Consumers are using cash advance loans because their 401(k) accounts are being handled by their employers. A new study is showing that there is a new trend in the world of retirement accounts. Barclays PLC’s Barclays Global Investors are now telling employers to automatically build savings for their workers by putting 8% of their pay into a retirement account. T. Rowe Price Group has been moving workers retirement funds into target-date retirement funds, even if the worker previously opted out. Prudential Financial Inc. announced plans to persuade companies to prohibit their workers from borrowing from their individual retirement savings accounts.

Changes like this are making it more difficult for workers to take out money if they need it. A lot of consumers are saving for their futures, but also think of their 401(k) as an “emergency fund” that is there if they need it. There are penalties, but it is still money available. Many of the new laws regarding retirement savings are changing that.

Employers are getting more aggressive with IRAs

The move for employers to become stricter with retirement money is a new wave in the industry. Many companies already restrict their employees’ retirement funds and automatically enroll workers into a 401(k) plan. The worker can opt out of course, but traditionally, they don’t. This new method of employer control is not unlike a defined-benefit pension plan. There is one key difference, however. With the forced 401(k) rules, the individual employee has to bear the brunt of any investment risk.

Fund firms and retirement plan providers are looking at savings from a more controlled perspective. Studies have shown that people historically are not good with their retirement money. Some employees invest far too little, while others invest too aggressively. Straight across the board, employees don’t save enough. This has the ability to bring about a crisis in years to come. Now that Social Security is projected to be tapped out by 2016, consumers need to be ready to take charge of their own retirement funding. Without the necessary savings, it will be impossible for many hard-working people to survive. Without savings, consumers could be left to rely on cash advance loans, short term loans, or families for making it through financial difficulties.

The risk for workers dealing with aggressive employers

There is risk for employees who have to deal with aggressive companies managing their retirement funding. When employers are tasked with making decisions regarding savings, they are left to move these funds towards target-date funds. Many target-date funds were crushed last year due to the recession and that alone brings up many concerns by financial experts as to their reliability when times are tough. Lawrence Kotlikoff, a Boston University economics professor, said, “Automatically putting a big chunk of workers’ pay in stock-heavy, relatively high-fee funds is a form of financial malpractice.” The move is causing employers to not only put larger chunks of worker’s paychecks into their 401(k) account, but also they are increasing the contributions each year.

Retirement no longer in consumers’ hands

So this leaves the future of workers up in the air. Sure they need to save money for retirement, but are employers the best ones to handle the saving plan? Though historically people have not saved nearly as much as they should, does that automatically mean employers should police peoples’ accounts? Or should people be left to manage their own money? These and many other questions are being explored by the Senate Committee on Aging. The organization plans on examining risks, fees and potential conflicts of interest in retirement funds. Until a clear cut solution is found, employees may need to rely on other forms of savings, such as credit cards, cash advance loans and family aid to make it through their retirement years.

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If you take control of your money and credit cards, you'll find smiles during the recession.

It’s no secret that the world seems to need a large collective cash advance loan during these difficult financial times. What seemed like merely an American problem has began to take on a global scale, with banks being at the nucleus of the financial collapse. Banks have caused a sufficient amount of trauma over the world, whether from their unfair bank charges, over-paying, or over-lending. While we can’t magically make the financial issues of the world better in an instant, we can perform individual activities to help steer clear in a time of such seeming darkness.

There was a time when shopping was a great excitement. However, now it seems that a person is always asking, “Do I absolutely need this?” for fear of spending more money than they have. Another question that they often ask is, “Will I have a need for this money later on?” These two questions seem to be the main concern of a lot of Americans, and they can really put a downer on your shopping experience. But they are important questions that need to be answered if we want to stay afloat in this period of economic crisis.

Been Renting? Think About Buying

Believe it or not, there are more than a handful of housing incentive programs out there for when the economy is in the state it is. These incentive programs help first-time home buyers. In some cases, you would be mind boggled to see the cost difference of a mortgage versus the money being shelled out for rent. And then, in other cases, there isn’t a huge difference between mortgage and renting. Well, the main difference is that with a mortgage you have acquired an investment.

