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According to a recent survey commissioned by the National Institute on Alcohol Abuse and Alcoholism (NIAAA), people are more likely to be seriously injured from alcohol related vehicle mishaps on New Year’s Eve compared to any other mid-week winter evening.  Below are some tips to keep you safe and sound on New Year’s Eve.

1)     Look for bars that offer free rides home.   One of the worst places to be at when you are drunk is behind the wheel of a car.  Check out bars that offer free rides home to customers.  There are other groups as well that offer free rides home like church organizations, civic organizations and college youth groups.  Be sure to get their numbers in advance and have them with you before you head off to bars.  If no free rides are available in your area, resort to taking public transport like buses or taxis.

2)     Keep an eye on drivers who drive erratically.  Even if you have not had a drink during the New Year, look out for drivers that seem to drive their cars haphazardly since they might be under the influence of alcohol and have impaired eye-hand coordination.  If you see someone say driving in a zig-zag fashion or who make turns in an abrupt fashion and for no good reason, alert the cops and keep a safe distance.

3)     Make contingency plans.  Plan ahead and draft a contingency plan by assigning someone to be sober all throughout the night and have this person later on drive everyone home after the party. Also consider the possibility of you sleeping over the house of the host, making arrangements in advance, should it become necessary. It is always a good thing to think ahead and to make plans in advance to avoid unsavoury events from happening.

4)     Check weather conditions.  Winter condition can make roads dangerous even for people who have not consumed alcohol.  Black ice is a huge possibility during freezing weather, which can make roads slippery and hazardous for driving.  Stay within speed limits and obey traffic rules.  Check out weather updates before you head out to a party and make appropriate adjustments to your evening plans if necessary.

5)     If you are the host of a party, make rules and plans during and after the party.  Consider setting aside accommodations for people for a sleepover after the party.  Make sure that people go home with a sober driver or volunteer to drive your guests home as well. During the party, you can also offer guests alcohol-free beverages.

A final rule was laid out Tuesday aimed at protecting consumers from misleading and predatory credit card practices.

The US Federal Reserve has set forth a final rule to implement provisions of the Credit Card Act, which was enacted in May last year that will enhance previous regulations barring unfair practices, such as abrupt interest rate increases, and improving disclosures to cardholders.

“The rule bans several harmful practices and requires greater transparency in the disclosure of the terms and conditions of credit card accounts,” Federal Reserve Governor Elizabeth Duke said in a statement.

The rule prohibits interest rate increases one year after the credit card account is opened. After the initial year, issuers should give cardholders a 45-day notice before increasing rates.

This rule also bans hikes applicable to existing balances, such those of cardholders who are behind in payments.

It also requires creditors to first seek a cardholder’s approval before charging them for transactions that exceed their credit limit.

It also puts a cap on exorbitant fees associated with subprime accounts.

In addition, the rule prohibits “two-cycle” billing, which allows creditors to impose additional interest charges.

Under the rule, creditors must give uniform due dates to consumers each month, eliminating confusing cut-off times that lead to missed payments and jacked up rates. Companies who have complied with the rule have started mailing bills to customers 21 days before the due date, which has increased from 14 previously.

“These rules — the most comprehensive ever seen — herald a new era for America’s credit card customers,” Kenneth Clayton of the American Bankers Association told the Associated Press. “It really does put consumers in the driver’s seat,” he said.

The rule helps customers settle credit card dues faster and even more cheaply, as payments are first applied to highest interest-rate balances.

This landmark ruling is part of the Feds’ second implementation of the 2009 Credit Card Act. The first came in August last year, three months after the act was signed into law by President Obama in May 2009. Obama called the law’s provisions as “common sense” reforms made to “protect consumers.”

Initial amendments to Feds’ first adopted regulations in December 2008 took effect on August 20, 2009.

These provisions included one that bars creditors from issuing cards to those under the age of 21 unless they provide documented proof of their ability to pay. If not, a signature of a parent or any other responsible co-signer is required.

Creditors must comply with the Fed ruling by February 22.

Some of the US’ leading credit card issuers include American Express, JP Morgan Chase, Citigroup, Bank of America, and Capital One Financial.

Writer: Gerry

In a bid to protect consumers from fluctuations in credit card interest rates, the Federal Reserve has issued new credit card rules.

Beginning February 22, credit card companies can no longer increase their rates within the first year after the account is opened. These companies are then required to give credit card holders a 45-day notification if they are planning to increase their rates after the first year.

