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Credit card debt is costing you nearly $1,000 per year

Credit card debt is costing you nearly $1,000 per year

Finance
Three simple ways to pay off credit card debtThere's plenty to crow about in the economic picture right now: the stock market is charging ahead and the economy is expanding. But the bad news is that credit card debt is on the rise. Nearly half of Americans carry credit card debt, with an average balance of $ 15,654, according to an analysis by NerdWallet, based on data from the Federal Reserve Bank of New York and the U.S. Census Bureau. Credit card debt continues to be one of the costliest kinds of debt for us. Households pay an average of $ 904 a year in interest alone, assuming an average annual percentage rate of 14.87%. And the price is bound to go up. If the Federal Reserve makes its anticipated rate increase, that average cost of credit will go up to $ 919 a year. "Finding a way ...
Aadhaar linking deadline likely to be extended for all financial services, instruments

Aadhaar linking deadline likely to be extended for all financial services, instruments

Finance
NEW DELHI: The government is likely to extend the deadline for linking Aadhaar with other financial investments/instruments beyond December 31. This is clear from the amendment in the Prevention of Money Laundering Rules made via a notification yesterday. The amendment removes the deadline of December 31, 2017 and replaces it with 'a date to be notified by the government'. This means that now the government can simply extend the date for linking of Aadhaar with bank accounts, mutual funds, insurance, PF accounts, post office schemes, and so on by issuing a notification. The amendment makes it clear that if the linking of Aadhaar is not done by the date to be notified by the government, the account or folio of the individual would be blocked. Earlier, the government had set a deadli...
Giving money to adult children could trigger your financial ruin

Giving money to adult children could trigger your financial ruin

Finance
You might want to think twice before giving money to your adult child.A new study from CreditCards.com found that 74 percent of parents with adult children, defined as 18 and up, are continuing to help them financially.Of those parents, 84 percent are helping with living expenses, while 70 percent are assisting with debt.Cell phone bills, followed by transportation, rent and utilities, tops the list of living expenses, and with debt, parents are most commonly helping with student loans, followed by auto bills, medical debt and credit card bills."The worst case scenario is because the parents have helped their kids, and sacrificed their retirement, in 20, 25 years, the script might get flipped and the kids might have to help out their parents because they can't afford to retire," said Matt ...
Banks hire ex-RBI men to avoid slip-ups

Banks hire ex-RBI men to avoid slip-ups

Finance
MUMBAI: Tighter regulations, closer scrutiny and higher possibility of fines by the Reserve Bank of India (RBI) has increased the importance of compliance for banks in the last few years. As a result, former officials from RBI's banking supervision department have found themselves to be in charge of this key function across banks. Compliance has become more important for banks, especially as RBI has moved to prescribing regulations like deciding how much payment companies can charge on card transactions and forcing banks to be more transparent, for example, by asking them to make public the divergence of NPAs after RBI inspection. Small and big local banks namely Kotak Mahindra Bank, IndusInd Bank, RBL Bank and IDFC Bank, and even the newly-launched Paytm Payments Bank have former ...
Senate tax bill may hurt entrepreneurs with income above $500K

Senate tax bill may hurt entrepreneurs with income above $500K

Finance
Accountants sifting through the Senate version of the GOP tax bill are finding that some of their small business clients may indeed pay more under the proposed legislation.Generally, the Senate bill will permit small business owners to deduct 23 percent of their income, allowing them to save on their taxes. This rate will be available to so-called pass-through entities, including S corporations and limited liability companies (LLCs).The remainder of the income that isn't deductible will be subject to regular income taxes.Under current law, profits from a small business "pass through" to the owner and are taxed at his or her individual rate, which can be as high as 39.6 percent.But accountants are saying that the bill isn't quite so generous for entrepreneurs who already take deductions th...