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What a great program the apprentice is, BBC 2’s hit TV show where budding entrepneurs vie for a top job with Sir Alan Sugar. I was a keen follower of The Apprentice when its first hit TV screens in the US with Donald Trump & I wasnt sure Sugar would be as good but he’s proved me wrong, he’s just as good to watch as Trump.

So those who have been watching it, who do you think is going to win now ?

For me I think it will probably be Ruth Badger, shes starting to up the pace now & seems to perform consistantly no matter what task if thrown her way!

Let me know your thoughts, who’s going to win this years ‘The Apprentice’ ?

Vote here The Apprentice

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www.PropertyandInvesting.com

By STEVE BUCCI
bankrate.com
November 21, 2005

• Dear Debt Adviser,

I need your advice. I had a balance on a credit card for $2,800 and the interest rate was 12 percent, so I decided to transfer that balance to a different credit-card company with a lower interest rate. But when I received the credit card and information pertaining to the balance transfer, I was only given a credit limit of $3,000, and now I have this credit card almost maxed out. I need your advice on what to do so I don’t get myself in trouble with this credit card, and also I’m worried that this may affect my credit score.

• Nelson

Dear Nelson,

Three different things are in play here. Let’s look at each of them, and I believe the answer of what to do will be clear.

First, you have a new credit card and a lower interest rate. When you make a wish, it pays to be specific, or you may get an Aladdin-like surprise. You have the better interest rate you wanted; however, you should have asked what the new limit would be before you made the transfer. The low limit will change when you show progress paying down the debt. Remember, you’re not just a new customer to the creditor, you’re a new risk. They may not be comfortable giving you much more credit until you show you can handle what you have. Both they and I are wondering why you have a $2,800 balance and why you want to lower your rate rather than pay it off.

Second, your credit score has taken a hit already. Your credit score generally means your FICO or Fair Isaac score. It is made up of five main factors, three of which you may have just triggered. You applied for new credit, 10 percent of your score, and while the amount you owe has not changed, you now have a credit line that is heavily utilized, 30 percent of your score. As you pay the account down, your score will improve as the proportion of the credit line used drops and also if they raise your limit. Your interim goal is to get the balance down below $1,300 (50 percent of your max from your current 93 percent). If you closed your old account, you may have also affected your length of credit history, 15 percent of your FICO score.

Third, you now have greater incentives to pay down the $2,800, and it should also be easier. With this lower interest rate, the desire to improve your credit score and some unexpected encouragement from Uncle Sam, you have the chance to make more of your payments count toward principal instead of interest. Under government rules, minimum principal payments will rise on credit cards by the end of this year.

You need to find a way to pay back $1,300 or more as quickly as you can. Here are some tips to try:

• Stop charging.




• Get a budget. By finding out exactly where you are spending your money, you may discover areas where you can cut back. Be sure to include some savings to lessen your reliance on credit for emergencies.




• Cut out the extras. Look at what you are spending on nonessentials such as premium cable TV, eating out too frequently and entertainment expenses. I’m not saying get rid of them, but take a good look at how much you are paying and for what. You may discover you can do without three-way calling or that morning latte.




• Always pay more than the minimum.




• Pay your bills on time. The last thing you need to do is pay a late fee. Not only will you be out money you could have used toward your debt, you could see an increase in your interest rate that will make your original 12 percent rate seem like a bargain. And also, your on-time payment history is the largest factor, 35 percent, in your FICO score.

Good luck!

(Steve Bucci is president of CCCS Credit Advisors. Visit www.creditcounseling.org or call 877-311-2227 for additional debt advice. The Debt Adviser is a weekly feature of bankrate.com. Distributed by Scripps Howard News Service.)

“The collapse of the housing bubble will throw the economy into a recession, and quite likely a severe recession,” warned a July report by the Center for Economic and Policy Research.

‘A downturn in housing could mean more than 1.3 million lost jobs, Goldman Sachs Group Inc. predicts, bumping up the national unemployment rate by 1 percent and the unemployment rate in house-mad California by 2 percent. Those numbers don’t include likely job cuts in housing-dependent businesses, such as banking, furniture and building materials.

‘A final nightmare scenario: A federal bailout of the mortgage market is likely if housing crashes, the center predicts. So, if corporate pension funds continue to falter and this dire prediction does come true, the Feds could conceivably be holding your mortgage and your pension.’ (AP article).

