News 

China’s digital currency not seeking ‘full control’ of individuals’ details: central bank official

“Akin to Facebook’s proposed Libra digital currency and other cryptocurrencies such as bitcoin, the officially-named Digital Currency Electronic Payment will be powered partially by blockchain technology and dispersed through digital wallets” writes Midwest Communications Inc for 95kqds.com. It is not clear when the new digital currency will be launched.”We know the demand from the general public is to keep anonymity by using paper money and coins … we will give those people who demand it anonymity in their transactions,” Mu Changchun, head of the People’s Bank of China’s digital currency…

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More borrowers are going underwater on car loans

“Underwater car loans are more prevalent among subprime borrowers, according to ratings firms” writes Ben Eisen for marketwatch.com. Most auto loans are originated at dealerships, which assign loans to a variety of lenders, including banks, credit unions and the finance arms of car manufacturers.Easy lending standards are perpetuating the cycle, with lenders routinely making car loans with low or no down payments that can last seven years or longer.Rising car prices have exacerbated an affordability gap that is increasingly getting filled with auto debt.In two years, the 40-year-old electrician signed…

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How to get a Venmo card, which is like a debit card that uses money from your Venmo balance

“As of right now, the Venmo card can only be used in the US. With a Venmo Card, you will be able to use your Venmo balance at any and all vendors who accept Mastercard” writes Meira Gebel for businessinsider.com. Venmo, the popular app-based payment service owned by PayPal, launched its debit Venmo Card in the summer of 2018. Source: businessinsider.com

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When is the best time to apply for a credit card?

“If you’re looking to apply for a credit card, you may wonder if there’s a best time to submit an application” writes Alexandria White for cnbc.com. Below, CNBC Select takes a look at the best times to apply for a credit card.Before you apply for a credit card, you should take a moment to consider why you want a new one.Many card issuers provide pre-qualification forms, which allow you to gauge your chances of qualifying for a credit card.A good time to apply for a credit card is when you turn…

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5 ways to fix your credit without adding more debt

“Having a high debt to credit ratio means you have a lot of debt compared to how much credit you have, like when you max out almost all of your credit cards” writes Gina Zakaria for businessinsider.com. Checking your credit report regularly and reviewing it for errors, or worse, identity theft, is crucial to keeping your credit score and overall credit health intact.What’s equally important is learning how to use your credit cards properly so you can maintain, and even increase, your credit score.The higher your credit score, the lower…

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3 expensive mistakes people frequently make with their store credit cards

“Below, CNBC Select reviews three common mistakes store credit card holders may make, so you can avoid them and get the most value out of a store card” writes Alexandria White for cnbc.com. Store credit cards can be a tempting option since they frequently offer a huge discount on your first purchase, but there are some mistakes to avoid if you do sign up for one.Store cards have some of the highest interest rates of any credit card, and when you only make minimum payments, you can quickly rack up…

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Markets News Regulators 

With balance sheet in background, markets focus on Fed’s rate decision

“A rate cut would be the third this year, bringing the policy rate to a target range of 1.50% to 1.75%” writes Midwest Communications Inc for 95kqds.com. “My main interest at the next meeting is more on the interest rate policy and how they might characterize the risks.”. The balance sheet now stands at nearly $4 trillion.Some economists say the efforts to separate the discussion about the balance sheet from the question of monetary policy appear to be working.Alexander said he would like more clarity on how the Fed decides…

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Here’s what happens if you only pay the minimum on your credit card

“According to the Credit CARD Act of 2009, card issuers are legally required to include a “minimum payment warning” on each billing statement” writes Alexandria White for cnbc.com. Another option is to open a credit card offering an intro 0% APR on new purchases or a balance transfer credit card offering no interest for up to 21 months.When your receive your credit card bill, there are typically three amounts you can pay: the minimum due, the statement balance and the current balance.It can be tempting to just pay that small…

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