Sunday, April 10, 2005
Save Walaja
posted by: salam max at 3:35 PM

The villagers of Al Walaja held a rally yesterday to protest the building of the wall on their lands, and the destruction of their homes and livelihoods.

Banners read Save our Homes, Let our children feel alive, and Don't destroy my home.

Earlier this week construction of the Wall began on Walaja's Land. A notice was put up which says anyone coming close to this part of the land endangers their life - land owned and inhabited by Walaja for generations - and trees belonging to Walaja were cut down.

A court order, obtained by the lawyers for the village, states that no trees on their land can be uprooted. But technically they weren't being uprooted; they were just being cut! An Israeli journalist explained that when he called the spokesperson responsible for this, they openly said that they had done so to prevent the trees from bearing any fruit for the next few years...

Adel Atrash, from Walaja municipal council, explained that there were 250 trees cut this way, and about 200 square dunams stolen from the village.


Anyone who passes this point does so at their own risk...

This is reminiscent of methods used by the Israeli government in the Negev, where they had been spraying chemicals onto the land of Bedouin tribes who refused to leave their land. A court order ruled that the spraying of those crops was illegal, so they decided to use a different method for the same purpose: they now uproot the land with ploughs, ruining the crops owned by Palestinians.

This use of loopholes in the laws which are supposed to protect Palestinian lands in Israel or the West Bank shows us that whatever the Israeli army wants to do, it can and will find a way.




Olive trees cut but not uprooted; an Israeli army jeep keeps an eye on the protest from a distance.

The people of Walaja are calling for support in their fight to literally save their village. Walaja has a population of around 5,000, and currently has around twenty households with fines of up to 200,000 NIS for being built without a permit - this derives from the fact that Israel annexed part of Walaja into the arbitrary borders of Jerusalem in 1981, so they have to gain permission to drive, to build, to simply exist or even breath the air in the Ein Jawayzeh neighbourhood, which is part of Walaja.

In the words of Atrash:
They want our land but without the people.



Palestinians Israelis and internationals survey the new damage done to Walaja's land.

Known elsewhere as ethnic cleansing, what is happening in Walaja is a continuation of the Zionist expansionist policies carried out since the State of Israel was violently created in 1948. Not able to simply expel Palestinians from their land due to the international condemnation this would evoke today, the Israeli state instead carries out a policy of silent transfer, using legal terms such as housing permits, driving permits or security barriers.

And all this is happening in a new era of so-called ceasefires, peace talks and negotiations. Adel Atrash, in a statement read out to the rally of a couple of hundred people, called on the Palestinian Authority to fight for their village and for:
International human rights organizations to help us, and let the world hear our voice.
Whether "the world" listens to the increasingly desperate voice of Walaja, is another matter.
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Fixed-Rate credit cards are not fixed forever. Rates can be changed at any time, as long as the card issuer provides 15 days advance notice of the change in terms. Fees may also increase. These "Change in Terms" notices are usually included with your monthly statement.
Your interest rate may dramatically increase if you make late payments. For example, some issuers will raise your interest rate to the maximum after one or two late payments. Consequently, your 12% credit card could quickly turn into a 25% credit card.
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The 25 day grace period only applies when you pay-off your entire balance due each month. If you only pay the minimum payment, interest is immediately accrued from the moment you charge something to your credit card. Some companies are also shortening the grace period to 20 days, and some cards have no grace periods.
Ignore offers to reduce or skip payments. These options are frequently offered over the holidays. When you skip a payment, the loan continues to accrue interest; therefore, these offers simply increase the overall interest and finance charges that the creditor collects. On a similar note, beware of offers of no payment/no interest for a period of time. Furniture stores, jewelry stores, and electronics stores frequently offer these programs. For example, no payment/no interest for 12 months!! This can be a good offer, but once again, read the fine print. Make sure you know the details of the program. Generally, you need to pay off the entire balance before the end of the "free" period to receive the benefit. Otherwise, you will probably have to pay interest on the entire balance from the date of your purchase

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Your interest rate may dramatically increase if you make late payments. For example, some issuers will raise your interest rate to the maximum after one or two late payments. Consequently, your 12% credit card could quickly turn into a 25% credit card.
Your credit card issuer may also raise your interest rate after conducting a routine credit report review. If your overall credit history has deteriorated, the issuer may raise your interest rate, even though you've never made a late payment on the card in question.
The 25 day grace period only applies when you pay-off your entire balance due each month. If you only pay the minimum payment, interest is immediately accrued from the moment you charge something to your credit card. Some companies are also shortening the grace period to 20 days, and some cards have no grace periods.
Ignore offers to reduce or skip payments. These options are frequently offered over the holidays. When you skip a payment, the loan continues to accrue interest; therefore, these offers simply increase the overall interest and finance charges that the creditor collects. On a similar note, beware of offers of no payment/no interest for a period of time. Furniture stores, jewelry stores, and electronics stores frequently offer these programs. For example, no payment/no interest for 12 months!! This can be a good offer, but once again, read the fine print. Make sure you know the details of the program. Generally, you need to pay off the entire balance before the end of the "free" period to receive the benefit. Otherwise, you will probably have to pay interest on the entire balance from the date of your purchase
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Fixed-Rate credit cards are not fixed forever. Rates can be changed at any time, as long as the card issuer provides 15 days advance notice of the change in terms. Fees may also increase. These "Change in Terms" notices are usually included with your monthly statement.
Your interest rate may dramatically increase if you make late payments. For example, some issuers will raise your interest rate to the maximum after one or two late payments. Consequently, your 12% credit card could quickly turn into a 25% credit card.
Your credit card issuer may also raise your interest rate after conducting a routine credit report review. If your overall credit history has deteriorated, the issuer may raise your interest rate, even though you've never made a late payment on the card in question.
The 25 day grace period only applies when you pay-off your entire balance due each month. If you only pay the minimum payment, interest is immediately accrued from the moment you charge something to your credit card. Some companies are also shortening the grace period to 20 days, and some cards have no grace periods.
Ignore offers to reduce or skip payments. These options are frequently offered over the holidays. When you skip a payment, the loan continues to accrue interest; therefore, these offers simply increase the overall interest and finance charges that the creditor collects. On a similar note, beware of offers of no payment/no interest for a period of time. Furniture stores, jewelry stores, and electronics stores frequently offer these programs. For example, no payment/no interest for 12 months!! This can be a good offer, but once again, read the fine print. Make sure you know the details of the program. Generally, you need to pay off the entire balance before the end of the "free" period to receive the benefit. Otherwise, you will probably have to pay interest on the entire balance from the date of your purchase
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Each month, the credit card user is sent a statement indicating the purchases undertaken with the card, any outstanding fees, and the total amount owed. After receiving the statement, the cardholder may dispute any charges that he or she thinks are incorrect (see Fair Credit Billing Act for details of the US regulations). Otherwise, the cardholder must pay a defined minimum proportion of the bill by a due date, or may choose to pay a higher amount up to the entire amount owed. The credit provider charges interest on the amount owed (typically at a much higher rate than most other forms of debt). Some financial institutions can arrange for automatic payments to be deducted from the user's bank accounts.