Fidelity Investments, the biggest U.S. mutual fund company, Monday announced the launch of an Advisor municipal bond fund designed to help meet the income needs of investors with intermediate to long time horizons. With the launch of Fidelity Advisor Intermediate Municipal Income Fund, Boston-based Fidelity now offers 82 Advisor funds, including three national municipal bond funds with varying degrees of interest rate sensitivity. Doug McGinley manages the new fund.

RISMEDIA, Oct. 24, 2005 — Chase Home Finance, one of the nation’s largest residential mortgage lenders, announced the Chase Lock-Solid Platinum Program, its new long-term lock offer to ease borrowers’ concerns over rising interest rates while their new home or condominium is being built.

Chase Home Finance also announced Chase SecureFlex, which helps borrowers with good credit lock in a low, stable monthly payment while assuring them they will never owe more than when they started.

Chase is the first lender to offer this primary long-term lock program enabling borrowers to lock in today’s low rates for up to 12 months on 15 and 30-year fixed-rate loans. Borrowers who want more flexibility can lock today’s rate for up to 12 months on a wide range of Chase ARMs featuring initial fixed terms of three to 10 years as well as interest-only loans. The Chase Lock-Solid Platinum program also offers extended lock terms of up to two years exclusively for Chase Premier Builder Relationship customers.

“Chase Lock-Solid is the perfect solution for borrowers who want the peace of mind knowing that their interest rate and monthly payment will be protected while their dream home or condo is being built,” said Rich Miller, National Builder Executive, Chase Home Finance. “Plus they can take advantage of our float-down option if interest rates go down.”

At application, borrowers pay a deposit to lock in their rate, which is applied directly to fees for locks up to 12 months when they close on their mortgage. If rates drop during the lock period, the borrower can “float down” to the lower rate within 60 days of closing and switch to a fixed-rate loan or another ARM product.

The Chase Lock-Solid Platinum program features include:

• Free six-month rate lock with deposit

• Ability to lock an interest rate for up to 360 days before closing

• Option to “float down” to a lower interest rate at no extra cost within 60 days of closing

• One-time switch to any eligible Chase Home Finance mortgage loan product within 60 days of closing with current pricing at no extra cost

In related news, Chase Home Finance announced Chase SecureFlex, which helps borrowers with good credit lock in a low, stable monthly payment while assuring them they will never owe more than when they started.

With Chase SecureFlex, Chase becomes the first major lender to give borrowers a smart alternative to the popular Option Adjustable Rate Mortgage, which carries the risk that a home loan balance will grow – not shrink – over time.

Chase SecureFlex borrowers – consumers with strong credit histories – can lock in today’s low interest rate for three full years. With principal payments optional, a family’s monthly payment remains relatively low. Even when the rate starts adjusting annually for the next seven years, the new monthly payments will always cover the interest due, so unpaid interest does not build up and create negative amortization.

In comparison, the Option ARMs offered by other lenders allow borrowers to pay less each month than the accrued interest. In fact, some loans allow a borrower’s interest to accumulate until the amount borrowed equals 125 percent of the original mortgage amount. That creates financial risk for family budgets if home prices fall or the family income is reduced or cut off by unemployment.

“Chase wants to help each homebuyer build a strong foundation for long-term home appreciation,” said Tom Wind, co-Chief Executive Officer of Chase Home Finance. “We know buyers want to keep their monthly payments low, but we don’t think they should have to put their hard-earned equity at risk. That’s why we created Chase SecureFlex as an alternative to the riskier Option ARM.”

By Jared Taylor
Daily Staff Writers

Despite reduced tuition increases, students in Iowa and across the nation continue to borrow more to pay for the cost of their education.

According to “Trends In Student Aid 2005,” published by the College Board earlier this week, although nationwide student grants awarded increased 4 percent, the amount of student loans borrowed increased 8.9 percent.

Roberta Johnson, director of student financial aid, said tuition increases have contributed to greater student borrowing.

“We are really no different than any other school. We have had some years with more than a 7 percent increase,” she said. “This year it was only four, so that’s a good thing.”

Johnson said although tuition increases eased, other costs of attendance continue to rapidly climb, including room and board, books, insurance and transportation costs.

