What shall be our financial resolution for the coming New Year?

Just a few days are left before we enter the New Year 2010. With every New Year come new plans, new commitments, new resolution, and new promises. Here, we will find out what can be our New Year resolution in terms of financial matters. Since the past two years, we have been battered with the word “recession”. This has been eating us for a long time. Every now and then, we have been hit by recession. Anyway, it is time to get rid of it. Each year we make some resolutions and later we find ways to give excuses for not materializing them. But, this year, let’s make some realistic resolution which we think we can fulfill at the end of the year. First, let’s sort out what will be our priorities this year. Do we wish to purchase any home this year; do we need loans for kid’s educations; do we have pending balance for any loan or credit cards; or so on. Then, according to our plans, we need to allocate both our time and finance to our priorities. After we are done with finalizing where to put money more, we will create a reasonable budget, which we can pursue. It will be a routine for us to go through the budget almost everyday. If we have pending balance for credit cards or loans or both, then this will be our first priority, lest it should affect our credit report. We will not be late in paying our credit card bills or insurance premiums this year. We will channelize our funds towards our outstanding balances. If required, we will contact any debt consolidation firm and try to consolidate our debts. This will help us save some bucks and also our valuable time. We will limit our usages of credit cards to minimum and would not apply for any new one until the old ones are paid off. We will keep abreast with our credit reports periodically and see to it that it is improving. And, in case of any home purchase or loans, we will not fall prey to any cheats. We will ourselves investigate and find out which company offers the best bid. We will take time to finalize the offiers and then go for them. We will also pay our taxes on time and file for tax returns forms in time as well. We hope this coming year will be a much better one. Amen!

What is an IVA?

IVA stands for Individual Voluntary Arrangement. It is a debt solution option available to people in the United Kingdom and residents that live overseas – including those residents of the United States, Canada, and Australia.

These types of debt solutions allow people to avoid going through the implications that come along with bankruptcy. An IVA is a legally binding agreement as well and is approved by the government so you can be rest assured there is a significant amount of legislation involving the process.

The Process

An IVA starts with the debtor and the Insolvency Practitioner (IP) sitting down to discuss the best path forward. A good IP will not immediately suggest you go with an IVA. Instead they will offer you a number of options and discuss what might work best for you.
In certain circumstances, your poor financial standing could limit the amount of solutions that are available to you so finding great IVA advice is crucial.

After the IP has approved the IVA proposal they will send it along to your creditors who will then meet to decide whether they should approve the proposal or not. If it is approved, then you can receive the IVA.

If you are a novice, how would start buying stocks?

If you think of venturing into stock market for the first time, then you are welcome. No special expertise is required for that. However, you need to be careful and updated while you start investing money in market. Though the concept is simple in the stock market, it requires some prudence and flexibility on thinking. A vigil mind can make you a winner. Buying and selling stocks are not as good as buying or selling products in a market. First, you need to have thorough knowledge of stocks. Then you need to go in an agreement with a registered stockbroker and then, you can start investing, trading, or both. Keep in mind that stock market is very volatile and anything can happen with this. A natural disaster or any political changes in a country or a major company filing bankruptcy and the like may have a huge impact on the market. It can affect the price of any stock and unfortunately, you do not have any control over it. You would just wait and see.

While you invest money, start with a small amount. See how it fares in the market. Keep abreast with your broker or any tips given by your broker. Apply your own discretion when you actually put money in a purchase of any share. Do not follow suite if your brain says negative about it. Read stock related books. Try to sell stocks when you feel comfortable. Since you are a novice, you should not attempt or look for a big profit at the beginning. Move slowly but steadily. All the best.

How can you avoid making mistakes in real estate investments?

In spite of the credit crunch in recent time, real estate investment continues to hold ground. Instead, it is gaining popularity these days. Investors sell properties in the hope of selling them off for a higher price. However, as with all kinds of investment, you must take care to avoid some mistakes while investing in this industry. Mistakes are common; nevertheless, we must make sure it is a few. Hence, some mistakes you can avoid concerning your real estate investment are as follows:

The most common mistake in respect of investment in the real estate is the presumption that it does not require much of knowledge and that you can do away with this without any plan. Do not buy a property since it looks good or since people say that investing in it will be profitable. Do not go by the trend or follow suit. Use your own discretion while investing. Secondly, a mistake that most people make is to pay more than what the property is worth for. It is very important that you make a very thorough research before you put your money in any property. Most of the time, a house you are going to buy, may not be worth the price. The current price may be due to the advertise campaign or any market rumor. Therefore, you better investigate or consult any expert before you take a plunge.

Finally, I would say that before you go for investing in any real estate, you try to purchase any house close to your locality. This will help you visit it off and on and take care of it. Try to keep mistakes to minimum and enjoy the more relaxed investment.

What is Term life insurance? Get a overview of it.

Term Life Insurance, as the name suggests, is another type of life insurance but this is for a term. This type of insurance is a temporary contract between the policyholder and the insurance company. The contract will expire after the stipulated time; say after 30 or 40 years. In the event of death of the policyholder, the term life insurance policy protects his family by paying benefits to them. You will buy this policy for a specified monthly premium, which is lower than usual.

If you are unable to afford a whole life insurance policy in which you have to pay a higher amount of premiums, you may choose this kind of insurance. Here you would pay lower amount of premium in comparison to the whole life. Younger people who have liabilities towards their families may opt for such insurance. Unlike whole life insurance policy, this is neither an investment nor a savings. It does not usually build up any cash value. The benefits will be given only once upon the death of the policyholder.

Some factors are taken into account when your premiums are set for the term life insurance policy. Since the rate of premiums is cheaper, the insurance company will analyze some points. Your medical report is important. If you suffer from any terminal illness such as cancer or so, your chance to get such policy is low. If you have any heart disease, you will get the policy but with a higher premium rates. Your profession is also analyzed. If you work, say, in a chemical factory in a risk, you may not get this type of insurance. If you are a smoker, your chances will again be lower as smokers die early, as they say.

In fine, I would say, this type of policy is better for those people who are on a budget and who need some protection for a certain span of time. It provides more security at a less cost. This is good for those people with many obligations such as marriage, loans, and so on.

Expecting problems paying your bills? Need cash for help? Payday loan is right for you!

This is an amazing solution for everybody how expecting money emergency or other thing, this is easy money for less time to spend, absolutely paperless and amazingly fast. Payday loan online save you more time and provide you with cash faster than other companies and with the lowest fees. Extend you wallet by applying cash advance payday loans online, and there is great benefits open for you, so you can be able to pay your late bills, rent, grocery's, car payments, due credit cards and other stuff you need to paid. But its not only for the emergencies its can be helpful in other way to, to get something you dreaming about or else. This is 100% your money so you can spend what ever you like for.

If you unable to make some money, but still needs to pay your bills, also its work perfect is your credit is bad, our online payday loan are absolutely easy - no employment check, no calls, no faxing nothing like that its a very easy money to earn. What you have to do is make a decision how much money do you need, we can provide you with a 100$ till a 1,500$ no questions to ask 100% online and easy. Fill in our free and safe online application, and in seconds you receive an approval and your cash in hour or faster. This is fully licensed and certify online payday loan so you don't have to worry about anything. Cash advance goals is help people in the economy recession, provide them with money. #1 payday loan in America get started right now and apply for you cash advance.

