US Senate committee investigates credit card practices

">
US Senate committee investigates credit card practices

Wednesday, December 5, 2007

On Tuesday, the United States Senate Committee on Homeland Security and Governmental Affairs‘s Permanent Subcommittee on Investigations held a hearing titled “Credit Card Practices: Unfair Interest Rate Increases.” The hearing examined the circumstances under which credit card issuers may increase the interest rates of cardholders who are in compliance with the terms of their credit cards. It was a follow-up to a March 2007 hearing.

Subcommittee Chairman Carl Levin said in his opening statement: “Today’s focus is on credit card issuers who hike the interest rates of cardholders who play by the rules — meaning those folks who pay on time, pay at least the minimum amount due, and wake up one day to find their interest rate has gone through the roof — again, not because they paid late or exceeded the credit limit, but because their credit card issuer decided they should be ‘repriced’.”

Present to testify on behalf of credit card issuers were Roger C. Hochschild of Discover Financial Services, Bruce L. Hammonds of Bank of America Corporation, and Ryan Schneider of Capital One Financial Corporation.

Much of the 90 minute hearing focused on specific cases where interest rates were raised, allegedly because credit scores of the debtor dropped, and not because they were delinquent or otherwise behind on payments. According to Levin, this practice made it so that almost all payments went towards finance charges with almost none toward repaying the principal. This, he felt, is an unfair practice, as the credit card companies were negligent in informing their customers of the rate hikes and the reason for such hikes.

Families find themselves ensnared in a seemingly inescapable web of credit card debt.

The collective credit card debt of Americans totals an estimated US$900 billion. Issuers have come under pressure to disclose their policies in regards to setting fees and interest rates. The US Truth in Lending Act requires that terms of a loan be set forth up front. Fluctuating interest rates on credit cards would, on the surface, appear to violate this act.

Roger C. Hochschild disagreed, arguing that “every card transaction is a new extension of credit … This makes it difficult — and risky — to underwrite, and price, the loan based solely on the borrower’s credit-worthiness at the time of application [for the card].”

Ryan Schneider, agreed: “The ability to modify the terms of a credit card agreement to accommodate changes over time to the economy or the credit-worthiness of consumers must be preserved.”

“Attempts to interfere with the market here … will inevitably result in less credit being offered,” warned Bruce Hammonds. “Risk-based pricing has democratized access to credit,” he added.

All three credit card executives also mentioned an ongoing Federal Reserve System review of credit card rules that already proposes a 45-day notification ahead of any rate changes.

Committee members criticized the industry for varying practices. Included in the criticism was the practice of mailing checks to card-holders, failing to notify applicants that obtaining additional cards could lower their credit score and raise their rates, and “ambushing” card-holders with raised rates.

Ranking minority member of the subcommittee, Norm Coleman said, “families find themselves ensnared in a seemingly inescapable web of credit card debt. They particularly report being saddled with interest rates that skyrocketed on them seemingly out of the blue.”

Prince William marries Kate Middleton—live updates

">
Prince William marries Kate Middleton—live updates

A Dazzling Profession With Fashion Designer Course

A Dazzling Profession with fashion designer course

by

Seorajeeev

When the expressions comes in the mind Fashion then we abruptly stop for a split second and reflect regarding the interrelated to this and it s always related to something new or inimitable. I mean to say, everyone like this word fashion and want to breathe in fashion also. The thing is, it s playing very important role in our life and this is a part of our life that s will never end. And if we talk about interior design then for these contemporary days is very important part of our life. If we talk about our home interior decoration, office, city, etc… It plays also very important part of our life and where the man wants to attractive and different home adornment from other.

By considering these points the admission is going to rise day to day and also it s learning and earning course. The students are captivating the entrance in this course and making the career easily. Where the words comes admission then our institute is also playing one of the best role in Delhi by taking the admission and providing hundred present job security. And also our institute is giving scholarship for those students that are good in revision. A part of scholarship here one options is also available where you will gate a chance to earn some money by giving lectureship or some time organizing party, event, functions. And these things are related to your study, so it helps in your study also.

