Anybody with a credit card from a major bank needs to read and understand this article. You may or may not have seen Ann Minch, the Internet YouTube debt revolt phenomenon on Fox News or on Suze Orman's popular CNBC financial TV show, but what has happened to the credit card industry over the last few months is astonishing. The company that tracks credit card chargeoffs ("charging off" is the act of making an accounting entry indicating that a debt is not expected to be repaid), Fitch reports that starting from an already high overall figure of 7.4% in January, by August the rate was 11.52% and the number of credit card holders being charged off each month would contract the base of credit card holders nearly 12% in a year's time. That means that each month the customer base for credit card companies shrank by almost 1% and that assuming those chargeoffs reflected the average amount of credit card debt carried by the other cardholders, the bad debts owed to the banks went up by that amount also (keep in mind the cardholders being charged off may well have run their cards up and have higher than average balances).
Taking the figures month-by-month, and assuming that no new cardholders are being added (probably a negligible figure in this economic climate), for every thousand cardholders at the beginning of January there would be just 880 at the end of December. Fitch expects the chargeoff rate to continue increasing through the first quarter of next year, so the cardholder base will perhaps erode even faster than that. With cash flow from defaulted cardholders drying up, the banks are squeezing everybody else with increased interest (called "ratejacking" and fees) and when their squeeze pushes some over the edge into default they have to squeeze those who remain all the harder. Advanta Bank, once the 11th largest issuer of credit cards in the country had to shut down all of its cards to new charges at the beginning of June and its chargeoff rate reached 55.95% in a single month (June). Advanta now has probably less than 10% of the performing cardholders they once had because they raised everyone's rate over 30%.
That's happening to the other major banks, just a bit more slowly. For instance, the last three months of chargeoff rates at Bank of America were 12.5%, 13.8% and 14.54%--much worse than the averages found by Fitch. Within a single quarter, they lost 3.5% of their cardholders. In fact, Bank of America lost $9.6 billion on their banking business in the third quarter of 2009, making up $8.6 billion of it on trading profits that may or may not be real, probably don't reflect actual cash flow, and in any case are the result of taking on large amounts of risk. In other words, if it weren't for accounting trickery, BofA's situation would have been much, much worse than they reported.
To rub salt in the banks' wounds, the debt buyers who relieve the banks of their defaulted credit card receivables have been pulling back sharply. During good times banks could expect freshly defaulted acounts to fetch twenty-five cents on the dollar. As the recession worsened that figure went substantially below ten cents on the dollar. Now with the opportunity to pursue defaults at an all-time-high their difficulty collecting on those defaults means the junk debt buyers are themselves laying off workers and unable to make purchase of fresh defaulted debt at any price.
Defaulted debts require adding "Tier 3" capital to offset them, which is painful for banks-it's a category that regulators scrutinize closely in assessing a bank's health and that banks work hard to minimize in order to avoid triggering additional regulatory oversight of their daily operations. It is likely that some of the "too big to fail" banks will require another bailout. Other banks will have to be taken over by the FDIC, which itself does not have nearly the funds it needs to perform orderly liquidations of all the failed banks and pay back the insured funds of their depositors.
Officials first suggested the FDIC assess the banks to make up the shortfall, but the banks don't have the money. Then it was thought that having the banks prepay three years of premiums would solve the problem, but again the banks could not have funded that plan either. It appears the FDIC itself will require a bailout.
For consumers, this is the end of the credit line. For the least-impacted consumers life will return more closely to an all-cash lifestyle, while the consumers who were heavy users of credit cards and carried balances will either struggle to pay them off or face a future of uncertain consequences after they default. Once the economy improves enough for junk debt buyers to obtain access to funds with which to make purchases of defaulted debt, the consumers who defaulted will have to grapple with being in collections, and in many cases they will face lawsuits and wage garnishment, liens, levies and additional federal taxes because of the debt. Many consumers are unaware that legal and practical mechanisms are available to them to prevent those consequences even in the absence of repayment or bankruptcy
Trading is usually simple but most of the people make it a very complex game. It depends how you approach it whether for quick riches or stable income every month. Trading wants you to have a positive and a neutral mind. Successful traders follow rules all the time and earn their living trading just two hours a day. Many failed traders already develop their mind of particular direction. Neutrality itself requires that there is no direction of the market. Whenever there is a setup formed according to the given rules, one should act quickly without any confusion and hesitation. What actually happens that failed traders hesitate at the time of signal but execute trade as per their emotions. Here comes the discipline.