Credit card issuers usually waive interest charges if the balance is paid in full each month, but typically will charge full interest on the entire outstanding balance from the date of each purchase if the total balance is not paid.

For example, if a user had a $1,000 outstanding balance and pays it in full, there would be no interest charged. If, however, even $1.00 of the total balance remained unpaid, interest would be charged on the $1 from the date of purchase until the payment is received. The precise manner in which interest is charged is usually detailed in a cardholder agreement which may be summarized on the back of the monthly statement. The general calculation formula most financial institutions use to determine the amount of interest to be charged is APR/100 x ADB/365 x number of days revolved. Take the Annual percentage rate (APR) and divide by 100 then multiply to the amount of the average daily balance divided by 365 and then take this total and multiply by the total number of days the amount revolved before payment was made on the account. Financial institutions refer to interest charged back to the original time of the transaction and up to the time a payment was made, if not in full, as RRFC or residual retail finance charge. Thus after an amount has revolved and a payment has been made that the user of the card will still receive interest charges on their statement after paying the next statement in full (in fact the statement may only have a charge for interest that collected up until the date the full balance was paid...i.e. when the balance stopped revolving).

The credit card may simply serve as a form of revolving credit, or it may become a complicated financial instrument with multiple balance segments each at a different interest rate, possibly with a single umbrella credit limit, or with separate credit limits applicable to the various balance segments. Usually this compartmentalization is the result of special incentive offers from the issuing bank, either to encourage balance transfers from cards of other issuers, or to encourage more spending on the part of the customer. In the event that several interest rates apply to various balance segments, payment allocation is generally at the discretion of the issuing bank, and payments will therefore usually be allocated towards the lowest rate balances until paid in full before any money is paid towards higher rate balances. Interest rates can vary considerably from card to card, and the interest rate on a particular card may jump dramatically if the card user is late with a payment on that card or any other credit instrument, or even if the issuing bank decides to raise its revenue. As the rates and terms vary, services have been set up allowing users to calculate savings available by switching cards, which can be considerable if there is a large outstanding balance (see external links for some on-line services).

Because of intense competition in the credit card industry, credit providers often offer incentives such as frequent flier points, gift certificates, or cash back (typically up to 1 percent based on total purchases) to try to attract customers to their program.

Low interest credit cards or even 0% interest credit cards are available. The only downside to consumers is that the period of low interest credit cards is limited to a fixed term, usually between 6 and 12 months after which a higher rate is charged. However, services are available which alert credit card holders when their low interest period is due to expire. Most such services charge a monthly or annual fee. credit card's grace period is the time the customer has to pay the balance before interest is charged to the balance. Grace periods vary, but usually range from 20 to 30 days depending on the type of credit card and the issuing bank. Some policies allow for reinstatement after certain conditions are met. Usually, if a customer is late paying the balance, finance charges will be calculated and the grace period does not apply. Finance charge(s) incurred depends on the grace period and balance, with most credit cards there is no grace period if there's any outstanding balance from the previous billing cycle or statement (ie. interest is applied on both the previous balance and new transactions). However, there are some credit cards that will only apply finance charge on the previous or old balance, excluding new transactions.

For merchants, a credit card transaction is often more secure than other forms of payment, such as checks, because the issuing bank commits to pay the merchant the moment the transaction is authorized, regardless of whether the consumer defaults on their credit card payment (except for legitimate disputes, which are discussed below, and can result in charge backs to the merchant). In most cases, cards are even more secure than cash, because they discourage theft by the merchant's employees.

For each purchase, the bank charges a commission (discount fee), to the merchant for this service and there may be a certain delay before the agreed payment is received by the merchant. The commission is often a percentage of the transaction amount, plus a fixed fee. In addition, a merchant may be penalized or have their ability to receive payment using that credit card restricted if there are too many cancellations or reversals of charges as a result of disputes. Some small merchants require credit purchases to have a minimum amount (usually between $5 and $10) to compensate for the transaction costs, though this is not always allowed by the credit card consortium.

In some countries, like the Nordic countries, banks guarantee payment on stolen cards only if an ID card is checked and the ID card number/civic registration number is written down on the receipt together with the signature. In these countries merchants therefore usually ask for ID. Non-Nordic citizens, who are unlikely to possess a Nordic ID card or driving license, will instead have to show their passport, and the passport number will be written down on the receipt, sometimes together with other information. Some shops use the card's PIN code for identification, and in that case showing an ID card is not necessary.

Authorization: When the cardholders pays for the purchase, the merchant performs some risk assessment and may submit the transaction to the acquirer for authorization. The acquirer verifies with the issuer—almost instantly—that the card number and transaction amount are both valid, and informs the merchant on how to proceed. The issuer may provisionally debit the funds from the cardholder's credit account at this stage.
Batching: After the transaction is authorized it is then stored in a batch, which the merchant sends to the acquiring bank later to receive payment (usually at the end of the day).
Clearing and settlement: The acquiring bank sends the transactions in the batch through the card association, which debits the card-issuing bank for the transaction amount, and credits the acquirer for the transaction amount minus the interchange fee.
Funding: The acquiring bank pays the merchant. The amount the merchant receives is equal to the transaction amount minus the discount rate charged by the acquiring bank to the merchant for the service.
The entire process, from authorization to funding, usually takes about 2-7 business days. However, many merchant card processors offer next-day deposits to customers subject to type of banking account.

In the event of a chargeback (when there's an error in processing the transaction or the cardholder disputes the transaction), the issuer returns the transaction to the acquirer for resolution. The acquirer then forwards the chargeback to the merchant, who must either accept the chargeback or contest it.

Commodity money is any money that is both used as a general purpose medium of exchange and as a tradable commodity in its own right.