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This is a totally awesome solution a lot better than other cash loans or credit cards, because its much easier and quick. On the weekend I got an emergency and was shopping around for a extra cash to reduce my problems. I decide to try apply for a credit card, but this is doesn't work for me. Because its pretty hard to get a loan right now, they all ask me about prove of employment and other documents to submit and the worst thing is a interest rate was way to high. So somebody give me an advice to try a payday loans for a quick cash loan. This is definitely better solution, no questions to ask, easy application, save me lots of nerves and time. If you in some kind of financial emergency or just looking for an extra cash - just hit get-cash24-7.com this is Americas best payday loan agency to get helped. Harry up! There is a Christmas bonuses for each single customer, get you self a great holiday.

You wish to invest in stock market? How can you start?

Some of us believe that stock market is very lucrative and all of us accordingly long to invest some money in it. We wish to earn some good money from there. However, do we actually know that share market is not as good as betting, in which fate determines our success? Maybe, we don’t. Putting money in the stock market is an investment. However, unlike other kinds of investments, share market requires a lot of knowledge, study, and research. You cannot just simply put your hard-earned money in the market in the hope that you will get a big gain shortly. This will be foolishness and injudiciousness. Therefore, you need to be a little careful and, of course, updated regarding the latest events in the market. First, make a thorough research about the companies, which you think of investing some pennies in. Check out their company portfolio, how they are growing over the years. Verify that the company you gonna put money in, is yielding periodical profits and that they are made public. You need to know how this company fared in the last quarter. This company should also be paying dividends to its existing shareholders. If you are sure, and feel confident, then go ahead and invest money. Better if you buy some shares in the initial stage and watch how they fare. If all’s OK, then you can purchase some more shares of the same company too.

Diversify your investments. You can buy shares of multiple companies with minimum affordable rates. In this case, you can enjoy good returns from some companies, if not all of them are doing much well. Hold your stocks for some time and wait for the right time to sell.

You have to be very patient with your investment and your expectation of good returns. Remember, there is no easy way to earn money so quickly. Stick to your gut feeling and to the basics. Apply discretion while you go for investment. Read finance related newspapers or magazines for a good overview on the daily stock market. Think more than once before you plunge. You may have to suffer some loss, but do not panic. It happens in any business, especially, if it is stock market. You just need to remember that whatever profit you earn, you should not put all of them again in the market. Keep a portion of them in your savings account and use the other portion for further investment. In this way, you can see some benefits or else, it will the same old story of earning quick and losing quick. So, all the best for your investment.

Festivals around the corner! How do you plan your Thanksgiving and Christmas shopping this season...?

Festive seasons are drawing near. It is time to let your hair down. After some hectic months, time has come to relax and go out shopping and celebrate. But, hey! You also need to be careful while you think of planning your budget this season. You need to make sure that you do not come under debt going overboard of your budget. Your spending spree should be at par with your pocket’s health. After all, you would not like biting your nails in tension because of debt, which you might acquire. However, there is always a way out. Just try to be practical you go shopping.

Make a good calculated budget. By calculated budget, I mean, you need to know how much you can afford to spend, and in case, you overdo how you would manage this. You do not need to count penny but it will be judicious if you can predetermine what kinds of gifts you gonna buy, how many gifts can be affordable, what the budget for it and so on. As I mentioned in my previous post, internet is the best medium to look for your shopping. There are enormous resources there. Search as per potential expenditure. Look for those companies who offer free shipping and quick delivery. There you may also find some product offer like “buy one get one free”, "free gifts for some product", "gift voucher" etc. In this way, you can for sure save some bucks. If you go shopping in local outlets, malls and the like, then you had better go through your daily newspapers. There you can see some ads, which offer some discounts periodically. Shop those days when prices of some of the products are relatively low as per the offer. Try to buy in bulk. This will reduce your total cost as some of the shops offer such thing, buy over $0000, and get some percentage of discounts on those. Limit your spending for gifts to as little as possible. You had better also avoid using credit cards; instead try using your debit cards. If possible, cash would be a better idea too. This will surly help you keep a record of your spending as well as some of my dollars. Open a savings account for those fests and deposit some money everyday. This will immensely lead to a good amount of money, which you can use for your shopping. And finally, I would say that you enjoy the holidays with ease, however, just be a little careful while you tend to open your pockets. You will enjoy forever. This is a fact. All the best. And, Happy Thanks Giving day!!

How to use internet to budget for this coming Christmas?

You know that holidays are getting more and more expensive these days. But, festivals are also around the corner and we cannot help shopping for them, be it a downturn in the market. Festivals do not come frequently. Hence, we remain tempted to go shopping for such celebration and if it is Christmas, then we cannot resist. Now the question arises; how to purchase, what to purchase, and how much we can afford to purchase. This is a big concern for us. We wish to come home of Christmas gifts, relishing food items etc. but in this long recession period, we think of walking back and giving a second thought to it. So, it will be highly better if we can first select what to purchase and from where to get them. This is very important. Some outlets may charge less than what we may get from others. So, we have to be judicious in choosing those places from where we can get the best of products. Therefore, we need to know how we can search for this big range of shops, malls, and kiosks. We can use internet for this. This is fast and gives you a vast range of choices. There are innumerable websites online, which provide you with a wide collection of various products to your liking. You can buy from the internet itself. In this case, you just need cards or debit cards. You place orders online and then the merchandise will be shipped to your doorsteps. Take help from giant search engines namely Google, Yahoo, Bing etc. Enter your desired product names and you will be promptly directed to those relevant websites, which deal with the products that you may like and wish to buy. You then verify the prices and go for them either online or to the nearest outlets with the help of the address given in the respective websites. So, be wise in making your choices so that you do not need to hesitate to purchase your favorite gift or so. Happy buying! All the best.

Facts about VA loan

VA stands for veterans affairs. The VA loan is a mortgage loan guaranteed by the US department of VA . It is a govt. run military system for veterans' benefits. The main objective of this is to give long-term financing favors to the eligible US veterans. It was established in 1944 to help those veterans who return from war. It was conceptualized and planned to assist the veterans to purchase any home easily. It is in a gratitude for their service towards the nation.

The loan is as alike as with other mortgage loan. However, in this case, the borrowers need not to make the down payment or any closing costs. It comes with lower interest rates as well. Almost 90% of loan applicants do not need to provide a down payment and most of them close in less than 45 days or so. You can also take loans if you are building your own home. It actually does not supply the loan itself, instead it insures the loans given by lenders. To get a VA loan, you need to be eligible for it. The eligibility criteria includes duty veterans discharged from duty during the World War II; personnel with active duty of at least six months of active service; members of National Guard and Selected Reserve. If you are qualified for this loan, you need to first submit a Certificate of Eligibility. You may consult a mortgage broker or a VA loan specialist for a better know-how. There is practically no limit to which a borrower can ask for the loan amount. It is generally determined by the bank, which lends the loan. To know such companies, which provide VA loans, you can have a wide search on internet. You can then verify all the pros and cons of those companies and then go for it. You may also visit the local office of such mortgage companies located in almost all the states. Compare the benefits, terms, and conditions of all the lenders and settle with someone finally. So, enjoy being a veteran and live your life happily with your family.