Successful trading in futures, emini, stocks, options, forex or any market requires sound strategies and discipline. Discipline has more weight than strategies. Learning the great and profitable strategies will not make you successful unless you have conviction to follow rules religiously. A good strategy can be applied to stock trading, currency trading and emini futures because rules are universal. Technical analysis and price action cover every market. There are some analysts in the market who teach that rules apply to one market only and at particular time. Objective analysis covers every market exhibiting number of opportunities in a week for daytrading as well as swing trading. If you have discipline to limit your risk effectively you can do daytrading or swing trading in any trading instrument. It means if you learn rules of trading you have great exposure to trading in every time frame whether it is emini, dow futures, S&P 500, commodity trading, futures trading, options and stocks. Stock trading itself presents multiple opportunities because there are hundreds of stocks in stock market. Another considerable market is a currency market with great volatility. Currency trading usually called forex trading offers huge potential of income if you are equipped with best risk management strategy. Many large brokers are now offering currency trading requiring very low margin. The important point is how you discipline yourself and control your emotions.
Nobody can deny the importance of stop-loss. People who are afraid of taking small loss incur a big loss and are usually wiped out in just few days. Discipline of taking loss will keep you in the trading game forever if you have profitable strategy. Nobody in this world can win every trade. Some traders are very disappointed after taking loss. They lose control and trade immediately in the hope that they will recover loss quickly. It's a huge blunder. You should come back with fresh mind after spending considerable time away from your computer after making a losing trade.
Many new traders try to trade live immediately after they have learned how to trade and it is a huge mistake because they are playing with their real money. Paper trading with discipline could give substantial amount of confidence over a period of few months. What differentiates successful traders from irresponsible traders is quick decision at right time.
If you are bored with your kitchen it may be time to consider some kitchen backsplash ideas. Today, more than ever, there is a huge variety of materials, designs and styles to choose from. Taking the time to do your research, looking at many different designs, and knowing your wants and needs will help with the final decision.
After all, the backsplash doesn't just protect the walls it makes a statement about you to everyone who walks into your home. Be as creative as you want to be. The difference between a mediocre kitchen and a great kitchen is often times the design of the backsplash.
Express Yourself with Your Kitchen Backsplash
You can bring new life to your kitchen with the right kitchen backsplash. Don't be afraid to try something new, to use an unusual material or put things together in a unique way. Your backsplash design can pull all of the other elements of your kitchen together and create a harmony within the workspace.
The function of the backsplash is to protect the walls and make the area easier to clean. Always choose material that is easy to clean and will hold up well year after year. Think about how you use the kitchen, the amount and type of cooking you do, and the time you spend there. What is going to be most pleasing to you? What colors and textures do you love?
It is good to make an idea file. Just tear out and file pictures you see in magazines or print pictures that you see on the Internet. What type of look are you consistently drawn to?
Backsplash Materials:Pros and Cons
Choosing the material for your new kitchen backsplash can be daunting. There are may types and each one has positive and negative qualities. When considering backsplashes always consider your needs as well as the look you want.
Some of the materials you may want to consider are:
1) Tile- There are many types of tiles which can be used for kitchen backsplashes. Glass tiles, metal, natural stone, ceramic, recycled glass, the list goes on and on. Tiles are very easy to install during a weekend do it yourself project. They are easy to clean, and to keep looking good. Most tiles are both heat and stain resistant. A tile to consider that will open up your kitchen is mirror tiles. You will have to guard against the grout becoming discolored and staining. The best way to do this is to seal the grout after installation.