[youtube]http://www.youtube.com/watch?v=b1Cf8xS7hrw[/youtube]

And if you are thinking to take the admission in

interior design courses

then it is also very superior for you. This is the generation where every person wants to everything adorned in their days and so this is very good course for your job purpose and study purpose also. The day to day everything is going too fast and in this time if you thing about to take the admission in interior design course then this is best for you. If you want to choose an institute where you want to earn something also then you can choose our school and provide a profession.

Now you know about the both courses and one impotent thing is also, this is under the life style courses. So disobediently you will enjoy on doing this course. And here you will get option also where you will real subdivision bye doing both courses and our institute is providing this type of facilities. One thing also these both courses are related to each other or we can say this is an ultimate of each other. And now the market the fashion designer and interior designer course are under the job base courses. So you can take the admission in any courses and make your carrier bright

Rajeev is specialist content writer at

fashion design courses in delhi

and also you have an ultimate option is

fashion design school in delhi

and other courses.

Article Source:

ArticleRich.com

Japan raises severity level of crisis; efforts to cool damaged nuclear power plant continue

">
Japan raises severity level of crisis; efforts to cool damaged nuclear power plant continue

Friday, March 18, 2011

As the nuclear crisis in Japan’s crippled Fukushima I Nuclear Power Plant appears to worsen, Japan’s nuclear safety agency raised their assessment of its severity from 4 to 5 on the 7-level International Nuclear Event Scale, the same rating given the 1979 Three Mile Island crisis. Japan’s Prime Minister, Naoto Kan, said bluntly that the situation at the nuclear power plant was “very grave”. Weather forecasts indicate changing winds may begin moving radiation closer to Tokyo by March 30.

Efforts thus far to cool nuclear fuel in the reactors and the spent-fuel pools has produced little if any success, contends United States government officials.

Engineers are working frantically to connect electrical power to two reactors in the plant, as well as to restart the cooling systems and prevent overheating of fuel rods. Tokyo Electric Power Co. stated that it hopes to reconnect a power line needed to restart water pumps to the No. 1 and No. 2 reactors by Saturday morning. However, a TEPCO official cautioned that if the water pumps were damaged by the tsunami, they could fail to restart.

The extent of the damage to the plant’s reactors is still unclear. Japanese officials have concentrated on cooling spent fuel rods in Reactor No. 3’s storage pool. On Friday, however, steam was seen rising from Reactor No. 2., where an explosion occurred on Tuesday. Additionally, engineers said on Thursday that the steel lining of the storage pool at Reactor No. 4 and its concrete base seemed damaged, as attempts to refill the pool with water became increasingly difficult.

In a briefing on Friday, Philippe Jamet, a commissioner at France’s nuclear regulator Autorite de Surete Nucleaire, said, “We must avoid being overly optimistic. This will likely take human intervention like going into control rooms to reconnect valves.”

Portugal holds first same-sex marriage

">
Portugal holds first same-sex marriage
February 14th, 2018 in Uncategorized | No Comments

Tuesday, June 8, 2010

A lesbian couple, Teresa Pires and Helena Paixao, married in a Lisbon registry office on Monday. As they kissed and hugged Pires said, “This is a great victory, a dream come true,” and that they would continue to fight for equal rights for homosexuals, including adoption.

The couple had campaigned for a change in the law since 2006, when they were turned away from a registry office. Officials said the law stipulated that marriage was between people of different sexes. They appealed to Portugal’s Constitutional Court, saying that the constitution forbids discrimination based on sexual orientation, but the Court rejected their appeal.

Afterwards the government of José Sócrates introduced a bill removing the reference to marriage being between different sexes. The bill was passed by parliament in January and ratified by conservative President Anibal Cavaco Silva in May.

The government said the law is part of its effort to modernize Portugal, where homosexuality was a crime until 1982. Portugal is a predominantly Catholic country and is the sixth country in Europe to allow same-sex couples marriages, after Belgium, Spain, Norway, the Netherlands, and Sweden.