Something about Tax in the US

Tax is a financial fee charged by a government to meet some meant for the advancement of the country. Every nation has different structure of taxation. The states levy taxes on all sorts of earnings, be it income tax or sales tax or corporate tax. Each individual and institution is legally bound to pay taxes to the nation. It leads to a criminal offense, if the taxes remain unpaid. Certain countries have limits under which you are not liable to pay tax. If your income does not exceed the slated limit, you will get exemption from paying income taxes. However, you remain liable to pay other types of taxes, such as sales tax, custom duty, certain tolls etc. In the USA, the Internal Revenue Service (IRS) collates federal income tax. IRS is a branch of the US treasury. Federal income tax has to be paid irrespective of the place you live in the USA.

However, there are also some states in the US, which levy state taxes additionally. Barring states like Texas, Washington, South Dakota, Nevada, Alaska, and Wyoming, no states charge any state tax. However, they do collect taxes from some other ways; e.g., the taxes for property, sales etc. will be higher. A tax year is counted from the 1st of January to the 31st of December. A US citizen has to file his/her income tax return by April 15. Exceptions to the deadlines may slightly vary from state to state. But overall, it remains the same. Below is a video, which explains why we should be more proactive to pay.



In fine, if you are unable to pay taxes under any circumstances, then there is always a way out. File for an extension from the IRS. If you do not or if you become late, the IRS will charge penalty fees to your unpaid tax. The amount is 5% from the total taxable amount. Pending tax is also an offense. So, make sure you pay your tax on time and avoid any penalties.

How to get a house after foreclosure?

Have you ever wished to get a house after your previous home was foreclosed? Did you think that it might be possible or not? Did you think how long would the procedure or would it at all be approved? Maybe, your answers to those questions are positive. Everyone wishes for a home. But under some circumstances, we are sometimes compelled to lose it. Nevertheless, we do not lose the right to own a new house. But to procure that house, we may go through some hardship or possibly a long process. Some people are not aware of the fact that they may get it without much of fuss; they also remain hesitant to apply for a mortgage. They assume that their application for the loan request will be denied due to their credit history. But, if you hang around, you may see that there are many mortgage lenders, who are offering mortgage with a poor or damaged credit. Mortgage after foreclosure may be difficult but it is not impossible at all.

After foreclosure, the first thing you need to do is to improve your credit score. Unless you do it at the earliest, your chances to get a loan may lower. Hence, pay your monthly bills on time and strike a deal with your credit issuers for lower interest rates on your credit cards. Keep re-establishing your credit score without any fail. After all, a lender wants to see a consistent and regular credit record. After you feel you are on track, then go for a home loan. Remember, if you apply for a mortgage loan without satisfactory credit score, the interest rate for the loan will be very high and then you will have no other go. Look for a good and reliable mortgage lender. Verify the prices and compare the terms and conditions of those lenders. Do keep in mind that these mortgage lenders are more willing to offer loans, even with bad credit score. But what they consider is the consistent payment and credit history of the borrowers. You may also contact a mortgage broker. They will help you get the best loan package. They will also search good lenders for you and help you get the loan approved. You just need to be sincere and patient with your deal. Check out for the pros and cons of the deal and always double check before you sign any papers. All the best for your new home!

How to Boost Your Credit Score in 90 days?

If you are looking for a quick way to raise your credit score there are few options. This is because your credit score looks at things over time to determine your credit worthiness. This leaves little hope unless the information that goes into the formula is inaccurate which might be the case.

A reported 70% of consumers have errors on this credit reports so the chance that you have errors is extremely high. It can also be said that most of the errors are not in the consumers favor and having these negative entries removed could be the way to give your score a boost in 90 days.

The first step is to acquire all three of your credit reports. You need three because there are three credit bureaus do not share information. This creates three distinct reports and each one can have errors. The common errors you need to be aware of are: late payments over 7 years old, credit inquiries over 2 years old, double collections, and bankruptcies over 10 years old. You also need to check for misreported payments and delinquencies.

Once you have a list of the possible errors, you need to do your research regarding each item to ensure you have some ground to stand on. Next, you need to fill out dispute forms either online or by mail with each credit bureau. Once the credit bureau receives the disputes, they must research each item within 30 days.

The credit bureau then contacts your creditors regarding the possible dispute with information you provided them. If the account says yes these are inaccurate, the errors will be removed from your credit report possibly giving your score a boost. If the creditor states the disputed item is accurate, it will stay on your credit report and you will then need to pursue the dispute through the account.

Cleaning up your credit report should be one of the first steps on your path to improving your credit score. Like said before the majority of consumers have errors on their reports and getting them removed will get you a boost in 90 days. This will be a nice positive boost to get you committed to improvement.

What is APR on a credit card and how to calculate it?

Annual Percentage Rate (APR), as the name suggests, is a calculation of the interest rate annually. The interest rates are also referred to as finance charges. These charges will be paid yearly against your usage of credit card(s). You can figure it out by multiplying your daily finance charges by 365. However, the calculation is not conclusive, as the calculation is done on compound interest and not on simple interest method, which may also include certain fees. To be more elaborative, if you do not pay your monthly bills every month in full by the stipulated due dates, you will be charged with applicable fees and monthly finance charges, which will be added to the calculation of the APR. In this case, the APR will increase and continue to increase if your do not pay your remaining balance in full in the following month. The APR on credit cards may vary from cards to cards. Generally, it is between 11% to 35%. If you have a good credit score, then your APR may be low. On the other hand, if you apply for a new card with a bad credit history, chances are there that your APR will be higher.

Non-payment of your monthly bills in full may affect your APR. For example, say, your monthly bill for a particular month is $1,000 and your minimum payment is $40 with an interest rate of 15%. Now, if you pay only the minimum payments, you can surely avoid being charged with any penalty charges like late fees, over limit fees etc; your credit will also remain in tact. However, you will be levied with additional charges because of the non-payment of the remaining balance, which will apparently add to your APR calculation taking the finance charges in account. Moreover, if you continue to pay only the minimum payments for months and do not make payments in full in any given month, your APR will drastically increase amounting to a high percentage. You may end up with an APR of, say, 35%, which was not there when you started using your card(s).

Hence, before you decide to own a credit card, do verify the terms and conditions properly. Check out with other credit card companies, which may periodically offer 0% APR cards. Maintain a decent credit score. Try to pay your monthly bills on time in full. In case, you cannot make the full payments, try making higher payments than the required minimum ones. Do not default any payment at all. Always keep an eye on your credit score and try to improve it. Check your credit score and all other information regarding any credit cards on various websites available on internet. Do contemplate before you sign the dotted lines for a card. Remember, it is good to posses a credit card with a decent credit limit, but it is better to have this card with lower interest rates and higher credit limits. All the best for you.

What do you need to know before you go for a home insurance?