2) Tongue and groove wainscoting-This is a fantastic look for country kitchens. Tongue and groove paneling can be stained or painted with scrubbable paint. It is easy to clean but if it gets gouged or burned there is no real fix for it.
3) Stainless steel-Stainless steel brings a sleek, modern look to nearly any kitchen. The stainless steel backsplash is versatile, complimenting virtually any countertop. These are some of the most durable and easy to clean countertop choices. The negative is that they are expensive and they can be scratched and stained.
5) Magnetic whiteboard- Magnetic whiteboard gives a cool, contemporary look to the backsplash. It is hardworking, allowing you to make notes right on the wall!backsplash idea.
6) Antique ceiling tiles- these old tiles ar emaking a comeback as backsplshes. The heavily embossed designs are a great way to protect those walls. These are best in a kitchen that does not see heavy use because of the age.
7) Chalkboard paint is easy to clean. It makes a great kitchen backsplash because you can write notes right on the wall.
Online galleries are great places to look at kitchen backsplashes and get ideas. By looking at how a designer utilized a material you can get ideas about what to do in your own home to create the kitchen of your dreams.
1) Sherman Interiors, Inc. – Gallery A gallery of images of backsplash ideas.
2) The Gallery at Wholesalers USA Look under the Extreme Home Makeover's file for an amazing scalloped backsplash.
3) Home Depot Kitchen Style Gallery Scroll through several pictures in the style gallery at Home Depot.
4) Bijou Backsplash Before and after pictures of a kitchen when a new backspash was installed.
5) Fused Glass Kitchen Backsplash A sophisticated backsplash idea.
Office supplies are very important things in running your business. You have to make sure that you have the stock of the supplies in the office. This is important thing to do since this will be very helpful for doing your job. You will find that this will be very bad if you run out of the supplies when you are doing a certain project. Moreover, it might be worse if you cannot find them quickly.
Department stores are a great way to get all of your shopping done in one place. You can find everything from jewelry to bed linens, and silverware to rugs. However, if you’re not careful, one trip to this type of store can add up quickly at the register. Here are some tips to help you find the best deals and save the most money when you are shopping in your favorite store.
4 Ways Music Can Benefit Healing and Reduce Pain
Many Americans are fast realizing that jobs for education degree are there for the taking only if they fulfill an education degree requirement. With an education degree you can be well positioned to take advantage of the numerous job openings that are really happening these days coast to coast. There has always been a greater benefit to those looking for education degree work as they are better paid and chances of improvement in jobs are much more.
We all do many different things for recreation so that we can get a break from our everyday lives and the hum drum of the things that we do each and every day. Each person has their own thing that they like to do in order to have fun. For guys they usually seem to turn to some sort of sport and when they have sport recreation and football combined not only are they getting a chance to forget about the day but they are also getting a chance to have a little bonding time with their friends.
Although playing football is a lot of fun it is also a very physical sport and therefore the player takes a chance of getting hurt each time that they play. Although this is not generally a problem when it comes to sport recreation and football since it is just for fun, things can occasionally get out of hand. It is still important to make sure that you wear the right protective gear so that you take less of a chance and avoid injury. This is especially important for younger kids so that the parents know they are doing everything that they can.
Next to baseballis seems to be one of the sports that men turn to without question. But whether you realize it or not there are many women that actually enjoy the game as well. So when you see a female enjoying sport recreation and football as well, do not be surprised if she seems as though she can play as good as some of the guys. You may find that they can give you a run for your money and shock you at just how good they really are. It could make for a really interesting game.
Sports can be a great way to get some exercise, get out of the house for a little while and spend some time with your friends. When you put all of that together you are going to get sport recreation and football that is not only going to provide you with a great time but also a way to stay fit or get fit. This is time that you can take advantage of to get your body in shape and not have to think about it as if you were in the gym. This alone is a great motivation for many guys to get out there and have fun.