Iffco Tokio Car Insurance As Important As Accessories

February 14th, 2018 in Off Road Carts | No Comments

IFFCO Tokio Car Insurance As Important As Accessories

by

Sanjeev Kmr

There are many companies making cars all over the world and the cars made by Japanese companies are considered the best in the world and most Japanese too own cars not as a luxury item but as a necessity. To make it safe the IFFCO Tokio car insurance company is the one approached most of the time by Japanese. It makes their car safe no doubt as usual. But not all are happy with making the car they buy safe they would like to make it more useful and for it they would add some accessories. Thus the market for accessories has become a fast growing one.

The vehicles like cars and trucks do not come with any kinds of accessories. But you need to buy them according to your need like you need to buy insurance cover from a well known company. The IFFCO Tokio motor plan coverage or IFFCO Tokio auto insurance can help you get the insurance you require according to your need. Of course coming back to accessories seeing the needs of people nowadays some vehicles do have some accessories fitted in them but most of the time it is not so. These are to be bought according to your needs and fancy because not all of them may be really necessary.

Accessories for More Popular Models Are Easily Available

[youtube]http://www.youtube.com/watch?v=yoDAjJT4lTs[/youtube]

There are some vehicles that are more popular models than the others. Accessories for these models may be more easily available than the other models that are less known or used. The cars and trucks that are commonly used have more than five hundred kinds of accessories. They would be of use or only decorative pieces but all the same they will be bought according to people fancy more than their use.

Ford is a car company that is making many kinds of models in cars and pickup vans. The company that make the car accessories like bed rails, cargo rack, etc. that are more of a necessity than a luxury. Some of the accessories may not be required but they may enhance the overall look of the car or your pickup van. This way the pickup van which is rented may get more customers. You can name more than five hundred such items that come under the category of accessories and most of them have found their way to the vehicles and their market is growing as more and more people want to make their vehicle look different and unique.

The business of these accessories actually seems to be started in California in a small way and today it has a big market all over the world and it is still growing with new ideas creeping in according to the needs and fancies of the people involved in it. Adding accessories makes you car more comfortable as well it gives a better look just by spending a little more.

As people do not mind spending a little on IFFCO Tokio car insurance to make themselves safe so too they do not hesitate to empty their pockets a little more on accessories which may be a onetime expense or may be needed to buy often. Anyway the attraction to buy these items will never wane as long as new ideas are poured into making them and they help in enhancing the looks of the cars.

iffco tokio car insurance

has become quite popular among insurance buyers these days. The

iffco tokio motor plan coverage

offers varied benefits to consumers. The

iffco tokio auto

insurance can keep your car protected in every possible way.

Article Source:

ArticleRich.com

Additional damage to reservoir prompts evacuation of Kolontar, Hungary

">
Additional damage to reservoir prompts evacuation of Kolontar, Hungary
February 14th, 2018 in Uncategorized | No Comments

Saturday, October 9, 2010

Kolontar, Hungary is currently being evacuated as new damage was discovered at the burst reservoir that spilled hazardous sludge on Monday 04 October 2010 in Western Hungary. If the embankment dam of the storage pond that already released about 700,000 cubic meters of highly alkaline (pH ~13) red sludge into the area would entirely collapse, an extra volume of 500,000 cubic meters of red mud could be released.

A second spill containing more sediments from the bottom of the reservoir would be heavier and thicker than the first one, and would move less rapidly. The flash flood of Monday already killed seven people, chemically burnt 150 others, and left the land and the surface water devastated by the sodium hydroxide and the iron oxides bearing also traces of heavy metals. According to Reuters the prime minister of Hungary, Viktor Orban, arrived in the village Saturday morning.

It is also being reported that the newly discovered damage is minor; however, disaster crews do not want to take any chances and are evacuating the village’s 800 inhabitants as a precaution. The evacuees are being taken to a sports hall and two high schools, which are eight kilometers away from the reservoir in a town called Ajka.

