U.S. urges help for Iraq, extends $3 billion credit line

* Iraq needs $88 billion to rebuild after three-year war

* U.S. Secretary of State Tillerson urges support

* Urges vigilance to prevent Islamic State returning

* Iraq to sign $3 billion MoU with EXIM Bank

* NATO says ready to expand training mission in Iraq 

KUWAIT - The United States on Tuesday urged members of the coalition fighting Islamic State to help rebuild Iraq or risk a reversal of the gains made against the group, and said it would extend to Baghdad a $3 billion credit line.

The United States leads the coalition and hopes that after a three-year fight to defeat the militants it can count largely on Gulf allies to shoulder the burden of rebuilding Iraq. It is also counting on a Saudi-Iraqi rapprochement to weaken Iran's influence there.

Iraq declared victory over Islamic State in December, having taken back all the territory captured by the militants in 2014 and 2015. The fighters have also been largely defeated in neighboring Syria.

"If communities in Iraq and Syria cannot return to normal life, we risk the return of conditions that allowed ISIS to take and control vast territory," U.S. Secretary of State Rex Tillerson told a donors' conference for Iraq hosted by Kuwait. ISIS is another acronym for Islamic State.

"We must continue to clear unexploded remnants of war left behind by ISIS, enable hospitals to reopen, restore water and electricity services, and get boys and girls back in school."

Although the U.S. government was not expected to pledge direct financial aid at the conference, Tillerson said the official U.S. export credit agency, the Export-Import Bank of the United States (EXIM), would sign with Iraq's finance ministry on Tuesday a $3 billion memorandum of understanding "that will set a stage for future cooperation".

Iraq has suffered from decades of war and it is striking that it is holding its reconstruction conference in Kuwait, which it invaded in 1990, leading to defeat by a U.S.-led coalition and more than a decade of sanctions.

Kuwait will celebrate Liberation Day from Iraq in two weeks and Iraq still pays it reparations.

BALANCING ACT 

Iraq's Shi'ite-led government is pursuing a difficult diplomatic balancing act by trying to maintain good relations with both the United States and its Sunni Gulf Arab allies and with their main regional foe, Shi'ite Iran.

Arriving in Kuwait for the conference, Iranian Foreign Minister Javad Zarif said his country would "stand by the Iraqi people forever".

"At a time when only a few countries were participating in the reconstruction of Iraq, Iranian companies were active in building roads in the country and providing Iraqis with engineering services," he was quoted by state news agency IRNA.

Iraqi Prime Minister Haider al-Abadi, whose government puts the costs of reconstruction at more than $88 billion , said Iraq could not rebuild without outside help.

Iraq has published a list of some 157 projects for which it is seeking investment. Baghdad has said it is determined to tackle the red tape and corruption that hamper investment.

"Doing business in Iraq can be complicated, but the Iraqi market has vast potential," said Tillerson.

NATO Secretary-General Jens Stoltenberg said the alliance was ready to answer a U.S. call for it to expand its small training mission in Iraq to support reconstruction.

Tillerson also cautioned that the end of major combat operations in Iraq did not mean the United States and its allies had achieved final victory over the militants.

"In Iraq and Syria, ISIS is attempting to morph into an insurgency. In places like Afghanistan, the Philippines, Libya, West Africa, and others, it is trying to carve out and secure safe havens," he said.

U.S. Defense Secretary Jim Mattis echoed those comments, saying the fight against Islamic State had been discussed on Tuesday at a meeting in Rome of about a dozen coalition defense ministers.

"ISIS is not down, the fight is not over... not even the caliphate is completely down... We have to work against this ideology, we have to work against (the) financing," he said. 

source: news.abs-cbn.com

How many credit cards do you need? 5 tips to find out

MANILA - A male customer in the United States was recently reported to own a record 1,497 credit cards. While he is no doubt the exception, the question of how many credit cards does one person need comes up quite often.

Most credit cardholders own more than one credit card. Like most credit cardholders, you may find that having a main credit card and a spare card ensures that you always have access to ready payment tools when needed. On the other hand, you may have a wallet stuffed with plastics that you cannot even monitor. If so, you may have asked yourself if you have one card too many, and wondered how to make the best use of your cards.

There are just as many reasons to have multiple cards as there are to have just one or two that you can manage. The truth is there is no magic number as to how many credit cards you should own. Your spending style, consumption pattern, and cash flow considerations are all factors that can help you decide how many credit cards you should have.

Here are five tips to help you decide how many and which credit cards you should keep.

1. How much credit you can handle?

Are you the type who would shop mindlessly and could not stop for as long as you have not exhausted your credit line? If so, then perhaps you should not hold on to too many cards and try to keep credit limits to levels that would not send you to financial disaster. On the other hand, if you need a large credit line, presumably to use in business or to accommodate your spending needs, then go for a credit card or cards that can provide you the spending power that you can handle.

