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Tag Archives: Credit Cards

Aprendalo! (Learn it!) How the Hispanicisation of America provides a road to your financial security.

In December 2005, I booked a United Airlines ticket to Antigua, Guatemala. I had enrolled in an intense course of Spanish instruction. The course was one-on-one. One teacher, one student (me) for six hours per day, six days per week.

I resided with a wonderful Guatemalan family in their large home, studying for about eleven days. I returned in June 2006 for three weeks of study and studied similarly in August 2006, February 2007 and March 2008. March 2006-May 2009 I studied almost weekly for two hours with a wonderful Guatemalan lady, meeting every Monday evening, at Borders Books in Lakewood, WA.

Why?

America is turning hispanic. One forecast I read indicated that by 2047, Spanish would be the dominant language in California.

An interesting September 11, 2010 article in The Economist magazine was further informative:

Over 40% of New Mexico’s population is of hispanic origin.

30% to 40% of Texans, Arizonians and California are of hispanic origin.

20% to 30% of Nevada’s, Florida’s and Colorado’s population is of hispanic origin.

Washington, Oregon, Idaho, Utah, Illinois, New Jersey, New York and Connecticut have populations estimated at 10% to 20% latino in origin.

These foreign room, board and lessons packages in Guatemala and Nicaragua are inexpensive and easy to access. You just call or email the school and ask them to pick you up at the airport. It is usually truly that simple. The total room, board and lessons package runs about $175-220 per week depending on whether u have a teacher for 20 or 30 hours per week.

I recommend Roger Ramirez’s One-on-One Tutoring in Granada, Nicaragua or Ixchel Spanish School in Antigua, Guatemala. Google them for contact information.

70/70 Radio – Hispanic demographic changes alter media formats – La Kalle from S.F. California

My wife’s uncle is a fine fellow – he is an Iranian immigrant who lost nearly everything when the Shah of Iran’s regime fell in the late 1970s with the Islamic Revolution.

Nevertheless, he has hacked out a place here in America with the hard work of his wife, a registered nurse.

They are profoundly interesting people for whom I have the deepest respect.

This Iranian immigrant has purchased 11 acres of Chardonnay grapes in one of the best locales of Napa Valley, California, and he farms the vines with his heart, sweat and soul, aided by his sons and wife. He does side jobs as an architect to make extra money.

But this blog post is not about Iranian immigrants….it is about the immigration and melding of latino and caucasian culture here in the United States.

Every year my wife and I (and now our three children) go down to visit her uncle at his vineyard. We usually fly into Oakland, California and rent a car for a drive north of some hour and thirty minutes.

As a radio "dial flipper", on this ride I bumped into something odd about three years ago. I began listening to SF Bay station with a heavy DJ presence, and what was odd is that the DJs would deliver the spoken content in about 70% Spanish and 70% English, so the DJs were frequently repeating much (but not all) of their content.

"Muy buenos dias caballeros y ladies, hace mucho calor hoy mismo, today it is going to be hot, por eso no olviden tomar algo muy refresco y remember to turn up the air conditioner while you enjoy that cold drink."

I found it disorienting to try to imitate this manner of speaking…and I wondered how it came to exist?

I was listening to La Kalle, a station that mixed Spanish and English language and also Spanish and English pop music.

Over the past three years, I have noticed that the station La Kalle seems to be shifting a bit more towards devoting a significant share of the play time (but still less than 50%) to English language pop/rock music, with an emphasis on current top 40 hits. In prior years, the English language music seemed to be just an occassional garnish, so obviously, La Kalle is trying to figure out its market and fine tune something new.

Here are some reviews for San Francisco Bay Area station La Kalle (a funny word play on "La Calle" which means "The Street" – see how they used the letter "K"? The letter "k" is common in English, but is extremely rare in Spanish, so it uses a mix of English and Spanish spelling for a Spanish word, using "K" as the first letter in the radio station’s call moniker. ) Below is a link to some reviews of this station posted by English speakers:

http://www.yelp.com/biz/la-kalle-radio-100-7-and-105-7-fm-san-francisco

In June 2009, I obtained satellite radio for the first time – and I noticed that even in top 40 current music (Sirius channels 20-24) there is quite a bit of Spanish language creeping into pop music, and I am hearing reggeaton sounding beats from time to time.

Why am I talking about a San Francisco Bay area radio station on a bankruptcy lawyer’s blog?

It is because I am telling you of a change that is coming. You can get ahead of that change and secure your employment future with a burst of concentrated and focused energy. You need to learn Spanish. You can do it in 18 months if you work hard.

On my last two visits to Maui, Hawai’i, (June 2010 and December 2010) again and again, I bumped into many people speaking Spanish. It was odd for me to be in Hawai’i, speaking Spanish.

