Thoughts, Ideas, and Concepts by Sandra Parks

Posts tagged ‘President Obama’

NEW CREDIT CARD RULES IN EFFECT 2-22-2010

Unexpected rate hikes. Over-limit fees. Double-cycle billing. Those are just a few of the credit-card practices that have trapped millions of consumers into a life of constant worry over mounting debt. In less than a week, these practices will be history.

Unexpected rate hikes. Over-limit fees. Double-cycle billing. Those are just a few of the credit-card practices that have trapped millions of consumers into a life of constant worry over mounting debt. In less than a week, these practices will be history.

Exceptions, Caveats, Loopholes:

• Rate hikes are allowed if you’re more than 60 days late with a payment.
• Some banks have already found a way around the rate-hike issue, by increasing card users’ regular interest rates to as high as 29.9% and then refunding a part of that rate for each month that the customer pays on time.
• Double-cycle billing, although prohibited, can technically still exist for credit cards that don’t have grace periods.
• Issuers have been calling consumers asking them to opt in for over-limit fees in exchange for lowering that fee, says Chi Chi Wu, a staff attorney with the National Consumer Law Center, a consumer advocacy group. What they’re not saying is that if people don’t opt in, the transaction will be denied and they will not be charged over-limit fees in the first place, Wu says.

Billing Statements, Payments and Disclosures

• Billing statements must be sent 21 days before the due date.
• Your due date should be the same date each month.
• Payments are considered on time when received by 5 p.m. on the due date or the next business day after a holiday or weekend.
• Payments above the minimum must be applied to the highest-rate balance first.
• Each monthly statement must include information on how long it would take you to pay off your balance if you make minimum payments only and the total you’ll pay, including interest and principal; and how much you need to pay each month in order to pay off your balance in 36 months and the total you’ll pay, including interest and principal.
• Statements must also include a warning that by making only minimum payments you will pay more interest and it will take you longer to pay off your debt, as well as a toll-free number to call if you want to be referred to a credit-counseling service.

Exceptions, caveats, loopholes:

If you make a purchase under a “deferred-interest” plan (such as “No interest for six months,” for example), the company may let you choose to apply extra amounts to the deferred-interest balance. Otherwise, for two billing cycles before the end of the promotional period, your entire payment must be applied to that balance. Carrying a “deferred-interest” balance is a risky proposition altogether, says Wu: Unless the balance is paid in full over the specified period, the company will charge all interest retroactively once the promotional rate expires. “We think deferred-interest plans should have been banned,” Wu says.

College Students and Young Adults

• No credit cards for college students unless co-signed by a parent or they can demonstrate “ability to pay.”
• No credit-limit increases if you are under 21 and have a co-signer without that co-signer’s permission.
• No credit-card marketing and freebies on college campuses.

Exceptions, Caveats, Loopholes:

• Issuers will likely start appealing to parents to co-sign their children’s credit cards. And the Federal Reserve has specified that issuers have the option of keeping the parent on the hook even after the young person turns 21, Wu says. “If that younger person keeps the credit card for 20 years, the co-signer is liable that whole time.”
• Issuers are not allowed to give out freebies for signing up for a credit card on or near a campus — which still allows them to set up shop near popular off-campus venues and offer freebies to everyone, whether or not they apply.

Will your student loans be forgiven??? That is the Question!!!!

If you’ve got a diploma hanging on your wall, chances are it didn’t come cheap. About two-thirds of the 3 million or so college seniors who donned a cap and gown this year took on an average debt of $22,500 for the privilege of earning that diploma. The debt graduate and professional students incur is often tens of thousands more.

As graduates struggle to find jobs during the worst economic crisis of their lifetime, an adviser to the secretary of education expects a rise in the default rate on student loans, which cannot be easily renegotiated or discharged in bankruptcy.

But a provision of the College Cost Reduction and Access Act of 2007 that reduces monthly payments for hundreds of thousands of borrowers who qualify for the new Income-Based Repayment plan took effect July 1.