Be Cautious with Credit Cards

If you happen to be blessed with credit cards or loans, make sure that you use them wisely. The biggest mistake that lots of people make is they assume they should use their credit because they have it. This is a huge mistake. Try and cement in your mind that you have your credit cards for emergency purposes only. If you see something that you like and want but can’t afford it, waiting and using cash might be easier than pulling out those credit cards. The last bit of advice regarding credit cards is that it’s best to pay off the full balance of the card each month so that you can avoid bank charges at the end of the month.

Craft a Personal Budget

You want to make sure that you always have a realistic budget, setting aside something from your paychecks each week that can be saved. This doesn’t have to be difficult at all. You simple take out five to 10 percent from your check to save for emergency issues. Your major goal is to make sure that you survive throughout the recession that we’re in. If you save up some money for yourself, your chances are better. If you need the help of credit cards or cash advance loans, then you have to do what you have to do. But passing on the rented movies, eating out, or new outfits in order to save money is the best choice.

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It's no surprise that a cash advance loan can help when you need money but can't get it from banks due to bad credit. Apply here today! (Photo: flickr.com)

In short, yes!

A cash advance for people with bad credit can be gotten from a number of different loan companies. Since for the most part these loan companies are not affiliated with mainstream banks, you need to realize the amount of money you receive may be less than what you would receive from a bank. You should also understand that there are conditions which you must be prepared to fulfill when you apply for a cash advance.

For the most part, cash advance loans are loans where you receive quick money based on a short-term prospect. You will need to repay the entire amount on your next payday. There are advantages to a cash advance for people with bad credit. Most cash advance loans are fairly straightforward.

Cash Advances with Bad Credit – AKA Payday Loans

While the names may be different, the end result with both of these loan types is the same. With both of these loan types, the company will loan you some money. There is a repayment time limit. You will need to make sure that you can repay the loan in the future. This is especially true if you have bad credit and no other way of getting extra money fast.

In order to get a cash advance through a bank or credit union, you may need to provide some sign of security to the company. This is especially helpful for them if you have bad credit. In this case, you are at a higher risk of having your assets taken by the loan company if you fail to pay the entire loan amount at the end of the loan period. However, online cash advance portals like Personal Money Store do not require such collateral. In fact, there is no need to despair, as a cash advance for people with bad credit is not at all uncommon.

Requirements for a Cash Advance Loan

There are some factors which you will need to understand before you can apply for a advance cash loan. These factors are: having a steady job or income, having an active checking account and having a sufficient amount of income per month. As these requirements for a cash advance loan may vary from company to company, you will need to understand the details associated with your loan.

You should think realistically about the needs you have that require immediate cash flow. For instance, take into account when you are considering this option whether you will easily be able to repay the cash advance when it comes due. If not, perhaps you should consider borrowing a smaller amount. Cash advance loans are a tool for short term financial hiccups, not a regular means of infusing your bank account with cash. Proper budgeting and money management are essential.

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I met up with my son this afternoon and I was delighted to see him smiling and looking very relaxed. “What’s going on?” I asked, thinking maybe he’d just gotten a cash advance loan. “Cars are pouring in,” he said. “Don’t ask me why or where from; I don’t know. All I can tell you is that my six technicians are working flat out, even overtime, and buisness is looking great.”

What a change from the past two months. My son operates a small business that provides pre-delivery services to car dealers. They fit radios, antennas, alarm systems, keypad locks, tracking devices, GPS, and even inboard computers. All these items, as ordered by the car buyers, are fitted while the car is in storage and prior to delivery.

Work stopped completely

Business was going quite well, despite being below its normal turnover due to the recession, and then about two months ago my son arrived at the storage center one morning to be told, “You have to take your crew out of here. There are no new cars and we cannot tell you when cars will start arriving again. We can’t have your men wandering around with nothing to do.” Naturally, he was devastated. He switched to providing repair services, but that dried up after a week or so, too. Two of his technicians quit their jobs to look for other work, and as much as he valued them, he accepted their resignations with relief.

People were laid off

All in all he laid off only three men and managed to keep the other five busy with all sorts of car-related odd jobs. He himself looked pale and nervous as he stood and watched his years of hard work building the business go down the drain. Then he managed to get a cash advance loan to help him through the next few weeks.

Suddenly, business started up again

Today my son is a new man. He has worked until midnight almost every day this week to fill in for the men who left but is quite happy with the situation. On the other hand, he says, “It all happened so suddenly that I’m nervous I’ll get to the workshop one morning and we’ll be shut down again.”
From what I can make out in the press reports, the car industry is going through a major crisis in the wake of the recession. People simply are not buying new cars. But as always happens, after the shock wave dissipates, things return to some semblance of normality and everything starts up again. So long as you don’t look over your shoulder and see the newspaper headlines or the homeless in the streets, you’re fine.