There is a Central American diaspora going on as we speak. It ebbs and flows according to comparative economic conditions, but it never goes away. There is net migratory inflow to the US from our Southern neighbors…and there has been for years. Many of these new immigrants are concentrating in communities where they no no longer need to learn English well in order to survive.

Businesses, the government and employers will need to serve these people who end up not learning English very well as they concentrate in communities that are Spanish speaking.

If you are worried about the future, learn Spanish, and you will worry about it much less about the future than you used to. I doubt that a Spanish speaking Anglo will ever be unemployed for long as this centry progresses.

If I am overstating my case for Spanish education, then I will stand corrected, as time will tell. Note that if worse comes to worse, you can apply for a DJ job at La Kalle, or some other online and broadcast radio station that are sure to follow this format.

Other posts in my blog give ideas about how to study Spanish – use our Google sitesearch function (the little Google box up in the right-hand corner) to search for the posts.

‘Omm’ for the unemployed – Jobless get another benefit – free yoga (from the AP as reported in The Maui News)

Jeannie Nuss of The Associated Press (as reported in The Maui News, December 22, 2010) notes that a handful of Yoga studios accross the country have began to offer free or reduced priced classes to the unemployed in order to learn how to deal with the stress of unemployment.

"It helps to quiet the mind and helps people realize that this is a temporary situation," says Jo Sgammato, general manager at Integral oga Institute in New York.

Practicing yoga is believed to reduce stress and improve concentration. Some studios also offer special classes to help vetrans work through traumatic experiences and women cope with pregnancies, according to Ms. Nuss of the Associated Press.

Surviving Debt: Eight Credit Card Tips from the National Consumer Law Center

I have mentioned it before – but you really need to buy this book, "Guide to Surviving Debt" 2010 edition, available from the National Consumer Law Center at www.consumerlaw.org for about $20 bucks.

From the "Guide’s" chapter 5 – "Credit Cards", here are eight tips:

(1) Do not use credit cards to finance an unaffordable lifestyle.

(2) Try to avoid making financial trouble worse – avoid the trap to use credit cards to make ends meet.

(3) Don’t get hooked on minimum paymnents (sometimes set at only 2.0% or 4.0% of the balance) – it could take 25 years to pay off the card at that rate, and nothing requires the credit card company to keep that advertised minimum payment AND it could be raised at any time

(4) Temporary teaser’s – don’t run up the balance in reliance on a temporary promotional interest rate.

(5) Make all credit card payments on time.

(6) AVOID the "special services", programs, and goods taht credit card lenders offer to bill to their cards, such as credit card fraud protection plans, credit record protection, travel clubs, life insurance, and other similar offers – most are bad deals and if you reall want that stuff, you can buy it much cheaper elsewhere in the economy.

(7) Beware of unsolicited allowable balance increases. Don’t be fooled into thinking that you can really afford more credit.

(8) Don’t max out credit cards – it’s then easy to get socked and soaked with high over-limit fees. You can also then get hit with a "penalty rate" because having when having maxed out credit cards leads to a drop in your credit score.

Twelve Tricks That Some Credit Card Agreements Contain That Can Cost You Money

After writing my earlier post based on an article by Jessica Silver-Greenberg, a WSJ reporter on personal finance, I came upon a second article that is worth your attention published on 7/31/2010 in the Wall Street Journal.

I have grown fond of (and thankful for) the quality reporting by Ms. Silver-Greenberg. You can search Google or the Wall Street Journal site for her name, and find other interesting and informative articles she has written.

The title of Ms. Silver-Greenberg’s July 31st article is “The New Credit-Card Tricks“. The article is subtitled, “Just months after historic legislation banned certain billing practices, card issuers have dreamed up new ones designed to trip up consumers.”

You must read this article to understand credit card company tricks to avoid. Ms. Silver-Greenberg relates that by complaining loudly and repeated (but always without foul language I suggest), you sometimes can have trick fees reversed or lowered. For the most part, however, it is best to avoid doing business with credit card issuers engaging in the following practices:

(1) Increased annual fee.
(2) Increased cash advance and balance transfer fees.
(3) “Professional” cards.
(4) “Small Business” credit cards.
(5) “Corporate” credit cards.
(6) Inactivity fees.
(7) “Rebate” cards.
(8) Companies that accept payments “7 days a week”.
(9) Shortchanged payment grace periods.
(10) Foreign transaction fees.
(11) Low limit credit cards with “up front processing fees”.
(12) Increased minimum monthly finance charge over past historical levels.

Ideas for Action: You should never either shop for or sign up for a credit card without knowing what all of the above twelve terms mean. This way, you can ask pointed and direct questions of the credit card issuing company to ensure that the card for which you are applying will not put you at risk of falling victim to one or more of the above practices.

