| Banks warned against giving big unsecured loans
Dubai: The Chief of Dubai Police has warned five banks they will be named and shamed if they do not stop giving loans without guarantees and through big enticements, as many people have got into trouble for failing to pay off their debts. Lieutenant General Dahi Khalfan Tamim said he will personally adopt a resistance movement against those banks which are also listed on Dubai Police's blacklist. He pointed out that 60 per cent of cases of bounced cheques or inability to pay back debts come from those banks. Their cases amount to 70 per cent of the total cases. Luxury items The warning came during an open discussion on the security of bank loans yesterday in which bank representatives, legal experts and economy experts took part. Dr Mohammad Murad, Director of Dubai Police's Decision Support Centre, pointed out that banks should contribute 50 per cent of the expenditure of inmates jailed for bank-related cases, as the cost of one inmate amounts to the cost of a person staying in a five-star hotel.
People on the move
ArvinMeritor Inc., Troy, appointed Ed Frutig vice president and general manager of light vehicle systems chassis systems. Financial Lars Luedeman joined the Southfield office of Grant Thornton LLP as an experienced manager in the firm's recovery and reorganization practice. Steve Terhaar of Key Bank is Michigan Certified Development Corp.'s Outstanding Lending Partner for 2006. Citizens Bank appointed Kevin Mohl commercial relationship officer. Consulting Gary Strek joined C/D/H as a consultant and Sarah Woodruff joined the firm as marketing coordinator. .
All About Your Credit Score
A credit score is a number that helps lenders and others predict how likely you are to make your credit payments on time. Each score is based on the information then in your credit report. Why Do Your Scores Matter? Credit scores affect whether you can get credit and what you pay for credit cards, auto loans, mortgages and other kinds of credit. For most kinds of credit scores, higher scores mean you are more likely to be approved and pay a lower interest rate on new credit. Want to rent an apartment? Without good scores, your apartment application may be turned down by the landlord. Your scores also may determine how big a deposit you will have to pay for telephone, electricity or natural gas service. Lenders look at your scores all the time.
Saving for retirement: How much is too much?
When I read this lead in an article in the New York Times, I couldn't believe my eyes: "When a group of economists argued recently that Americans might be saving too much for retirement ...." This reminds me of something that I saw in a book of highlights from the Headlines segment of Jay Leno's Tonight Show, where readers send in funny headlines from newspapers and advertisements. The headline read: "Postal Service looks to deliver mail more slowly." If Americans are indeed saving more than is necessary for retirement, is that really a big problem? With the national savings rate below zero, how can less than nothing be more than enough? According to a survey released by Fidelity Investments (in rebuttal to the argument), the average American saves only enough money to generate 58% of their pre-retirement income, less than the 65% that the economists said was a realistic estimate of how much would be required.
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