Commodity based currencies are often viewed as more stable, but this is not always the case. The value of a commodity based currency as a medium of exchange depends on its supply relative to other goods and services available in the economy. Historically, gold, silver and other metals commonly used in commodity based monetary systems have been subject to regular and sometimes extraordinary fluctuations in purchasing power. This not only damages its stability as a medium of exchange; it also reduces its effectiveness as a store of value. In the 1500s and 1600s huge quantities of gold and even larger amounts of silver were discovered in the New World and brought back to Europe for conversion into coin. As a result, the purchasing power of those coins fell by 60% to 80%, i.e. the prices of goods rose, because the supply of goods did not keep pace with the increased supply of money. In addition, the relative value of silver to gold shifted dramatically downward. Such discoveries of huge sources of gold or silver are a thing of the past, and lend to their supply stability. More recently, from 1980 to 2001, gold was a particularly poor store of value, as gold prices dropped from a high of $850/oz. ($27.30 /g) to a low of $255/oz. ($8.20 /g).It should be noted that gold was not a currency at this time, and was fluctuating due to its status as a final store of value — that is, the price never goes to zero as fiat currencies inevitably do. The advantage of gold and silver, however, lies in the fact that, unlike fiat paper currency, the supply cannot be increased arbitrarily by a central bank.

It is also possible for the trading value of a commodity money to be greater than its value as a medium of exchange when governments attempt to fix exchange rates between different commodity monies. When this happens people will often start melting down coins and reselling the metal used to make them. This has happened periodically in the United States, eventually causing it to move away from pure silver nickels and pure copper pennies. Shipping coins from one jurisdiction to another so that they could be reminted was sometimes a lucrative trade before the advent of trusted paper money.

Commodity money's ability to function as a store of value is also limited by its very nature. Copper and tin risk rust and corrosion. Gold and silver are soft metals that can lose weight through scratches and abrasions, but this is nothing by comparison to fiat currencies, where billions of dollars can be injected ("printed") into the market within moments.

Stability aside, commodity-based currencies may have a tendency to restrain growth in a very active economy. For example, in order to maintain the price level, the supply of money in an any economy must be equal or greater than the volume of goods and services produced. If commodities are used as money, then the total production can easily outstrip the supply of those commodities, which leads to price deflation. The lower prices of goods would signal to their producers to reduce the supply of goods, hence restoring the price level. As such, production within commodity-based economies tends to be limited by the supply of the commodity currency.[citation needed]

This problem is compounded by the fact that money also serves as a store of value. This encourages hoarding (in other circumstances known as "saving")and takes the commodity money out circulation, reducing the supply. The supply of circulating commodity currency is further reduced by the fact that commodity moneys also have competing non-monetary uses. For example, gold and silver are used in jewelry, and nickel and copper have important industrial uses.

Commodity based currencies also limit the geographic extent of the trading market. To make large purchases either a large volume or a high weight or both of the commodity must be transported to the seller. The cost of transportation of the currency raises the transaction cost and makes long distance sales less attractive
9:02 AM  
Anonymous Anonymous
A payday loan is a short-term loan that you promise to pay back from your next pay cheque. A payday loan is sometimes also called a payday advance.

Normally, you have to pay back a payday loan on or before your next payday (usually in two weeks or less). The amount you can borrow is usually limited to 30 percent of the net amount of your pay cheque. The net amount of your pay cheque is your total pay, after any deductions such as income taxes. For example, if your pay cheque is $1,000 net every two weeks, your payday loan could be for a maximum of $300 ($1,000 x 30%).

Before giving you a payday loan, lenders will ask for proof that you have a regular income, a permanent address and an active bank account. Some payday lenders also require that you be over the age of 18.

To make sure you pay back the loan, all payday lenders will ask you to provide a postdated cheque or to authorize a direct withdrawal from your bank account for the amount of the loan, plus all the different fees and interest charges that will be added to the original amount of the loan. The combination of multiple fees and interest charges are what make payday loans so expensive (Click here for an explanation of the various fees associated with these types of loans.

The lender should also ask you to sign a loan agreement. If the lender does not offer to give you a copy of the loan agreement, ask for one. Read this document carefully before signing it, and keep a copy for your records

How and when do I pay back the loan?
A payday loan agreement usually says that you must pay the total amount you owe for the loan on or before the date stated in your loan agreement. This includes the amount you borrowed, plus interest and any additional fees and charges.

Some lenders will cash your postdated cheque or process your direct withdrawal on the day the loan is due. However, some lenders may require that you pay the loan in cash, on or before the due date.

If you have not paid the loan in cash by the due date, some lenders may cash your cheque or process the direct withdrawal you signed on the day after your loan's due date, and charge you another fee. Ask the lender what the most inexpensive way is for you to repay your loan.

How does a payday loan affect my credit report?
Credit-reporting agencies collect information on whether or not you make your payments on time. This information, also called your "credit history", is part of your credit report and is used to calculate your credit score.

Making payments on time can help improve your credit score by demonstrating that you are able to manage your debt. Even if you have poor credit, you can rebuild it by using a credit card or other type of credit and paying back the money you owe on time.

This is not the case with payday loans. Since payday lenders are not currently members of the main credit-reporting agencies, getting a payday loan and paying it off on time will not improve your credit score. However, if you do not pay your loan back on time and it is sent to a collection agency, this will likely be reported to a credit-reporting agency and could have a negative impact on your credit report.

How much will a payday loan cost?
A payday loan is much more expensive than most other types of loans offered by financial institutions such as banks or credit unions. Before you apply for a payday loan, find out about all the fees and charges you will have to pay — including the fees you will be charged if you cannot repay the loan on time. The fees may not be easy to see right away, so read the agreement carefully before signing it. If you do not receive an explanation of all of the fees, charges and interest that will apply to the loan, or if you are not satisfied with the explanation you receive, do not sign the loan agreement.

How does the cost of a payday loan compare with other credit products?
Payday loans are much more expensive than other types of loans, including credit cards. But how much are you really paying? How does the cost of a payday loan compare with taking a cash advance on a credit card, using overdraft protection on your bank account or borrowing on a line of credit?

Let's compare the cost of using different types of loans. We'll assume that you borrow $300, for 14 days. Note the considerable difference in the cost of each type of loan.

Things to consider before you apply for a payday loan
Even if you think you may be turned down, ask your bank or credit union for overdraft protection on your bank account, or a line of credit. These are relatively inexpensive ways of obtaining access to extra funds, for short-term use.


If you are turned down for any of these credit options, ask why. If the reason is that you have a poor credit history, contact the three credit-reporting agencies to get a copy of your credit report. Read the reports carefully to make sure that all of the information in it is correct. If you find any errors, contact the credit-reporting agency to find out how you can have the information corrected. The three major credit-reporting agencies in Canada are Equifax Canada, TransUnion Canada and Northern Credit Bureaus. All three of these agencies will give you a copy of your credit report for free if you request that it be sent to you by regular mail.


Ask yourself if you really need to take out a loan, or whether you can get by until your next pay cheque. If you need the money immediately, try to make other arrangements. For example, you may be able to cash in vacation days. Or you might consider getting a short-term loan from a family member or a friend.