Home is the best and the most comfortable place to be in, isn’t it? That’s why we call ‘Home sweet home’. Now it is up to us to protect our sweet home. We need to know how it can be done. Amongst all the factors, I believe, home insurance tops the chart. Insurance is something most of us do not wish to bother about until we need it the most. Hence, we need to be acquainted with some of the basics of home insurance. We need to find out what types of insurance fits the best for our homes, what we can be offered in the insurance policy and what the premium as well as the charges are for the policy. The price of the policy and the coverage that we may get depend on the type of house, our credit score, and the age of the house and the like. A home insurance policy covers damages resulting from storm, water damages, theft, fire, etc.

Types of insurance coverage that is found in a standard home insurance policy.

1. Personal Property Coverage: It covers your home as well as the personal belongings you have. In other words, it insures the contents of your home. It will be paid on actual cash value of your property or on the replacement cost of your belongings lost. Some items are excluded from these types of coverage as they are covered by some other homeowners’ policies. So, review your policy before you go for it.

2. Coverage for Temporary Living Expenses: In the event of any loss of your home under any circumstances, you may need to stay somewhere else other than your own home while your house is being repaired or rebuilt. Additional costs will incur on you. Hence, this type of policy will cover your extra expenses of living elsewhere. However, this type of policy is covered for a limited span of time, until your home is repaired.

3. Dwelling Coverage: This type of insurance policy covers almost everything. It covers any damages done to your living places, floors, fireplaces and the structures attached to your house. This section covers supplies and materials required to repair your home.

4. Personal Liability Coverage: This part of insurance policy covers any damages done to your bodily injury or any property damages to others on your territory for which you are liable. It acts as a defense for your covered claims and can protect you and all the family members living with you against any lawsuits resulting from any bodily injuries or damages of property to others.

So, before you buy any insurance policy, it is advisable that you do a research about them. You should know about the price of premium of different companies. In this way, you can avoid any trouble in the future while you claim for your policy.

Payday loan—pros and cons

Payday loan, also sometimes referred to as cash advance loan or check advance loan, is a short-term loan with a high interest, which is generally meant to meet the urgent need of money by the borrower. It is the easiest and the fastest way to get a small amount of loan. No major paperwork is needed to get such kind of loans approved. The amount of loan is generally very low ranging normally from $50.00-$500.00. This is good for those people who do not have credit cards, who has huge debt, or who need instant cash to pay their utility bills or so.

How it works

You will issue a post-dated check to your lender for the amount you are borrowing along with applicable finance charges. E.g., you need a cash amount of $350.00 instantly. Hence, you would write a check for around, say, $390.00, which will include the finance charges and the principal amount borrowed. If you are unable to repay the amount by the next payday, your lenders, along with some additional finance charges, will encash your post-dated check. You may also pay only the finance charges and make the loan roll over for the next payday. In this case, again you need to pay finance charges. You may also sign over electronic access to your bank accounts to repay your payday loan automatically.

Advantages of payday loans

There are surely some benefits of taking a payday loan. Firstly, there will not be a credit check of your report. Application for such loans is very easy. You may apply through internet or in person or over the phone. The process to get such loans approved takes very little time. The loan amount is automatically credited to your bank account within a few business hours. You do not need to have a credit card to get such loans. It is secure, as your financial information is not shared with others. It is quick and fast, and no immediate costs are burdened over you.

Disadvantages of payday loans

The first thing that will make you think many times to get such loans is the rate of interest. The interest rate is very high. The Annual Percentage Rate (APR) is approximately 360%. Isn’t it too high to receive such a loan? If you cannot pay the amount by the slated time, then your rate will go higher and higher. If you fail to repay the loan, you will be charged with bounced check fees. This will negatively affect your credit ratings. Your bank account(s) may also be closed if you have repetitive returned checks. It will further hamper your credit report.

What should you do?

Every aspect of life has pros and cons. The desired result depends on how you manage it. The same applies with payday also. If you are in urgent need of cash, the payday loan is a better option. By all means, you need to tackle your present financial crisis. But, do not make it a habit to take such loans unless it is really emergent. You just need to be wise in using it and be careful to repay it on time. Make it only a last resort. All the best of luck.

What Mr. Obama says about the new proposed student loans?

Every student aspires to shine in his respective field of study. He wants to study further and further to reinforce his knowledge. But at times, financial constraint puts bar to it and eventually kills his aim to go far. However, there are still some people who know how to get out of such constraint and make way for themselves. They try to find out ways in order to realize their goals. Every good and meritorious student deserves a better deal in his study life. He should be free to think and study further to his urge of knowledge and hence, contribute a bulk of portion of his knowledge to nation.

Around 200,000 Americans step outside the US to study further each year and around 650,000 students come to the US to pursue their higher studies. With respect to the American students, pursuing study abroad needs financial assistance and stability. Studying abroad not only involves study expenses but also requires money for other reasons such as travel expenditure, accommodations, other necessary materials and the like that add to the cost of study amounting to a huge figure. However, there is a respite for students in the USA. President Barack Obama of late announced a number of benefits for college loans. He proposed for a direct financial aid to students instead of private loans. Below I got a YouTube video in which Mr. President makes the announcement of some college loans, which is still in the pipeline. Under this system, students at some colleges can borrow loans directly from government, while others can get loans from private banks, or state agencies, who will in return get subsidies from Washington.



With that proposal, as usual, comes criticism from already existing lenders who fear to lose their lucrative business. They are also lobbying against this proposal. Whatever, the case maybe, we hope that the students can avail more and more beneficial aid from banks or the government so that they can pursue their higher studies and help nation grow stronger. I pay thanks to YouTube to record such a good video for others.

How do you think you can avoid foreclosure of your lovely home?

Foreclosure – a term, which no one wants to hear in his/her entire span of life. People, who unfortunately fall prey to foreclosure, know how much it hurts to lose their loving homes. They also realize the impact of foreclosure on their credit status. It is as good as filing bankruptcy. Moreover, they know it just almost ruins their credit score and makes it harder to get a loan or a credit card in future, which indirectly exacerbates their already agonized plight.

What is it?

You might have taken a home loan when you have purchased a home. Upon that loan, your lender would have taken a property security interest. Now, in case you are unable to make your mortgage payments, that security interest entitles your lender to auction off your house in order that he can recover his investment. This is called foreclosure. And, if the property devalues and cannot be sold for what was owed, then the lender reserves the right to file a deficiency judgment lawsuit against you. In this case, you not only face the deficiency judgment against you, you also owe an additional amount to HUD. You would better know how this could shatter your credit. Worse, you may not get any financial favor in future as well.

How can you avoid it?

If your home is on the verge of being foreclosed and if you have no possible way out, do not panic. You still have some options by which you can avoid it. Do not overlook the warning letters from your lenders. If you cannot really make any payment towards your mortgage loans, then make an arrangement with your lenders. Explain your current financial situation to them. Corroborate your information with documents, such as your monthly income, your credit balance in banks etc. Contact a housing counseling agency approved by HUD. They will help you in giving you some information on Govt. offered programs and services.

Your lender may arrange a repayment plan based on your present financial situation. He may reduce or suspend some of your payments owed to him. However, you need to provide bona fide information to him to substantiate your claims of financial crunch. If you are sure that your current financial situation would improve within a short span of time, then you may refinance your debt or extend the term of your mortgage loan.

Below is a video, which elaborately explains some of the options that you have to avoid foreclosure.