The casualties are everywhere

The casualties are everywhere: the unemployed, the homeless, those that have lost their pensions and have had to return to work, and those who are working at jobs way below their positions before the recession. I think it’s going to take years and years for things to come right, if they ever do. The number of empty stores still seems to be increasing and retail trade is nowhere near what it was.

Let’s hope the holidays help!

Hopefully, the coming holiday season will give business a boost along with a dose of cheer. A cash advance loan is a good back-up plan to make sure ends meet while sharing a little joy in the upcoming (and expensive) holiday season.

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Yep, it's worked that way for me, too. (Photo: flickr.com)

You’ve seen the disclaimer before about using cash advance loans responsibly. But what does that really mean? Sure, you’d be foolish to plan a trip to Las Vegas and go to the tables strictly with cash advance money. There is no guaranteed rate of return and the house always comes out ahead in the end. It would also not be advisable to use a cash advance to help train yourself for an ice cream-eating contest. Your waistline will already be paying for that little escapade with interest, so why would you want to also pay interest on the money used to purchase your ice cream and ice cream paraphernalia?

In general terms: a cash advance is there to help you during a small-scale financial emergency. It’s easy to sit back and want something, and it’s also easy to apply for a cash advance to scratch that itch. However, that doesn’t mean you should do it. A cash advance is a responsible way to deal with a difficult situation when your options are limited.

Struggling with temptation

It all sounds well and good, doesn’t it? You know as well as I do that temptation can strike at any time. Splurging once in a while is fine, but actually using short-term loan products like a cash advance to artificially inflate your budget is asking for trouble. I haven’t been in that exact situation, but I do remember a couple of instances where the strong impulse to buy overrode higher brain function.

Let’s go back to when I was a child. My father owned a trucking company, and as a result of that he was not around as much as I would have liked him to be. He knew this, and he felt guilty about it. He attempted to compensate by buying me things, particularly comic books. However one day I was out with my dad on the weekend running errands and we stopped at the local gas station convenience store. It had been a long day and we were both tired. My father and I went into the store so that we could buy drinks. I was hoping for my favorite slushy, cola flavored. Little did I know that that little convenience store would become one of the battlegrounds of my childhood. Next to register was a rack filled with cheap toys, the kind you find in convenience stores, grocery store toy aisles and in the back of drugstores. I spied a small puppet — it was a Raggedy Ann puppet as I recall — with no moving parts and a very cheap presentation this way of the dingiest Taiwanese toy factory/sweatshop. I had heard mom say that we needed to save money, but I would have none of that. I didn’t have a toy on hand to amuse myself for the rest of the car ride, so I insisted that daddy buy me the piece of junk puppet.

The line was drawn, and I wouldn’t give an inch

It was on this occasion that my father decided he would play at taking a stand. He would attempt to teach me a lesson about money by using all of the reasonable arguments, such as that the puppet was very cheap, it would break easily and I didn’t have to have a new toy every time I went outside. I wasn’t a baby when this happened, so logically I could understand all of the things he was saying. I wasn’t unintelligent, but the infantile mind I had when it came to valuing money took hold. I began to whine and drone on in my usual way about how I really wanted it, and I think I embarrassed my father in front of one of his friends, the shop owner. Rather than get angry, however, my dad caved like he usually did. By the time we got home that evening, my funny little puppet was already broken and forgotten. I could scream for money, but I didn’t appreciate it once I got it. I wanted a cash advance, but I had no true inkling of what it took to provide that money. I still feel guilt over what I put my parents through to this day, and I’m a grown man now. Cash advance for counseling… now that’s a more responsible way to use a short-term loan.

Sharing lessons learned with my young cousin

Skip ahead 12 years. I’m a young man on a family outing to the zoo. We had a great time calling to the hyenas, watching the alligators consume their daily meal and ducking as the gorillas flung their fecal matter across the enclosure. It was our family tradition that at the end of the visit, we would stop in the gift shop near the exit to the park. I am sure this tradition probably began with me wanting a toy, but I was no longer a little boy. Today, the little boy was my cousin Ryan. He was (and still is) a sweet kid with a very intuitive sense of how others are feeling, but on this day he was somewhat less than sweet. As he paced furiously up and down the aisles of the zoo gift shop, Ryan’s expression grew increasingly upset. He had his little coin purse in hand, and he was looking for a souvenir that he could afford. As it stood, all that was within his limited budget were some rather cheap toys (more plastic bits of stuff from Taiwan) that he didn’t even seem to be very excited about.

