Blogs

Board of Directors

Regular Meeting

Wednesday, September 29 at 5PM

AGENDA:

I. Call to Order

II. Communications from Comcast

III. Review Minutes

IV. Finalize New Bank Signature Cards

V. Review Strategic Planning Documents

VI. Director Report

VII. Financial Report- budget report

VIII. Building Project Update

IX.Other Business

X. Confirm Date for September meeting- 10/27?

XI. Adjourn

A good credit score is more significant than ever. The credit crunch has raised the bar on credit scores. It's getting hard to qualify for a loan, let alone a loan at a reasonable interest rate these days. To do so, most individuals may have to improve their credit scores. A good credit rating saves money.A bad credit score costs cash. Fico scores in the 650 range are problematic. When a Fico score enters 750 territories, that's pretty darn good. An elite group of individuals make the effort to surpass 800. A man living in Arkansas aspiring to a Fico rating of 850 is a textbook example of what it takes. His diligence could translate into a rich retirement.

Is an eight hundred fifty Fico score achievable?

Reaching a credit score of 850 is rare. As outlined by Fico only .5 percent of people in the U.S. are in that range. Chris Plepinski of Rogers, Ark. was featured in a CNN article about his plan for joining that exclusive club. Plepinski's current FICO score is higher than 82 percent of the population at 813. Over the course of his life, Plepinski's unusually high score could save him hundreds of thousands of dollars. However, he told CNN that nothing short of eight hundred fifty will be satisfactory. His strategy involves closely monitoring each and every aspect of FICO's scoring system. On a quarterly basis he re-evaluates his Fico position. To get as many points feasible, Plepinski tweaks his financial behavior accordingly. He once took out a automobile loan even though he could pay money, figuring that adding the variety to his credit mix could bump up his score.

The facts behind increasing any credit score

Various data from credit reporting agencies is used by Fico to determine credit ratings. The information comes from TransUnion, Experian and Equifax. As reported by Bankrate.com, the spread of FICO scores goes from the low 300s to 800 and above. The formula isn't really overly complex. The final number is reached by calculating the credit aspects listed below:

Payment history - 35 percent

Total debt load - 30 percent

Length of established credit - 15 percent

Types of accessible credit - 10 percent

Recent new credit - 10 percent

Using these factors as a guide, timely payments, reconciling overlooked payments, reducing balances on revolving credit (credit cards), paying down rather than transferring balances, staying from new debt and keeping existing credit cards nominally active are helpful for raising credit scores.

The reason why increasing a credit score matters

A fair-to-poor credit score can cost masses over a lifetime, as outlined by Liz Pulliam Weston at MSN Money. Weston penciled out a comparison between two people over 50 years. Weston ran numbers on the disparity of interest each could expect on such transactions as student loans, auto loans, credit cards, mortgage loans and home equity lines of credit. Over a lifetime of borrowing, the person with the 650 credit score paid $201, 712 more than the person with a 750 score. For emphasis, Weston went further. She split $201,712 into 50 years and factored an 8 percent return on that money. The person with the 750 FICO score could invest the interest saved and possibly accumulate a retirement account of $2.3 million.

Further reading

CNN

money.cnn.com

Bankrate

bankrate.com

MSN Money Central

moneycentral.msn.com

We teamed up with the Black River Area Community Coalition and the Ludlow Recreation Summer Camp to make this video highlighting kids' favorite summer locales.

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LPCTV Board of Directors

Regular Meeting

Wednesday, August 25 at 5PM

 I.     Call to Order
 II.  Communications
 III. Review Minutes
 IV.    New Bank Signature Cards
 V. Non-Business Hours Access to Studio
VI. Architectural Contract
VII. Financial Report- budget report, audit review 
VIII.  Director Report 
IX. Discuss Strategic Planning Sept. 7/8 
X.  Confirm Date for September meeting- 9/22?
 XI.  Adjourn

We will be broadcasting a multi-camera production of the Democratic Gubernatorial candidate debate in Ludlow tomorrow night (Thursday), LIVE on Channel 10 at 6PM.

The debate will be held in the Ludlow Town Hall 2nd floor auditorium. Not sure yet if they will be using the stage or the stage lights- I really hope so. And I also really hope the sound works out OK. It will be crucial that the moderator and hosts require anyone speaking to use a microphone. That's a must, in order for our equipment to interface well with the Town Hall sound system. So...if you are planning to be there and planning to speak, please be mindful that you need to use a microphone. Not only will it make it possible for everyone in attendance to be able to hear you, but it will also help out the TV broadcast tremendously. Thanks.