2. Examine how you use your credit card.

Are you using your credit card for various unrelated needs? If so, it may be helpful to have separate cards for different purposes—say a card for your household needs, and a separate one for your office-related expenses. Having a separate card for your office needs will also be easier for recording purposes. If you regularly make purchases in a foreign currency, a separate dollar-denominated credit card may be handy.

3. Play your cards right.
When you have multiple cards, you will also have to contend with managing many records and meeting different payment deadlines. If you aren’t organized enough to remember payment schedules, then you are better off holding on to just a card or two. Any more will be too much of a hassle for you and worse, could even lead to unnecessary finance charges if you fail to remember your payment due dates.

4. Look at your cash flow.

Check each card’s statement cut-off and payment date and see if this coincides with your cash flow. It may be more manageable, cash flow wise, to have two credit cards with payment due dates that are two weeks apart from each other. In so doing, you can pay off each bill in full without saddling you with interest charges.

5. Check out annual fees.

While it may be nice to have a big credit line and multiple credit cards, make sure to keep an eye on annual fees. Credit card companies charge anywhere from P2,000 to more than P4,500, depending on your type of card. These fees are completely justifiable if you actually use your credit line, want to have emergency funds, and enjoy the other features of the card.

However, if you have many of these cards that are simply stacked inside your wallet, then you are throwing good money for nothing. Determine which cards are worth keeping and paying for, and surrender the rest.

These days, credit card companies are competing for your business and loyalty by offering gifts with your spend and rewarding you with points that you can redeem for a wide range of items. Make these count as you decide what to keep or what plastic to own.

Look into your consumption pattern and determine if there is a card that can offer you rebates or freebies in exchange for your loyalty. For instance, if you are a heavy traveller, credit cards that issue frequent flyer or mileage points may be useful for your purposes. If you patronize a particular store, it may be helpful to have a card that gives you points in exchange for your purchases in this store. Or if you like rebates, a cash back card might be right for you.

When choosing which credit card to keep and to let go, as with any spring cleaning project, one rule applies – only keep what are most relevant for your needs.

source: www.abs-cbnnews.com

Eliminate Financial Stress With A Personal Line Of Credit

There are plenty of reasons you might find yourself in some financially dangerous waters. You might have had to run your child to emergency care and are left to deal with the subsequent bill; you could be in between work contracts and come up short for your next utility bill. Whatever the case may be, sometimes you aren’t prepared for what life throws at you – through no fault of your own. But that doesn’t make the reality of being strapped for cash any less harsh. When you find yourself momentarily short on money, do you know where you can turn?

Not everyone is blessed with family or friends who can help you balance the check book when you’re in need of some help. Even if it’s just $300 to smooth out the edges until your next contract starts up again, that can be out of your (and your social circle’s) abilities. Luckily, there’s an organization that you can turn to and no – it’s not the bank. In order to secure a loan with your local financial institution, you have to jump through hoops and hurdles just to speak with a bank representative, after which you’ll have to wait weeks while they review your application and credit score. When you’re bills are due in a few days, you can’t afford to wait and play by the bank’s schedule.

The alternative that you’re looking for is a personal line of credit with an accredited direct online lender. These lenders understand the importance of having cash for when you need it, so they’ve developed a process whereby your application won’t have to go through credit bureaus and other institutions before it’s approved. As opposed to the average traditional lender, they’re the lender that directly approves and facilitates your loan. By cutting down on the middle man, they can give you your loan that much faster.

A direct online lender like MoneyKey can approve your application quickly and deposit your approved limit in just 24 short hours. The limit of a personal line of credit from MoneyKey depends on your state of residence, as they pride themselves in following the rules and regulations provided by the state. That’s because they want to set you up with the appropriate tools for responsible lending habits. By following state sanction laws and providing you with information regarding online lines of credit, they want you to flourish. They don’t want you to take out a line of credit amount higher than you can reasonably pay back any more than you do.

Having a line of credit for whenever you find yourself short on cash (be it when your child is in the hospital or when you’re a couple of weeks away from the start of another contract), can take a stressful situation and make it more manageable. When you finance your credit with a responsible direct online lender, you can trust that you’re covered for when life puts a crick in your budget.

source: christianfinanceblog.com

Debt Repayment 101: How to Create a Repayment Plan

Are you in debt and unsure how to start getting out? Or are you in debt, and unsure of if you want to find a way out? If so, that’s okay—tackling debt can be a little scary, but it’s in your best interests to start working your way out of financial trouble like this.

Don’t you want to reclaim your paycheck, and not have to send a portion of it off to a creditor? You should enjoy the money that you earn! If you’re tired of living paycheck to paycheck and having maxed out lines of credit, you can (and should) take action.

Read on to find out how you can get started making good financial decisions, and how to start making a debt repayment plan.

Making the Decision to Get Out of Debt

Deciding that you’ve had enough of debt can be empowering and overwhelming all at once. On one hand, you can’t wait to kick your debt to the curb. On the other, you’re worried about how to get there and the sacrifices it might require.

