Tonight at 8 pm ET, Sesame Street will be airing a one-hour special on PBS called "Families Stand Together: Feeling Secure in Tough Times."
Hosted by Elmo, Al Roker and Deborah Roberts, the show aims to give families experiencing tough economic times tips and strategies to use with children ages 2-8.
For a little background on tonight's show, click here. And to watch a couple of promos of the show, and to get more information about this project, click here.
Most entrepreneurs have to face making important decisions about the financing of their business, whether it's regarding start-up capital or funds needed to grow or expand.
What type of financing is going to best for your small business?
Check out this quick video of Chris Holman, a Small Business Advocate with the Michigan Economic Development Corporation (MEDC), discussing small business loans vs. other types of business financing, especially in lieu of a currently tighter capital market:
For information on the $1 billion government sponsored CARS (Car Allowance Rebate System) program, aka "Cash for Clunkers," that allows consumers to receive a $3,500 - $4,500 trade-in allowance on their old vehicle when purchasing or leasing a new vehicle from participating auto dealers, click here.
Be sure to review the FAQ section and browse around the site for important program information, updates, participating dealers and eligibility requirements.
The CARS program is slated to run from July 1, 2009 throughNovember 1, 2009 or until funds run out, whichever comes first.
So, if you were considering getting a new vehicle, perhaps now may be a good time to cash in on this deal. A lot of dealers are even tacking on additional incentives and promotions, so there's a lot of opportunity to save quite a bit of money on a new vehicle.
Also, you can save even more when it comes to financing your vehicle provided you have good credit.
This CARS program is designed specifically to energize the economy, boost auto sales, and put safer, cleaner and more fuel-efficient vehicles on the road.
You can also call the CARS hotline at (866) CAR-7891 or (800) 424-9153 TTY for more information (M-F: 8 am - 10 pm, Sa-Sun: 10 am - 8 pm).
And remember, buckle up, don't drink and drive, don't text and drive, let's all drive safely. :)
They profiled two different women's stories, both of whom were living on social security and borrowing money from Advance America, the largest payday loan company in the US, to get by.
Unfortunately, neither of them were able to get by at all, but instead were swept up into the oh-so-ugly, downward spiral world of payday lending.
Did you know that most payday lenders charge between 300% - 800% interest?
And that there are only 15 states in the US that prevent payday lenders from charging such outrageous fees?
Hard to believe I know, but it's true... and absolutely absurd!
I have always cautioned consumers to stay away from payday loans. They appear to be a quick and easy solution to cash flow problems, but more often than not, they end up wreaking long-term havoc on your finances.
It pains me to know that in these tight economic times, more and more people are turning to payday lenders for short-term loans they have a hard time finding elsewhere.
Perhaps if there were a more reasonable and widespread alternative to payday loans, there wouldn't be so many consumers desperate for cash being pigeon-holed into a more difficult financial situation as a result of using payday loans.
President Obama signed into law today the new Credit Card Accountability, Responsibility and Disclosure (CARD) Act of 2009.
This is really good news for consumers, and perhaps not so good news for the credit card industry.
This new law eliminates a lot of the abusive practices credit card companies have been getting away with for years. Things like confusing contracts, miscellaneous and mysterious fees, shifting payment deadlines, changing terms, and interest rates rising out of the blue.
Thank goodness and about time!
During the press conference, President Obama made it clear that irresponsible credit behavior is not excused or condoned; and discussed how this legislation will help those who try to be responsible with credit, but may end up trapped by the increased used of their credit cards as the the result of a job loss, health insurance not covering expensive medical bills, a mortgage payment that jumped sky high, or a small business financed on credit cards that's suffering from the poor economy.
As it stands now, even as a responsible credit card user, you can be charged interest even if you pay your bill on time; your interest rate can be increased on outstanding balances even if you aren't late with a payment; and you can be forced to pay down your debt with the lowest interest rate first instead of the highest, which just makes it harder to get out of the hole.
President Obama also points out the fact that although credit card companies provide a valuable service, they should do so while upholding certain standards of fairness, transparency and accountability. Hmmm... ya think?
He states, "Just as we demand credit card users to act responsibly, we demand credit card companies to act responsibly, too."
Some of the changes taking place include:
credit card statements disclosing to cardholders how long it will take to pay off a balance, and how much it will cost in interest if only minimum monthly payments are made
no more retroactive interest rate increases that go into effect with no explanation or warning
every credit card company will have to post their credit card agreements online
credit card companies will have to mail credit card statements 21 days before payment is due, as opposed to only 14 days
no more arbitrarily changing payment due dates
at least a 45 days notice is to be provided of a change in terms and conditions
The President states that over the past decade credit card debt in the US is up 25%;nearly 50% of all Americans carry a balance on their credit cards,with anaverage balance of more than $7,000; and 1 in 5 people have a credit card balance that's charged over 20% interest.
With statistics like these, this legislation comes not a moment too soon.
You can catch the video (11:17) of President Obama's announcement of this sweeping credit card reform below:
Entrepreneurs and small business owners, do yourself a HUGE favor and take the 1:39 required to view this video of Ed King, Director of Small Business Services at Wayne State University, drop some sure-fire pure gold nuggets of truth!
I had the distinct pleasure of taking Ed King's 'Starting a Small Business' and 'Running a Small Business' courses several years ago. I still keep the binders from those courses on the shelf in my office.
Matter of fact, I even consulted with him about a few things prior to founding Credit Hour. And hey, now that I think about it, I might need to call his office and schedule an appointment for a business check-in and check-up. :)
This man is good, and he definitely tells it like it T-I-S!
"...if you can't handle the truth, get out of small business and go to work for somebody else." ~ Ed King
Now wasn't that worth watching? Hope you enjoyed it as much as I did.
If you're interested in this book, you better hurry and download it because the free download offer expires tonight, January 15, 2009 at 11:59 pm CT.
I've already downloaded my copy but I haven't had a chance to read it yet.
I'm particularly interested in what she has to say about credit and credit scores. And thankfully, I get to read about it because sometimes I just can't bear watching her!
Have you checked your credit reports lately? If not, you should do so ASAP! Obtain and thoroughly review your credit reports at the very minimum of once per year. Don't delay, get your credit reports FREE from
AnnualCreditReport.com.
