The Fast Track

Be leery if you are tempted to contact a credit-repair company. The Federal Trade Commission and several attorneys general have sued credit-repair companies for falsely promising to remove bad information from credit reports. Here are tips to follow: Contact the Attorney General’s Consumer Protection Hotline at 800-392-8222 to check for complaints made against a company.

Avoid companies that tell you truthful information can be changed or erased to improve your credit or that only the credit-repair company can remove old or inaccurate information. These claims are false.

Be wary if you are asked for a large sum of money before the credit-repair company completes the job. A money-back guarantee will not protect you from a disreputable company.

Avoid new credit identities

If you have filed for bankruptcy, you may be the target of a credit-repair scheme, often called “file segregation.” Here, you are promised a chance to hide unfavorable credit information by establishing a new credit identity.

However, there is a problem: File segregation is illegal. If you use it, you could face fines or imprisonment.

Other scams

Consumers looking for an easy fix often are targets of other credit-related scams:

Credit by phone: Pay-per-call or 900-number services have become a popular vehicle for credit scams. Advertisements promise that “guaranteed” credit or cash loans are only a phone call away. Instead, the caller might only receive a list of banks offering low-interest credit cards or a booklet on how to establish credit — and a phone charge of $50 or more. Consumers rarely end up getting credit.

Gold or platinum cards: Beware of promotions for gold or platinum cards that promise to get you credit and build your rating. Although they may sound like all-purpose credit cards, some cards only permit you to buy merchandise from special catalogs and will not help you obtain other credit. You also might be asked to call a 900 or 976 exchange number for more information. These phone charges add up quickly.

Checking-account scam: This scam, which tricks you into disclosing your checking-account number, typically begins with a postcard advertising easy credit approval or low-interest credit card rates. When you call, you are asked for your checking-account number as “verification.” Your number then can be magnetically encoded on a draft, which is forwarded to your unsuspecting bank for payment from your account.

If you suspect a credit-repair scam, file a consumer complaint with the Attorney General’s Office online or by calling the Consumer Protection Hotline at 1-800-392-8222.

(Never give out your bank account or credit-card number unless you know the company is reputable.)

I think GPS systems are the greatest. (Global Position System) I know a few people who definitely need them. A few years ago we had guests driving from California to our home in Utah to stay over night. It was about a ten hour drive. I gave what I thought was excellent instructions and directions so they would not get lost. The night (early morning) my guests were to arrive I woke up at 3:00 a.m. with a start as Maggie hadn’t arrived. (She didn’t follow my directions, instead made up her own). From our place they were driving back to Washington D.C.. Her sister said she was afraid to take a nap because she was afraid she would wake up in Mexico. A GPS in her car will save her hours of frustration and time.

With the holidays arriving GPS is a great Christmas gift idea for all of us to have. The GPS I am talking about is: Great Planning System. By planning ahead we can have a happy stress free, joyous holiday season. Christmas can be one of the most stressful holidays. But with forethought and organization it can be fun and a holiday to look forward to instead of dreading.

First of all we need to decide what it is we want to get from the holidays. Do we want to have big dinners, entertain friends, and attend every function we are invited to, decorate, bake, spend time with family, send out Christmas cards, exchange neighbor gifts, establish traditions, give to charity or do something unique this year?

Once we have our goals in mind then we can move forward. Take some time and decide what is important for you to do this year for the holiday. Then write it down, map it out. Establish a time frame to accomplish each task. If it isn’t accomplished in the time we thought it would be, no beating up on ourselves or negative self talk. And if it doesn’t get done ask yourself what is the worst that can happen? Cook food ahead of time and freeze it. Some pies freeze well as do cookies. Check your recipes to see what else you can make and freeze. Plan on delegating. Who can put up the outdoor lights? Who can do the food shopping? Who can help decorate? Get a crew together to share in the fun. Plan a specific time to decorate, another to bake, another to deliver giftsï whatever you plan break it up into little jobs, a little at a time. If you send out Christmas cards, organize a basket with the cards, addresses and stamps, and then while watching a T.V. show address the envelopes on the commercials. Do cards in November to save time in December. OR Instead of sending cards, call your friends to wish them a Merry Christmas. Long distance calls have become so reasonable it may cost less than sending a card. Keep a notebook with the names of those you are giving gifts to. Check off the gift as it is purchased and make a note when it is wrapped and sent. You could do this on a spread sheet if you use the computer. If your family will let you mix up your traditions, try a new one, customize to your own personal preference.

Through all the planning remember this is to be a joyous season; don’t get sucked into thinking you have to do it all. Actually you don’t have to do any of it so have fun with what you decide you really want to do.

With interest rates at high levels UK savers should be investing more in savings or bank accounts but are spending the money immediately, according to a new report from IFA Promotion.

Out of those studied, 72 per cent said they did not believe they were saving enough for the future and 18 per cent said that they were enjoying spending their incomes too much to put money aside for future use.

Furthermore, 4.8 million people do not know their current financial position and 32 per cent said that they have lost control of their personal finances at some point in their lives.

Chief executive at IFA Promotion David Elms said that consumers should now look at the selection of available bank accounts on the market to get more out of their money.

“Last week’s announcement should be treated less as blanket bad news for the heavily indebted UK consumer and more as a wake up call to save more and spend less. The interest rate rise is minimal, but has met a shock reaction,” he commented.

The Bank of England raised the base rate of interest to 5.5 per cent earlier this month and another rise is anticipated later in the summer.

I’m pleased to say we’ve paid off some of my debts over the last tw months whilst building up the various savings pots for a rainy day ~ or maybe a holiday. I haven’t touched a credit card to pay for anything which is a wonderful feeling.

Between me and my partner, we must have at least seven credit cards and some with quite high limits (e.g. c £7K). We regulary frequent comparison sites or the best deals and hence I have amassed quite a few of them over the years. I have sworn never to touch thee agian, but have decided not to get rid of them. We don’t feel the need to cut them up as we know we won’t use them but it seems such a hassle actually cancelling them all. How does it affect our credit rating for future reference if we simply hang on to them? Is is better to cancel or does it really make much difference bearing in mind we have managed to preserve our credit rating (mine is 752 or something like that with Equifax).

Please bear in mind all the cards have a 0 balance now and the only reason we may seek credit in future is for a good deal e.g. one year’s free interest on an emergency item like a fridge freezer etc (so our emergency fund can still gain interest).

Many thanks for any advice as to whether we should actually cancel the cards.

Revenue from European investment banking and bank accounts set up in this manner rose by 37 per cent in 2006.

Total revenue stood at $22.8 billion (£11.5 billion) and half of European investment activity is via European investment, according to International Financial Services London.

Moreover, the UK was responsible for 27 per cent of investment banking fees or around $6.3 billion.

The body says that there was a “global increase of investment banking fee revenue from $53 billion in 2005 to $69 billion in 2006″.

Further, the pace of revenues generated from European investment banking also matched those of the US, the findings state.

Overall, half of the $69 billion in fees are accounted for by the US, while a third came from Europe and 17 per cent from Asia.

London is now considered the world’s financial capital and 340,000 people work in financial services across the City of London.

Let us see what opportunities arise to help us all grow wealtier together.