If you find that you need to apply for a payday loan because you have no alternative, only borrow an amount that you are 100 percent sure you can repay on the due date of the loan.


Don't borrow more than you need.

Things to consider if you take out a payday loan
Don't be afraid to ask a lot of questions. Read carefully — and take home with you — a copy of the loan agreement that you are being asked to sign. Don't feel pressured to sign the loan agreement right away if you have questions and want more time to read through the agreement on your own. If the lender does not want to give you a copy of the agreement, look for another lender.


Be sure to ask about all the fees, charges and interest that apply when you first get the loan, and what other charges you will owe if you can't pay the loan back on time.


If you are taking out a payday loan at another location to pay back the first payday loan, or you are extending or "rolling over" the loan that you had with the same lender, you could find yourself in serious financial difficulty. The fees, charges and interest will add up quickly on these types of loans, which can put you into serious debt.
How can I figure out the cost of each type of loan?
To estimate the total cost of a loan, including the annual cost of the loan expressed as a percentage of the amount borrowed, follow the steps below.

Step 1:

Determine how much interest you will pay. First, find out the annual interest rate that applies to the loan (if there is one). Figure out the daily interest rate by dividing the annual interest rate of the loan by 365 days. Then, multiply that rate by the length of time you are taking the loan. Finally, multiply the result by the amount you will borrow, in dollars:


Amount of interest

= Annual interest rate

--------------------------------------------------------------------------------
365 days × Length of the loan
(number of days) × Amount of the loan

Step 2:

Determine the total cost of the loan by adding any fees that may apply to the interest you will have to pay. Find out what fees apply to the loan and add them to the cost of the interest, found in Step 1:


Total cost of the loan = Amount of interest + Total fees


Step 3:

Estimate the annual cost of the loan, expressed as a percentage of the amount borrowed. First, divide the total cost of the loan, found in Step 2, by the amount of the loan. Then, divide this rate by the length of time you are taking the loan (in days) and multiply it by 365 (the number of days in the year):


Annual cost of the loan (%)

= Cost of the loan

--------------------------------------------------------------------------------
Amount of the loan ÷ Length of the loan
(number of days) × 365 days

Let's find out the cost of a $300 payday loan, taken for 14 days.

We'll assume that the lender charges you a one-time set-up fee of $10 and a service fee of $40, which includes interest on the loan.


Step 1:

Determine how much interest you will pay. In this case, there is no interest fee. The interest is therefore $0.


Step 2:

Figure out the cost of the loan by adding together any fees that apply and the interest you will have to pay. In this case, you would add the $10 set-up fee and the $40 service fee together:

$10 + $40 = $50


Step 3:

Estimate the total annual cost of the loan, expressed as a percentage of the amount borrowed:


Annual cost of the loan (%)

= Cost of the loan

--------------------------------------------------------------------------------
Amount of the loan ÷ Length of the loan
(number of days) × 365 days
= $50
———— ÷ 14 days × 365 days
$300
= 4.35 or approximately 435%

The total cost of the payday loan would be $50 with an annual cost of 435 percent of the amount borrowed.






Information asymmetries are common in credit market models, but the usual assumption,

at least in commercial lending, is that borrowers are the better informed party and that

lenders have to screen and monitor to assess whether

firms are creditworthy. The opposite
asymmetry, as we assume here, does not seem implausible in the context of consumer lending.

"Fringe" borrowers are less educated than mainstream borrowers (Caskey 2003), and many

are

first-time borrowers (or are rebounding from a failed first foray into credit). Lenders
know from experience with large numbers of borrowers, whereas the borrower may only have

their own experience to guide them. Credit can also be confusing; after marriage, mortgages

are probably the most complicated contract most people ever enter. Given the subtleties

involved with credit, and the supposed lack of sophistication of sub-prime borrowers, our

assumption that lenders know better seems plausible.

While lenders might deceive households about several variables that in

fluence household
loan demand, we focus on income. We suppose that lenders exaggerate household's future

income in order boost loan demand. Our borrowers are gullible, in the sense that they can

be fooled about their future income, but they borrow rationally given their beliefs. Fooling

borrowers is costly to lenders, where the costs could represent conscience, technological costs

(of learning the pitch), or risk of prosecution. The upside to exaggerating borrowers' income

prospects is obvious—they borrow more. As long as the extra borrowing does not increase

default risk too much, and as long as deceiving borrowers is easy enough, income deception

and predatory—welfare reducing—lending may occur.

After de

fining predatory lending, we test whether payday lending fi ts our definition. Payday
lenders make small, short-term loans to mostly lower-middle income households. The

business is booming, but critics condemn payday lending, especially the high fees and frequent

loan rollovers, as predatory. Many states prohibit payday loans outright, or

indirectly,
via

usury limits.
To test whether payday lending quali

fies as predatory, we compared debt and delinquency
rates for households in states that allow payday lending to those in states that do not. We

focus especially on di

fferences across states households that, according to our model, seem
more vulnerable to predation: households with more income uncertainly or less education.

We use smoking as a third, more ambiguous, proxy for households with high, or perhaps

hyperbolic, discount rates. In general, high discounters will pay higher future costs for a

given, immediate, gain in welfare. Smokers' seem to

fit that description. What makes the
smoking proxy ambiguous is that smokers may have hyperbolic, not just high, discount rates.

Hyperbolic discount rates decline over time in a way that leads to procrastination and selfcontrol

problems (Laibson 1997). The hyperbolic discounter postpones quitting smoking,

or repaying credit. Without knowing whether smokers discount rates are merely high, or

hyperbolic, we will not be able to say whether any extra debt for smokers in payday states

is welfare reducing.

2
Given those proxies, we use a di

fference-in-difference approach to test whether payday
lending

fits our definition of predatory. First we look for diff erences in household debt
and delinquency across payday states and non-payday states, then we test whether those

di

fference are higher for potential prey. To ensure that any such differences are not merely
state e

ffects, we difference a third time across time by comparing whether those di fferences
changed after the advent of payday lending circa 1995. That triple di

fference identifies any
di

fference in debt and delinquency for potential prey in payday states after payday lending
was introduced.

Our

findings seem mostly inconsistent with the hypothesis that payday lenders prey on,
i.e., lower the welfare of, households with uncertain income or households with less education.

