There is further bad news for banks today which must feel like getting kicked whilst you are down already. A lawsuit, filed 2007 in Florida alleged that banks targeted black borrowers into taking sub-prime loans. The National Association for the Advancement of colored People has recently filed some paperwork to speed up the class-action lawsuit. [...]
Wall street’s 5th largest investment Bank, Bear Stearns had to take out an emergency fund from the Federal Reserve last week as it was unable to fund its daily business. There are concerns that other banks may follow suit which is causing shares to drop. The weakness of the dollar and the high oil prices [...]
Many homeowners were hit by raging winds and some flooding last week. A study shows that many are still without home insurance. Despite witnessing last summers terrible weather approximately 40% of homeowners are still uninsured. Those who do have property insurance millions of them are being urged to check if their contents have been covered. [...]
A father aged 58 and his daughter aged 25 have been charged with money laundering, mail fraud and securities fraud. Living in Florida, they managed to sell worthless shares to British investors. After stealing the identities of trading companies Paul Gunter sold them fake shares by using aggressive sales techniques starting in 2005. 15,000 people [...]
The people of Sweden have seen a rise in something they call SMS loans. This text loan can be obtained by sending a text to one of up to 30 companies offering the unsecured loans. The average amount being borrowed is £245 with administration and interest fees amounting to £45. The problem is the fact [...]
In an attempt to relieve some of the pressure from the recent credit crisis the worlds largest banks have come together to inject some money into money markets. The US Federal Reserve , the European central bank and central banks in UK, Switzerland and Canada will all offer their financial support. This will enable the [...]
Citizens of United Kingdom have a debt of around £55 billion on credit cards. This equates to an average of £2,200 per household however there are some credit card owners with higher debts. Credit cards are good for short-term borrowing and especially if you are going to pay off the bill in full every month [...]
There is a new way to take out a loan in America. As the economy is a little shaky at the moment people are turning to a new breed of lenders – their neighbors, their “peers”. Think of it as joining up to Myspace, Facebook or Youtube but only this time you pay a little [...]
Isa Allowance With an individual savings account (ISA) everyone can store £7,200 from April onwards in cash , shares, bonds and investment funds. The Isa accounts do not have to be declared on tax returns but if you don’t use this allowance then you will loose it. This isn’t just for the wealthy investors but [...]
Under a new proposal by the Conservatives party larger, cider and “alcopops” will be hit with higher taxes. It is said that the extra money will be used to fund price cuts in low-alcohol beers and ciders. Spirits, wines , 90% of beer / cider which includes popular names such as Carlin, Guiness and Stella [...]