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Christmas won't be Christmas without any presents. (LOUISA MAY ALCOTT, Little Women) Christmas and New Year comes at the end of the year. In a way you can start saving for the big festive season, from the starting of the year. You can buy presents just by saving your late fees on credit cards.
So be disciplined while making payments on your multiple credit cards and avoid late fees. By saving those late fees of $25, $30, $35 or more can get you lot of gifts. Become thrifty for couple of months and pay much more on your credit cards to clear of the debts. Remember, the faster you pay down your balances, the more money you'll be able to keep in your own pocket by not having to give it to the credit card company as an interest payment. The sooner you pay your old bills and debts you can start saving for the rainy day.
Secondly, it's wiser to use cash while going for bigger shoppings, like Christmas Shopping or New Year Shopping. People tend to buy more while using credit cards because they can't see how much cash is flowing out. Out of craze they even buy things which aren't in their priority list.
To avoid overspending you should stick to your priority list and buy those things first. You can go for fancy items only when you have extra cash left in your wallet. Once you know how to spend less and have a savings account, it becomes your habit and you won't overspend during Christmas as well. This way you can enjoy the Christmas much more, than just thinking how to get rid of your debts.
"Christmas is a season of such infinite labour, as well as expense in the shopping and present-making line, that almost every woman I know is good for nothing in purse and person for a month afterwards, done up physically, and broken down financially". (FANNY KEMBLE, Further Records, Dec. 31, 1874)
From last year's Christmas only, all the families plan what gifts they want for next year's Christmas. Specially kids, round the year they plan what toys or gifts they want for the coming Christmas. Right from thanksgiving the shopping fever grips the people and lasts till Valentine's Day of the next year. People go on shopping spree and spend much more than they can afford.
The high bill spendings include home renovation, buying new home, buying 2nd car, sending gifts to relatives, lavish gettogethers, buying fancy items, romantic cruises, family vacations and so on. People spend more than they can afford, which pushes them to the brink of debt, and they go on paying off their debt for years. If the situation is not handled properly, it can lead to utter bankruptcy and badly hitting the credit scores.
You can follow certain things during this festive season to avoid debt:
1) Stop Spending On Impulse ---> Check out whether you really need the product or service. Just because your neighbor is having it or it's the current craze you needn't buy it.
2) Use Multiple Credit Cards ---> Use the credit cards which can earn you various gifts, discount schemes, gift vouchers and even airlmiles. But you need to keep a track of your cards and need to be disciplined while making payments.
3) Plan Your Budget ---> You just can't afford everything during Christmas. Prioritize your requirements and spend accordingly.
4) Avoid Last Minute ---> By shopping early you won't be forced to overspend. This will also give you time to shop around and find better bargains. Don't buy the first thing you see. Do some price research. Saving a buck or two can really mean a lot. Check online, see if you can find a better bargain online. Plan ahead and purchase gifts throughout the year when they are on sale rather than trying to do all your Christmas shopping at the last minute.
5) Black Friday Sales ---> Don’t just buy items for the sake of "saving money." Be prepared, have a list of what you need to get as Christmas presents or whatever, find those things on sale, and stick to your list!
6) Use Of Cash ---> Try to use cash to buy Christmas gifts this year. While spending through cards you never know how much you spent, but while using cash you know when your wallet is empty.
7) Admit It ---> Your family should know your financial situation. Admit that you are low on funds and can't afford all the things at a time.
8) Re gifting ---> Consider re gifting items to save money and avoid debt. Just because you can't use the item doesn't mean someone else can't.
9) Special Gifts ---> Consider giving gifts that are homemade or are a donation of your services rather than giving expensive store bought gifts.
10) Free Counseling ---> If in debt like situation, do go for free debt counseling and avoid Debt.
Life Insurance is the insured amount which comes for help at an unknown time and benefits you loved one, your family. Life Insurance comes to your beneficiary's rescue when you are not around. Whether you die young or very, very old the insurance company will pay that death benefit income tax free to your beneficiary.
Who needs life insurance?
Anyone in dangerous jobs and those with large and/or young families, gain more from being insured than anyone else. Young, single folk with no obligations or dependants may not require as much cover, and therefore may decide to wait until they have a family or commitments such as a mortgage.
Types of life insurance
Life insurance may be divided into two basic classes:
1) Temporary 2) Permanent, which can be subdivided into term, universal, whole life and endowment life insurance.
Temporary Term Insurance ---> Temporary life insurance allows the beneficiary death benefits for a specific period or 'term', for a specified premium. The policy does not accumulate cash value. Term is generally considered "pure" insurance, where the premium buys protection in the event of death and nothing else.