Borrowers who work in certain public service jobs could also have the balance of their loan erased after making qualifying payments for 10 years. (Supposedly, this costs the government nothing, since it will now change the way it subsidizes student-loan lenders.)

So, will your student loan be bailed out? In a word: maybe.

At the very least, the IBR program will lower the monthly payments of people who accumulated significant federal student loan debt but don’t have the income to make the payments on the standard 10-year repayment plan. This relief may reach as many as 1 million people, according to the Project on Student Debt. And despite lower payments, the former students won’t be paying off their loans indefinitely — any remaining balance will be forgiven after payments are made for 25 years.

Basing loan payments on income isn’t a new concept. For years, graduates with federal student loans had options to reduce or eliminate their payments, depending on how much money they made. But IBR is intended to be more generous.

IBR caps monthly payments at 15% of earnings above 150% of the poverty line, or $10,830 for a single-person household. Online calculators at the free public service site FinAid.org can help you compare what your income-based payments, income-contingent payments and income-sensitive payments would be.

There are situations in which an IBR payment would be zero. If your payment is so low it doesn’t cover the interest accruing on your loan, the government will pay the interest for three years on subsidized Stafford loans, which are government-backed loans given to financially needy students that do not accrue interest while the borrower is in school.

After that period, and for all of the other kinds of unsubsidized federal loans, unpaid interest will accrue but will not compound. In other words, you won’t be charged interest on top of interest.

Borrowers who think they could benefit from IBR should contact their lender and ask for an application that will authorize the release of their adjusted gross income from the Internal Revenue Service each year.

The news is even more promising for people working in public service jobs: government employees, teachers in public schools and universities, workers at public hospitals and anyone working for a 501(c)(3) nonprofit would qualify. Anyone working in a qualifying job who borrowed from the Direct Loan Program is eligible for loan forgiveness after 10 years, down from 25.

To qualify for forgiveness, borrowers who work in a public-interest position must either have an existing Direct Loan or consolidate a federal loan with a private lender into the Direct Loan Program and make 120 payments after Oct. 1, 2007. The payments do not have to be consecutive, can be made while at different eligible positions and must be made on the income-based or standard repayment plans. (See “Ask for student loan forgiveness.”)

At this point, the burden is on borrowers to document where they were working during their repayment period. The Department of Education is planning to develop a more definitive system to confirm eligibility, but right now borrowers should keep pay stubs and tax documents that verify their work history.

IBR and public-loan forgiveness won’t be the best options for every borrower. Some borrowers — those able to make higher monthly payments — would be better served by sticking with a traditional payment plan to avoid accruing years of additional interest. Graduates who financed their education with private loans are ineligible entirely.

But for an MBA grad who borrowed $150,000 planning to be an investment banker but ended up in government service, IBR will result in payments that are affordable on a civil servant salary.

What grade would you give President Obama?

Hi friends,
I am always being asked to grade Obama’s presidency. In place of offering him a grade, I put together a list of his accomplishments thus far. I think you would agree that it is very impressive. His first six months have been even more active than FDRs or LBJs the two standards for such assessments. Yet, there is little media attention given to much of what he has done. Of late, the media is focusing almost exclusively on Obama’s critics, without holding them responsible for the uncivil, unconstructive tone of their disagreements or without holding the previous administration responsible for getting us in such a deep hole. The misinformation and venom that now passes for political reporting and civic debate is beyond description.
As such, there is a need to set the record straight. What most impresses me is the fact that Obama has accomplished so much not from a heavy-handed or top-down approach but from a style that has institutionalized efforts to reach across the aisle, encourage vigorous debate, and utilize town halls and panels of experts in the policy-making process. Beyond the accomplishments, the process is good for democracy and our democratic processes have been battered and bruised in recent years.
Let me know if I missed anything in the list (surely I did).
Robert