Seeds placed in Norwegian vault as agricultural ‘insurance policy’

">
Seeds placed in Norwegian vault as agricultural ‘insurance policy’
February 14th, 2018 in Uncategorized | No Comments

Wednesday, February 27, 2008

The Svalbard Global Seed Vault, a vault containing millions of seeds from all over the world, saw its first deposits on Tuesday. Located 800 kilometers from the North Pole on the Norwegian island of Spitsbergen, the vault has been referred to by European Commission president José Manuel Barroso as a “frozen Garden of Eden“. It is intended to preserve crop supplies and secure biological diversity in the event of a worldwide disaster.

“The opening of the seed vault marks a historic turning point in safeguarding the world’s crop diversity,” said Cary Fowler, executive director of the Global Crop Diversity Trust which is in charge of collecting the seed samples. The Norwegian government, who owns the bank, built it at a cost of $9.1 million.

At the opening ceremony, 100 million seeds from 268,000 samples were placed inside the vault, where there is room for over 2 billion seeds. Each of the samples originated from a different farm or field, in order to best ensure biological diversity. These crop seeds included such staples as rice, potatoes, barley, lettuce, maize, sorghum, and wheat. No genetically modified crops were included. (Beyond politics they are generally sterile so of no use.)

It is very important for Africa to store seeds here because anything can happen to our national seed banks.

Constructed deep inside a mountain and protected by concrete walls, the “doomsday vault” is designed to withstand earthquakes, nuclear warfare, and floods resulting from global warming. Norwegian Prime Minister Jens Stoltenberg called it an “insurance policy” against such threats.

With air-conditioned temperatures of -18 degrees Celsius, experts say the seeds could last for an entire millennium. Some crops will be able to last longer, like sorghum, which the Global Crop Diversity Trust says can last almost 20 millenniums. Even if the refrigeration system fails, the vaults are expected to stay frozen for 200 years.

The Prime Minister said, “With climate change and other forces threatening the diversity of life that sustains our planet, Norway is proud to be playing a central role in creating a facility capable of protecting what are not just seeds, but the fundamental building blocks of human civilization.” Stoltenberg, along with Kenyan Nobel Peace Prize laureate Wangari Maathai, made the first deposit of rice to the vault.

“It is very important for Africa to store seeds here because anything can happen to our national seed banks,” Maathai said. The vault will operate as a bank, allowing countries to use their deposited seeds free of charge. It will also serve as a backup to the thousands of other seed banks around the world.

“Crop diversity will soon prove to be our most potent and indispensable resource for addressing climate change, water and energy supply constraints and for meeting the food needs of a growing population,” Cary Fowler said.

Ford, Fiat to produce small cars together

">
Ford, Fiat to produce small cars together
February 13th, 2018 in Uncategorized | No Comments

Friday, September 9, 2005

Italian-based Fiat Auto SPA and US-based Ford Motor Co. announced they signed an agreement to cooperate in designing two small car models. This came only seven months after General Motors severed their relationship with Fiat.

Both companies plan to work together on a new version of the popular Fiat Cinquecento and on a replacement for the Ford Ka, both to be based on the Fiat Panda platform.

The cooperation can help reduce the companies’ small car production costs and ease financial difficulties they are facing. Ford is struggling with high labor and health care costs, while Fiat suffers from its unprofitable Italian plants.

After the deal was announced, shares of Fiat rose $0.06 to $9.44, while Ford gained $0.06 to $9.95 on the New York Stock Exchange (NYSE).

Ontario Votes 2007: Interview with Family Coalition Party candidate Suzanne Fortin, Nepean-Carleton

">
Ontario Votes 2007: Interview with Family Coalition Party candidate Suzanne Fortin, Nepean-Carleton
February 13th, 2018 in Uncategorized | No Comments

Wednesday, September 26, 2007

Suzanne Fortin is running for the Family Coalition Party in the Ontario provincial election, in the Nepean-Carleton riding. Wikinews’ Nick Moreau interviewed her regarding her values, her experience, and her campaign.

Stay tuned for further interviews; every candidate from every party is eligible, and will be contacted. Expect interviews from Liberals, Progressive Conservatives, New Democratic Party members, Ontario Greens, as well as members from the Family Coalition, Freedom, Communist, Libertarian, and Confederation of Regions parties, as well as independents.