Permanent Life Insurance ---> Permanent life insurance is life insurance that remains in force (in-line) until the policy matures (pays out), unless the owner fails to pay the premium when due (the policy expires OR policies lapse). The policy cannot be canceled by the insurer for any reason except fraud in the application, and that cancellation must occur within a period of time defined by law (usually two years).
Whole Life Insurance ---> A whole life insurance covers a policy holder for his entire life. There is no date of expiry like in a term life insurance and the death benefits will be received by the beneficiary mentioned in the policy only in the event of the death of the policy holder.
Universal life Insurance ---> Universal life insurance provides security for you and your family, with greater flexibility in premium payment and the potential for a higher internal rate of return.
Endowments ---> Endowments are policies in which the cash value built up inside the policy, equals the death benefit (face amount) at a certain age. The age this commences is known as the endowment age. Endowments are considerably more expensive (in terms of annual premiums) than either whole life or universal life because the premium paying period is shortened and the endowment date is earlier.
It’s been said that you buy insurance because you ‘owe’ somebody or you ‘love’ somebody.
There are really other reasons as well. In some cases, lots of cash buildup can later be used to supplement retirement needs and by borrowing your own money from your policy, you won’t incur income taxation as long as you keep the contract in force.
If diabetes is left uncontrolled, the person can manifest eye, kidney, nerve and foot problems and are at higher risk of stroke and heart attack. Renee Wood of Carson City, Nevada is working as a Financial Analyst, is mother of two school going kids. She's also Type 1 diabetic and understands that this gives her a higher-than-average chance of becoming disabled and unable to work. After meeting with her insurance agent, she decided to supplement her employer's disability coverage with an additional long-term Disability Insurance policy, to make sure if there is an incident then she can have enough financial support for her family and herself.
What is Disability Insurance?
Disability Insurance pays a portion of the insured‘s income during a disability because of an illness or accident. Disability Insurance gives you the scope to safeguard your income when you are not able to earn.
Income Protection Choices
1) Short-Term Disability (STD) - waiting period of an average of 0 to 30 days; maximum benefit period generally lasts 24 months. 2) Long-Term Disability (LTD) - waiting period varies depending on policy, it can be 30 days to more than 180 days;benefits that range from a few years to the rest of your life. Types of Disability Insurance Policies:
1) Conditionally Renewable Policies - Insurance rates can increase or your disability coverage can be canceled anytime by the insurer. Avoid these policies.
2) Non cancelable Policies - Policy which can’t be canceled by your insurance company, excluding nonpayment of premiums. It is an annually renewable policy without loss of benefits or increase in premiums. Best option.
3) Guaranteed Renewable - Policy stays in force as long as the premiums are paid, re-insurability is guaranteed. But, your premiums can increase in future based on any filing of a Disability Insurance claim for injury or illness.
You may opt from the 3 basic types of Disability Insurance coverage:
1) Social Security Disability Insurance (SSDI) ---> His federal government provided insurance is for workers with a disability that is diagnosed to last at least 12 months and does not allow them to earn fruitfully. SSDI needs the policy holder (you) to provide medical evidence for the disability. In addition, you are also required to match the medical listing set by Social Security Administration (SSA). Otherwise your residual working capacity will be taken into consideration. Benefits from Social Security include:
* Monthly wage * Medicare * Vocational Rehabilitation (if the policy permits) * Other employment support programs
2) Group Disability Insurance ---> There are several companies that offer Disability Insurance policies as part of the employee benefit plan. Benefits of such plans are:
* Take advantage of any disability protection offered to you at work, sign-up for short-term and long-term disabilities, if offered. * Short term disability is a stop gap measure until long-term disability starts. From the day you report a disability, it may take several days to weeks for the disability claim paperwork to process until you receive your first check. Remember, you don’t receive a check the day you file your claim. * Generally, an insurance company only pays 60% to 65% of your income during a disability. Most importantly, after being taxed on your income, you may only end up getting only 50% -55% of your income. Can your standard of living be maintained on half your income?
3) Individual Disability Insurance ---> Self-employed individuals seeking Disability Insurance may find policies with the private health insurance companies. Purchase an independent long-term disability policy. You will never get 100% of your income but maybe up to 70% to 80%. Income from an independent disability policy is tax-free.
If you have a family that depends on your income you surely must have Disability Insurance policy to protect your earning capability.
Health Insurance provides the coverage for all unseen medical expenses. More broadly Health Insurance covers disability or long-term nursing or custodial care needs. It may be provided through a government-sponsored social insurance program, or from private insurance companies. It may be purchased on a group basis (e.g., by a firm to cover its employees) or purchased by individual consumers. In each case, the covered groups or individuals pay premiums or taxes to help protect themselves from high or unexpected health care expenses. Similar benefits paying for medical expenses may also be provided through social welfare programs funded by the government.