1. Ordered all federal agencies to undertake a study and make recommendations for ways to cut spending

2. Ordered a review of all federal operations to identify and cut wasteful spending and practices

3. Instituted enforcement for equal pay for women

4. Beginning the withdrawal of US troops from Iraq

5. Families of fallen soldiers have expenses covered to be on hand when the body arrives at Dover AFB

6. Ended media blackout on war casualties; reporting full information

7. Ended media blackout on covering the return of fallen soldiers to Dover AFB; the media is now permitted to do so pending adherence to respectful rules and approval of fallen soldier’s family

8. The White House and federal government are respecting the Freedom of Information Act

9. Instructed all federal agencies to promote openness and transparency as much as possible

10. Limits on lobbyist’s access to the White House

11. Limits on White House aides working for lobbyists after their tenure in the administration

12. Ended the previous stop-loss policy that kept soldiers in Iraq/Afghanistan longer than their enlistment date

13. Phasing out the expensive F-22 war plane and other outdated weapons systems, which weren’t even used or needed in Iraq/Afghanistan

14. Removed restrictions on embryonic stem-cell research

15. Federal support for stem-cell and new biomedical research

16. New federal funding for science and research labs

17. States are permitted to enact federal fuel efficiency standards above federal standards

18. Increased infrastructure spending (roads, bridges, power plants) after years of neglect

19. Funds for high-speed, broadband Internet access to K-12 schools

20. New funds for school construction

21. The prison at Guantanamo Bay is being phased out

22. US Auto industry rescue plan

23. Housing rescue plan

24. $789 billion economic stimulus plan

25. The public can meet with federal housing insurers to refinance (the new plan can be completed in one day) a mortgage if they are having trouble paying

26. US financial and banking rescue plan

27. The secret detention facilities in Eastern Europe and elsewhere are being closed

28. Ended the previous policy; the US now has a no torture policy and is in compliance with the Geneva Convention standards

29. Better body armor is now being provided to our troops

30. The missile defense program is being cut by $1.4 billion in 2010

31. Restarted the nuclear nonproliferation talks and building back up the nuclear inspection infrastructure/protocols

32. Reengaged in the treaties/agreements to protect the Antarctic

33. Reengaged in the agreements/talks on global warming and greenhouse gas emissions

34. Visited more countries and met with more world leaders than any president in his first six months in office

35. Successful release of US captain held by Somali pirates; authorized the SEALS to do their job

36. US Navy increasing patrols off Somali coast

37. Attractive tax write-offs for those who buy hybrid automobiles

38. Cash for clunkers program offers vouchers to trade in fuel inefficient, polluting old cars for new cars; stimulated auto sales

39. Announced plans to purchase fuel efficient American-made fleet for the federal government

40. Expanded the SCHIP program to cover health care for 4 million more children

41. Signed national service legislation; expanded national youth service program

42. Instituted a new policy on Cuba , allowing Cuban families to return home to visit loved ones

43. Ended the previous policy of not regulating and labeling carbon dioxide emissions

44. Expanding vaccination programs

45. Immediate and efficient response to the floods in North Dakota and other natural disasters

46. Closed offshore tax safe havens

47. Negotiated deal with Swiss banks to permit US government to gain access to records of tax evaders and criminals

48. Ended the previous policy of offering tax benefits to corporations who outsource American jobs; the new policy is to promote in-sourcing to bring jobs back

49. Ended the previous practice of protecting credit card companies; in place of it are new consumer protections from credit card industry’s predatory practices

50. Energy producing plants must begin preparing to produce 15% of their energy from renewable sources

51. Lower drug costs for seniors

52. Ended the previous practice of forbidding Medicare from negotiating with drug manufacturers for cheaper drugs; the federal government is now realizing hundreds of millions in savings

53. Increasing pay and benefits for military personnel

54. Improved housing for military personnel

55. Initiating a new policy to promote federal hiring of military spouses

56. Improved conditions at Walter Reed Military Hospital and other military hospitals

57. Increasing student loans

58. Increasing opportunities in AmeriCorps program

59. Sent envoys to Middle East and other parts of the world that had been neglected for years; reengaging in multilateral and bilateral talks and diplomacy

60. Established a new cyber security office

61. Beginning the process of reforming and restructuring the military 20 years after the Cold War to a more modern fighting force; this includes new procurement policies, increasing size of military, new technology and cyber units and operations, etc.