Pass on credit card debt relief scams and do it on your own

During this wrenching, endless period of economic doldrums, debt relief and debt reduction scams have spread like wildfire. Credit card debt is a major problem as the horrible economy has put millions in financial distress. Predatory debt relief companies promising peace of mind are seeking out people drowning in debt. Even so-called legitimate debt reduction services charge hefty fees for something people can do themselves with financial discipline and effort.

Resource for this article: Don't fall for credit card debt relief scams, just do it yourself

Debt reduction pitfalls

Most companies offering debt reduction services pitch debt reduction services where you pay back existing debts with an additional loan. Offering to negotiate with your creditors for an amount less than you owe is an additional tactic. All they care about is signing you up, not whether or not their programs will actually work. An significant thing to realize is that paying less than you owe is listed on your credit report as failure to pay in full, which damages your credit score.

Debt relief scammers

That financial predators sell themselves as legitimate companies with the ability to help consumers overwhelmed by credit card debt is no secret. The Los Angeles Times reports that the Government Accountability Office sent investigators to debt management companies posing as debt-ridden consumers. Sometimes promising debt reduction of up to 50 cents on the dollar, the companies made wild exaggerations of their success rates.

Debt relief deception

After paying big up-front fees to debt management companies, often running to a number of thousand dollars, numerous consumers end up deeper in debt than they were before. MSNBC reports on the ordeal of a woman in North Carolina who fell for the pitch from a debt relief business that she would conserve enough with lower interest rates to pay back credit cards, a mortgage and a car loan five times faster. She was assured that for $ 499 she would save $ 2,500, and savings from lower interest rates within the first 30 days would a lot more than cover the fee. The Federal Trade Commission sued the firm after they refused to refund the $ 499 fee after failing to deliver on those promises.

The latest debt relief trick

Debt relief criminals today often try to exploit the “government approved” angle. The Los Angeles Times article reports that advertisements by debt management companies, also as statements by company representatives to GAO investigators, provided evidence the firms lead clients to believe their services are part of a government program similar to the recent bailout of troubled banks. One of these companies with a prominent Internet presence is called The “Federal Debt Relief Program”. Another is called "U.S. National Debt Relief Plan".

Debt relief independence

There is no government-backed debt relief program among the hundreds of companies online falsely claiming they are. Debt relief has become a huge industry intended to kick individuals when they're down. The best route to debt relief is still getting on a budget, paying your bills on time and saving money to spend on debt reduction. If you're struggling to make payments, contact your lenders to see if you are able to negotiate better terms, lower payments or refinance a car loan or home loan.

 Debt relief advice you are able to trust

The National Foundation for Credit Counseling is a good place to start if you need help with debt problems. The NFCC is a nonprofit community organization that provides free and confidential debt management advice to everyone that needs it. The NFCC offers consulting in person or by phone. Look into nfcc.org to discover a counselor as part of your area.

Find more details on this topic

Los Angeles Times

latimes.com

MSNBC

msnbc.msn.com

NFCC

nfcc.org

Voting is now open for the Board of Directors Elections- cast your ballot now. Ddownload & follow instructions by clicking here.

LPCTV's Annual Meeting will be held on Thursday, June 24, beginning at 6PM with our 4th Annual Awards Ceremony & reception. The meeting will immediately follow at 7PM. 

All are invited, but please RSVP. As many of you may know, our studio is quite small, and space is limited. Those in attendance will have the opportunity to vote in the Board of Directors elections as well.

Here's the itinerary:

6 PM - 6:30PM: Meet & Greet / Reception. Refreshments provided

OPEN VOTING FOR BOARD OF DIRECTORS ELECTION

6:30 PM - 7PM: Annual Awards Ceremony - this is where we recognize this past year's most active producers & volunteers.

7PM: Annual Meeting- this is where we announce the election results, (hopefully) pass a budget, and give a brief synopsis on the past year's achievements and the next year's goals.

Call 228-8808 if you'd like to come.

Or email manager@lpctv.org

CLICK HERE TO DOWNLOAD BALLOT & INSTRUCTIONS

THEN, SIMPLY PRINT OUT, COMPLETE, & SUBMIT

California AB 377 aims to reform payday lending laws

In California, a new assembly bill -- AB 377 -- is working its way through the legislature. The AB 377 bill is intended to reform payday lending laws in California and has provisions that both expand and regulate the payday lending industry in the state.