“When you have increases in all these areas, it means the total cost of attendance will increase and some students will be borrowing to meet their cost of attendance,” she said.

Iowa Board of Regents President Michael Gartner said students’ debt following graduation continues to be problematic.

“The amount of debt that a student has when he or she graduates is distressingly high,” he said. “I think that is why universities try to stretch to get students to graduate in four years.”

According to the 2004-05 Student Profile, approximately 29 percent of ISU students graduate in four years. Although growth in federal grant awards decreased, Johnson said Iowa State has increased student grants.

“Iowa State University has done a very nice job of increasing the amount of dollars made available to students through grants and gift funds to students,” she said.

The ISU Foundation has successfully worked to build privately funded scholarship programs from alumni, Johnson said.

“They graduated in that area and have a fondness for that area and they want to help a student in that area,” she said.

“Some donors remember how needy they were and they got a scholarship while in college.”

Doug Borkowski, financial counselor for the Financial Counseling Clinic, said he tries to help students develop college funding plans to avoid excessive borrowing.

Gartner said despite tuition increases, tuition costs at Regent universities remain competitive against neighboring state universities.

Student borrowing increases will continue to grow more rapidly in the future than federal grant awards, Johnson said.

“The trends continue to show tuition has gone up and federal programs have stagnated,” she said.

“I don’t see any increases in gift funds that are going to be coming.”

WASHINGTON (AFX) – A gauge of future U.S. economic activity declined in September for the third month in a row, indicating slower growth for the rest of the year, the Conference Board said Thursday.

The index of leading economic indicators fell 0.7% in September, as the impact of the hurricanes in the Gulf began to be felt in the economic data.

Economists were expecting the index to fall 0.5%, according to a survey conducted by MarketWatch.

The index fell 0.1% in both July and August,” suggesting that the economy was losing steam this summer and would continue to slow down in the fall,” said Ken Goldstein, chief economist for the private research group.

Then the hurricanes hit, sending energy prices higher, depressing consumers and cutting hundreds of thousands of jobs.

Five of the 10 indicators decreased in September, led by jobless claims and consumer expectations. Four indicators increased in September, led by delivery times and building permits. Energy prices are not directly measured in the leading indicators.

The leading index has been slowing for more than a year and began to decline in July. The behavior of the leading index is “consistent with the economy continuing to expand more moderately in the near term,” the Conference Board said.

In the past six months, the leading index is up 0.4%, with seven of the 10 indicators advancing over that time.

In September, the coincident index fell 0.1% in September, the second decline in a row. The lagging index rose 0.2% in September after no change in August.

This story was supplied by MarketWatch. For further information see www.marketwatch.com.

Threat of phishing means banks must sharpen up their act

Yesterday a multi-agency US federal advisory body, with broad regulatory powers over banks, issued guidelines aimed at improving security in internet-based banking and financial services.
The FFIEC (Federal Financial Institutions Examination Council) updated its guidance for how financial institutions should plan to authenticate customers’ online identities by the end of next year. The FFIEC said authentication of a customer via simple password and ID alone is “inadequate for high-risk transactions involving access to customer information or the movement of funds to other partners”.

The guidelines, entitled Authentication in an Internet Banking Environment, replaces a guidance document issued in 2001, Authentication in an Electronic Banking Environment.”

The Washington-based FFIEC is composed of member agencies that include the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance, the National Credit Union Administration, the Office of the Comptroller of the Currency, and the Office of Thrift Supervision, along with five representatives from state regulatory agencies.

The FFIEC claims to not endorse any particular technology in its guidance, which simply emphasizes that “the authentication techniques employed by the financial institution should be appropriate to the risks associated with their products and services”.

The FFIEC document does provide basic descriptions of several technologies, including digital certificates, smart cards, one-time passwords, USB plug-ins, and biometric identification methods, among others.

The guidance document, which the FFIEC says it issued due to concerns about phishing, identity theft and online fraud, indicates the FFIEC expects to see stronger authentication methods in place next year.

At the same time, the FFIEC also notes the impact of “catastrophic events”, such as that caused by hurricanes, could affect the ability of some financial institutions to conform to the guidance “within the specified timeframe”. In some instances, affected financial institutions would be afforded an extension if circumstances warrant, the FFIEC said.