Those types of households who happen to live in states that allow unlimited payday loans

are less likely to report being turned down for credit, but are

not more likely, by and large,
to report higher debt levels, contrary to the overborrowing prediction of our model. Nor are

such households more likely to have missed a debt payment in the previous year. On the

contrary, households with uncertain income who live in states with unlimited payday loans

are

less likely to have missed a debt payment over the previous year. The latter result is
consistent with claims by defenders of payday lending that some households borrow from

2

Consistent with a high discount rate, Munasinghe and Sicherman (2000) discover that smokers have
fl

atter wage profiles and they are willing to trade more future earnings for a given increase in current earnings.
Gruber and Mulainathan (2002)

find that high cigarette taxes make smokers "happier," consistent with
hypberbolic discount rates (because taxes help smokers commit to quitting). DellaVigna and Malmendier

(2004) show how credit card lenders can manipulate hyperbolic discounters by front-loading bene

fits and
back-loading costs.

payday lenders to avoid missing payments on other debt. On the whole, our results seem

consistent with the hypothesis that payday lending represents a legitimate increase in the

supply of credit, not a contrived increase in credit demand.

We

find some interesting differences for smokers, but those diff erences are harder to
interpret in relation to the predatory hypothesis without knowing

apriori whether smokers
are hyperbolic, or merely high, discounters.

We also

find, using a small set of data from different sources, that payday loan rates
and fees decline signi

ficantly as the number of payday lenders and pawnshops increase.
Reformers often advocate usury limits to lower payday loan fees but our evidence suggests

that competition among payday lenders (and pawnshops) works to lower payday loan prices.

Our paper has several cousins in the academic literature. Ausubel (1991) argues that

credit card lenders exploit their superior information about household credit demand in their

marketing and pricing of credit cards. The predators in our model pro

fit from their information
advantage as well. Our concept of income delusion or deception also has a behavioral

fl

avor, as well, hence our use of smoking as a proxy for self-control problems. Brunnermeier
and Parker (2004), for example, imagine that households

choose what to expect about future
income (or other outcomes). High hopes give households' current "felicity," even if it

distorts borrowing and other income-dependent decisions. Our households have high hopes

for income, and they make bad borrowing decisions, but we do not count the current felicity

from high hopes as an o

ffset to the welfare loss from overborrowing.
Our costly falsi

fication (of household income prospects) and costly verification (by counselors)
resemble Townsend's (1979) costly state veri

fication and Lacker andWeinbergs' (1989)
costly state falsi

fication. The main difference here is that the falsifying and verifying comes
before income is realized, not after.

More importantly, we hope our

findings inform the current, very real-world debate,
around predatory lending. The stakes in that debate are high: millions of lower income

households borrow regularly from thousands of payday loan o

ffices around the country. If
payday lenders raise household welfare by relaxing credit constraints, anti-predatory legislation

may lower it.

Payday lenders make small, short-term loans to households. The typical loan is about $300

for two weeks. The typical fee is $15 per $100 borrowed. Lenders require two recent pay

stubs (as proof of employment), and a recent bank account statement. Borrowers secure

the loan with a post-dated personal check for the loan amount plus fees. When the loan

matures, lenders deposit the check.

Payday lending evolved from check cashing much like bank lending evolved from deposit

taking. For a fee, check cashiers turn personal paychecks into cash. After cashing several

paychecks for the same customer, lending against

f uture paychecks was a natural next step.
High

finance charges is the main criticism against payday lenders. The typical fee of $15
per $100 per two weeks implies an annual interest rate of 15

x365/14, or 390 percent. Payday
lenders are also criticize for overlending, in the sense that borrowers often re

finance their
loans repeatedly, and for "targeting" women making the transition from welfare-to-work

(Fox and Mierzewski 2001) and soldiers (Graves and Peterson 2004).

Despite their critics, payday lending has boomed. The number of payday advance o

ffices
grew from 0 in 1990 to 14

, 000 in 2003 (Stegman and Harris 2003). The industry originated
$8 to $14 billion in loans in 2000, implying 26-47 million individual loans. Rapid entry

suggests the industry is pro

fitable.
Payday lenders present sti

ff competition for pawnshops, even though the internet, namely
E-bay, signi

ficantly foreclosure costs for pawnshops (Caskey 2003). The number of pawn
shops in the U.S. grew about six percent per year between 1986 and 1996, but growth

essentially stalled from 1997 to 2003. Prices of shares in EZCorp, the largest, publicly

traded pawn shop holder, were essentially

flat or declining between 1994 and 2004, while
Ace Cash Express share prices, a retail

financial firm selling check cashing and payday loans,
rose substantially over that period (Figure 4). EZCorp CEO, Joseph Rotunday, blamed

payday lenders for pawnshops' dismal performance:

The company had been progressing very nicely until the late 1990s.... (when)

a new product called payroll advance/payday loans came along and provided our

customer base an alternative choice. Many of them elected the payday loan over

the traditional pawn loan. (Quoted by Caskey (2003) p.14).

Payday lending is heavily regulated (Table 1). As of 2001, eighteen states e

ffectively
prohibited payday loans

via usury limits, and most other states prices, loan size, and loan
frequency per customer (Fox and Mierzwinski 2001). Note that the payday loan limit ranges

from 0 (where payday loans are illegal) to 1250. Nine states allow unlimited payday loans.

Payday lenders have circumvented usury limits by a

ffiliating with national or state
chartered banks, but the Comptroller of the Currency—the overseer of nationally chartered

banks–recently banned such a

ffiliations. The Federal Deposit Insurance Corporation still
permits payday lenders to a

ffiliate with state banks, but recently restricted those partnerships
(Graves and Peterson 2005).

Regulatory risk—the threat of costly or disabling legislation in the future—looms large for

Payday lenders. The Utah legislature is reconsidering its permissive laws governing payday

lending. North Carolina recently drove payday lenders from the state by expressly outlawing

the practice.

Heavy regulation increases the cost of payday lending. High regulatory risk increases limits

entry into the industry and increases the expected return required by industry investors.

Driving up costs and driving away investors may be exactly what regulators intended if they

view payday lending as predatory.
We de

fine predatory lending as a welfare reducing provision of credit. Households can be
made worse o

ff by borrowing if lenders can deceive households into borrowing more than is
optimal. Excess borrowing reduces household welfare, and may increase default risk.

We illustrate our concept of predatory lending in a standard model of household borrowing.

Before we get to predatory lending, we review basic principles about welfare

improving
lending, the type that lets households maintain their consumption despite

fluctuations in
their income.

The model has two periods: today (period zero) and payday (period one. Household income

goes up and down periodically, but not randomly (for now): income equals zero today

and

y on payday. If households consume Ct in period t, their utility is U (Ct) .Household welfare
is the sum of utility over both periods:

U (C0)+ δU (C1), where δ equals the household's
time rate of discount. Households with high

δ value current consumption highly relative to
future consumption. In other words, high discounters are impatient.