Yet some kind of compulsion was at work here. Ryan had to buy something, and the fact that there wasn’t anything that he truly wanted was unimportant. I recognized what was going on because I’d been there myself when I was a child masquerading as a consumer gremlin. Buying simply for the sake of buying was ultimately not fulfilling, and I wanted to teach Ryan some of that lesson. I wanted him to understand that it was okay to save his money for something he really wanted; spending for the sake of spending would put him in a position where he’d have junk instead of something he really wanted, like a new skateboard. A cash advance for the purpose of slating greed was no reason for him to break his bank.

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I wasn’t able to convince Ryan to save his money, which I suppose is not surprising. Those kinds of lessons have to come at an early age, ideally from one’s parents. My parents didn’t do that for me. They were good parents on other fronts, but when it came to money, they weren’t much help. Ryan’s upbringing was probably similar.

So when you think about whether or not to take out a cash advance for your short-term financial issue, consider whether you are merely responding to a gut level decree, or whether you’re facing a problem that needs closure. Taking out a cash advance to solve a real problem is the more responsible way to go. Click the button above to apply here. I just hope you’ll use it responsibly.

Are we looking at the imminent demise of the US dollar as the dominant currency for conducting business, trade and investments? Is it about to be to be replaced by the next big thing in the history of the world, namely the Chinese Renminbi or Yuan? Why does one currency have two names?

International trade

International trade is traditionally carried out in dollars. Suddenly things are changing. The Chinese government is making agreements, first with Brazil and now with Malaysia, in which trade will be conducted in the currencies of the countries concerned: renminbi and reals, or renminbi and ringitts.

The US dollar will be standing outside the fence and watching this going on.

My Loan Account

Are you telling me that my next Cash Advance Loan will be made in Renminbi or Yuan and that I should come with a U-Haul truck to pick up all the paper?

The dollar

The immediate impression being created is that the dollar is imminently doomed, consigned to the proverbial garbage can of history, whereas the relentless rise of the renminbi is inevitable. But before you race off to enroll in “Mandarin for dummies” classes and mastering the use of chopsticks, let’s consider a few aspects of the “renminbization” of global finance.

We’ve been there before

The Western world went through a similar bout of angst and pessimism exactly 20 years ago with the Japanese yen, and the outcome was that the Japanese economy imploded in 1990 and has never recovered, whereas the American economy did recover and went on to much bigger and better things.

China is different

There are many arguments why China is different from Japan and why America is also different today. Very simply Japan committed national suicide by failing to procreate and so allowing their population to age, (read decline). This has sapped the vitality of the economy and continues to do so.

America

In contrast, the American economy is the beneficiary of fresh blood pumped in, both by natural growth and by new immigrants. The massive immigration of the 1990s and early years of this decade will be a strong influence on the American economy for many years to come.

I am dollar linked

I live in a dollar-linked economy and with the fall of the dollar, I am suffering. Look at this example. An article I wrote on the 28th of April 2009 brought me about $17. I exchanged that for 72.25 shekels. This article, which I hope will also bring me $17, will, at the exchange rate quoted by the bank today, bring me only 66.80 shekels, 8 percent less. And there is no way I can cut the link!

Dollar linkage

I know that 8 percent is not serious, but the point is that everything is linked and everything has fallen by that same 8 percent between those two dates. When it comes to buying an American car, for instance, we are talking about major money. If it is an apartment, and there are apartments priced in dollars, it can easily put an end to the deal. Of course there is a good side to linkage, but that’s another article.

We spent the evening at Susan’s 70th birthday party on Monday evening. It was a modest affair in the local church hall with many guests – there must have been 60 or 70 – and lots of good finger-food. Had we known about the food part we wouldn’t have eaten dinner; I can snack on party food for hours… Susan looked well and spent the evening chatting to her guests. She also gave a very emotional speech of thanks to everyone.

