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Monthly Archives: May 2010
Easy Ways To Avoid Holiday Debt
Author: Iain Stubley
Title: Easy Ways To Avoid Holiday Debt
Article: While we all enjoy the Christmas holidays, once the bills begin to arrive we are usually brought back down to earth with a bang. If you want to avoid holiday debt, here are some tips.
Open up a Christmas club on January 2nd. You can contribute five or ten dollars a week to the club and by October you will either have $200 or $400 to spend on Christmas gifts.
Avoid using your credit card to buy gifts. This only adds to your ongoing debt and will just leave you stressed out after the holidays. Pay with cash whenever possible. If you have to buy an item with a credit card, pay the bill off as soon as you receive it.
A Christmas budget would be a great idea to decrease the likelihood that you will overspend on gifts. Make a list of the friends and family members you intend to give a gift to and assign a dollar amount. It is important to stick to the budget.
Begin Christmas shopping earlier in the year. There are always sales every week so take advantage of them. You can even buy two or more of the same item in case you have to give a gift you weren’t planning on.
If you like to shop online, use one credit card. There are many online coupon sites that offer great savings throughout the year. Utilize the coupons, check out the sales, and make your purchases. Remember to pay the credit card bill balance as soon as possible.
Perhaps Jane and little Joey want something very expensive this Christmas. If you can’t afford it, don’t buy it. With the list of gifts they will present to you, there is sure to be some items you can afford.
As “bah humbug” as it may sound, consider asking friends if they would mind not doing presents this year? You will be surprised that a lot of people would love to suggest it themselves, but worry they may be deemed a penny pincher. After all why buy something they probably do not need or want!
Holiday debt may be avoidable if you start with a Christmas budget, put aside a few dollars every day, or open a Christmas club. Instead of buying a cup of coffee everyday, put that money towards Christmas.
Let’s be honest, buying items with credit card is very easy to do these days, especially with internet shopping. But if you shop early, you can certainly pay off the debt before the holidays and start the New Year with a bang instead of a whimper. Looking for a cheaper credit card? – Find the best card offers online Visit Cheaper Credit Card for all your credit needs.
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Debt Management – Choose Your Approach Wisely
Author: Melanie Taylor
Title: Debt Management – Choose Your Approach Wisely
Article: Debt management basically means talking to your lenders and asking them to help you find a way you can repay your debts at a rate you can afford. If you simply cant keep up with your repayments, its in your interest and theirs to find a way around this problem.
They might agree to accept lower payments for a while, for example, or waive charges, and / or freeze the interest being charged on your debt. Clearly, lenders would prefer you simply repaid the debt as originally agreed, but if this is no longer a realistic option, theyd probably rather negotiate than take you to court, with all the cost, time and hassle that can imply.
If you cant afford your repayments and you think debt management could help, you have a choice: you can negotiate with your lenders yourself, or you can ask debt professionals, who are familiar with the process, to do it on your behalf.
If you do decide to ask for professional help, youll have quite a wide range of organisations to choose from. Some are charities, while others are companies. Some will provide guidelines and sample letters, while others will handle negotiations, paperwork and phonecalls on your behalf. Some charge their customers a direct fee, while others finance their operations in other ways.
These are just some of the differences. If you’re trying to decide who you should approach, it’s probably a good idea to check out their websites and find out exactly what it is they offer as well as what they charge (if anything).
However, you probably shouldnt stop there. Websites can provide a good idea of the way a debt management organisation works, but there a lot to be said for the personal touch. Write down a few questions, and try phoning a few to see what happens. It might help to make notes so you can compare them afterwards.
Think about the main things youre looking for in a debt management organisation. For example, How long did it take to answer the phone? Was the person you spoke to helpful? Understanding? Friendly? Did they know the answers to your questions? Were they too pushy? Did they, in short, know their stuff? and come across as a professional organisation?
Asking for debt help and trusting someone to help with your finances is a big step, so its well worth doing the research before you sign up to anything. For more information on debt management and other debt related issues, visit http://www.thinkmoney.com/
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When to Consider a Short Sale
Author: Ki Gray
Title: When to Consider a Short Sale
Article: A short sale is when a lender agrees to take less than the principle due on your home to release you from the debt obligation. In today’s real estate market, many cities are experiencing financial hardship. Financial hardship leads to bankruptcy and foreclosure. Bankruptcy and foreclosure often lead to short sales.
Of course, there is no need for a short sale if you can afford to leave your home on the market. You want to get the most money possible in the sale of your house. Probably the only circumstance under which you should consider a short sale is when you are desperate to sell your home. It may be that you are financially able to weather the loss, but, more likely, a short sale is due to financial hardship.