Read Ms. Silver-Greenberg’s July 31, 2010 WSJ article; you will not be disappointed. Instead, you will be a smarter credit consumer, empowered by learning what Ms. Silver Greenberg researched and reported.

Does Your Credit Card Provide The Protections Of The Credit Card Accountability Act of 2009?

Capital One and Citibank are out to trick you by offering cards intentionally designed to be free of the constraints imposed by the new 2009 Federal Law known as the “Credit Card Accountability and Responsibility and Disclosure Act of 2009”.

The Credit Card Accountability act of 2009 seeks to prohibit issuers from controversial billing practices such as hair-trigger interest rate increases, shortened payment cycles and inactivity fees–but the Credit Card Accountability Act of 2009 does not apply to so-called “professional cards”.

Here are the perils and tricks of accepting a credit card that is exempt from the provisions of the “Credit Card Accountability and Responsibility and Disclosure Act of 2009”:
(1) Card issuers can apply any payments in excess of the minimum to balances with the lowest interest rate; e.g., the credit card company can apply your payments to the 14.0% purchases balance without applying any of the funds to the 24% cash advance balance.

(2) Issuers are not required to provide a minimum of 21 days to pay from the date of the billing statement; e.g., you can receive your bill and then only have six or seven days to pay the bill!

(3) Issuers can raise the rates on your existing balance if they find out that you made a late payment to some other credit card, car payment or home loan; e.g., if your mortgage payment is six or seven days late because you were out of town on vacation, your credit card rate can jump from 14% to 29% without notice.

(4) Issuers can fine you with a big fee if you exceed the credit limit on the card, even if by a small amount.

(5) Issuers can change the credit card agreement terms without giving you any advance notice at all.

Since the Credit Card Accountability Act of 2009 was passed in March of 2009, companies have been inundating ordinary consumers with applications. In the first quarter of 2010, issuers mailed out 47 million professional offers, a 256% increase from the same period last year, according to the research firm Snynovate, reports Jesica Silver-Greenberg in the Wall Street Journal.

Consumer advocates note that card issuers are easing their application requirements for “professional” cards, thus turning a blind eye to those applicants who really do not own a business. A January 2010 Chase application for an “Ink From Chase Cash Business Card” asked that (1) applicants provide the name of their business (2) the nature of the business (3) the business address and to (4) provide a business Federal Tax Identification Number.

In contrast, the July 2010 application sent out by Chase for the same card had been “dumbed down” considerably. The July 2010 version of the application (a mere 6 months later) for the “Ink From Chase Cash Business Card” merely asked the applicant to check a box that said “Yes, I am a business owner” or “Yes, I am a business professional with business expenses.”

Read the full story by Jessica Silver-Greenberg of the Wall Street Journal, dated August 28, 2010.

Ideas for Action: Before considering applying for any credit card, ensure that it is a card which must offer you the full protections of the Credit Card Accountability and Responsibility and Disclosure Act of 2009. Disregard and destroy all applications which do not clearly indicate that the card for which you are applying is covered by the Credit Card Accountability act of 2009.

“Business” bankruptcy is often a waste of time for mom & pop businesses–just file a personal bankruptcy case and move on, says Wall Street Journal columnist

Here is the link to a short but helpful article about small business bankruptcies in The Wall Street Journal. I am pleased that what I have suggested for many years finds favor with a Wall Street Journal columnist.

With most of my small service-based business customers, including businesses as varied as residential construction and restaurants, it usually makes sense to look at a Chapter 7 Bankruptcy case filed as a personal case. I recommend this approach because in most cases, the small business’ debt is personally guaranteed by the business owners, whether the debt consists of Small Business Administration guaranteed loans, vehicle title loans or credit cards. Frequently, the business can keep right on operating, but of course you should consult with a qualified attorney before launching off into any sort of bankruptcy filing.

Ideas for Action: how do you find a qualified bankruptcy attorney? I suggest three ways.

First, ask the attorney how many cases he or she filed in the calendar year January 1, 2006 to December 31, 2006; the attorney can easily consult the computer program used to prepare the documents to find out how many cases were filed each year, and if fewer than 70 or so cases were filed by the attorney in 2006, then I say beware. You may have an attorney who just started out after the 2005 law change took effect but didn’t attend any of the important 2006 era seminars when the best education about the new 2005 law was then available.

Second, ensure that the attorney is “connected” professionally via memberships in both the American Bankruptcy Institute as well as NACBA, the National Association of Consumer Bankruptcy Attorney.

Third, ensure that over the past five years, the attorney has attended no fewer than five seminars for a total of no fewer than 50 hours of bankruptcy education since 2005.

These three suggested standards should help you ensure that you have engaged an experienced, professional attorney.