Let’s get this out of the way: there’s no wrong or right way to get out of debt. Everyone should go their own pace and choose a method that works for them. Some people are okay with giving up many possessions and “wants” while living meagerly. Others still want room to enjoy life.

Before you start on a plan to pay off your debt, you should outline what you want your journey to look like. It’s okay if it changes, but it helps to have a list to go off of when things get rough.

Make a list of your values, your goals, and your wants. Ask yourself what you’re willing to go without—and what you’re not willing to sacrifice to achieve debt freedom. Be honest with yourself about what’s truly worth it. Once you determine the parameters, you won’t have to question your priorities (or be upset if others do).

It’s also important to understand what you’ll be able to do once you’re debts are repaid. You can devote more money to your other financial goals. You can accelerate your progress to your retirement goals, for example, or save up for a big purchase. Maybe you want to take a round-the-world trip, or you’re ready to start paying down your mortgage.

Use these other financial goals as your motivation to repay consumer debts from credit cards and student loans as soon as possible. When you’re free of these burdens, you’ll be able to reach other money goals even faster!

What Are Your Numbers?

It’s difficult to face the reality of your debt situation. But in order to move forward with a plan, you need to know exactly where the numbers stand.

The easiest way to do this is to list out all the debts you have, like so:

Type	Lender	APR	Balance	Min. Payment	Due Date
Credit Card	Chase	11%	$3,020.17	$75.00	4th
Credit Card	Discover	8%	$7,385.28	$130.00	8th
Student Loan	Nelnet	8.5%	$11,274.32	$220.00	11th
Car Loan	Dealership	3%	$21,295.23	$250.00	20th

You don’t have to follow a spreadsheet layout. This is just an example to help you get started. Some people like putting their numbers on a whiteboard, while others people have found creative ways to measure their success with paying off debt. Pick a method that will keep you motivated.


Creating a Repayment Plan

Now comes the fun part: strategizing! Again, there’s no wrong way to repay debt. All that matters is that you’re erasing the red on your balance sheets. There are a number of options you can choose from: pick the one that makes the most sense for your situation.


    The snowball method requires paying off the loan with the smallest balance. (In the example above, it’s the Chase card). This gives you a quick win and added motivation to keep going. Once Chase is paid off, you snowball the amount you were paying to Chase into the balance with the Discover card. If you paid the minimum amount, you’d be able to put $205 toward Discover from paying off Chase.

    The avalanche method requires paying off the loan with the highest interest rate first (in this case, Chase again). The reason for doing this is that the loan with the highest interest rate is going to cost you more down the road. Interest is ugly; the quicker you can get to paying off the principal balance, the better.

    You can also try a combination of both the snowball and the avalanche methods. Maybe you want to tackle the loan with the highest interest rate to get that out of the way, but then you want to target the loan with the lowest balance to get a quick win after all your hard work.

    The emotional method isn’t an official strategy, but it’s still an option worth covering. For some people, there is a certain debt that they absolutely despise. They would do anything to get it out of their lives. If you have one like that, feel free to attack it with a vengeance and let numbers go out the window. Then get down to strategy with the rest of what you owe.


At the end of the day, what matters is that you make progress and do what is best for you. Don’t be afraid to tweak things if one method isn’t working for you. Financial plans are rarely ever set in stone because life gets in the way.


The trick is to not give up and adapt to changes, no matter how hard it may seem at first. Share your plans with supportive friends and family members – this isn’t a journey you have to take alone.

source: totalmortgage.com

China pledges $20 billion in credit to Africa

BEIJING (AP) — Chinese President Hu Jintao on Thursday pledged African governments $20 billion in credit over the next three years and called for more China-Africa coordination in international affairs to defend against the "bullying" of richer powers.

Hu made the lending pledge during the opening ceremony of the Forum on China-Africa Cooperation in Beijing. The credit line is double the amount offered in 2009 at the last forum held in Egypt.

Hu promised more Chinese help for African countries in building agricultural technology centers, training medical and other personnel, and digging wells to expand access to clean water. China will encourage investment and assistance in infrastructure that facilitates trade within Africa, he said.

China has emerged as Africa's main trading partner and a major source of investment for infrastructure, pouring billions of dollars into roads and developing the energy sector across the continent.

Trade between the two sides hit a record $166 billion last year, a three-fold increase since 2006.

But China's presence in Africa has also sparked concerns about labor abuses and corruption. Some observers see Chinese investment in Africa as an unequal partnership between an emerging economic giant and the world's poorest continent and accuse Beijing of offering no-strings-attached investment for repressive regimes.

In his remarks, Hu stressed China's status as a still-developing nation and noted Africa is the region with the world's largest number of developing countries. He said both should jointly work to defend their interests in global forums such as the United Nations.

"China and Africa should increase coordination and cooperation in international affairs," Hu said. "We should oppose the practices of the big bullying the small the strong domineering over the weak and the rich oppressing the poor."

source: philstar.com