There are many homeowners who have had a home on the market for some time. Some are tired of waiting, have received a lowball offer and are financially able to take the loss. That’s the best case scenario. Others, however, are suffering financially. They’ve lost their jobs or have experienced medical emergencies or other emergencies that have put them at great financial risk. They need to sell their homes to get out of the mortgage payments. They are upside down in their homes and a short sale looks like a good prospect.
Don’t go gentle into that dark night of short sales. Before you do, you will need to ponder a few things. If the lender of your mortgage agrees to a short sale, they will report the account as closed to all major credit reporting bureaus. They will report the account as not paid in full, write off the remainder due on your mortgage as a loss and send you a 1099 for the difference. The IRS will consider the amount on the 1099 as income, and you will be taxed on that amount. If you parley up front, you may be able to negotiate a more favorable settlement with your lender.
When presenting your short sale offer to the lender, make sure you request up front that they report the account as paid as agreed. Get it in writing before you sign. This will eliminate the negative reporting on your credit report. In regards to the forgiven amount on your mortgage loan, the Mortgage Forgiveness Debt Relief Act of 2007 may apply to you. Up to $2 million of your mortgage debt can be excluded from IRS taxation on your principal residence. Up to $1 million applies for those married filing separately. Check with an accountant or the IRS website for more details.
The bottom line is that a short sale may be the only way you will be able to sell your home, and get out from underneath the weighty indebtedness of your mortgage. You may have to take a loss that could impact your credit score and increase your taxes. Make sure you do some heavy duty negotiating before you agree and sign on the dotted line. Ki stayed in Austin after graduating from the University of Texas. He began working in Austin real estate. To aid buyers, he created a website where they can search Austin MLS listings. He also maintains a blog covering market updates on Austin Texas real estate.
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Where To Go In Case Of Conflicts
Author: Peter Finch
Title: Where To Go In Case Of Conflicts
Article: Are you having problems with your flood zone insurance company? Life does not always go smoothly because you want it to, and like other things in life, having a problem with your flood zone insurance company is something you must expect.
First of all, you must remember that insurance companies do not work or stand alone. They belong to a group of or an organization and when you have complaints, they will settle with you based on the organization laws and regulations.
This means that when you have a complaint against your insurance provider or when things did not work out to your satisfaction, you can not just march in their office and demand satisfaction or punch the ear of the sales agent you dealt with when you bought your policy. Your complaints will not be ignored but certain steps will have to be followed before your complaint will reach an appropriate department.
You must remember that your insurance provider is a member of an organization and there is always an expert or appropriate person who will address your complaint. Your flood zone insurance company just needs to settle things in a systematic order because they have their reputation to protect. People entrust their money and their properties to insurance providers, hence the need for them to remain credible before their clients.
The first thing you must remember is when you choose your flood insurance company, make sure that it is a member of one or all insurance organizations. If they are not, then your mind should start working and asking questions. Insurance or trade organizations regulate rules for their member organizations.
In the UK, you could check if your flood insurance company is a member of any of the two main organizations. There is the Insurance Brokers Registration Council (IBRC) and the Association of British Insurers (ABI). Knowing which organization your insurance provider belongs to could easily guide you know where to go.
Insurance providers who belong to any or both of the two main organizations follow the code of conduct that is set down for them so if you have a real complaint, you can expect that your complaint will be handled by more senior members who are experts of the organization.
Then there is the new organization called the General Insurance Standards Council (GISC) which is slowly taking charge of the regulation of the insurance industry. When you have a complaint, you must file your complaint directly to your insurance provider in writing. When they answer and you are not satisfied, find out what the complaints procedure is and follow it.
Your complaint could either fall into the ombudsman scheme or an arbitration scheme.
If the complaint goes to an arbitrator, you and your insurance provider have to commit to accept the arbitrators decision but when it falls to the ombudsman, only your insurance provider has to commit to accept the decision. If you do not agree to the decision of an ombudsman, you can always go to court, that is if you are willing to pay high costs and be patient for the lengthy procedure. If you are looking for information or advice on flood insurance or flood plain insurance or where to go in case of conflicts, visit us now. FloodInsuranceAdvice.com is a goldmine for information on all aspects of flood insurance.
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Finding Good Non-Profit Credit Counseling And Debt Management Services
Author: Ben Brook
Title: Finding Good Non-Profit Credit Counseling And Debt Management Services
Article: The Federal Reserve Board estimates that about 44% of all Americans are in debt. A lot of this debt is due to our reliance on credit. Credit is a way of getting what you want now and then paying for it later. And then you keep on paying and repaying for it in the form of high interest rates. Help is available to you in the form of non-profit credit counseling and debt management services.