A digression here on discount rates serves later discussion. In classical economics

δ is
constant. If

δ changes over time, so does household behavior, even if nothing else changes.
If

δ(t) is hyperbolic, households will postpone unpleasant tasks until current consumption
does not seem so precious relative to future consumption (Laibson 1997). With hyperbolic

discounting, that day never arrives, so hyperbolic discounters have behavioral problems: they

procrastinate. They may never repay debt, much less begin saving. Hyperbolic discounters

who start smoking may never quit.

Returning to the model, if the marginal utility of consumption (

U 0) is diminishing, households
will demand credit to reduce

fluctuations in their standard of living. Households
without credit, however, must fend for themselves (autarky). Welfare under autarky equals



U

(0)+δU (y). The fluctuations in consumption for households without credit make autarky
a possible worst case, and hence, a good benchmark for comparing cases

with credit.
If households borrow

B at interest rate r, welfare equals U (B) + δU (y − (1 + r)B).
Borrowing increases utility in period zero, when the proceeds are consumed, but lowers utility

in period one, when households pay for their borrowing. Rational, informed households trade

o

ff the good and bad side of borrowing; they borrow until the marginal utility of consuming
another unit today just equals the marginal, discounted

disutility of repaying the extra debt
on payday:



U

0(B) = δ(1 + r)U 0(y − (1 + r)B). (1)
Equation (1) determines household loan demand as a function of their income, their

discount rate, and the market interest rate:

B(y, δ, r). For standard utility functions,
household loan demand is increasing in income and decreasing in the discount factor and

interest rate:

By > 0; B δ < 0; Br < 0. Household welfare with optimal borrowing equals


U

(B(y, r, d))+δU (y − (1+r)B( y, r, δ)). As long as households follow (1), their welfare with
positive borrowing must be higher than without (autarky).

The welfare gain from borrowing depends on the cost of credit production. Suppose the

cost of lending $

B to a particular household equals (1 + ρ)B + f, where ρ represents the
opportunity cost per unit loaned and

f is the fixed cost per loan. Think of f as the cost
of record-keeping and credit check required for each loan, however large or small the loan

may be. If the going price for loans is (1+

r) per unit borrowed, the lenders' profits equal
(

r − ρ)B − f.


With perfect competition among lenders, the loan interest rate is competed down until

it just covers the costs of the loan:

r = ρ + f /B. Equilibrium r and B are determined
where that credit supply curve equals demand (1).

Equilibrium in the payday credit market is illustrated in Figure (3). If

fixed costs per loan
are prohibitively high, the market may not exist. Perhaps the payday lending technology

lowered the

fixed cost per loan enough to make the business viable.3 Before the advent of
payday lending, households who applied to banks for a very small, short-term loan may have

been denied.

Fixed costs per loan imply that smaller loans will cost more per dollar borrowed than

larger loans. That means households with low credit demand will pay higher rates than

households with high loan demand. Loan demand is increasing in income, so high income

households who demand larger quantities of credit will enjoy a "quantity" discount, while

lower income households will pay a "small lot" premium, or penalty. That price "discrimination"

is not invidious, however; the higher cost of smaller loans re

flects the fixed costs of
lending. The high price of payday loans may partly re

flect the combination of fixed costs
and small loan amounts (Flannery and Samolyk 2005).

A usury limit lowers household welfare. Suppose the maximum legal interest rate is

r.


At that maximum rate, the minimum loan that lenders' cost is

f /(r− ρ) = B. Low income
households with loan demand less than

B face a beggar's choice: borrow B at r or do not
borrow at all. Such households would be willing to pay more to to avoid going without

credit, so raising the usury limit would raise welfare for those households.

Competition is another key determinant of how much households gains from borrowing.



3

Alternatively, or additionaly, the demand for small, short term loans may have increased in the mid
1990s. The welfare reform then almost certainly increased demand for such credit as households who once

"worked" at home for the government were forced to go to work in the market.

Even with no competition — monopoly—households cannot be worse o

ff than under autarky.
The monopolist raises interest rates until the marginal revenue from higher rates equals the

marginal cost from lower loan demand:



B

(y, r) = −(r − ρ)Br(y, r) . (2)
At that monopoly interest rate,

rm, household loan demand equals B(y, rm).Household welfare
under monopoly equals

U (Br(y, r m))+δU (y −(1+ rm)Br(y, r m)). Welfare is lower under
monopoly because credit costs more and their standard of living

fluctuates more (because
costly credit reduces their demand for credit) If households borrow from the monopolist,

however, they must better o

ff than without credit.
In sum, welfare for rational households is highest if credit is available at competitive

prices. If households choose to borrow, they must be at least as well o

ff as they were
without credit. Limiting loan rates cannot raise household welfare and may reduce it.

Monopoly lenders lower household welfare, but even with a monopolist, households cannot

be worse o

ff than without credit.
The high cost of payday lending may partly re

flect fixed costs per loan. Before payday
lending, those

fixed costs may have been prohibitive; very small, short-term loans may not
have been worthwhile for banks. The payday lending technology may have lowered those



fi

xed costs, thus increasing the supply of credit to low income households demanding small
loans. That version of the genesis of payday lending suggests the innovation was welfare

improving, not predatory.





In the textbook model household welfare cannot be lower than under autarky because households

are fully informed and rational. Here we show households how can be made worse o

ff


than without credit if predatory lenders can delude households about their (households')

future income.

Suppose that by spending

C(τ ), lenders can convince a prospective borrower that her
income on payday will be

y +τ. The cost C can be interpreted variously as the cost of a guilty
8:33 AM  
Anonymous Anonymous
it has become very easy to borrow loans these days. Advancements in technology particularly with the Internet have made it convenient for loan seekers to track the loan of their choice. With just a few clicks on a lender's website you can access the desired loan online. The ease with which loans are available online nowadays is the main reason behind the growing number of debt-related problems.

The vast number of loans taken on different occasions may have benefited you many times and may have even been a lifesaver in an urgent situation. However, you may not have known that these loans can pose a threat to you. Now you have to remember which lender to pay, how much and when. Failing to pay any of the installments on the loan may affect your credit score adversely. In such circumstances, debts become a burden. You may get into a life-long debt trap if you don't know how to handle these debts. A debt management program in such conditions can work as an effective debt management tool helping you in reducing the debt burden.

Here are a few debt management tips that can help you in managing your debts and getting your life back on the right track:

Create A Budget
An organized and well-planned budget can help you in keeping control over your monthly expenses. Write down each and every financial transaction you do each month; this will help you stay on track. It will give you a real idea of your finances and thus you can make the decision accordingly. A budget will give you an overview about how many funds you do have and how you are going to disburse the expenses with the available money. Setting up the budget is not enough: what is important is to stick to it.

