credit | wealthymatters

Free Credit Scores In India

October 26, 2015 2 Comments

Before a bank/other financial institute extends a loan to a potential borrower, it needs to take a decision on whether the person would be able to repay the interest and principal or default and how much risk is involved in lending money to this person. Banks and other financial institutions rely on many factors to take this decision on credit-worthiness – including the person’s income and household income , the person’s other loans and EMIs, the person’s previous repayment history and defaults if any, etc.

In the past, the banks had to collect all this information from a potential borrower before analyzing it. But now, they make use of credit reports and credit scores. A few years ago, the only credit reports and credit scores available were from CIBIL. At the time, I wrote about interpreting the CIBIL CIR and improving the Credit Score and How a Good Credit Score improves one’s chances of securing a loan on better terms. Link. Link.Link. Read more of this post

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A Short History Of Debt

November 14, 2013 Leave a comment

Filed under Paper Assets, Tool Kit Tagged with asset backed securities, Brady Bonds, car loans, collateralized debt obligations, corporate debt, credit, credit cards, credit default swaps, default, derivatives, education loans, emerging market bonds, government bonds, government debt, Government Syndicated Bonds, Grameen bank, Hammurabi's code, history of debt, IMF Crisis, interest rate swaps, intergovernmental loans, junk bonds, loans, Michael Milken, micro loans, mortgage backed securities, Mortgages, municipal bonds, national debt, payday loans, peer to peer lending, personal loans, postaday, repro loans, Rothschilds, securitization, small business loans, South East Asian Crisis, student loans, subprime mortgage

The 10 Cannots

April 16, 2013 4 Comments

Often mis-attributed to Abraham Lincoln,the following ten cannots were put forth by Rev. Boetcker. They had a profound effect on Margaret Thatcher.She is supposed to have carried a news-paper clipping of these 10 cannots in her now famous handbag.

You cannot bring about prosperity by discouraging thrift.
You cannot strengthen the weak by weakening the strong.
You cannot help little men by tearing down big men.
You cannot lift the wage earner by pulling down the wage payer.
You cannot help the poor by destroying the rich.
You cannot establish sound security on borrowed money.
You cannot further the brotherhood of man by inciting class hatred.
You cannot keep out of trouble by spending more than you earn.
You cannot build character and courage by destroying men’s initiative and independence.
And you cannot help men permanently by doing for them what they can and should do for themselves. Read more of this post

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The Most Expensive Keywords

March 10, 2013 6 Comments

If you have ever wondered why there are so many financial websites and blogs on the internet,here’s your answer.The fact that in the real world too, the financial services sector is growing at a breakneck speed helps in its own way. wealthymatters

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Money as Debt – Promises Unleashed

September 4, 2011 1 Comment

‘Money as Debt-Promises Unleashed’ – I watched this documentary last night.It is made by the same person who made ‘Money as Debt’.Here is more about it :https://wealthymatters.com/2011/09/03/money-as-debt-paul-grignon/

This documentary too is worth watching.Personally I found that it challenged my mind to stretch just a bit more to understand the supply of money. Honestly,I think I’d have to watch the movie a couple more times to take in all the implications of the arguments that Paul Grignon makes.The documentary did change my way about thinking about my bank deposits and it managed to convince me that indiscriminate money creation by banks and other financial institutions leads to many systemic problems.But at the same time I’m not able to buy the argument of the earth being unable to support infinite growth.It’s too Malthusian for my tastes.And I believe too much in the ingenuity of man and the abilities of science to accept that the world’s resources are so limited.Admittedly,man may devastate the earth in the short run and pay the price for it but mankind will also learn its lessons well and come up with the right solutions.I also find it hard to see compound interest,investing and modern financial transactions as an unmitigated evil.I believe that every financier is not a gambler. Read more of this post