Ignore The Television Ads
You can’t find good and legal non-profit credit counseling and debt management services from television ads, no matter how good they sound. Non-profit credit counseling and debt management services will often have websites, small newspaper ads and occasionally a mailing circular, but usually they do not advertise on television or billboards. They just don’t have enough money for that kind of advertising budget.
Ask Your Creditors
One of the reasons why non-profit credit counseling and debt management services don’t do a lot of advertising is that they don’t need to. They get a lot of clients from the creditors and banks that work with them. Your creditor whether it’s a bank, bank or other financial service is one of the best places to go to for a good non-profit credit counseling and debt management service.
Don’t be afraid or ashamed to ask for debt management help from those who you owe money to. You creditor would rather get some of the money from you than none. Things like car repossession or foreclosing on a house costs the creditors more money than if they just lower the interest rates of your loan.
But since you have just admitted that you have money problems, your creditors will not feel that you are safe enough to give a break to. That’s where the non-profit credit counseling and debt management services step in. The creditors trust them, so they will negotiate with those services to get you out of debt.
The non-profit credit counseling and debt management services then pay off whatever you owe to the bank or creditor. Now all you have to do is pay back the non-profit service, usually with just one payment a month. The big advantage is that you no longer need to deal with a lot of those high interest rates.
You need to be honest with your credit counselor and bring in all information about your earnings and your debt. They will not find anything shocking they will have seen it all. For more information about debt management please visit my Debt Management website where you can find more articles and information about non profit credit counseling and debt management
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Business Bank Accounts; Building A Solid Financial Platform
Author: Thomas Pretty
Title: Business Bank Accounts; Building A Solid Financial Platform
Article: One of the first and most important decisions that needs to be made when starting a business is which of the many business bank accounts on the market to choose. Business owners are often left befuddled by the myriad of choices out there and the expansive use of confusing terminology.
Because of these reasons many choose to open business accounts with the bank that already carries out there personal financing. While this may well be the most convenient and simple option, it is rarely advisable; by banking with your existing bank you run the risk of missing out on the better deals that may be available elsewhere. These deals could come in the form of low rates of interest on overdrafts, credit accessibility or even business advice options. By not undertaking a process of research into exactly what the bank accounts on the market offer, the risk of depriving your business of development potential is a very real possibility.
Ultimately business accounts need to carry out one fundamental purpose. That is to allow your company take and receive payments for services or products. This is why even the most basic of accounts will typically have a chequebook and a paying in book; both are needed to manage finances effectively. With these two books it is possible to lay the foundations of a solid financial platform.
Even though the two books are extremely useful in the modern world instant financial access is often needed. For this reason many bank accounts offer electronic transaction processing in the form of a card or the option to set up direct debits and electronic payments to parties such as landlords or suppliers. This type of payment system can be highly useful in helping to maintain cashflow and ensuring that all payments are made promptly. In a similar vein it is important for a bank to offer facilities such as internet and telephone banking; essentially nearly all operations need to be able to view their finances in real time in order to stay on top of financial issues.
While interest rates are important, the credit charges that are likely to be applied to an outstanding amount can be seen as the far more important factor. The majority of companies, particularly those in the early stages of operations will not make the greatest use of high interest rates, far more preferable is to have a bank that will charge less when the finances are in the red.
Business advice services are now offered with nearly all of the corporate accounts available on the market today. Typically this advice will be offered for free during an interim period and will only be charged when an agreed period of time has surpassed. Essentially a company owner needs to assess their needs for advice and how much they are willing to spend on expert assistance.
Hopefully this article has given an idea of some of the considerations needed when choosing a corporate account. Fundamentally a process of detailed and conscientious research will result in a solid financial base, allowing a company to grow, develop and prosper. Financial specialist Thomas Pretty studies what kind of considerations need to be made when looking at the various business bank accounts on the market.
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A Simple Way to Cut Your Monthly Expenses
Author: Steve Kroening
Title: A Simple Way to Cut Your Monthly Expenses
Article: One of the most successful business models in the corporate world is also something you should look for to cut your monthly expenses.
The business model is a system of recurring revenues. Recurring revenues are a wonderful way to make money if you own a business. To best understand this system, think about your cable or satellite TV. Each month, you send a payment to your provider to receive your programming. How many times did the provider have to sell you on their service? One time! How many times do you pay for the service. Every month.
Of course, the company has to provide you with excellent service and programming every day, but they only have to sell you once. After you buy, you’re most likely going to remain a long-term customer. That’s how recurring revenues works. When a company sells you on their service one time and you send in a check every month, they make a fortune.
So how can this help you cut your expenses? Simple. Look for services you’ve subscribed to once and continue to send in money every month. Then look at how many of those you really need. If it’s tough to cut some out, think about this: If it’s a great money making system for the company, it’s a huge money-draining system for you.
