Obama’s Health Care Agenda
$750-per-worker annual fee on large companies
With determination to advance Obama’s health care agenda, key Senate Democrats are calling for a government-run insurance option to compete with private plans, which also includes a $750-per-worker annual fee on large companies that do not offer coverage to their employees.
In a letter outlining the details, Senators Kennedy and Dodd, said their revised plan would cost dramatically less than an earlier, incomplete proposal, and help pave the way toward coverage for 97% of all Americans.
$611.4 billion over 10 years
The two senators said the Congressional Budget Office estimated the cost of the new proposal to be $611.4 billion over 10 years, versus $1 trillion from two weeks ago.
Kennedy and Dodd will begin pushing their legislation after the July 4 holiday.
Several committees are collaborating in the House on legislation expected to come to a vote by the end of July. That measure will include a government-run insurance option.
Essentially, all the bills would require insurance companies to sell coverage to any applicant, without charging higher premiums for pre-existing medical conditions. Poorer individuals and families would qualify for government subsidies to help with the cost of coverage. The government’s costs would be covered by a combination of higher taxes and cuts in Medicare and Medicaid spending.
“Like the president and a strong majority of Americans, we believe that a strong public option is an important component of any health reform bill that keeps costs down, expands coverage and offers American families a wide variety of affordable options,” the two Democrats wrote.
They outlined an approach in which the Health and Human Services Department would negotiate rates and premiums, and poorer individuals and families would be entitled to the same subsidies as anyone buying coverage from private insurance firms.
“We must not settle for legislation that merely gestures at reform,” the two Democrats wrote. “We must deliver on the promise of true change.”
The letter indicated that the cost and coverage improvements resulted from two changes:
- the government-run health insurance option, which has drawn intense opposition from Republicans
- the employer fees.
The proposal calls for a $750 annual fee on employers for each full-time worker not offered coverage through their job. The fee would be set at $375 for part-time workers. Companies with fewer than 25 employees would be exempt. The fee was forecast to generate $52 billion over 10 years, money the government would use to help provide subsidies to those who cannot afford insurance.
To view the proposal in PDF format, click below (3.4 MB).
By Fast and Reliable Credit Repair and AP wire services
July 2, 2009 at 10:07 am | US Economy News | Comments
15 Way to Spot Credit Repair Scams
Credit Repair Scams
Credit repair companies tend to be viewed negatively, mostly due to the amount of scams out there. However, there are many legitimate, reputable companies that you can turn to, should you require professional help. As an educational tool, we at Fast and Reliable Credit Repair have put together a list of common credit repair scam techniques in an effort to prevent consumers falling victim to scams.
Be very cautious of:
- Companies that want you to pay for services before they have been provided.
- Companies that do not inform you of your legal rights and what you can do on your own for free.
- Companies that urge you to create a new credit profile by applying for an EIN (Employer Identification Number). This is illegal.
- Companies that guarantee removal of ALL negative items. No company can legally or ethically guarantee to remove all of your negative accounts, however they can offer a money back guarantee.
- Be cautious of unsolicited emails from credit repair companies. Many are fraudulent.
- Companies that cannot or will not help your obtain your credit reports.
- Companies that make promises they cannot keep.
- Companies that do not provide you with a general time frame for your case. Most cases can be completed in about 6 months.
- Companies that discourage customer contact with the credit bureaus.
- Companies that advise you to lie on loan applications or suggest you establish a different identity. This is not only dishonest, it is illegal.
- Companies that promise to pay your creditors from money you pay them that is placed in an escrow account. This proposition is merely a scam, and the debtor is the loser.
- Companies that try to pressure you to join their program without providing you with a contract.
- Companies that claim to repair your credit within a few days or a month. Your credit was not ruined overnight and it will not be fixed overnight!
- Companies that have a 900 phone number should be avoided at all times. Any reputable company would have a toll-free number.
- Use common sense! If it seems too good to be true, it probably is!
June 19, 2009 at 11:22 am | Credit Repair | Comments
Is Your Credit Card Really Secure?