Do not lose your home. Contact any mortgage lender and strike out a deal as to how to avoid foreclosure. Continue to stay in your home for any assistance that you may expect to get. If you evacuate your home, you may lose the chance of getting home back. Get a housing counselor at 1-800-569-4287 approved by HUD. Beware of any scams. Do not sign any paper or any agreement, which you do not understand yourself. Be prompt to act and prevent your lovely home from being foreclosed. All the best to you…

How will you consolidate your debts?

What will you do when you are under a huge burden of debt? What sorts of thoughts are likely to come in your mind regarding this debt? How do you think you can pay it off? This kind of questions often perturbs you, isn't it? The answers to these questions can be found in a debt consolidation. Debt consolidation is nothing but a type of loan, which you think of taking to pay off many other debts. People often go for it to have a lower interest rate, a fixed interest rate or just to have the convenience to pay one person instead of many lenders. A number of unsecured loans can be formed into a secured loan. All of your debts come under small monthly payments.

You can consolidate your debt yourself. You can take advice from an expert but you better have a good knowledge of it yourself and then go for it. There are a number of frauds who may lure you to have your debts consolidated for a small amount of fees. Remember your debts may not be paid off under them and it may remain a debt forever. Find a legitimate debt consolidation company and ask their advice.

The answer to the frequent question, 'how do I consolidate my debts?' is simple. Instead of paying interest for all of your debts, you pay it to one loan that you will take. In this way, you can track your payments. Your interest rate will also be less than that of multiple debts' interest. Take a personal loan that is equal to your amount of debt. Calculate how much you can afford to pay and how much balance will be remaining to pay off your debts in full. You also need to figure out the time by which, you think, your debts will be fully paid.

You can take help from CCCS (Consumer Credit Counseling Service) as well. They offer some programs through which you can periodically pay your debts off. However, you have to qualify for this program. Your income flow must be in tact i.e. if you are not currently working, you may not be eligible for this program (as they would assume that you are not in a position to make any payment towards their program). They will charge fees for their service. Your credit will also be affected negatively if you enter such a program. However, it is still a good option if you are overburdened with debts.

Debt settlement is also another option to pay off your debts. You need to initiate this by contacting your respective lenders. They have to be convinced with your debt settlement offers. Banks generally accept your offer provided it is an acceptable one to them. They also do not like to have more number of pending debts. So, there is a chance. Some companies will accept only 30% of your total balance as a settlement offers and some may ask for more. You need to negotiate this very well with your banks.

In the end, I would say, the sooner you act the better there is a scope to have a debt free life. Use your credit wisely and when you find yourself under debt, do not lose heart. Be the expert yourself for a debt consolidation plan. Verify all the pros and cons of debt consolidation program and then make payments towards it periodically. Do not forget this time to keep records of your payments and your current balance. All the very good luck to you!

Reverse Mortgage- What should you know before you get it?

A reverse mortgage can also be termed as a lifetime mortgage. It is another form of loan available to seniors above 62 years. In the reverse mortgage the lender lends you money based on your home value, the equity value in your home and your age. The lender makes the payment instead of you making the payments. The lender pays you the money either in monthly installments, or in a lump sum or as a line of credit. No repayment is required until you stop using your home as a principal residence, sell it, or leave it permanently or you die. The amount of money will increase with time since you are not making any payments for it.


When can you apply for it?

You must be at least 62 years old to qualify for a reverse mortgage. You must own a home in which you are currently residing. Your home should have a low mortgage balance or your home mortgage must be fully or nearly paid off. You will also need to get consumer information from HECM (The Home Equity Conversion Mortgage) counselor before obtaining the loan. The home must be a single family home or a 1-4 unit one.

What you need to consider before you get it?

Obtaining a reverse mortgage is higher than a traditional one. You may need to pay some of the incurring costs in cash only. You will continue to pay your property taxes, insurance and so on. If you intend to leave your home or free it for you children, it will not be suitable for you because your relatives or children will not be able to inherit it unless they pay it off after your death. The reverse mortgage reduces the amount of equity in the home as well.

Remember the costs of reverse mortgages are higher than those of traditional loans. They are also much more complex. You had better compare offers for reverse mortgages before you apply for them. You must consult a housing counselor. He will help you decide on right mortgage for you. And more importantly do not sign a loan application before you completely comprehend it. Ask help from those mortgage counselors. All the best for you.

Insurance for your Antique Cars

Insurance for your Antique Cars

People who own some lovely antique cars take pride in showing them off to others who do not have one. To them the car is as good as one of their family members. However, antique cars are very prone to damage and the servicing charges are very high too. So, you should always think of a special insurance cover for your antique cars. This will ensure the security of your cars and you can too take them out without any worries. You can also take part in vintage car competitions with these cars.

What differs an antique car from just an old car?

The distinction between an antique car and an old car is very thin and each insurance company sees this in different ways. In general, a car is rated, in the eyes of the insurance companies, an antique car which is over 25 years old and which is not used for commercial purposes or not as a public transport. It should be solely for show purposes. It also must have some value in the collector’s market and should be in a good condition. If an old car does not meet these criteria, then it will only be considered just as an old car, and will be covered under the general auto insurance policies. But, if the car falls under those aforementioned criteria, then it will get special insurance rates much lower than the usual auto insurance policies. You had better consult an insurance expert to classify your car in the antique genre.

How to categorize your car as an antique one?

To be termed as an 'antique car' to fall under the special insurance cover by the insurance companies, your car must be evaluated and categorized as such. For that, you need to choose an apt appraiser who has the knowledge of those cars and the makes of them. If you cannot find an expert appraiser, you may approach the American Society of Appraisers (ASA). The ASA will guide you to find a good and knowledgeable appraiser to evaluate your car. Information such as the make of the car, the age of it, the model, color, the engine number of the car, the Vehicle Identification Number (VIN) is taken into account. VIN is needed to prove the authenticity of the cars.

How to insure your car?

Three types of insurance policies cover your antique cars. Actual cash value (ACV) sets a value for your car when the car is insured and the value depreciates with age. If any claim is made for the insurance, you will get either the stated value (SV) of the car or the ACV, whichever is lower. SV also depreciates with time. The third one is the agreed value coverage (AV). AV coverage is a set amount of insurance coverage, which was agreed upon when the policy was made, and you will get the agreed value of your car if you make a claim for it. This coverage is the best recommended for your antique cars. Antique cars must not be insured on a depreciative insurance policy.

How to get insurance agencies for your antique car?

There are many mediums to find out an antique car insurance agency. You can locate them through directories or through internet. I will recommend you to look up in internet. It is a vast medium and you can easily get any one of them. First check out the terms and conditions of those insurance companies for antiques cars. These agencies will also help you to compare various insurance policies for different antique cars.

So, get your most dear car insured with a special insurance policy and continue to take care of it. Know all the pros and cons of those policies and finally settle on any one of them. Then relax and stay worry-free.

Resources

When it comes to Quebec auto insurance you have many choices right at your finger tips. Finding a car insurance company to acquire assurance vie is as simple as going online. You can get quotes directly sent to your email account. By filling out some information, such as your name, address, and type of vehicle you are driving, you will be able to have quotes sent to you immediately. Being able to compare different companies with the ease of a few clicks of the mouse allows you to find the best deals out there and gives you the insurance you need to drive legally.