Consolidate High Interest Loans
Consolidate your debts that carry a high rate of interest with a debt consolidation loan. A debt consolidation loan can work as an effective debt management tool. It will help you in getting rid of the debt burden by reducing the monthly outgoings. With a debt consolidation loan, you will get freedom from all the hassles involved in dealing with several creditors, you will be accountable to only one loan, one lender and one lower monthly installment.

Avoid taking on new credit
If you are already in a debt trap, avoid taking up a new loan. Borrowing a new loan may be of great help to you, but it will be in the short term. It may increase the debt burden and will add to your troubles rather then solving them.

Debt Management Counseling
You can also seek for advice from debt management counselors. The majority of the lenders in the US engage debt management counselors who have years of experience and can provide you with an easy road map to get rid of the debt trap by paying off the existing debts.

Learn To Save
A need for a loan arises when you do not have sufficient funds in your saving account to meet your personal desires. Make saving a habit, try not to overspend on unnecessary things. No, don't become a miser but use the funds carefully, a little sum of money saved today will be highly beneficial for you in the future and will make it easy for you to deal emergency cash need with the available funds on the right time and in the right manner.

Debt management is a time-consuming process. You can save your time and hard-earned money by employing a debt management company who will take care of your debt and can offer effective solutions to all your debt-related problems.

Tips for managing debts employed in the right manner can curb the menace created by debts, helping you get out of debt in an easier way. Paying off the existing debts will help you in securing a smoother and easier life for the future
4:22 AM  
Anonymous Anonymous
Q: How does your Debt Settlement program work?
A: When you enroll in our debt settlement program, we set you up on a monthly payment that is as much as 50% lower than your current minimum monthly payment. In the meantime, we negotiate with the credit companies to get them to agree to substantially lower the amount you owe. Once you have saved enough money and a creditor has agreed to a pay off (normally 40 to 50 percent of what is owed), we pay off the credit card company with a lump sum settlement.


Q: What are the indications that I may need to join your Debt Settlement program?
A: Our debt settlement program is only for people facing financial HARDSHIP. This means people who are late on paying their debts, have lost their job, have little or no ability to pay their debts in the future and are facing a possible bankruptcy. We do not advocate that any person default on their debts. This program is not designed to negotiate debts for people who have reasonable means to pay off their debts. If you have the ability to pay your debts in the normal fashion, by paying minimum payments, then you should honor your debts and do so. This program is NOT for people who are gainfully employed, have high credit ratings and can meet their monthly debt obligations.


Q: What other debts, besides credit cards can I settle using your Debt Settlement program?
A: We are also able to deal with medical bills, personal loans, repossessions, department store cards, gas cards, and accounts in collections. Since we negotiate with your creditors, we are unable to work with mortgages and cars because they will be able to recover the property in the event that you do not pay according to the terms they stipulate. Student loans also might as well be considered "secured debts" because the federal government will allow a student loan creditor to take your tax refund or levy your bank account without a judgment if you default. Since the bankruptcy law changes in 2005, even private student loans cannot be discharged in a bankruptcy. In sum, we only deal with debts where we will have sufficient leverage in order to procure the lowest debt settlement possible.


Q. Does enrolling into a Debt Settlement program have a negative impact on my credit?
A: Yes, your credit score will decline due to entering this program. How much it will decline depends on your original circumstances. Most of the accounts you place into negotiation are likely to "charge-off", which will reflect negatively on your credit. However, once this charged off debt is settled, the settlement is reported to the credit bureaus. Settled accounts are positive compared to unresolved delinquent debts or bankruptcy. After all the debts have been settled and paid, the credit score should begin to improve since the negative items have been resolved. A high credit score is desirable to have, but if you have a financial hardship and are unable to pay your debts, then your first priority should be to pay your delinquent debts and get back on your feet financially.


Q: Does enrolling into a Debt Settlement program stop collection calls from my creditors?
A: No. Your creditors have every right to try and contact you in order to collect a debt. However, we have been successful in eliminating most harassing telephone calls. If your account is in collections; collections agencies have to adhere to the Fair Debt Collections Practices Act (FDCPA). The FDCPA specifically states that a debt collector is obligated to contact third-parties with a Power of Attorney instead of the debtor. Once you enroll in our debt settlement program, we fax or mail a Power of Attorney to your creditors notifying them that we are handling your account.


Q: Can I still use my credit cards?
A: NO. All credit cards in the program will not be active and you will not have credit privileges. Any cards you DO NOT put into the program should not be used except for emergency purposes. This program is for you to get out of debt.


Q: Should I close my credit card accounts after enrolling in your debt settlement program?
A: Yes, you should close your account. In general, it is far better for an account to read "account closed by consumer" on your credit report versus "account closed by credit grantor." It shows to any future lenders that you took the initiative in your situation, which is helpful.


Q: What is the difference between Debt Settlement and Credit Counseling?
A: In a debt settlement program, negotiators work on your behalf to reduce your balance by up to 50%. In a credit counseling program, counselors work to reduce interest rates. The average credit card debt settlement program lasts between 1 and 3 years, whereas credit counseling services last for between 4 and 6 years. In general debt settlement tends to be a more aggressive approach to debt elimination.


Q: What is the difference between Debt Settlement and Debt Consolidation?
A: There are two types of debt consolidation: secured and unsecured debt consolidation. With secured debt consolidation, a consumer gets a loan that is collateralized by a home or vehicle to pay off their credit card debt, and then pays back the loan at lower interest since it is secured by property. With an unsecured debt consolidation loan, a consumer gets a loan from a bank, presumably at a marginally lower interest rate, to pay off their credit card debt. Debt Settlement does not involve lending, but rather negotiating with credit card companies and other creditors to reduce the amount you owe.


Q: What is the difference between Debt Settlement and bankruptcy?
A: Debt settlement is very different from bankruptcy. For starters, bankruptcy has far wider implications for your credit versus Debt Settlement. Bankruptcy is a suitable alternative for consumers who do not have any income or are seeking debt relief for secured debts like mortgages and car loans. In a Chapter 7 bankruptcy, the court orders a debtor to liquidate all of their non-exempt property and pays the creditors back with the proceeds from their sale. In a Chapter 13 bankruptcy, the court orders a debtor to turn over all their disposable income for 5 years.


Q. Can I be sued while I am enrolled in a Debt Settlement program?
A: Yes, your creditors certainly have the right to sue to recover their money. But usually the purpose of the lawsuit is to force a settlement on the matter. In our experience, most creditors would rather not go to the expense of suing and simply try to negotiate a settlement.


Q: What will I pay for your services?
We charge a 15% fee which is calculated based on the total amount of debt that an individual brings into the debt settlement program. This fee is recovered from your monthly payments in the first 12-15 months of the program. All costs and fees are always fully disclosed and you are required to sign for approval before you commit to our program.


