Canadian Dollars hit Par with USD

First time in 30 Years

Importers are thrilled, exporters are finding new ways to adjust. Tourists are reaping the benefits, domestic consumers still can’t catch a break. The new economy is hot, perhaps to hot in Canada, as for the first time since the 70’s the CDN dollar has hit par with the USD. In fact, considering the cash back rate one would actually LOSE money cashing in American dollars. Here are some articles collected from around the finance world on the day of the historic event. Post your thoughts below about how this change has affected your life and business.

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US Consumer Credit Increases Yet Again

Originally posted in our forum and moved here:

Forget about the fact you can’t afford the new car or couch, that hasn’t stopped Americans from spending way more than they earn. US consumer credit rose by a bigger-than-expected $10.27 billion in June on a surge in credit card debt, said a Federal Reserve Report.

Consumer credit outstanding rose to $2.186 trillion in June, rising at a 5.66 percent annual rate from $2.176 trillion the prior month. Revolving credit, which includes credit and charge cards, rose by an annual 9.80 percent rate in June to $820.65 billion after a 11.04 percent surge a month earlier.

Non-revolving credit — closed-end loans for cars, boats, education expenses and holidays — rose 3.19 percent to $1.366 trillion in June after slipping 1.35 percent the prior month.

This just in, take control of your finances and stop using bad credit to your spending splurges, it will help you in the long run!

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Canadian Trust Funds Explained – Trust Funds 101

Here are tidbits on trust funds:

What is a trust?: A company with a special legal structure that allows it to pass profits on to the people who own it without having to pay corporate taxes.

It’s a kind of corporate security similar to a share in a company.

A share of an income trust is called a “unit” and investors can buy and sell them like stocks — via a broker or discount brokerage.

Advantage: By paying little or no corporate taxes, the company can pass on more cash to its owners. Companies pay most of this cash to investors in monthly distributions.

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Coinage Materials Modernization Act of 2007

Congressman Luis Gutierrez, Chairman of the Subcommittee on Domestic and International Monetary Policy, Trade and Technology, and Financial Services Committee Chairman Barney Frank have introduced H.R. 3330, the “Coinage Materials Modernization Act of 2007.” The bill will authorize the Secretary of the Treasury to change the composition of coins issued by the U.S. Mint to less expensive materials. The Treasury Department estimates that changing the composition of pennies and nickels will save the government over $100 million a year. By making similar changes to the half dollar, quarter and dime, the government can save as much as $400 million annually.

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Intro to economics and personal finance.