Why is health insurance important?

Amidst all the wealth and riches we have, we sometimes tend to forget that health is the most important asset to us, and once it is lost, no real wealth means much. Therefore, we should always be careful to take care of this precious and invaluable treasure. Some people are born healthy and some are not. But it is totally impossible to predict what may happen to our health at any time. God forbids, but we may fall prey to some sudden sickness. Heart attack, loss of consciousness, abrupt bleeding and so on, are a few to mention. The worst may be an accident. Then it does not even matter how healthy we have been. In those emergencies, we must be very careful. We should be aware of the fact that to which hospitals or nursing homes we are being admitted for treatment. And, we know very much that we need handsome money for good treatment. But, do we keep huge cash with us all the time? Are we sure of enough money at our ATMs, or savings accounts? May be yes or may be not. Then, what to do? We cannot leave these emergencies to fate. We must have a good health insurance to help us in those circumstances. There are quite a good number of agencies and brokers who can help you get a good insurance. You can find these brokers at InsureLane health insurance, where you can get free health insurance quotes today!"

The health insurance comes for our rescue in emergencies. It protects us and covers us financially. It is alike with other insurance policies i.e. life insurance policies and motor insurance policies. You need to pay a sum of money, namely premiums. The amount of premiums depends on the insurance policies of concerned insurance companies. You pay monthly, quarterly, or yearly towards your policy. To avail of the policy, you need to be hospitalized. Once treatment is on, the insurance company will pay your medical bills from your policy. Generally, the insurance company bears all the medical costs associated with your treatment. The pre-hospitalization charges like some medical tests and post-hospitalization charges like the cost of medicines are taken care of by the insurance company. So, you can at least relax and get a good medical care. You would not be in fear of running out of money and hence, need to think of compromising your treatment.

The health insurance comes with many benefits, and for sure does not leave you in the lurch. We do not know when we may fall sick. Therefore, it is better to stitch in time and save nine. Make sure you make your premiums without default, and stay stress free. Prepare yourself for the uncertainty and fix it when it is crucial.

Useful resources:

OHIO HEALTH INSURANCE QUOTE - Looking for an Ohio Health Insurance quote is easy with OhioHealthInsuranceQuote.Com. We have the online tools available to give you immediate insurance quotes for carriers such as Anthem Blue Cross Blue Shield, United Healthcare, Aetna, and Humana.

How can you avoid filing bankruptcy?

Bankruptcy – does anyone like filing bankruptcy? I believe none would want to even think of it. But strained circumstances at times force people to go for it. Debt is a part of life and we cannot actually avoid it. In this fast pacing life, we sometimes come under the burden of debt. We cannot help using credit cards. Loans are inevitable to purchase a car or a new home. With scanty money in hand, we may not pursue our dreams. Then we go for loans, namely home loans or car loans, to get them. We tend to overuse our credit cards. We also keep more than one credit cards at a time and while the time comes for payment, we forget the amount of payment for each card. In this way the creeper of debt grows up and when we realize that it has gone beyond our ability to repay, we consider filing bankruptcy. We then assume this is only way out to save us from not paying, which is utterly far from our capacity. But, I know that we all understand the negative and dreadful impact of filing bankruptcy in our life. We also realize how this will badly affect our credit. This may even shut all doors for our future plan to get a loan to buy a dream house. Nevertheless, at times, in the crunch plight of our lives, we are helpless and opt for filing bankruptcy. We think of the present and want to live for the time being. It hurts, doesn’t it?

I have found out two videos from YouTube, which elaborately explain how we can avoid going bankrupt and still manage to breathe fresh air in a suffocating condition of life. Enjoying watching them.



Look at the second one. It may look a little bit hilarious but this is also worth watching. Have a look at it and try to manage your financial life accordingly. You will surely not have to even contemplate to go for bankruptcy.



Hope you may be a little relaxed now. If you have any query, please get back to me at my email id. I would love to hear from you and would try to help you in not filing bankruptcy. Best of luck.

You are retired and then......?

When you reach sixty, you feel like relaxing a bit and enjoying time with your family. A long span of your life you have spent in earning money and establishing yourself in the society and, now the time has arrived when you sit back and recollect those hard moments when you might struggle to make a penny. At some moments, you will smile and at some cases, you would be distressed to think what it took to bring your family up. Now you are retired and can spend a lot of time with your family. But all is not over. Is it?

A life after retirement is also a life and you still need to live it peacefully and gracefully. However, you may not work that much hard now and you might not be in a position to work again as well. Then, how will you maintain your daily chores with comfort and without any stress? At this period of life, you must not live under the fear of running out of money and losing your sleep over it. So, how would you make you comfortable?

First and foremost, get rid of your debt with whatever money you got after your retirement and with all the earlier savings. If you can successfully do it, you will have more sound sleeps. If it is not possible to clear all your debt, then do it in different phases. You will for sure feel more relaxed and happier after accomplishing this feat. Use your credit card wisely now. Remember, you may not have a back up to repay a lot of money in case you overuse your card. Use it to your needs only and try to make the full payment of the credit card bills on time. This will help you save some extra money and understand your credit more (devoid of all unwanted fees and additional charges). If possible, start your own business. Let it be a small venture, but it will be very good if you can really do it. This will help you not only earn money but also give satisfaction. You will be the boss of your work. Start slowly and then speed up a little bit but not at the cost of your comfort which you deserve to get after the retirement. Try to save some cash from what you would get from your business. This would surely enhance your confidence and you too can spend a lot of time with your family. With sufficient cash in hand, you can also plan to visit a few places and explore new things. Keep your health in good shape by doing some exercises and stay as fit as a fiddle. This is the most important area you should pay more attention. Staying fit will multiply your comfort level. Lastly, spend a small amount of money in insurance policies. If you already have one, then it is fine. Still you can opt for some policies with short maturity duration period and lower premiums.

Go for a better retirement life. Enjoy the time, which you may think you have lost in your prime time. Make this life youthful again. Relax and relish it. All the best.

Should you necessarily have a credit card...? Or you can do without it...?

Can we imagine a life these days without a credit card? Can we think of ease and fun in life with no gold credit cards in our pockets? The answers might be a big ‘No’. Such is the impact of credit cards on our lives that we tend to ignore some of the shortcomings of them. Indeed, credit cards have become a necessity of our lives. We hardly think to go shopping with a wallet that does not carry a handsome credit card. Yes, credit cards have made our chores easy and convenient. It is endowed with a lot of benefits and advantages. But, do we ever feel that our lives can also be enjoyable and peaceful if we do not possess a card? Perhaps, we don’t. To be specific, we do not want to. Why??....