Sure, some of your recurring revenue accounts are indispensable, such as water, electricity, and gas. In those cases, look for ways to cut back on your usage to lower your monthly costs.
But here are some of the most overlooked monthly bills that you could easily cut back:
* Extras from your phone company, such as call ID, call forwarding, voice mail (it’s much cheaper to buy an answering machine than to pay monthly for voice mail), etc. Look over your phone bill and ask yourself, “Do I really need this service?” These little add-ons really add up over time.
* TV. Move your cable or satellite service to a lower subscription rate. Or, better yet, try going without it for a while. Yes, you can live without TV … and probably should if things are tight. Let TV be a reward you give yourself when you’re in better financial condition.
* Your cell phone subscription. These can be some of the biggest money hogs around. See if you can lower your rate plan. You can usually do this without incurring any charges.
* Internet. Look for a cheaper monthly plan. Many of the cheaper services offer awesome service at a much lower monthly rate. Shop around and see if you can lower your costs. And some people pay a lot for hosting service for websites that aren’t producing any income. Ask yourself if you really need the websites.
* Financing. If you think about why companies offer financing on their products, it’s not just because it offers you a convenient way to pay. It’s because they make a lot of money on the deals. Any time you buy a product on finance plans, whether it’s a car, a refrigerator, or anything else, you’re choosing to pay more for the product. Of course, 0% interest loans are a great tool, but some of these come with hidden charges, so you have to be careful. Try to pay in full all the time. You’ll save big.
There are many other subscription plans that sell you once and bring in money every month. Go through your bills and see which ones have a recurring revenues type model. Then evaluate each one and see where you can make cuts.
And remember, you’re not just making a one-time cut. It’s a cut you’ll enjoy every month from here on out! Steve Kroening writes for Success magazine and also publishes Wisdom”s Edge. You can get Biblical tips on health, finance, relationships, parenting, and success, delivered to your email inbox every week. Simply visit http://www.wisdomsedge.com and sign up for this free e-zine.
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British Consumers ‘Uninformed’ About Personal Finance
Author: Mark Dawson
Title: British Consumers ‘Uninformed’ About Personal Finance
Article: Some of the more simple matters regarding personal finance prove to be bamboozling to the nation’s adults, according to the latest research from Abbey.
The bank set more than 1,000 British adults a ten-question personal finance exam, similar to GCSE standard, with the number of adults not achieving a GCSE-level C grade or an O level pass numbering one in ten, the equivalent of 4.7 million Britons. Issues including credit card interest, negative equity and secured loans repayments were all tackled in the questions, which were taken from previous exam papers.
Abbey said that following the examinations, 25 per cent of those that undertook the tests scored the equivalent of an A*, whereas 30 per cent scored an A. When the 21 per cent that achieved a B level are added, some three-quarters are covered in the top three grades, but 24 per cent are not. “While most people are in the realms of a GCSE pass almost five million British adults would fail a simple personal finance exam,” said Steve Shore, head of banking at Abbey. “Quite worrying given we selected questions that we felt everyone with a bank account should know.”
Following the research, Abbey has also released a list of the top five questions that stumped those that took the tests. Some 86 per cent did not know that six weeks were allowed to pay back a balance on a credit card before interest is accrued, while just under half (47 per cent) were unaware what negative equity meant.
Almost a quarter (23 per cent) of those that took the Abbey exam did not know that non-payment of secured loans could lead to the house it is secured against being sold to cover the loan, while seven per cent thought that the contents of a house, rather than the house itself, would be sold to pay off the secured loan.
The Abbey research seems to support government plans to introduce a personal finance element into Maths GCSE and this is something that the bank itself is calling for. “Abbey certainly welcomes the government’s plans to introduce a much-needed personal finance element into the curriculum. We would also urge anyone who doesn’t understand something on their bank statement to contact their branch or a financial adviser,” Mr Shore said.
Other issues that puzzled those that took the test concerned unpaid cheques and bank statements, as well as the meaning of hire purchase agreement, something that left more than one in ten (12 per cent) confused.
In July, the ifs School of Finance welcomed the decision by the Financial Services Authority (FSA) to call for mandatory teaching of financial education in schools across Britain. The organisation welcomed the “stronger place” financial education would fill in the curriculum after the FSA called on Ed Balls to work to achieve this. Along with the Abbey research, a study by Lloyds TSB last month showed that young people are concerned about taking on too much debt, suggesting that education about products such as personal loans and current accounts could prove beneficial for schoolchildren. Mark Dawson writes for Loan-Arrangers .co.uk where visitors can compare cheap loans online. Then apply for the best rate secured loans and bad credit loans available.
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