Reading your phone bill….
The average basic landline telephone plan is about $33. Then you add the federal taxes, the local taxes, and the fees to that amount and it makes a total amount of over $54 per month. Add your cell phone and internet to that plan for a ‘package’ and you will pay that approximate $21 dollar taxes and fees on 2 more items. A $99 package can run as high as $170 per month after taxes and fees. The same taxes are charged for each land line, cell line, and wireless internet modem line (the modem line is treated as a cell phone for taxing purposes). Many people are foregoing their ‘landlines’ for cable modem and going with programs that use the VOIP for a lower monthly billing. The taxes and fees are likely to remain the same as they are charged according to your 911 address. And it is very important to keep the 911 address current – so that if you call 911 – they go to the correct location.
Banking Industry Not as Sick as Feared
While this week’s Dow has hovered around and above the 8,000 mark, banking giants Citigroup, Wells Fargo, and General Electric, Goldman Sachs, and JPMorgan Chase & Co. are reporting their 1st quarter reports. They have done well this first quarter, by not losing as much profit as predicted, sparking comments that maybe the banking bottom has been reached. JPMorgan Chase’s CEO has announced that the company will not participate in the governments PPIP program that was designed to buy toxic assets to shore up the bottom line of institutions in an effort to free up credit for consumers. Treasury is concerned that if JPMorgan Chase doesn’t feel the need to contend with government strings to participate in the program, others will follow. These same institutions are freely commenting on the need to repay the government’s capital investment bailout money as quickly as possible – to rid themselves of the strings that this particular program came with. They plan to continue using the other, older programs provided by the previous Washington administration because of the difference in provisions regarding utive pay, bonuses, etc.
Bills in Senate and House to Cap Interest Rates
75% of Americans feel that interest rates should be capped at some point. S. 500 and H.R. 1608 are in the House and Senate. These Bills would cap rates at 36% Annual Percentage Rate. A 36% interest rate cap has successfully reformed payday lending in 15 states. Payday lenders typically roll short term loans many times per year either by flipping them or by buying them out and then re-opening them. Because of this practice the average borrower pays back approximately $800 for a beginning $300 loan. The $500 difference is purely interest. At 36% APR a $500 loan would require $180 in fee over one year. At 391% APR, the same $500 loan has the fees of $1,955 over one year. This sets the borrowers up to fail in the repayments of the payday loans touted to be of assistance to them. Studies show that more than 12 million Americans are stuck in a cycle of paying 400% interest payday lending debt every year.
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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