Article Resource: California AB 377 aims to reform payday lending laws

New limitations on payday lending with AB 377

The payday lending industry in California will be limited by assemblyman Mendoza’s AB 377 . First, AB 377 implements a 2008 recommendation from California's Department of Corporations. Consumer disclosures will be required to contain "explicit information regarding the actual costs of payday loans." AB 377 will also require a 24-hour "cooling off" period when a customer can return the loan with no penalties. Lenders who offer online payday loans will also be required to give extra disclosures with every loan that they offer.

AB 377 will increase limit of lending

Currently in California, loans from payday loan stores are limited to $ 300. AB 377 will raise that lending cap to $ 500. This particular move is intended by the bill’s author to bring the available short-term loans in California more in line with the high cost of living in California. This increased lending limit also comes with a limit of 15 percent interest on the amount of the check advance. The California budget would also see some benefit from AB 377, with a five-cent per loan tax.

Responsible lending and responsible borrowing encouraged

Thus far, there have been three major amendments on AB 377. In 2006, ten million individual payday loans were taken out in the state of California. Responsible borrowers and responsible lenders will be encouraged by AB 377. AB 377 will protect the consumer by giving them more information as well as more of an ability to rescind loans. By allowing payday lending businesses to place a higher cap on lending amounts, the bill allows a service that millions of Californians use every year to be more flexible in meeting their customer's needs.

Read the full text of AB 377 here

http://www.leginfo.ca.gov/pub/09-10/bill/asm/ab_0351-0400/ab_377_bill_20090623_amended_sen_v96.html</p>

We will be holding our Awards Night & Annual Meeting on Thursday, June 24 here at the station. The awards reception will kick things off at 6PM and the Annual Meeting will begin promptly at 7PM.

The Annual Meeting will include elections for the candidates to our Board of Directors, vote on the annual budget, and an update on our moving plans.

The public is encouraged to attend. Due to the tight space of our studio, we just ask that anyone planning attend RSVP by Wednesday, June 23rd. We hope to see you. Thanks!

Fordstock is apparently blowing up when the Ford earnings report that was released on Tuesday shows its best quarterly performance in six years at $ 2.1 billion. Ford Motor Company has earned a profit for consecutive quarters when its rivals flounder and is also the only Detroit automaker that wasn’t bailed out of bankruptcy with cash loans from the Federal Government last year. By slashing costs and increasing sales, Ford stock price and Ford earnings report numbers have shifted from negative to positive a year ahead of schedule, even as the market for new cars has yet to recuperate.

Soaring Ford Stock Price

For stock hit $ 14.57 Monday making it a five year high. Ford earnings report showed profit equaling 50 cents a share when Wall Street only expected 32 cents a share. Just a year ago, Ford stock traded at $ 1.91 a share, and also the earnings report for Ford showed a $ 1.4 billion loss which is a lot more than 60 cents a share in loss. When Ford boss Alan R. Mulally took over four years ago, he said introducing new products, closing plants, and eliminating tens of thousands of jobs is working. Ford executives said when presenting the earnings report that they expect to continue to sell cars for optimistic money flow within the future.

Production fueled by Ford earnings report

Ford said it wants to build 625,000 autos in the United States and Canada within the second quarter, 9 percent a lot more than the first quarter and 39 percent a lot more than very same period a year ago. Later this year it plans to introduce new smaller and a lot more efficient cars. Ford fans can be getting auto financing for new versions of the Fiesta and Focus, plus a retooled Edge crossover and a more fuel efficient Explorer SUV.

Ford stock analysis

The Ford stock has increased a lot more than 40 percent in 2010 if you analyze stock. Ford’s market share in the US rose to 16.6 percent within the first quarter, which is up 2.7 percent from the first quarter 2009. It outsold General Motors for the very first time in 50 years in February. Adding to the cost cutting and increased focus on quality, Ford's gamble to forgo the government bailout seems to have paid off in spades as the images, and sales, of GM and Chrysler have suffered. Also, Toyota's recall of a lot more than nine million cars and the ending publicity nightmare of the past six months probably hasn't hurt Ford stock either.

Ford Stock and also the outlook

The outlook of Ford stock hints that the stock price might not sustain its current rally. Ford's chief financial officer Lewis W.K. Booth said the company doesn't necessarily expect each of the next three quarters to be as strong as the first, particularly if an improving economy leads to higher interest rates later within the year, as reported by the New York Times. As if on cue, Ford stock was falling Tuesday following the company's earnings report was released. Ford stock price was down about 6.5 percent at $ 13.50 a share by noon Eastern Time. Since January 2005, Monday’s closing price on stock was the highest. An issue with Ford stock outlook might be debt survival. The business continues to have much more debt $ 34.3 billion, than money, $ 25.3 billion.