Making Safe Credit Card Purchases
We’ve all been told that shopping with a credit card is the safest way to make purchases. It makes sense; when you use a credit card, you do not provide any details of your bank account to the merchant, plus you are not liable for unauthorized transactions. Unfortunately, when you swipe your card, your card information can be stored by the merchant which can become a target by hackers.
Any time you swipe your credit card and wait while the transaction is being approved, sensitive data including your name and account number are sent from the store to your bank through computer networks, with each step a potential opening for hackers.
It is the responsibility of the credit card companies to design and implement the security rules that govern the industry.
The AP gives a dismal review of the rules; “The rules are cursory at best and all but meaningless at worst, according to the AP’s analysis of data breaches dating to 2005.” Unfortunately, even if you are lucky and your card is not hacked, the cost of the fraud ends up affecting all of the merchant’s, which is then passed on to the customer.
One of the largest hacks in history was back in 2007. Discount retailer T.J. Maxx and Marshalls fell victim to hackers when 45.7 million credit or debit cards were compromised. Experts say TJX’s disclosures in a regulatory filing revealed security holes that persist at many firms entrusted with consumer data: failure to promptly delete data on customer transactions, and to guard secrets about how such data is protected through encryption.
“It’s not clear when information was deleted, it’s not clear who had access to what, and it’s not clear whether the data kept in all these files was encrypted, so it’s very hard to know how big this was,” said Deepak Taneja, chief executive of Aveska, a Waltham, Mass.-based firm that advises companies on information security.
The only arrests believed to be tied to the case involved a gift card scam where 10 people are suspected of buying data from the TJX hackers to purchase Wal-Mart gift cards in northern Florida. The group, who aren’t believed to have committed the TJX hack, then used the cards to buy around $1 million worth of electronics and jewelry at Wal-Mart’s Sam’s Club stores, according to Gainesville, Fla., police.
It was later found that some of the data stolen dated as far back as December 2002.
Either way, it is still much more secure to use your credit card over your debit card it most circumstances. Even if you have to deal with the credit card companies and the credit bureaus for a few months, you can have everything corrected. In some extreme circumstances it may be beneficial to hire professional help in the case of credit card fraud or identity theft. In the case of such fraud, your credit can be completely ruined and will take time and patience to restore, so be vigilant in protecting yourself!
June 16, 2009 at 9:12 am | Credit Information, Credit News, Credit Repair | Comments
Is Hiring a Credit Repair Company a Good Idea?
Hiring a Credit Repair Company
The answer to this question will vary from person to person. Everyone has a different credit situation, so the answer to this question really depends on what your end goals are.
Credit repair companies offer legitimate, necessary services to ordinary people that require assistance in dealing with the inaccuracies that are all too common on our credit reports.
There is a common misconception that all credit repair companies are an illegal scam.
This is simply not true!
There are many legitimate companies out there that have genuinely helped millions of people. Unfortunately, this industry is often frowned upon due to the activities of a few bad companies that, with their deceptive practices, have successfully scammed their clients. Luckily, the FTC catches on rather quickly to these types of operations and shuts them down promptly.
Hiring a credit repair company is much like;
- Taking your car in for an oil change
- Hiring a lawn care service
- Hiring household help
Everyone has their own reasons for doing this. Some people may take their car to a mechanic for an oil change because they simply do not know how to perform an oil change, they don’t have the time or equipment to do it themselves or they simply prefer to leave their valuable car in the hands of a professional. However, there are some people that would have absolutely no problem changing the oil in their car.
Even if someone hires a credit repair company to work on their reports, a client still has to be responsible during the process. It is very important for the client to make a conscious effort to avoid adding new negative items to their reports.
Especially in these economic times, more patience is needed when repairing your credit. There are usually some setback to the process when a new late payment is added to the credit reports, but this can be overcome by using responsibility and patience.
There are many self help resources available online for those who wish to repair their own credit. Most of the available resources are fairly complete and can aid greatly in the process, however the specific laws regarding credit repair and the laws that the credit bureaus must follow are often difficult to comprehend, which is why most people tend to leave this to professionals.
