Banking Labor Law References

by: Christine Zafra

A lot of people use credit cards nowadays to purchase goods, whether online or not. Some even have 2-3 credit cards at hand and in the end, they regret that they have acquired such. 1 credit card is actually enough if it’s for personal use.

A lot of people only see the good side of it. Others see the cons but of course, they choose to be blind about it since it’s convenient to have “plastic money” at hand. The interest fees of these credit cards are enormous. Since the economy nowadays is not good, companies lay off often. If you were hit by the laying off of the company you were into, and you have little money in the bank (not enough to pay for the credit cards), then by all means cut it. There is nothing more satisfying than sleeping at night without a heavy burden pressing on you.

Photo taken from http://www.nicholsoncartoons.com.au

Image source: www.bctheatre.com

If you’re like most people, you plan to work hard all your life and you want a comfortable retirement. While no one should rely on Social Security as their sole source of retirement income, it can be a nice addition to their other retirement income. Social Security can provide support for you and your family if you become disabled. Social Security can also provide support for your family when you die.

The Benefits

Have you ever thought about whether or not you might be eligible for the Social Security benefits of someone else’s record? Some examples that may be considered are your current spouse, or a divorced or deceased former spouse. The Social Security Administration always pays on your own record first, if you qualify, but if you also qualify on someone else’s higher benefit, you will get a combination of great benefits that will be received and also the higher amount you will get.

The recent ARM interest-rate freeze was designed by the Bush administration to serve as �a framework to help preserve communities by preventing foreclosure.� While this may sound very compassionate and suggests help for thousands of homeowners, many believe otherwise.

Interest.com reports that the rate freeze could save some but certainly not all subprime borrowers.

Homeowners whose adjustable-rate loans have already reset or are behind on their payments will find it impossible to meet the strict eligibility requirements which include the following:

� Have a 2/28 or 3/27 adjustable-rate loan
� Still be paying the initial interest rate
� Be up-to-date on your payments
� Be unable to afford the payments when they adjust to a higher rate
� Live in the house
� Have taken out your mortgage between Jan. 1, 2005 and July 31, 2007
� Be expecting your interest rate to adjust or reset for the first time between Jan. 1, 2008 and July 31, 2010

I have to agree that the above criteria are quite strict for most homeowners to qualify. Consider for instance the requirement of up-to-date payments, we know most homeowners are not keeping up with their payments and given this reality, they will be outright disqualified. If the present administration really wants to offer help, maybe they should review the requirements and adjust them accordingly so more people could avail of the rate freeze.