The economics of a Recession Party

How could Susan afford this? She doesn’t have a penny to her name so I guess that she took a Cash Advance Loan to pay for the food, but she was so economical with the whole thing that I thought I should share these budget-friendly party ideas with you.

Where to have the party

Look and see where you can get a hall for free. Churches are the first place to go. There are also parks, or a friend’s home. In Susan’s case, the hall was probably free and there were no other expenses.

Drinks

The drinks were Coke and Sprite, hopefully bought in bulk on sale, and there was no alcohol, also cutting down on costs. Water and lemon slices would have been even less expensive.

Decorating

Plates were plastic in colors selected to match the paper tablecloths and napkins and the flatware was chromed plastic. Despite the obvious strict budget arrangements, the tables looked great. They were decorated with little vases of wild flowers and grasses probably picked from a nearby field and sprinkled with little silver plastic sea shells. To my delight they were also sprinkled with candies and chocolates.

It must have been a challenge

When Susan decided to celebrate she must have thought everything out very carefully and built herself a tight but realistic budget. In circumstances like hers, a budget is probably a major part of her life. What’s more, she understands the strict discipline that’s necessary to stick to every cent of her budget. No extras and no deviations!

Susan

Susan is a widow – twice. Her first husband collapsed and died in his forties and left her with two teenaged children. The second husband, an older man, died when Susan was in her mid-fifties. Neither left her much and she has worked all her life. A few years ago she was laid off her job as a secretary at the university and she ran around frantically seeking work. These days she works part-time at the university who hires her as a temp without any benefits. She also has some other part-time job in town.

The birthday gifts

One of Susan’s friends asked her if there was anything particular she preferred for a birthday present and Susan said she would prefer money as she had some expenses that she has to pay. The word was passed around. I was asked to do a small painting for a communal birthday card and the guests were asked to sign the card and drop their gifts in an envelope which was handed to Susan. I was pleasantly surprised at how smoothly the act of handing over a cash gift was handled – there was no embarrassment on either side and the guests seemed delighted to be able to help Susan. Susan thanked everyone for coming to help her celebrate this important milestone in her life and we went back to the food.

Good party

My wife and I rated this as a good party, truly modest and enjoyed by all. Happy birthday, Susan!

We all know about Alzheimer’s and we all know some poor soul who is afflicted with this common and terrible form of dementia. First described by the German psychiatrist Alois Alzheimer in 1906 and named after him, the disease is, so far, incurable, degenerative and terminal. It is also completely non-selective, striking all sectors of our society regardless of status, color or anything else.

What does Alzheimer’s look like?

About 12 years ago we met a couple at a function and spent a pleasant evening together. A week later they called and invited us over for a light dinner. We chatted and exchanged histories and geographies and got on really well. The meal was simple and tasty. Finally our hostess went into the kitchen and came out looking very distressed. “Peter, where’s the cake I left on the counter for dessert? Where have you hidden it?” Peter put his head in his hands and we saw a tear roll down his cheek. He understood what was happening. His wife was in the early stages of Alzheimer’s.

What can be done?

There is almost nothing one can do when you are confronted with this disease in your family. Take a Cash Advance Loan and buy reading material to help you understand what’s happening and what is going to happen as the disease runs its course. Join a support group and share, comfort and be comforted by others whose loved one are already in the grip of the malady.

There is a drug that is used to delay progress of the mind-robbing disease, but as far as I can see in those of our friends who are affected, the drug plays a small role.

Little one can do

Alzheimer’s begins with mild confusion and memory loss and then, depending on how aggressive it is and which parts of the brain are affected, spirals into total memory loss and an inability to care for oneself. It can be in a matter of months and it can take years

Our friend

The couple in the story above is still around. She is sunk into the depths of the disease and has day and night care-takers looking after her. She does not recognize anyone including her husband. He is fine, struggling, after all these years, to maintain a normal life.

Latest developments

There is a great deal of research underway and quite a lot has been learned in recent years. The guilty gene has been identified and now U.S. researchers have developed a checklist which they claim helps in predicting whether people are at risk.

The list checks such risk factors as slowness of mind or movement. Over a 6 year research period it correctly predicted about half the cases of dementia that developed in a group of elderly people.

Prediction and cure?

Prediction is one thing. Does one really want to know what’s in store for them when there is nothing they can do about it? But a cure is something else entirely.

If it was matter of doing some brain gymnastics or exercises a couple of time a week we would all do it. No such luck, but keep hoping that someone will find a cure.

