| Friday at 10: A credit card consumer alert
Holiday shopping is just around the corner, which could mean more spending with credit cards instead of cash. But ABC15 Investigator Joe Ducey found that if you're getting a new card sent to you, don't count on the companies' security measures to keep you safe. See the full story Friday on ABC15 News at 10. .
Countrywide Investors to Sell $4B Debt
Holders of $4 billion in convertible senior notes issued by Countrywide Financial Corp. may sell that debt, the nation's largest mortgage lender said Friday in a filing with the Securities and Exchange Commission. Countrywide would receive no money from the resale of the debt; current investors will receive any proceeds. Countrywide initially sold the $4 billion of debt in May in a private placement to Lehman Brothers Inc., Citigroup Inc. and Banc of America Securities LLC. The initial debt was then immediately resold to dozens of institutional investors. The $4 billion in debt is due in 2037, and can be converted into cash or shares of common stock, according to the regulatory filing. Shares of Countrywide rose 4 cents to $12.25 in morning trading. .
Investing In The Jobs Of The Future
TORONTO, Nov. 14 /CNW/ - A new $165-million Ontario Venture Capital Fund
will help create the jobs of the future by boosting cutting-edge companies
here in the province, says Premier Dalton McGuinty. "Working together with sophisticated corporate and institutional
investors, we can help Ontario's innovative thinkers take their ideas to the
next level," said Premier McGuinty. "And that will generate prosperity and
good, high-paying jobs for Ontarians in the future." The McGuinty government has signed a letter of intent with leading
Canadian institutional investors - including OMERS Administration Corporation,
RBC Capital Partners, Business Development Bank of Canada and Manulife
Financial - to create the new fund. "I am pleased that successful corporate and institutional investors on
the leading edge of Ontario's economy are working with us to invest in
Ontario's future," said Minister of Research and Innovation John Wilkinson.
Millions lie about credit status
MILLIONS of Australians lie about their financial details when applying for credit with men almost twice as likely as women to make false declarations, a study has found. The study found as many as 2.7 million Australians had deliberately underestimated expenses and credit commitments, exaggerated their work history and overestimated the value of their assets to secure funds. The results of the study, conducted on behalf of credit reporting agency Veda Advantage, could also have implications for default levels. "Veda data reveals that defaults have significantly increased in the past 12 months,'' Veda Advantage spokeswoman Erica Hughes said. "We are concerned that families and individuals who are experiencing financial hardship may have overcommitted by misrepresenting their financial position on their credit application.'' According to the study, the most common way of lying on a credit application was underestimating expenses, with 1.3 million Australians having deliberately made false statements regarding their budgets.
Expert: Give credit a holiday break
Scrimping like Scrooge around the holidays is nobody's idea of fun, but you need to fight the urge to overextend your credit cards, again. That post-New Year's hangover will be a lot worse when the bills start rolling in. Despite a nationwide "credit crunch," consumer spending continues to rise, according to the U.S. Commerce Department, and that has some credit experts worried. New Jersey shoppers interviewed by Affinity Federal Credit Union in Basking Ridge said they plan on spending at least $500 on holiday gifts and parties this year, and 63 percent of them have not budgeted for their purchases. We talked with Lynette Khalfani-Cox, a personal-credit expert and author who has written the New York Times best-seller "Zero Debt for College Grads," as well as articles for the Dow Jones Newswire, the Wall Street Journal and CNBC.
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