Truly Going Green
TECHNOLOGY
Truly Going Green
Volvo's New River Valley Truck Plant Now Has... Plants!
he New River Valley Truck Plant in Dublin, Virginia, is more than just the only plant where Volvo Trucks builds trucks for the U.S., Canada, and Mexico. It also may be the only plant in the United States with its own natural area ... inside the plant! As part of a recent renovation that is transforming Volvo's NRV Plant into a state-of-the-art facility, a large and inefficient paint booth was removed from inside the plant. This created a 30-foot by 60-foot space and a hole that went almost 30 feet into the ground. Employees and management looked at that space and agreed that it should remain open, in spirit with the new openness and cleanliness throughout the entire plant. Engineers filled the 30-foot hole with layers of subsoil and materials to create proper drainage, and bushes and trees were planted. An irrigation system provides water, and huge skylights overhead provide natural lighting for the plants while enhancing the bright, airy feel of the facility. Volvo remains the only heavy-duty truck brand that is assembled only
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in America. And now employees at the NRV have another reason to take pride in their plant ... or plants!
FINANCE - CONTINUED FROM PAGE 3
The Cons
Of course, you have to take the good with the bad. There are many items that aren't covered in the new legislation:
#3. There are a many exceptions to the new rules. If you think the
rates on your existing balance cannot be raised automatically, that's true. Unless, of course, the card is on a variable rate agreement (which most now are). Or if your payment is 60 days late: in this case, the rates on the existing balances can be increased. Sure, you can get your lower rate restored on your existing balances if you make six consecutive, on-time payments. Keep in mind, though, that this may be difficult to do because your minimum monthly payment will increase significantly when you miss a payment.
#1. No restrictions on fees. Although there is a restriction on the
amount a company can charge you for your application fee and your annual fee (it's 25 percent of your initial credit limit, by the way), other types of fees are still fair game for credit card companies. They can charge you anything they want in the way of other "fees": fees for being a cardholder, late fees, fees for too much (or too little) activity the only limit is their creativity. The only difference (and your protection) is that your credit company is now required to give you 45 days' notice before changing or increasing your fees.
#4. Legislation doesn't cover prepaid cards or payday loans.
These credit card alternatives (often utilized by people with no credit or bad credit) still gouge customers with astronomical interest rates and fees at every turn.
#2. New customers and new purchases aren't as protected. The
new regulations on interest rate increases only apply to the existing balances. For new customers, creditors have the freedom to set interest rates as high as they want. And, while customers existing balances are protected, their new purchases may not be safe from future rate hikes.
The Reality of Debt
The bottom line is that there is no overnight fix when it comes to credit card debt. While the new legislation will help you avoid some nasty extra fees and surprises, you'll still have to do your part to get out of debt (and stay there).
11 DRIVER'S DIGEST
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