According to an April 2009 Gallup poll, for the first time this decade, a majority of non-retired Americans, 52%, doubt they will have enough money to live comfortably once they stop working. We may be able to solve our money worries today with a quick payday loan or a debt consolidation. But what about tomorrow?

Research shows morale is low

For 19 years, the Employee Benefit Research Institute has been conducting a survey of Americans’ plans for retirement. This year’s poll, conducted in January, shows that workers’ and retirees’ confidence about retirement security is at a record low. Just 13% of those surveyed are very confident about having enough money to retire comfortably. That’s down from 18% in 2008 and the record high of 27% in 2007.

Gee, that sure is surprising (if you’re a troglodyte)

You’d have to be pretty reclusive to be surprised by these results. Do we really need a formal survey to find out how much confidence Americans lack in the economy? Can’t we get that just by eavesdropping on a random conversation in a local bar or a grocery store checkout line? The reasons for our lack of confidence are painfully obvious.

We’ve been warned

For years we’ve been warned that we will not be able to retire on Social Security. We’ve been warned that the system will run out of money. Our only remaining confidence is that those hefty deductions will continue to be made from our paychecks. We’ve known for a long time now that our retirement income will need to come from our own resources.

And our resources lie in tatters

The value of our resources, to the extent that they have been invested in stocks or real estate, has plummeted. This corresponds to some other insightful findings of the studies: Our reliance on 401(k) and other tax-exempt plans as major retirement income sources has dropped significantly. Our reliance on work-sponsored pension plans is at an all-time low. Our reliance on other income sources has not increased. And so, there you have it: the foundations for a formal survey pronouncement that we are increasingly concerned that we will never have enough money to stop working.

But at least we’re redefining retirement

A ray of hope: language is not static.  Retirement can be redefined as part-time work. And indeed, we are beginning to express an increased reliance on part-time work to fund our retirements. In 2001 only 10% of persons surveyed said part-time work would be a major source of retirement income. Today that number is 22%.

Still we cling to the stock market – or do we?

When asked to choose, people specified stocks as the most hopeful income stream for their retirement years. This suggests that confidence in retirement may increase as the stock market recovers. On the other hand, it may be that we will never again believe that our personal savings plans will grow inevitably and steadily. If we’ve learned something, it may be that we must continue to worry despite stock market trends.

What Should You Do Now?

Among those surveyed who have lost confidence in their ability to retire comfortably, 81% have cut spending, 38% are working more hours or have taken on a second job, and 25% are saving more. These are good ideas in the larger sense. But between now and retirement, why worry about the small stuff? Get it off your mind with a quick cash advance loan.  And then get back to work.

“A penny for your thoughts” – it’s such an annoying idiom. That anyone might attempt to enter into the sanctity of my thoughts for so little! However, I must admit that I’ve used the expression myself, despite the obvious insufficiency of the proffered legal tender. Worse yet, I have sometimes asked, “whacha thinkin?” without offering any consideration at all — as though I were entitled to have another’s thoughts for free. In a world that turns on money, how ever did I develop this mindset?

The unloved penny

In 2007 the Rockefeller Center hosted a display of 100 million pennies collected by public school children. These children obviously loved pennies.  But for many years a surging wave of adults has sought to abolish this humble coin. Grown-ups do not like pennies. Children may save pennies in a jar and use them to buy things. But if an adult puts a penny in a jar, it will stay there forever. Busy people simply throw pennies away.

Most overseas military posts and bases have done away with the penny. You can use pennies to pay, but you will not get them back in change. (By the way, did vending machines or pay phones ever accept pennies?)

Where did the saying come from?

Like so many English idioms, we really don’t know when this one got started. But we can be certain it was in use back when a penny still had some appreciable value. The saying appears in “Four Last Things” written by English humanist scholar Sir Thomas More in 1522. (More, it should be noted, coined the word “utopia,” but wore a hair shirt every day and was beheaded in 1535.)

The saying is most commonly attributed to John Heywood, an English writer of morality plays (and the grandfather of poet John Donne), who published it in a collection of proverbs in 1546. Heywood’s other famous epigraphs include “look ere ye leap” and “no man ought to look a given horse in the mouth.”

Which came first, the idiom or the coin?