June 11, 2009 at 1:26 pm | Credit Repair | Comments
The Credit Card Accountability Responsibility and Disclosure Act of 2009
Credit Card Debt for Young Consumers
New credit card law allows parents to control credit issued to their children
One section of the new credit card law is aimed at keeping young people out of debt. Parents now have greater power over the credit given to their children.
The Credit Card Accountability, Responsibility and Disclosure Act prohibits credit card issuers from extending credit to a person under
21 unless one of two conditions is met.
Under one condition: the card issuer has to verify that a young adult has the “independent” financial means to repay any credit that has been extended. This should have always been the case, yet as we know, the lenders have given credit to teens living off student loans or side jobs, counting on parents to bail them out from under the accumulated debt.
Under a second condition: a young person will now need a parent, legal guardian, or individual 21 or older to co-sign a credit application. A common misconception is that a co-signer is responsible for only half the debt. A co-signer is in fact fully responsible for all the debt.
There should be no rush to get a young adult a credit card. An often used excuse is that helping a young person obtain a credit card, helps them to start establishing credit, and teaches them how to use credit responsibly. These are ideas make popular by the credit card companies. Teaching a young person to buy something when, and only when, they have the money to pay for it is the only way to teach them to live within their budget.
Listed below are a few other provisions in the new law that help guard against credit issuers praying on young people.
- Gifts to college students in exchange for filling out a credit card application are prohibited.
- Issuers can’t send pre-screened offers to people under 21 unless the consumers have consented to receive these offers.
- The law bans card issuers from raising the credit limit on accounts held by a person under 21 unless the co-signer gives written permission.
This new law is a step in the right direction, and the power it gives parents is the best part. However, standing strong and refusing to co-sign is key. Co-signing for a credit card is a very dangerous thing to do. Attaching yourself to the way anyone else pays their bills can only hurt your credit, and the debt young adult across the country are dealing with, shows that it causes them more harm than good.
Extra Resources
Click if you would like to see “The Credit Card Accountability Responsibility and Disclosure Act of 2009 Section by Section Summary” in PDF format.
June 10, 2009 at 3:47 am | Credit Information, Credit News, Credit Repair, US Economy News | Comments
Free Our Health Care Now
“Stop The Government Before It’s Too Late”
Freeourhealthcarenow.com is a online petition to block the passing of new health care laws that would give citizens the option to received socialized health care.
The 4 main points of the petition, according to the site, are:
- Choice: I support the right to choose my own doctor and to choose a health insurance plan that best fits my family’s needs and budget.
- Access: I want to get the treatment I need, when I need it, without delay or denial and I want my health care to be patient-centered rather than government-centered.
- Fairness: I want the same tax breaks employers get if I have to pay for my own health insurance; and I want government assistance redirected to those that truly need help.
- Responsibility: I want more control to cover my own health care decisions and I want a system that encourages everyone to eliminate fraud, waste and abuse. I want insurance I can take with me if I have to change jobs.
Obama’s socialized health care policy has been dubbed as “trickle-up poverty” by freshconservative.com.
“Obama is proposing a socialist version of healthcare. Sugarcoat it any way you like, by calling it ‘universal healthcare’, but it is still socialized healthcare. Time and time again, socialized healthcare has been implemented, and every time it equates to rationed healthcare, with government bureaucrats making life or death decisions about your healthcare.
Gone will be the days of an individual making the decision to pay for expensive cancer treatment. Instead, to be fair and ration healthcare dollars, bureaucrats will say that hospice is cheaper. Or better yet, how about a suicide pill? If this healthcare plan passes it will have disastrous effects for anyone who doesn’t believe in having their hand outstretched looking for a free government handout.
