Free Credit Reports for New Yorkers Starting Sept. 1st

As reported by Scott Bernard Nelson of Entrepreneur Magazine, starting September 1st, every US Citizen will have the right to request his or her credit report, for free. Federal rules have been phased in geographically, with the Northeast, including New York, the last part of the country to have this right. Going to the credit bureaus directly will still not qualify you for the free credit report, you must visit www.annualcreditreport.com on the web, or dial (877)-322-8228.

Experts Disagree on Why Oil Prices Go Up

Writing for the San Francisco Chronicle,, Kathleen Pender quoted two widely divergent viewpoints on oil prices. Some experts, including a team from Goldman Sachs, point to the increasing world demand, at a time when there is little excess production capacity, as a factor that will keep oil prices in the $50 to $105 per barrel range for years to come. But a separate group of experts says that if it were not for speculators, that oil would still be trading in a $30-40 per barrel range.

Health Care and your Small Business

The Small Business Admiminstration fielded questions via the web on Thursday August 25th, including explanations of Health Service Accounts (HSA's). There is also discussion about a bill awaiting passage by the senate that would allow small business owners to leverage their numbers and achieve better insurance rates, on a regional or national basis.

Do Research Before Changing Prices

Experts advise small business owners to do some research before making a price change, so they can walk the fine line between unerpricing and scaring customers into the arms of competitors. As quoted in the Sept. 05 issue of "Entrepreneur Magazine," Joel Evans of Hofstra University said small businesses should not become preoccupied with matching big competitor's prices, as "sometimes large retailers can postpone a price increase based on a large inventory position based on their large inventories purchased at a lower price."

Warning Signs of a Slowing Economy

While credit remains plentiful now, there are clouds on the horizon, warning of an economic downturn, Joseph Powers, marketing manager for Bank of America, told the "Westchester County Business Journal." Nearly $1.5 billion in high-yield bond offerings were reportedly postponed in late May 2005. A recent wave of downgraded credit ratings, including GM, Ford and many of their suppliers also points to a slowing economy. And the volume for seond lien loans, traditionally employed as rescue capital, increased from $600 million in 2002 to more than $12 billion in 2004.

Savings Rate Hits Zero in June

The savings rate for June 2005 hit zero, for only the second time since 1959, when the Commerce Department began tracking savings by consumers. "[Rising home values] are making people feel they don't need to save," Lakshman Achuthan, managing director of the Economic Cycle Research Institute, told CNN Money. While high levels of consumer spending are helping drive the economy now, if real estate prices start to decline, it will be bad for the economy, as consumers run out of home equity they can tap.

Atkins Nutritionals Files for Bankruptcy

Privately owned Atkins Nutritionals Inc. has filed for bankruptcy, as the low carbohydrate diet fad has continued to fizzle, impacting the company's sales. The latest figures show only 2.2 percent of consumers are following a low carbohydrate diet, down from 9 percent at the height of the craze, the "London Times" reported. Founder Dr. Atkins, who died in April 2003, received the National Health Foundation award in 1985. The diet has never been endorsed by the American Medical Association, which says it lacks scientific basis, and risks coronoray artery disease.