A credit card allows you to go bulk shopping without the need to carry a big sum of cash. It is safer and more convenient. If cash is lost, it is almost lost forever; however, if you lose a credit card, you will just lose a card, not the credit (should you proactively report the card lost and stolen to your issuer). Unless you authorize anyone, nobody is permitted to use your credit. You can carry this plastic anywhere in the world and enjoy the credit to the limit given to it. There is absolutely no fear of running out of money and being embarrassed in a grocery shop or a beauty parlor. You can also avail yourself of a short-term loan with the help of your credit card cash-advance feature, provided you have a big credit limit. It helps you repair your credit history, if you have a bad one. And more importantly, it enhances your societal dignity. The more number of platinum cards you have (as per we generally assume), the higher position you hold in the society. It is at times soothing to exhibit a good number of cards with high limits to our neighbors who may not have even one! So, it is worth keeping a card. As Christopher Parker said, “Procrastination is like a credit card: it's a lot of fun until you get the bill.” But… do we see the other side of the leaf. Do we think credit cards may have some pitfalls too? Generally, we do not.

We normally become impulsive while purchasing something with a credit card. We buy things with the thought that we do not need to pay it at this moment, so why worry now. It is a natural tendency. But, in this process, we at times forget that we must pay it off later this month. And, if we do not make the full amount used, we will be charged with some exorbitant penalties, namely late fees, over limit fees, high finance charges and so on. These things are not kept in mind when we go shopping. And, why should we think of them? After all, we want to enjoy what we purchase in a departmental store. We want less embarrassment and more satisfaction. This is a good attitude. However, if we do too much with the card, it for sure leads us to disaster. Not making a full payment at the end of the billing cycle adds discomfort to your credit card use. The balance will pile up in case you do not follow it up with a full payment of the current cycle as well as of the previous balance. Now, that hurts. You will keep on chasing your balance and in the end, you would discover that the balance is much higher than you actually availed the credit. You wonder how it has happened but you are helpless. You have to pay for all of the charges and fees along with the money you spent using this card. Gosh! Why…? But you can’t help; this is the agreement you have made with your issuer. Moreover, past due or over limit status on your account dents your credit score significantly. You cannot help seeing it go down. It will take a while for you to get it up.

So, be prudent and wise while contemplating to have a credit card. Just think, can you restrict yourself to limited purchases staying within the allotted limit of the credit card? If not, can you afford all the undesirable and flattening charges? Do you agree to all the fees associated with the cards? Is it fair? Do you really owe those fees that banks charge? Perhaps, you would disagree. Then, think again. You can do without a credit card. That you possess a credit card does not at all boost your dignity, instead, if you cannot repay, you are in debt, and this will multiply to higher balance. Does such plight of yours (God forbids) help you dignify? Then, why lose sleep over it? Try to use cash as much as possible. You will spend less (which you actually wish!) and be satisfied with what you have spent. No pending balance to pay off at the end of the month and hence, no unwanted stress. You will still have enough money to buy things to your needs, unlike those who would still keep on chasing after their outstanding credit card balance. It is something like running slow at the start of a race but winning at last, unlike others who run fast in the beginning and feel tired finally having energy exhausted. So, be content with all-cash purchases and stay happy. Enjoy...

'Cease and Desist'…..what is it and what is it for?

When legitimate credit card bills remain unpaid for a long time and when, according to the creditors, account holders do not seem to pay them back, the creditors generally sell these accounts to a third party to collect the unpaid money from debtors. These third parties engaged in collecting the money for the original creditors are called Collections agencies. Usually an account is sold to a Collection agency when it is charged-off i.e. delinquent for over 6 months.

These collection agencies, in order to collect the unpaid bills, apply unethical and unscrupulous methods forcing the customers to pay. They at times go to the extent of threatening people with dire consequences, if they disagree to pay the unpaid bills. They will call you day and day out, even on Sundays and holidays. They do not bother what plight you might be in. They always want a positive answer from you. If not, they will harass you back and continue to do so until you succumb to their harassment and threats. Sometimes, you may get a call for someone whom you personally do not know or you are no way responsible for that person’s finances. Your days will be horrible and your employment may also be at jeopardy, as they do not leave your place of employment as well. So unbearable the days become.

Is there any way to stop them?

Yes, the Federal Law protects you from such incessant harassment from Collections agencies. To deal with such collections agencies, you should first know the law about it. Do remember that legitimate collections agencies cannot sue you for non-payment. You are not indebted to them. They work on behalf of your creditors and get a percentage of the amount they are able to collect from you. It is a deal between your creditors and the concerned collections agencies; not between you and them. They might often come up with expressions like, ‘We will drag you to courts if you don’t pay; we will send cops to your house to collect money; your credit report will be screwed up for the rest of your life; you will never get a loan or credit cards in your life….. and the like. Do not bother to heed such threats. You can actually prevent them from such disturbances. The law is there.

What’s the law?

When you are getting repetitive harassment calls from collections agencies who claim to have authority to your debt, ask them first not to call you again regarding this matter in a polite manner. However, if they do not keep your request and continue to harass you, show them the laws. Tell them to cease and desist any contact with you whatsoever. They are not permitted to contact you or any of your relatives, friends regarding your accounts. Tell them that they will receive a formal cease and desist letter instructing them to stop any further communication with you. They, however, can contact you under the guidelines mentioned in the federal law. Send the cease and desist letter after that. Make sure to send the letter via certified mail (PS Form #3800) with a return receipt (PS Form #3811) to substantiate that the letter is sent and it is received. Keep a copy of the letter for your future reference. Remember, even an attorney who may also collect the same debt, will be bound to follow this rule. So don’t be intimidated if you hear anything from an attorney regarding the collections. Once they receive your letter, they may contact you to notify that all contacts with you regarding this debt will be stopped henceforth. Instruct them that failure to this notice will result in filing a complaint with the Federal Trade Commission and the States Attorney General's office. They will now stop calling you, as they too know the significance of the cease and desist notice. Now relax a little and take time to negotiate a settlement with your original creditors for your unpaid debt. This is for your safer future. All the best.

How to Avoid Being Charged-Off?

What is Charge-off?

When an account is delinquent for a certain period, normally for 180 days, the issuer usually writes off the outstanding balance of the cardholders, considering it as uncollectible and declares the account charged off. It is a loss on the part of the issuers. However, they are compelled to do so as they cannot invest more time in collecting the unpaid debt from the cardholders.

Does a Charged off account free you from debt?

A charged off status on your account does not free you from your debt. Instead, it affects your credit in the worst possible way. You are more liable to pay towards your debt than before. If you fail this time, the issuer may file lawsuit against you. Moreover, the issuers will sell your charged off accounts to a third party agency, namely Collections agencies who own the debts as an asset to their company. They will try hard to collect the debts from you. Sometimes, they adopt unscrupulous and intimidating methods to collect debts from debtors.

How does a charged off status affect your credit?

Your account will be reported to the Credit Bureaus as charged off and this will remain on your credit report for seven years from the date you went delinquent. Even after seven years when the lenders are to offer you credit, they will pull your credit records and see the negative remarks on your credit report. This will hamper your chance to get a loan or a good credit card with better interest rate. Your credit score will drop significantly and you would be required to improve it before you get any better credit favor. Your payment history takes 35% of your credit report. Hence, any negative mark there is seriously taken by the lenders understanding the fact that you were once not able to repay your debt.

How to avoid being charged off?

The simplest way to keep your accounts going is to make at least the required minimum payments each month. Make sure you are not late on any payments. If you are late for consecutive six months, your account may be charged off. Try to use your credit within the assigned limit. If you are late on payment in one month, make a larger payment in the next month. This may not stop your account going past due, however, it will lessen your burden of debt and hence, prevent you from going past due again.

