Money

Money laundering is the crime of disguising the source of a person, group or company’s money. It is generally done to either hide an illegal income source. The act is designed to conceal the income’s source, means or nature, location, ownership or control.

The history of the term can be traced back to the prohibition era of the 1920s when large bootleggers frequently disguised their money using small businesses such as laundries. The laundries were the means by which “dirty money” generated by criminal activities was cleaned (converted) through legitimate businesses into assets that could not be easily traced back to their illegal origins. These businesses would simply report a larger amount of money than their actual income, banking it for their ‘owners’. These schemes worked best in businesses that generate most of their income from cash payments.

An important thing to remember about money laundering is that it is a criminal act even if you are unaware of the money’s illegal source. Helping another person to disguise their income is illegal.

Revolving Credit is a line of credit extended to individuals or businesses who may use it as often as desired up to a specific dollar limit. The agreement permits a purchaser to charge purchases against an account each period (generally a month) at which point they must pay part of the debt and may pay all of the debt. New purchases can be made, charged and paid off during the period. Generally there is a minimum payment amount based on the size of the debt. This is in contrast to a car or home loan in which a fixed amount is loaned to a client and a fixed payment is expected over a pre-set period of time.

Interest is usually charged on the unpaid balance of revolving accounts and in some cases the interest can be quite substantial. A typical revolving credit account is a credit card. Revolving credit is often used in business situations when the client needs a flexible account with which to buy goods and supplies that it then sells. Once the items are sold, the business pays the lender and starts the cycle again.

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Make certain to research your Credit Options before choosing any kind of Credit Cards. A lot of cards carry annual fees and high Interest Rates.  You can browse several Credit Card Offers online to make sure you get a good deal.