Consumer credit law puts business owners in a dilemma now: whether to use personal credit cards for your corporate expenses or keep using the business cards. The new consumer credit law protects the personal credit card consumers to a great degree, whereas no such law has so far been made to cover the business cards.
In February 2010, the U.S consumer protection law became affective, according to which, the consumer card companies must To recap briefly, consumer protections that took effect in late February require consumer card companies must inform the consumers 45 days ahead of any increase in the interest rate. The companies are also bound by the law to notify the consumers if they make some changes in fee structure or other important card terms. The law also provides the right of cancelling the card to the personal card consumer prior to any increase in the fee or interest rate.
Moreover, the companies are not allowed to apply rate hikes to existing account balances. The law also puts a ceiling to the fees, making it proportional to the credit limit. The credit card companies have to send you the bill at least 21 days before due date of the payment. Credit-card bills now have to include details regarding the duration of the payment in case you only pay the minimum required balance.
The Pew Charitable Trusts’s research concludes that consumers would save around $10 billion per year due to the law forbidding application of rate hikes on existing account balances.
But what should a business owner do now? Credit experts suggest you should use business card to pay business expense, as in case of a default, it would not harm your personal rating. Moreover, if you use personal card instead of a business card, you are building no credit history for your business, which is often required in case of getting a business loan or buying property for business.
but do you think the new consumer protections worth the risks of switching to a personal credit card for business? May be, maybe not. If you have an impeccable payment history, it’s definitely an option to think about, as the savings on a personal credit card protected by new law can be significant.

Back with more news for you today. It’s amazing how much good information there is on this stuff out there if you know where to look. Three in particular that I found really valuable were…

ecb's Weber – Liquidity Exit to End With Full Allotment

He also said he saw no credit crunch, and thought it was feasible that Germany would get its budget deficit down under Read the rest of this entry

The unemployment rate in the U.S is still floating around 10 percent. Millions of people lost their jobs and are still jobless for several month or even more than a year or two. This is a very difficult time for the jobless people. Some industries have gone for good. We cannot expect a comeback from them no matter what. However, there are many others, showing phenomenal growth. These rapidly growing industries include healthcare, biotechnology, education, green energy, government, security, and information technology. The people who lost their jobs during the economic recession should adapt themselves to new demands of the recovering economy. They should stop seeking jobs in the same field, as it is not possible for the companies to recreate the same jobs that were lost during the tough economic period. If an industry is growing despite the economic downturn, it sure has a potential to go all the way, consequently providing more job security to the employees. You should take all necessary measures to get a good job again. For instance, consider going back to school, moving to another city or even leaving your state, and learning in-demand skills. Your skills can be utilized in unfamiliar industries. For example if you are a financial expert, looking for a secured job, it is not a must for you to be a banker or join a financial institute. You can always apply for a job in a growing biotechnology or green energy industry.
The key is to find jobs in growing industries irrespective of the skill set you have or even switch from a low growth industry to growing ones in order to have a more stable and secured career.

The downturn in economy has changed the workplace customs to a larger extent. Employees are putting in their best, working extra hours, performing extra duties that were previously done by two or three people, just to hang on to the job.

How are the employees being rewarded for their extra efforts?

What are the motivating factors for them to work harder for the company’s success?

As all of us know that the recession in economy has made it difficult for the companies to come up with employee rewards programs. The employees who have managed to retain their jobs take it as the biggest reward. However, the economy is showing the sign of recovery now, and sophisticated companies have taken all necessary measures to reward and motivate their loyal and committed employees.

If you run a small or medium enterprise, you can reward your good old workers by starting an employee stock ownership program. Reward your employees with company’s ownership and you can change your loyal and hardworking employees to a group of committed and enthusiastic owners who will turn all the tables for the company’s growth. This program is worth it, as it motivates the employee, gets the best out of them, and consequently enhances the company’s sales and leads to profits.

Credit Crunch, What Credit Crunch?

There is no doubt in the current economic climate that many small businesses are feeling the pinch.

Continually finding new customers gets harder and harder the more that people tighten their belts in response to uncertain economic times.

In order to attract new customers, most small business owners feel that they have to advertise. Read the rest of this entry

Is the credit crunch affecting you personally as well as your business?

Just need some research about the credit crunch- is it really as bad as it sounds? Would you prefer some advice, help or assistance regarding money during this time?
also, do you do your finances by computer and online as it seems like an easier option?

As many business owners have found, unlocking the borrowing potential of their business to gain credit is essential to the sustained success and growth of their business in order to fulfill their long term goals. Obtaining business credit and taking the proper steps for achieving success in funded business ventures is very important in today’s economy. Below are some Read the rest of this entry

Ok so you might find the next few links interesting. These are from around the web, just random snippets that I’ve picked up in my reading, but I found some very cool information in them. You might too. Here goes…

The credit crunch: cause or symptom of slow small business growth?

In case our posts haven't given it away, we've been watching the small business Read the rest of this entry

If you like to crunch #s then could you please help me out? I'm trying to plan for retirement.?

If starting at the end of Jan 2010 I invest $300 regularly at the end of every month in a retirement acct and it grows at an annual rate of 8% compounded monthly and my retirement is set for 1-1-2055 (which makes the last payment fall at the end of 12/2054 – and won't Read the rest of this entry

If you run a small business, the following tips while hiring an employee will be useful for you.
1. First of all, evaluate your own skills before hiring another employee. Never hire a person with almost the same skill-set as yours. This will only duplicate the skills, and you may not be able to bring innovation to your business.
2. Another important thing, never give out your personal or business phone number to the applicants. Buy another connection where the applicants can record their messages without disturbing you during the work.
3. If you have a business website, direct the applicants towards the website, as it will be much convenient for you to choose the most appropriate employee for the given job.
4. Don’t ask random questions during the interview. Even if you plan to have an unstructured interview, try to ask all the applicants the same questions at least in the beginning. However, structured interview gives you a better comparison of all the applicants.
5. If you find the perfect candidate for the job, and you desperately want to hire him or her for your company, don’t hesitate to offer him or her incentives right away as “signing-on bonuses”.