62. Ended previous policy of awarding no-bid defense contracts

63. Ordered a review of hurricane and natural disaster preparedness

64. Established a National Performance Officer charged with saving the federal government money and making federal operations more efficient

65. Students struggling to make college loan payments can have their loans refinanced

66. Improving benefits for veterans

67. Many more press conferences and town halls and much more media access than previous administration

68. Instituted a new focus on mortgage fraud

69. The FDA is now regulating tobacco

70. Ended previous policy of cutting the FDA and circumventing FDA rules

71. Ended previous practice of having White House aides rewrite scientific and environmental rules, regulations, and reports

72. Authorized discussions with North Korea and private mission by Pres. Bill Clinton to secure the release of two Americans held in prisons

73. Authorized discussions with Myanmar and mission by Sen. Jim Web to secure the release of an American held captive

74. Making more loans available to small businesses

75. Established independent commission to make recommendations on slowing the costs of Medicare

76. Appointment of first Latina to the Supreme Court

77. Authorized construction/opening of additional health centers to care for veterans

78. Limited salaries of senior White House aides; cut to $100,000

79. Renewed loan guarantees for Israel

80. Changed the failing/status quo military command in Afghanistan

81. Deployed additional troops to Afghanistan

82. New Afghan War policy that limits aerial bombing and prioritizes aid, development of infrastructure, diplomacy, and good government practices by Afghans

83. Announced the long-term development of a national energy grid with renewable sources and cleaner, efficient energy production

84. Returned money authorized for refurbishment of White House offices and private living quarters

85. Paid for redecoration of White House living quarters out of his own pocket

86. Held first Seder in White House

87. Attempting to reform the nation’s healthcare system which is the most expensive in the world yet leaves almost 50 million without health insurance and millions more under insured

88. Has put the ball in play for comprehensive immigration reform

89. Has announced his intention to push for energy reform

90. Has announced his intention to push for education reform

Oh, and he built a swing set for the girls outside the Oval Office!

by
Robert P. Watson, Ph.D.Coordinator of American Studies
Lynn University

President Dances With A Latino Last Night At The White House

Has anyone seen the clip of President Obama dancing last night with the Latin Lady at the  Latin Music Month Celebration that took place at the white house?  When he got to back to the table 1st Lady Michelle didn’t acknowledge him coming back to the table.  She just kept chair dancing.

Ladies was she shoving him off or was this nothing?

Ladies please tell me your thoughts.

I Can’t Believe I forgot to Post This Article!!!!!!

Obama humbled by winning Nobel Peace Prize

October 9, 2009

President Barack Obama winning the 2009 Nobel Peace Prize – only less than nine months into his presidency – is news that shocked much of the nation, including the White House.

Thorbjorn Jagland, chairman of the Nobel committee, said Obama won “for his extraordinary efforts to strengthen international diplomacy and cooperation between peoples”

“Only very rarely has a person to the same extent as Obama captured the world’s attention and given its people hope for a better future,” the committee said.

Jagland said the decision was “unanimous” and came with ease.

“His diplomacy is founded in the concept that those who are to lead the world must do so on the basis of values and attitudes that are shared by the majority of the world’s population,” Jagland said.

Congresswoman Eddie Bernice Johnson said of Obama’s award: “The international standing of the United States has suffered in recent years, and the international response to the election of President Obama was deeply heartening to me. Already, I sense a change in how the rest of the world sees our great nation.  We face grave challenges in the United States, as do people around the world.

“I believe our president will use his leadership and diplomatic skills to not only inspire us, but to do the hard work necessary to build a better future.”

Obama becomes the third sitting President to win the coveted award, behind Theodore Roosevelt (1906) and Woodrow Wilson (1919) and the fourth president overall behind Jimmy Carter (2002).

Congratulations to our President!!!

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