The other part of this proposal that not many people are talking about is that it requires the ‘haves’ to pay for the ‘have nots’. My hard work (tax dollars) will have to pay the healthcare costs for some lazy, no good loser that decides not to work, because, after all, in a socialist society what’s the point of working? ”
The main problem with the entire plan is that it uses the “S” word, which people in this country have come to fear. Most people simply do not understand the concept and are shocked to learn that most other 1st world countries provide health care to their citizens. Yes, that is socialized health care. In the 1st world, the United States is ranked last in the overall quality of heath care systems. After living in other contries where I can simply walk into a hospital and receive heath care, I have come to realize that socalized health care is far superior to the system that we are used to in the states. Sure, I may have to wait in line for a while, but IT IS FREE! You would never have to worry about your stay in a hospital becasue you do not have the resouces to pay.
Maybe we should send our troops over to England and Canada to attack the evil socialists and their free health care for all.
June 9, 2009 at 12:15 pm | US Economy News | Comments
Road to Recovery – 600,000 Jobs to be Added
Road to Recovery
According to an entry in the White House blog, by the end of the summer, 600,000 new (government) jobs are to be created, or saved, through the so-called “Road to Recovery“. The Road to Recovery will focus on 10 major projects that;
will keep more teachers in the classroom, put more cops on our streets, and give more people access to health care over the next 100 days.
Unfortunately, this will not offset the 1.6 million jobs that have been lost since the start of the crisis last year.
Obama, however, remains optimistic. “We have a long way to go on our road to recovery but we are going the right way,” Obama will say, according to a statement prepared for his announcement.
The 10 projects that will be funded with part of the $787 billion package can be reviewed in detail at:
http://www.whitehouse.gov/recovery/roadmap/
Unlike the previous administration, the White House seems to very transparent on this issue, stating:
“When you signed the Recovery Act, you promised that, “Once the money starts to go out you’ll be able to see how, when and where it is spent.” The information included here is only a down payment on that promise. We are working with the Recovery Accountability and Transparency Board to help them get the data they need to make Recovery.gov even better than it is today. We share with the Board the goals of transparency, accountability and timeliness of providing detailed information to the American people.”
China on the Rise
On a semi-unrelated note, it is estimated that the Beijing Olympics created 600,000 jobs every year from 2001-2008, according to a government official.
Liu Jingmin, vice mayor of Beijing and executive vice president of the BOCOG, said at a press briefing that Beijing has benefited from preparations for the Games, which opened on August 8, 2008.
In the past five years, Liu said, the annual increase of gross domestic product (GDP) in Beijing reached 12.1 percent averagely, with the amount last year at 770 billion yuan (US$102.7 billion) and the per capita figure at US$6,300.
Beijing also saw 3.9 million overseas tourist arrivals in 2006, one million more than that in 2001, Liu said. At the same time, the Olympics helped Beijing improve its urban planning and better transport networks, he said.
Maybe the United States should be focusing on more activities, such as the Olympics to boost our economy and international image.
June 8, 2009 at 1:05 pm | US Economy News | Comments
Better Credit Score, Better Life?
Good Credit Score
In these times, a better credit score brings a better quality of life. Unfortunately there are many people who are falling victim to all kinds of credit repair scams with the promise of removing every single negative item from their credit reports.
Recently, in Little Rock, Arkansas, two women, Sherrye Mance and Tiffany Morri, have been fined by the Attorney General for running credit repair scams. It is important to note that the two women have not been charged with any crime, merely ordered to stop the practice and refund the money paid by their clients. As of today, the Attorney General has yet to locate the two women.
Most likely, they will not!
More than 100 people have complained to the attorney generals office. One woman in Little Rock said she paid $2,200 for their “services”. Their fees are said to range from a few hundred to several thousand dollars.
The two women operated their scams under several different company names, including: Financial Services Unlimited, Service Unlimited Incorporated and Fresh Start Credit Services.
“We’ve known for sometime these women, Ms. Morris and Ms. Mance have been operating a credit repair scheme under a variety of different names,” says the James DePriest with the Arkansas Attorney Generals Office. The Attorney Generals office wants to hear from you if you have any information about these two or have fallen victim to their scam.
It is true, there are many companies in countless industries who are simply looking to scam people. While the government should do more to crackdown on these types of practices, more responsibility needs to fall on the consumer.