According to American Banker’s Association, these new rules are the most comprehensive ever implemented and can really help consumers to manage their credit card debt.

Under the new rules, credit card providers can only charge fees on the credit card holder for transactions that exceed his or her credit limit after obtaining the consumer’s consent. Another notable provision in the law is that the companies will be thwarted to issue credit cards to individuals under 21 unless they have the financial capability to repay their debts or a co-signer can make the required payments if the cardholder failed to do so.

Confusing billing processes and cut-off periods can be prevented as due dates will be the same month after month. Initial payments will be applied to balances with the highest interest rates, which will help cardholders pay their debts easier and at a cheaper cost.

Consumers will be glad to know that there will be no rate increases for their existing credit balance – except when they fail to meet their payment 60 days after the due date.

As these new rules are set to be implemented next month, some lenders are already pushing through rate increases this month, getting the ire of the Congress who passed the legislation and was signed by President Barack Obama in 2009. Other provisions of the law are said to be implemented later this year.

Writer: Rowell

Licensed or unlicensed, teens nowadays are undeniably enthused to be behind the wheel, driving their very own car (or at least their family vehicle.) True enough, more and more teenagers today are drivers in their own right, bringing themselves to anywhere they possibly can. With this, car insurance companies are keeping up with the needs of these restless adolescents, and more importantly their concerned parents.

Evidently, teenagers are more prone to car accidents due to a lot of factors (i.e. drunk driving, use of mobile phones while driving), which implies higher insurance claim rates, that would resolve to higher premiums. Now, this may be an issue to the parents considering the burden this puts on their budget; but luckily, there are a few measures that they could take to not only lessen what they could possibly be paying after giving their child driving privileges, but most especially, to ensure the safety of their teen.

Impart the Right Knowledge

Knowing the do’s and don’ts of driving will give your teenager a greater sense of responsibility as a driver. Understanding and obeying the traffic rules should always be the foundation of everyone who aspires to drive. Also, the parents should first be a good example to their children when it comes to driving.

Ensure the Right Skill

Before allowing your adolescent to get behind the wheel, ensuring that he/she can actually drive and drive well is very essential. Close supervision should be provided at first, then taper to promote independence and confidence for your teen driver. Sending him/her to a good driving school is also of great help to establish his/her driving skills.

Instill the Right Attitude

Driving is a big responsibility as it is a privilege; thus, the right perspective towards it is always vital. Having the right attitude towards driving will then ensure the adolescent’s right knowledge and skill. Therefore, keeping within speed limits, obeying road rules, putting on the seat belt, not drinking and driving, etc. are a few of the correct attitudes that the teen driver should understand by heart and practice. Now, the responsibility of instilling these to the them goes to the parents. Teaching proper “driving ethics” will spare you both your money and your child. Making a contract between you and your teen, which may include rewards or punishments, is one concrete example for making sure that they will be at their best behavior when driving.

These 3 measures will assure you of fewer charges for your teen’s auto insurance. In addition to these, canvassing for the right insurance company and buying the right car are also good actions to take when considering applying for one.

Writer: Irah Victoria

About $1.4 million of the billion worth stimulus package for economic recovery has been allocated to Peninsula to help fix the issues of credit repair, bad debts, and homelessness related to the ongoing fiscal depression in United States (US).

This amount was distributed from the US Department of Housing as well as the Urban Development’s Homeless Prevention and Rapid Re-housing program as mandated by the American Recovery and Reinvestment Act (ARRA) and passed by Congress in February 2009. Government and Non-profit organizations started disbursement of fund lately. This law has several goals such as to create jobs for the unemployed, assist individuals and businesses by cutting taxes, provide investments to facilitate fiscal effectiveness, and stabilize the state and local budgets.

Each of the six districts namely Williamsburg, Hampton, James City County, Poquoson, York county, and Newport News in Virginia received approximately $121,677 from the $727,000 divided equally among them. Meanwhile, more than $659,000 has been given solely for Newport News according to Joy Cipriano, administrator of Property and Resource development for the Community services port. At present, York and Poquoson have benefited largely on the assistance the administration is giving to people planning to embark on credit repair.

Breakdown of the money goes is as follows: 68% for financial assistance, 25% for housing services and credit repair analysis, 5% for date collection, and 2% for administration costs.
Since the money is now given to residents, governing agencies are expecting that people who received a substantial amount will use it for settling debts and cleaning out their statement of mortgage loans. The stimulus package aims to support people through their financial struggles by providing cash for credit repair. Further, government organizations believe that it is better to address this issue now instead of waiting for it to grow later on.