“A penny for your thoughts” may have been in our vernacular long before More or Heywood published it. The first pennies were coined by ancient Celts in Britain, although they did not attain the hallmark of Roman-coin quality until sometime in the 1500s. But for all we know, the saying originated centuries before the coin when stone-age savages offered rocks in exchange for their comrades’ opinions.

Adjusting for inflation

But getting back to More and Heywood, in the 1500s a penny had some real value. Straightdope.com estimates that a penny in Heywood’s time was worth about $42.67 in 2001 dollars. If in 1546 you had deposited a penny in a bank account with an interest rate of 2% per annum, the account would have been worth $81.86 in 2001. Increasing the interest rate to 5% would make the account worth more than $43 million.

A reasonable offer for your thoughts

Unless you are a very skilled negotiator, you are not likely to get a reasonable person today to part with anything of value – let alone his or her considered and innermost thoughts — for a penny. Depending on how you look at it, another’s thoughts may cost you somewhere in the range of $42.67 to $43 million. This is not good news. If you need those thoughts anytime soon, an installment loan may be in order.

You want to “Repair Your Credit.” That’s why you’re here.

Last time, if you’ll recall, we were talking about what opponents of the short term loan industry says to try to get you to believe that the annual percentage rate on said loans was just out of sight. Never mind that that the majority of payday loans are two-week loans where an annual percentage rate is less than useful. It doesn’t tell you what you’re going to be paying for the two-week pleasure of the money loaned, which is exactly what people want to know. But whoever accused the government of serving the people?

Their argument as unforgettable after-school special

To further explain this, let’s take a closer look at the argument offered forth by opponents of the personal loan industry:

Joe Sixpack Opponent: “Payday loans charge 391 percent interest, I tell ya! That’s too much for hardworking American families!”

Ear of the Consumer: “Gosh! That means it’s going to cost me four times the amount of the loan in interest charges!”

Voice of Reason: “No, no, you’ve got it all wrong. Joe, keep quiet. Ear, do what you do. 391 percent is the annual percentage rate. Ear, you’d have to pay this if you borrowed a two-week cash advance on your paycheck and allowed it to lapse for an entire year, or 26 times in a row. That’s without ever paying a dime towards the original loan amount. Would you do that, Ear?”

Ear: “No Sir. That would be irresponsible to myself, my family and our financial future.”

Beep!

OK, let’s stop the projector and discuss. The opponent’s argument amounts to verbal gamesmanship. They fail to give the consumer a fair understanding of the issue. Here’s a recent example of this at work. Before legislation passed in Ohio that capped interest rates at 28 percent annually, 400,000 registered voters signed a petition supporting the short term consumer loan industry’s stance against this unreasonable, anti-business, anti-competition, anti-free market haymaker. These consumers were educated on the issue and did not want to lose the services that the payday loan industry provided them. They didn’t want government legislation interfering with their freedom to choose how they spend their money.

28 percent APR rates, by the way, allow cash advance loan outlets to only profit about $1.08 per $100 lent. It’s no wonder 79 stores in Ohio closed rather quickly. Those who survived were more diversified in other businesses than their counterparts, which helped them when the caps fell on interest rates.

Next, let’s look at what constitutes OBSCENE profits…

Last time, we took a look at some of the advantages online payday loans have when you’re on the road to “Repair Your Credit.” Now let’s examine some of the truth and fiction that’s out there about the industry, so that you have more information to use when making decisions about how you’ll manage your short-term finances to rebuild and maximize your credit rating.

Currently, there are more than 11 states that have passed laws which have banned payday loan businesses from operating. The reason for this is largely based upon the fact that banks and credit unions take a rather monopolistic view of free competition.

In this case, payday lenders presented competition in the short-term consumer lending market, so banks managed to convince politicians through campaign contributions (and the promise of more to come) that they should regulate these cash advance lenders out of business. Numerous other states have capped or are considering putting caps on interest rates. Some of this is necessary to ensure that consumers are protected from those lenders who buck industry regulation and charge excessive rates, but for the most part, this damages the ability of honest lenders to operate. That in turn costs people their jobs.

Facing difficulties

Take Ohio as an example. They have capped short term loan APR rates at 28 percent. That dropped revenue at brick and mortar locations per $100 loaned from the standard $15 to $25 to a mere $1.08. Needless to say, this forced many to close their doors. Some have proven able to adapt their business plan, but regulators remain at their throats.