The best way to avoid getting caught in a scam is to use common sense!
If you spent 5 minutes online researching credit repair, you would find that it is clearly illegal for any company to charge huge upfront fees before any work has been completed on your reports. $2,200 is a completely ridiculous amount for anyone to pay for credit repair. Credit repair companies are not a quick fix. In most cases, your credit isn’t ruined overnight and it will not be fixed overnight. It takes time and diligence on the companies’ end and patience and responsibility on the consumers’ end. All too often, when repairing credit, clients continue to add negative items to their reports, usually in the form of more late payments, which is completely counterproductive.
In conclusion, if you’re searching for a reputable credit repair company, or rather any company, please do your research before hand. And consumers, please take some responsibility for your actions.
May 28, 2009 at 11:59 am | Credit Information, Credit News, Credit Repair | Comments
Chrysler Financial is still Offering Auto Loans
Chrysler Financial
At 789 Chrysler lots across America sit 44,000 potential bargains, cars and trucks that are stuck between shell-shocked dealers and a troubled company that no longer needs their services.
The dealers have just a few weeks to sell the Chrysler’s, Dodges and Jeeps or risk losing thousands of dollars on them, which is creating worry among dealers. GM, which has announced that it will be closing hundreds of dealers, will be buying the cars back from the closed dealerships, something that Chrysler will not be doing. Chrysler LLC has said that they wish to slim down to about 2,400 dealerships.
“They’ve told us that the inventory is our problem,” said Keith Hollern, one of the owners of a Dodge dealer in Windber, Pa. “Want to buy one? We’re having a fire sale.”
Although Chrysler LLC is in bankruptcy at the moment, Chrysler Financial is not.
As stated at chryslerfinancial.com:
“As you may be aware, Chrysler LLC has recently filed for bankruptcy. Chrysler Financial and Chrysler LLC are separate legal entities and Chrysler Financial has not filed for bankruptcy.
Chrysler LLC’s action has no impact on your current finance contract or lease agreement with us. It is important that you continue to make your scheduled payments.”
Chrysler Financial is still offering auto loans
If you already have a car loan with Chrysler Financial continue to make your payments on time, Chrysler LLC’s bankruptcy filling doesn’t release you of your financial obligation.
Some people might be nervous about buying a car from a bankrupt auto company, but you can find good deals and good financing, plus the government is guaranteeing car warranties. One downside is when you need your car serviced; most people will need to travel a bit farther due to the closings.
Chrysler Financial’s website is very intuitive and provides tons of information on buying a car. You can also check for current incentives buy zip code, make and model of car. There are ample cash back incentives, including $2,000 cash back on certain models.
The auto loan rates Chrysler Financial is offering are very competitive as well. In addition to the incentives, Chrysler Financial will loosen its previously tightened credit requirement to now include customers with credit scores in the 620 range.
May 18, 2009 at 10:46 am | Credit Information, Credit News, US Economy News | Comments
A hard time for Credit Card Companies
Credit Card Companies
Experts predict that millions of Americans will not be able to pay off their debts. Which will leave a huge gaping hole of an expected $82.4 billion by the end of 2010 at banks that are still trying to recover from the real estate crash.
This is called an adverse economic situation. Really?!
But if unemployment goes past 10 percent, as many predict, the rate of un-collectible debts at some banks could far exceed that level.
Last weekend, President Obama pressed lawmakers to approve the new rules, which would protect consumers against sudden rate hikes, unfair penalties and hidden fees. He hopes to sign the legislation by Memorial Day.
For the banks, the economics of the credit card business are increasingly troubling. As the recession has dragged on, cardholders are spending significaly less then before. New customers with strong credit histories are increasingly hard to find.
I wish that everybody had read the following lines about credit, that includes consumers and Credit
Card companies.
“Used wisely, credit allows for the convenient purchase of items both big and small. Used unwisely, credit can, and has, led to home foreclosures and bankruptcy.”
Original Source: NY Times
May 17, 2009 at 10:16 am | Credit Information, Credit News, US Economy News | Comments