respond to periods of inactivity by putting it into low power modes.  With respect to this study, 80% of desktop computers did not have these settings enabled.
2. Knowing the difference between Hibernate and Sleep- Hibernate mode saves the existing session to the hard drive and eliminates the risk of losing data.  But recovering from hibernate will take longer than sleep mode.  In terms of electricity usage, hibernation always reduces to near zero consumption.  Sleep mode retains data in the volatile computer memory and can be ‘reawakened’ very quickly.  But if power is cut, unsaved files will be lost.  Sleep mode will generally use more energy than hibernation mode and might not be much of a reduction at all in older computer models.
3. Using a “smart” power strip to disconnect power to peripherals when a main device (such as a computer) is turned off- A smart power strip is designed to reduce standby electricity consumption.  For example, if the main device is a computer, your periphery devices might be the accompanying monitor, printer, and stereo speakers.  In this way, the strip will sense when the main device is being turned off and will subsequently turn off the other devices it’s associated with.
4. Manually unplugging- This one is pretty self-explanatory.  But many users will find this tiresome and annoying.  If it’s an easy plug to get to and you’re not using it most of the time, go ahead and unplug it.  If you’re going to manually unplug, however, it’s a good idea to turn of the equipment before you do as a safety precaution and to save device settings.
5. Install Google’s Energy Saving Gadget- This is a software tool which allows you to easily monitor your computer’s energy use.  It sets your computer’s power management settings to EPA recommended standards and will show you how much energy you’re saving.

Michael Dykstra is a writer at Resource Nation.  He writes extensively about  purchasing and outsourcing decisions for small business owners and entrepreneurs.

Many experts say that starting a budget is a must for anyone trying to take control of their finances, but they neglect to show all of the reasons why starting a budget is so beneficial.  Knowing the best reasons for starting a budget and sticking to it can help you understand why a budget is so important and increases the chance that you will be able to stick with the financial program that you have set for yourself.

Know Where Your Money Is Going

The very best reason for starting a budget is so that you will always know where your money is going.  Individuals that do not keep track of their finances are often bewildered at the end of the month when they have less money than they thought they would and they have no idea where that month went.  With a detailed budget, the mystery of what you are spending your money on ends and you will have a good idea of where you are spending the most and how much you are spending overall.

Reduce Unnecessary Expenses

Having a budget allows you to review your spending trends and shows you where you are spending more than you should.  This is good because you can eliminate excessive spending in areas that are non-essential so that you will have more money available for saving or other needs.  Many people are able to cut their overall monthly spending by 25% or more after identifying areas where they are spending more than they intended.

Prevent Overspending

Overspending can be a very expensive mistake.  Overdrawing your bank account can cost as much as $35 per occurrence and having to place a purchase on your credit card because you are out of money can quickly increase your debt with double digit interest rates.  Creating a budget will help you see how much you are spending each month and designate a specific portion of your income to each category in your budget to prevent overspending.

Increase Your Savings

Your budget should never spend all of the money that you make in a given month to allow to unexpected expenses and minor emergencies.  This means that sticking to your budget closely should result in you having more money left over at the end of every month.  Placing this money into a savings account will increase your financial security and provide the funds that you need for special occasions and long term monetary goals.

First of all, let me just say one thing:

I LOVE THIS PLACE

Everyone I’ve encountered (so far) has been extremely nice. Who said the French don’t like Americans? Everyone speaks English, and if you ask nicely, they are happy to help.

I see lots of brown people. Love it!

Excluding the language barrier, Paris feels and looks just like NYC. Big city, huge melting pot, busting at the seems with people and cars, plenty of places to shop and eat, and lots of things to see and do.

My hotel is walking distance from the Eiffel Tower. Ack!  I can see the top of it from where I’m sitting right now.

I love our hotel room. It’s very sleek and modern. But good lawd, it’s small!

@coolac warned me that they would have plenty of towels but no wash cloths and she was right. LOL! Thanks to

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