Cigarette Tax Goes Into Effect
On April 1 – just a little over a week ago, the Federal Tobacco Tax increase went into effect. It rose 62 cents to $1.01 per pack. That was an increase of $6.20 per carton. There are 22 states that also have pending tobacco tax legislation but, there is a downside to this increase. By the second week of April, cigarette sales at gas stations, mini marts, and neighborhood stores have fallen about 12% since the increase. This hurts the store owner who cannot compete on the tobacco price so loses the gas or other impulse shopping that went along with the customer stopping for cigarettes. The internet has provided a great way to discount shop for the best prices. There are several hundred websites that have sprung up that you can order your ‘cheap’ cigarettes from. Many promise that you won’t receive back tax bills if you order from them…. You can even order name brand cigarettes for under $15 per carton. It may well be worth looking into shopping online for your next purchase.
Paper Checks are Better Than Cash to Identity Thieves
To the masses that are still writing paper checks it is suggested you take a hard look at your checks. How much information is printed right on the front? Usually they have Your Name, Address, maybe Phone, and/or Driver’s License Number. How much information would a dishonest clerk or bookkeeper or bank employee need to find out whatever they want to know about you? If all of this information isn’t printed on there – the clerk, teller, cashier, etc will write the rest of the information, even including telephone numbers! What does the store do with the actual paper check after they have scanned it and sent it to their bank – or what does their bank do with it after the funds have been deducted? We don’t get our checks back anymore and if we need proof – all we get is a certified copy of the original. Where is the multitude of paper checks stored? How long are they stored? Who has access to them?
General Motors Offering Subprime Loans
General Motors has been given until June 1 to come up with a restructuring plan that is acceptable to the Federal Government. To help this along, GMAC, GM’s finance division, is dusting off the subprime lending and cutting financing costs to get their vehicles off of the lots. GMAC announced that it would make at least $5 billion available to borrowers in the form of vehicle loans. They will be made available for both new and used cars. Back in October, GMAC restricted it’s lending to customers with credit scores of 700 and above but the score was lowered to 620 when GMAC was given $6 billion in loans by the Federal government. Even though U.S. auto sales ped by 37% in March, GM’s sales were down 45%.
GMAC figures that this move is a good way to open the credit market to buyers in order to get their cars moving off of the showroom floors and to show that it will be able to sell the vehicles that they make.
Coastal Credit Solutions, Inc. operates a financial market place that matches Consumers and Businesses with debt eliminating and/or alternative financing service providers. If you have over $5,000 personal or business credit card debt or are seeking small business financing, please call us 866-205-8370 for a FREE no obligation consultation.
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