What to do if the account is already charged off?

If your account goes charged off, do not panic. You still have ways to get away from this. The only way for you to circumvent this is to wait for seven years or to cut a deal with your creditors. It is always advisable to deal with your creditors rather than the collections agencies. Contact your banks and try to strike a lump-sum settlement with them. Do not commit to payment until you are very sure that you can actually make the payment. You can also ask for a monthly payment agreement in which you may need to make a minimum payment to get the charged off status removed from your credit report. Always ensure all the negotiations are done in black and white. If they agree to your settlement proposal, they should mark your account “paid as agreed”. This should reflect on your credit report too.

To sum up, you should not panic, if your account is charged off. However, it must be avoided. It will for sure affect your credit but will not end your world. So, be prudent while using your credit and try to make your payments on time. You will never have to live a life under the fear of having accounts charged off. A charge-off is bad but losing hope on this is worse.

Cash Advance Fundamentals

Cash advance is a privilege, which cardholders enjoy borrowing instant money using their credit cards against the available credit in their accounts. It is a convenient way to get a small loan with no real paperwork. Cardholders can avail of the cash advance facilities at any of their nearest ATMs. Cash can be withdrawn against the available credit and within the cash advance credit limit, set by the banks. It is generally a small percentage of the overall credit limit assigned to one credit card. It is easy and for sure helps in emergency.



Why do you need a cash advance and when?

When you are badly in need of instant cash, the cash advance option on your credit card is the best way to go for. Get any ATM in your locality and withdraw money to your needs. Before you do this, make sure you know of your cash advance limits. Stay under your allotted cash advance limits. Even though you exceed your limit, the ATM will still dispense the money but this will result in exorbitant finance charges and penalties (like the over limit fees). If you do not know your credit limit, call at your bank customer care number and get information in details. Your probable queries should be like, how much of your total credit limit can be used for a cash advance? What is your available credit now for a cash withdrawal? Is there any maximum limit up to which a cash withdrawal can be processed in a single day? What are the fees associated with cash advances, namely fees charged using ATM for such transactions, etc.

Fees and interest rates for cash advances:

The fees and finance charges for cash advances are higher than those for a purchase. Whenever you withdraw money, you are charged with a transaction finance charge along with some other charges. The cash advance finance charge is added to your account on the very day you use the card to take cash and will continue to be chargeed until the full amount of the withdrawn money is not paid in full. You cannot avail of any grace period to pay it later and if so, additional finance charges will be assessed. Remember, even though you may pay off your outstanding balance for the card, you will still be charged with a finance charge for the cash advance. Sometimes your credit card checks are also considered as cash advance.

What should you do for cash advances?

In fine, I would say that you should stay very careful while using your card for a cash withdrawal. Before you get a card, you had better make sure that you know of the fees and finance charges along with the privileges of the card in details. Investigate into any different or additional finance charges/fees for cash advances. Try avoiding your card for frequent cash withdrawals. Use your card very wisely and enjoy the privileges of it. Withdraw cash when and only when it is urgent.

Income vs. Savings

Like any other habit, savings is also a good habit, which requires a lot of attitude and endeavor. They say, it does not matter how much you earn; what matters how much you save from that earnings. A person can earn $5,000 per month but he spends $4,500 on his income. In this case, his total earnings should be calculated on how much of his income remains unspent. It is $500. This should be his actual income. On the other hand, you may earn $1,000 per month but your spending is limited to or within $300. Therefore, you earn actually $700 per month. You are, in fact, richer than the former. Income helps in savings but spending should be restricted to this income and if so, your savings will set off. Inculcate the habit of saving a little money. It will boost your financial status and, hence, your satisfaction.

Why do you need to save?

If one thing is certain in life, it is the uncertainty. Any time some unexpected things may happen in any one’s life A natural disaster, a sudden lay-off, the collapse of economy, unexpected illness etc. are a few to mention. At these crunch moments, you need to have some bank balance to move on. If you have significant money at hand at that time, a financial crisis can also keep your chin up. You can steadily analyze your needs and make your plans accordingly. Besides, you may wish to purchase a house or a new car in future. A well-maintained savings plan will help you realize your goal and will also not make a hole in your pocket. You will not be in debt and have enough money to spend too.

How to start off?

First, open a savings or a checking account, if you do not have one. Deposit a substantial amount of money in the account. Frequent your bank and deposit more money. Try spending less than you earn. It may not be easy but it is not a Herculean task too. If you do intend to have a good portion of your money at the end of the month, review your expenditure. Make a budget. You need to be aware of your incoming and outgoing money. Once you know about this, you can find some areas where you can actually save money. Spend as much as you truly need and keep the unspent money in your bank account. Record your expenditure and earnings, and evaluate this off and on. Check this video below which will guide you to saving money.



In fine, you would believe that savings is more satisfactory than earning itself. Earn as much as you can and spend as much as you need. Utilize the value of any product or services to the most and avoid wasting the same as far as possible. After this, you will surely have some bucks to spend more, which will add to your existing income and hence, pave the way for more expenses. Wish you all the luck.

How to get a good credit card?

A credit card is a plastic with a magnetic strip across it and it is connected to a credit account. Issuers, namely banks, issue credit cards to their cardholders with a promise on the cardholders’ part to repay the credit on time. Banks allocate a limit to their respective users, called credit line or credit limit, up to which they can use the credit. The credit line is subject to change depending on the usage of the credit given.

Your chance of getting a card with a good credit limit and a low interest rate depends upon many factors. Your credit history tops the chart. If you have a satisfactory credit score, you will no way be denied of a credit card with a good package. However, remember, if your application for the card is disapproved, do not go for repetitive applications. It may go against your credit report. Do possess a valid Social Security Number before you apply for a credit card, as you will need it for the credit card application. If you do not have one, apply for it first and then go for a credit card. Look for the best card, which will suite your current financial needs.

Always make sure that you go through the terms and conditions of the prospective issuer before you take a decision to have a card from them. Points like credit line, interest rate, additional fees, hidden charges, grace period, balance transfer options etc. are a few to be given a good thought.

Credit card applications are generally accepted online by most of the major issuers apart from the company solicitations. Provide all required information in the application form such as your driving license number, your SSN, contact information, your annual income, and other relevant information. Your application is subject to approval and if you are accepted, then you will get a letter informing you of the same. You should get your card within a few weeks. Your card will not be accompanied with your PIN for security reasons. It will be sent to your address in a different letter. In case, you do not receive both or either of them, call your bank and report the same. They will issue a new card with a new account number to you.

However, unfortunately, your application is not approved, you should receive a letter from the issuer informing you of the reason of rejection. They should also send you another letter with information of the credit bureau from which they got your credit report. You are entitled to get a copy of your credit report free of cost from the same credit bureau and this is law. If you discover any error on your report, get it corrected at the earliest and apply again to the same creditor explaining how you got your credit report rectified. If you do not find out any discrepancy, then you need to wait for some time and, in the meanwhile, you need to improve your credit score. Below you will find a video explaining how you may get a good credit card with bad credit. All the best.