It has also been emphasized that the money is provided for residents who have been working well before the recession inflicted their incomes leading to inability to pay for rent payments and debts. Cipriano added that the benefit would most likely be felt in the uptown areas wherein many people are just living in properties which they do not own.

Given that the allocation of the amount dedicated to supporting debtors is based on their performances in using the money, localities must be able to use finances before September 30. If not, the remaining amount will be offered to other regions.

Today, an estimated amount of $1.5 million will be allocated to agencies and other organizations to continuously combat economic downturn.

Writer: Cristina

Auto Insurance Rates are one of the reasons why students’ lives are pretty complicated. But here are eight cost-saving ways on how to cut down your auto insurance:

Own a standard and older car. Standard cars with steel bodies are more inexpensive to repair than sports cars made of fiberglass. Also, choose a car with lower-risk from being stolen for it can make your premium rates lesser and cut out your collision rates from your policy.

Pay promptly. Rebates and discounts come as rewards if you pay your bills on time. When you fail on your payment policy, your auto insurance company brings a 25% to 50% additional penalty and a lower credit rating which can affect your auto insurance coverage in the future.

Make “B” grade badge. Letting your auto insurance company know that you are getting good grades in school may help you qualify for lower premiums.. Auto insurance companies think that students who have good grades are responsible drivers as well.

Maintain a clean driving record. Being part of at-fault accidents makes your premium rates higher. That is why becoming a responsible driver includes taking a driver’s education course, attending the classes, informing your insurance company, obeying traffic laws, and avoiding tickets.

Engage in clubs and organizations. Members of particular honor societies, clubs and organizations avail discounts from their auto insurance company. Inquire whether your auto insurance company has an agreement of discounts with your organization.

Ride on your parents’ auto insurance. When you piggyback on your parents’ auto insurance, your parents are in greater risk. An alternative is to make primary driver insurance with the same insurance company your parents have for your family car or your home which can result to multiple discounts.

Increase your deductibles. Doubling your deductible, controlling the limits of coverage and cutting your liability insurance, as long as you hold state-required minimums can save you from increasing your rates.

Drive less. You can reduce your yearly mileage by commuting to school, hitching a ride with your parents and classmates or simply walking to school. By the time renewing your insurance arrives, you will have no problems in applying for a lesser auto insurance.

As a student, you must worry more about your studies than cutting down your auto insurance rates. But you can maintain it balanced as long as you follow these eight tips.

Rewriter: Karen

Nowadays, as the online banking system continues to gain acceptance and much improvement, many consumers are taking advantage of the system and are shifting from the use of cash and checks to debit cards. Basically, a debit card is a plastic card issued to customers by banks and debit card companies. It allows the cardholder to purchase products or services directly from their savings account that come from checking machines. Funds used are prepaid and exists in the bank account prior to any transaction made using the card. Thus, why are debit cards important to cardholders and to the companies who provide them?

Debit cards, which are also known as bank card or check card, are significant when making purchases or while traveling. Having debit cards on hand means that buyers do not have to bring huge amounts of cash in their pockets since numerous of establishments accept these cards as mode of payment. Almost all stores like shopping centers, restaurants, hotels, airlines, and malls have made their Point-of-Sale terminals capable of receiving payment from prepaid cards. For a customer, it is easier to swipe than to count cash and coins. Also, internet shoppers who buy goods online use debit cards too. Usually, businesses who sell through the internet and delivers by mail only accepts debit or credit cards for fees.

Further, for people who pay their bills through an automated teller machine (ATM), a debit card is vital. By just inserting the card in the machine and pressing the amount to be paid, the payee saves time and effort compared to falling in line to pay to the teller. The remaining amount of money can be checked online or mobile phone. Another importance of debit cards is that they are used to withdraw cash from ATMs. Consumers who use debits cards can easily track their expenses since these are listed in their bank statements.

Meanwhile, debit cards are essential as well for companies who issue them. This is because the use of their cards brings various business opportunities. They earn from the charge, usually very low priced, when a person avails of their service. These companies continuously look for improvements, options, and rewards to be given to subscribers. Moreover, a client who is satisfied will likely recommend the card to people they knew.

Therefore, debit cards are really important to lifestyle of people because of the convenience and speed they provide.

Writer: Cristina