Be Mindful When Asked To Co-Sign A Credit Card

In today's world, everyone could be a co-signee. It gives one the legal right to use the financing for him or herself despite having conflicting issues with another party. It also eases the transaction for a credit card given better collateral from two people is a guarantee. But, the only problem is, credit cards lost under your name -- even if the bankruptcy is the fault of the other co-signee -- would reflect on your credit score.

Often, co-signing for borrowing purposes is done between two parties, the other being family members that one could trust. Despite blood relations, their financial attitudes are still truly different from responsible members of your home. As they are unpredictable co-signees, it might pay to understand about "contingent liability" or the likelihood that their performance would affect the possibility of you getting approved for a loan.

Co-signers -- even those paired with responsible credit holders -- are reminded often to observe the changing credit limits of co-signed credit cards. Often, borrowers are not reminded of these increases and it may lead to skyrocketing costs on both you and the credit holder's part.

If co-signing is critical to save another person from immediate fiscal distress, just make sure to understand the possible strategy you could have in considering all possible outcomes of a problem. This includes finding the possible bottleneck for future charges when the card debt gets too high or how to repay the credit line when it gets too high.

Beware these possible outcomes when co-signing credit cards. Managing a personal credit card is already difficult -- managing it with two heads makes it worse.

Robo-Advisers: Does The United Kingdom Really Need Auto-Responders To Make Suggestions?

The United Kingdom has the most advanced financial technology available in the world and even with the threat of Brexit removing all these advancements, still, newer technologies for government financing advisories would soon grow from the soil -- one of them are auto-responding "Robo-Advisers." These are just the banks' way of cutting down on its employee fees by having robo-advisers take over the jobs of asset managers.

 

Asset managers to be removed and replaced by robots and artificial intelligence would not happne in na instant. According to Pensions and Investments Online, the era of robo-advisers is still early and the institutional asset management sector would not use the technology immediately.

According to Casey Quirk Boss of Money Mangement Jeffrey Levi, the trend is unlikely to receive mainstream implementation just yet as most advisers focus on liquid asset classes focused on long-term investments alone -- which would limit the AI's capability to advise short-term investors -- hence bringing back traditional financial advisers.

According to Mercer LLC Wealth Management Boss David Hyman, the individual investor is still of high value as the stage of advisory AI is still unsatisfactory with its results and are quite "disruptive." However, Hyman himself believes that the growth of the industry will rely on these new technologies.

Tech Is The Future Of Financial Services

Expanding operations of many "Fintech" firms signify the need for banks to step up their technologies to meet the immense demand of tech in financial services. Widespread automation and sectorial consolidation could also mean thousands of jobs lost to technology.

According to ING Chief Executive Ralph Hamers, employment in finance could decrease and financial industry workers may need to find work in other arenas that could play by their strengths. ING's latest plans include technological advancements that guarantee laying of 7,000 from the 54,000 staff of the Dutch bank.

Profitability has been questionable for many banks -- both local and multinational -- and automation is a great avenue to make convenience a selling factor for consumers. European banks are likely to implement Fintech as they try to reduce expenses by boosting profitability through technological efficiency.

Hamers said finance firms are looking to use cloud technologies, AI and voice recognition to make financial services swifter and less intimidating for other users. Total investments for financial technologies worldwide has reached up to $1,200bn with Europe and North America leading in the development of such technologies according to data from Accenture. EU banks may need to wait out the storm for a little bit more as new EU regulations may or may not allow third parties to access customer information despite authorisation from the latter.