Q: Can I apply for other credit while enrolled in the Debt Settlement program?
A: No, you cannot apply for other credit while enrolled because it could affect our ability to negotiate with the credit card companies. In some cases they will say, "If this client was having trouble with his or her debt, why have they applied for other credit cards after they enrolled in your program?" Moreover, the goal of our credit card debt settlement service is to help our clients become debt free, and applying for other credit cards while you were enrolled would defeat the original purpose of the program.


Q: Are there any tax implications associated with enrolling in the Debt Settlement program?
A: Yes, it is possible that you may be taxed on the savings related to our settling of your credit card debt. However, for clients who are technically insolvent, then the IRS only requires that you file a form 982, which exempts you from having to pay taxes on the savings from your credit card debt settlement program. The IRS defines insolvency as financial state in which someone owes more (liabilities) than the value of their assets. Many of our clients fall under this category, but you should consult a tax attorney for advice regarding your situation. Secondly, even if you are taxed on the savings from debt settlement, you still save a lot of money. Remember, you are only taxed on a percentage of the savings. That is, if our debt settlement program saved you $2000 off one of your credit cards and you had to pay 25 percent of that amount to the IRS ($500), then you still saved approximately $1500 and thousands of dollars more when you factor in the interest charges you did not have to pay.


Q: What are my responsibilities throughout the Debt Settlement program?
A: Your main responsibilities are to be truthful and to make your monthly payment as planned. Without ample savings we will be unable to obtain settlements from the credit card companies. If you will have trouble making your monthly payment, then it is important that you notify us 5 business days in advance, so you do not get charged for having insufficient funds. Moreover, it is important to stay in touch with us, so we always have quick and easy access to you during the negotiation process in the event that we need you to supply our debt settlement experts with any important information regarding your credit card accounts.


Q: Can I include accounts into the Debt Settlement program that have authorized users or co-applicants?
A: Before enrolling any credit cards with co-applicants, we ask that the co-applicant sign a waiver acknowledging that they are allowing the account to be included in our debt settlement program. For authorized users, we advise that you ask the credit card company to remove the person from the account prior to enrollment. If this does not work, we will need the authorized user to sign a waiver acknowledging that they allow the account to be included in the debt settlement program.


Q: What is the difference between credit card debt settlement and credit repair?
A: Credit repair involves removing inaccurate or unverifiable information off your credit report. Clients of our credit card debt settlement program will oftentimes use credit repair after their debts are eliminated to more rapidly increase their credit scores. Unlike debt settlement, however, credit repair cannot eliminate debts that you actually owe.


Q: Do you make payments to each of my credit cards every month?
A: No, we negotiate with your credit card companies to lower the amount that you owe. Once you have saved enough money and one of the credit card companies has agreed to lower the amount you owe, we pay them off with a lump sum settlement of your debt




http://www.debt1consolidatioon.com
7:55 AM  
Anonymous Anonymous
Welcome to California Lawyers We are your free directory of San Francisco Bay Area lawyers who provide free or paid consultations to local residents in need of legal advice or services. If you have a legal question, or in need of legal advice on any subject then let us become your number #1 online source for legal help in the Bay Area.
10:28 PM  
Anonymous Anonymous

The death of a loved one is the most difficult and emotional time of your life. When a loved one passes away, family members are faced with a number of important decisions that must be made in a relatively short period of time. It is our hope that the information provided below will assist you in your decision making. Thank you for the trust and confidence you are placing in our Company.
It is our goal to:
Provide you with compassionate and professional service.
Present you with options available so that you can make informed and educated decisions concerning the loss of your loved one.
Assure you that our service does not end at the completion of the arrangement or when your loved one has reached it's final destination place. We are committed to provide support and assistance.

Bayareafuneralservice.com
7:54 AM  
Anonymous Anonymous
There are numerous steps when arranging a funeral service, whether it be preparation for burial or entombment. These include, but are not limited to:

Obtain a Burial Certificate - Law requires a burial permit to be procured by next of kin, typically via a licensed funeral director or through the local Vital Records or Birth and Death Registration office. Usually, a nominal fee is charged to acquire a burial permit.
Select a Burial Site - Oftentimes, the deceased will have either orally requested a burial site before death, or even have written such a request in a will.
Transport Deceased to Burial Site - This can be accomplished through a mortuary or special car service, typically in the form of the traditional hearse. However, many opt to customize this aspect of the funeral procession, in terms of the vehicle selected for transportation. There's usually an additional charge associated with transporting the deceased.
Opening and Closing of Gravesite - This must be arranged with the cemetery ahead of time, and there's typically a fee associated with both the opening and closing of the grave. Fees may vary depending on the day and times of service.
Purchasing a Burial Vault or Liner - Burial vaults, or liners, encapsulate the walls of a casket and prevent the surrounding earth from collapsing the casket over time. Typically, these aren't usually required by law, but often mandatory at most cemeteries, as it helps with site maintenance.
Select a Monument or Grave Marker - It is customary, and sometimes required by cemeteries, to purchase and place a headstone, tombstone or memorial marker at the gravesite for identification and also ritualistic traditions.
9:10 AM  
Anonymous Anonymous
There are numerous steps when arranging a funeral service, whether it be preparation for burial or entombment. These include, but are not limited to:

Obtain a Burial Certificate - Law requires a burial permit to be procured by next of kin, typically via a licensed funeral director or through the local Vital Records or Birth and Death Registration office. Usually, a nominal fee is charged to acquire a burial permit.
Select a Burial Site - Oftentimes, the deceased will have either orally requested a burial site before death, or even have written such a request in a will.
Transport Deceased to Burial Site - This can be accomplished through a mortuary or special car service, typically in the form of the traditional hearse. However, many opt to customize this aspect of the funeral procession, in terms of the vehicle selected for transportation. There's usually an additional charge associated with transporting the deceased.
Opening and Closing of Gravesite - This must be arranged with the cemetery ahead of time, and there's typically a fee associated with both the opening and closing of the grave. Fees may vary depending on the day and times of service.
Purchasing a Burial Vault or Liner - Burial vaults, or liners, encapsulate the walls of a casket and prevent the surrounding earth from collapsing the casket over time. Typically, these aren't usually required by law, but often mandatory at most cemeteries, as it helps with site maintenance.
Select a Monument or Grave Marker - It is customary, and sometimes required by cemeteries, to purchase and place a headstone, tombstone or memorial marker at the gravesite for identification and also ritualistic traditions.
9:13 AM  
Anonymous Anonymous
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8:17 AM  
Blogger Hair
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Debt Relief
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