Former President Bill Clinton knows just how high the political stakes are in the fight to overhaul America’s health care system. His failed attempt to revamp the delivery of medical care contributed to the Republican takeover of the House and Senate in 1994.
Tag: system
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Is Health Care Reform Going to Cost you More or Less Money?
Filed under: News, The Economy
All of us are confused about health care reform. Many of us support the idea because we support the president. Some of us support health care reform because we know that the current system is terribly flawed. Well, getting informed on the issues might be a great way to ensure that you know what you are backing.
One of the great problems with health care reform is that most Americans can’t trust it in the first place, given that there are so many special interest groups who’ve hooked their fangs into a corrupt and dysfunctional system. Pharmaceutical companies charge incredibly high prices for drugs and work with lawmakers to keep consumers from having other alternatives. Every day, there is a senior citizen moving one inch closer to death because he/she can’t afford their medication. Most of us know that this system has to be altered.
Dr. Elaina George is a prominent Otolaryngologist at the Peach Tree ENT Center in Atlanta Georgia. In the audio below, Dr. George breaks down the health care reform package that is being debated in Congress this week. So, while the news might be muted by the mass shootings that have recently occurred, we should not allow this distraction to keep us from the issues that are going to affect our lives.
Click here to listen to Dr. George.
Dr. Boyce Watkins is a Finance Professor at Syracuse University and author of the book, “Black American Money.” To have Dr. Boyce commentary delivered to your email, please click here. -
Revolution Money: Would You Use the New Revolution Money Card?
Filed under: News
Revolution Money is a relatively new money exchange system and credit card network. Having recently expanded its reach by partnering with Fifth Third Bank as an issuing agent for its cards, Revolution Money also just raised $42 million through Goldman Sachs in April. People in the business community must really believe Revolution Money is something very special. With a sea of credit and debit cards available to consumers and merchants, what makes Revolution Money and it’s card offering different?
Well for one thing, the card physically looks and technically functions like nothing else on the market. Paymentsnews.com explains:
Originally positioned to appeal to the extremely security conscious market segment, all transactions are PIN-based, riding over the debit networks’ rails using a proprietary BIN range (PINs for ecommerce transactions are entered in the CVC2/CVV2 field). Cards are not embossed, and do not have the cardholder name printed on the card or encoded on the mag-stripe. In addition, the number printed on the card is different than the number encoded on the mag-stripe, adding some level of additional risk management.
Financial protection is definitely a plus during these uncertain times. In addition, Revolution Money offers an innovative and extra-secure way of sending money online called Revolution Money Exchange, which touts itself as a viable alternative to both checks and cash. Revolution Money is definitely leading on the bleeding edge in terms of offering consumers new ways to safely spend.
But what does Revolution Money offer the business owner? Uniquely, the Revolution Money system is set up to reward merchants with points for encouraging customers to use the Revolution card, while suggesting that merchants pass those rewards on to their customers. This then promotes the loyalty of customers to the specific merchants offering the rewards, rather than the card. Businesses of various kinds can surely see the potential in this type of “revolutionary” arrangement with a credit card company. Usually, merchants lose money on credit card deals and the card issuer retains all the loyalty based on rewards. The Revolution Money system reverses all that.
Should Revolution Money and Revolution Money Exchange turn the purchasing world on it’s head? Will the Revolution Money card become a preferred method for payment for consumers and merchants alike? Can Revolution Money Exchange really overtake the ubiquity of PayPal? Only time will tell. But as this recent partnership between Revolution Money and Fifth Third Bank shows, this company is taking no prisoners on its rampage path of growth.
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Dr Boyce Money: Everything You Need to Know About Credit Scores Pt 1
Filed under: Personal Finance, Dr. Boyce Money
Given the growing importance of credit scores in our economy, I thought I would do a Dr. Boyce Money series on credit scores and how they affect your life. These might answer many of the questions you have about your credit report and how the scores are calculated. We will also cover your rights as a consumer and how you might improve the score you’ve got. Enjoy!
Who are the major credit bureaus and where do the scores come from?In the US, there are 3 major credit bureaus, Experian, Trans Union and Equifax. These are the three agencies that others can ask for credit information about you. Under the old system, your score would range from 375 to 900. There is a new system in place with VantageScore, which ranges from 501 to 990. The system is considered more consistent across the various bureaus, but it does not change much in terms of your credit worthiness. So, if you were a AAA borrower before the fact, you are going to be one now.
How can I get a copy of my credit report?
One way to get a copy of your report is to go to Myfico. You can order a report from any of the 3 bureaus, or you can order all 3. Another method for obtaining a credit report is to go to free sites such as freecreditreport.com (although there are conflicting viewpoints on whether this service is actually free). Under the law, the reporting agencies are entitled to give consumers at least one free credit report every year. Also, if you are denied credit for any reason, you can send a copy of the rejection letter to any credit bureau and receive a free credit report. Otherwise, the report is going to cost you about $8.How is a credit score calculated?
The model for credit reports is based on what they call “The 4 C’s of Credit”: Character, collateral, capacity, capital and conditions. What are they?
Character is their way of trying to decide if you are a good person or not. Effectively, if you have a history of not paying your debts, they define you as not having the character to repay. This is a bit silly, since some people don’t repay their debts because they are having financial trouble, not because they are bad human beings.
Collateral is represented by assets you are willing to pledge against the loan as additional security in case you aren’t able or willing to pay.
Capacity is represented mostly by income level and future earning opportunities.
Capital is reflected mostly in your cash reserves, and other relatively liquid investments. High capital implies that you can pay the fees that are owed.
Conditions are things that are basically out of your control: the state of the economy, your line of business, or any other issues on your credit report that do not necessarily reflect personal choices made by you.
Dr. Boyce Watkins is a Finance Professor at Syracuse University and author of the forthcoming book, “Black American Money.” To have Dr. Boyce commentary delivered to your email, please click here. -
Investing in the Future
Educating young minds for some 30 years is no small feat. But it was a love for children that inspired Larry and Brenda Breland to become schoolteachers. While educators don’t always get paid their true worth, these native Mississippians managed to retire from the public school system in 2002 with $180,000 combined from their state retirement plans. The couple also owns several rental properties valued at nearly $1 million, which provides about $3,000 in monthly rental income.