Wisconsin does not have laws against the payday loan industry, and the industry has remained in popular demand.

There is a media-created image of cash advance loan companies as monsters that target minorities and the poor. It’s all too easy for one business to label another in this way. Of course a business is looking to make a profit. It’s how the economy works. However, as we’ll see, there is no concrete evidence that these groups are targeted. The target for payday loans is people who need short-term cash. Mystery solved!

Payday Lenders Trap Borrowers in a “Cycle of Debt”

Many claim that payday loans trap consumers in a revolving cycle of debt. They blame the industry for faulty lending practices that ruin one consumer after another. Want to see how ridiculous that claim is? READ ON!

The numbers in bailout and corporate fraud cases lately is staggering. How do people like you and me begin to comprehend what $1.9 billion looks and feels like? I’m far closer to needing a cash advance loan than I am to building an addition on a bungalow in the Caymans…

The Associated Press reports that Lance Poulsen, the founder of National Century Financial Enterprises in Columbus, Ohio, has been sentenced to 30 years in prison for perpetrating a $1.9 billion corporate fraud. According to the prosecution, this is the largest case of fraud ever committed at a privately held company in United States history.

Notably, Judge Algenon Marbley of Federal District Court said Poulsen is “the architect of a fraud of such magnitude that it would make a sophisticated analyst shudder.”

The wolf blaming the hens

This is not the first sign of trouble from National Century. Since an F.B.I. raid in 2002, a minimum of  nine executives have been convicted of corporate fraud. In what I consider a satisfying turn of events, Judge Marbley responded to claims that the investors should have seen trouble coming by saying “That’s the wolf blaming the hens for getting out of the hen house.” Thank you for common sense, your Honor.

For the record, Poulsen, 65, was convicted on 12 counts of securities fraud, wire fraud and money laundering. He declined to make a statement following sentencing, yet his defense attorney claimed his client was “disappointed” and would appeal. Awww, that’s horrible. Things must be tough for you, defrauder.

Poulsen will have company

Along with Poulsen, former company VP Rebecca Parrett, 60, was sentenced to 25 years. She was convicted on 13 counts of securities fraud, wire fraud and money laundering… yet she is “apparently out of the country,” according to the AP. Of course her lawyer has no idea where she may be.

Karl Demmler, a man accused of bribing the key witness in Poulsen’s trial, was convicted to seven years in prison. According to the judge, Demmler was “a puppet manipulated by Mr. Poulsen.”

Related Video:

The best support you may have with your finances maybe from a payday loan, until the government help reaches you. Are you juggling with your money desperately, to keep that last hold on to your possessions? Now you hear the government is easing things up for you with their new policies but when is that going to happen? How will it benefit you?

Can’t I wait for the stimulus to help me?

If you still have problems with your bills and do not know how to keep up with them, the simple answer would be to take a cash advance loan from your income and try as fast as you can to get your finances straight. Maybe, like so many other people hit by the recession, you are hopeful that the government help will somehow help with your problems. But please, for your own sake, try to keep up with your bills and not wait until the government benefit reaches you. This is no time to relax and let things happen when it happens. You have to take action. You may not know this, but a small payment made on time, may help you prevent a big financial slide.

Where to find the money:

The government might help you save your home or other assets, with reduced payments in the way of interest, cuts and the like, but what do you do while waiting for that to happen? You may have to find money to tide you over until the government help comes in. Borrowing money from anyone is not easy these days. Your friends and family may have their own problems and may not be able to help.

An online payday loan can help

So, how are you going to find that extra money? The answer, simply and easily would be, to get a payday loan. Now you may be wondering from where you can get a loan when your credit record is shattered. Rest assured, there are lenders who would gladly lend you the money without any credit checks or faxing. If the financial crisis has scared you off to the word loan, don’t be scared. A payday loan is a loan unlike any other because there are typically no credit checks and no faxing. This loan is usually made out for small amounts, up to $1,500, for a short period, so, it is not going to burden you much but can easily act as a catalyst to solve your financial crisis. Does this sound interesting? Would you like to give it a try? Then this is the way to go about it.

Find a good company like Personal Money Store and make an application either online or over the phone and wait to see whether it will be approved. You won’t have to wait long. Usually, if your application is approved, the amount you borrow will be transferred to your bank account within 24 hours. How does that sound for a fast and easy loan? So hang on until the government help comes in with your payday loan.