There are various kinds of Health Insurance available in the market. You can opt for a Health Insurance as per your requirement. The various Health Insurance policies available in the market are:
1) Individual Health Insurance 2) Short Term Health Insurance 3) Family Health Insurance 4) Alternative Health Insurance 5) Student Health Insurance 6) Life Insurance & Accidental Death & Dismemberment AD&D 7) Guaranteed Health Insurance
Tips to buy affordable Health Insurance:
1) Be aware of your state rules: Know the rules that your state follows. This way you can make rational and mature decisions about your Health Insurance.
2) Type of coverage: Know your requirements as well as the kind of coverages before applying for it. You don't want unpleasant surprises when you're sick or in the hospital. Many contracts have subtle limitations, exclusions and out of pocket costs that will bury you going forward.
3) Affordability: Prepare a budget for yourself. Buying Health Insurance doesn't just mean paying premiums. There are co-payments, deductibles and also sometimes co-insurance. Keep all of these in mind when planning for your insurance.
4) Better Options: Contact different insurance companies, or ask your agent to show you policies from several insurers so you can compare them. Make sure the policy protects you from large medical costs. Compare the on-line sites for fast turn around on affordable Health Insurance.
5) Free Look: Most companies give you at least 10 days to look over your policy after you receive it. If you decide it is not for you, you can return it and have your premium refunded. Get all promises and pledges in writing!
6) Coverage: Prescriptions are one of the most used benefits of health plans. Review the coverage of any health plan to determine if your current prescriptions are covered and at what level. X-rays are a routine part of some treatments, so it's wise to make sure X-rays are covered in each plan you consider.
7) Avoid Single Disease Insurance Policies: There are some polices that offer protection for only one disease, such as cancer. If you already have Health Insurance, your regular plan probably already provides all the coverage you need. Check to see what protection you have before buying any more insurance.
In summary, by researching the internet, talking with your family and friends, taking advice from insurance agents, you will select the absolute best affordable Health Insurance available for your family.
After food and clothes, home is the third priority of human beings. After filling their stomach and covering themselves up, a man needed a Home where he can protect himself from natural calamities, wild animals, outsiders as well as start his own family. The way home protects a man from various unwanted circumstances, he has to protect his home from various perils, or he needs to have enough funds to rebuild a new house or repair the damaged portions.
Here comes the thing called Home Insurance. Home Insurance is a good way to keep your home protected and also covering you from various unwanted losses.
The coverages provided under Home Insurance Policy are as follows:
1) Structural Coverage ---> If due to any natural calamity (like, fire, earthquake, hail, hurricane, lightning, flood, etc.) your house is destroyed or damaged partially, this policy pays for it. You should buy enough coverage that would pay for rebuilding your home if needed. Covers the value of the dwelling itself (not including the land). As long as the dwelling is insured to 80% of actual value, it will be replaced. This is in place to give a buffer against inflation.
You may be anywhere in the world, but this policy will provide coverage for any damage caused anywhere. This means that you get protection off-premises, but some companies have limitations. They may provide only up to 10% coverage of the total insurance value for your possessions.
2) Personal Property Coverage ---> This cover the loss to your personal property, due to theft or destroyed due to natural calamity. Since most companies provide 50% to 70% coverage of the total value, the best way to determine the right amount of insurance to buy would be to create a home inventory.
3) Liability Coverage ---> If you or any of your family members including your pet causes any damage to your neighbor or other people, this policy provides coverage. The cost of defending you in court is also covered under this policy up to the limit provided here. The coverage is available not just in your home but also anywhere else in the world.
4) Loss of Use/Additional Living Expenses ---> If your house is damaged and you have to stay elsewhere, then this covers expenses associated with additional living expenses (i.e. rental expenses) and fair rental value, if part of the residence was rented.
Usually the companies offering homeowner insurance provides 20% coverage of the total value of the insurance on your house under this policy. Some companies may allow you to increase this coverage for an added premium.
Home Insurance is a invisible roof on your head when your actual roof is damaged. At least people leaving near disaster prone areas should insure their houses and be at safer side.
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The main function of insurance is to provide protection to insured things against uncertainties. Insurance cover can be thought of as a guaranteed and known small loss to prevent a large, possibly devastating loss. Insurance comes under risk management, to foresee the future and the risk involved and take steps to prevent mass damage. Any property or precious holding can be insured.
One such is Auto Insurance also known as vehicle insurance, car insurance, or motor insurance, in which you can insure your vehicle against any losses incurred as a result of traffic accidents and against liability that could be incurred in an accident. It is a contract between you and the insurance company. You agree to pay the premium and the insurance company agrees to pay your losses as defined in your policy.
In many jurisdictions it is compulsory to have vehicle insurance before using or keeping a motor vehicle on public roads. Most jurisdictions relate insurance to both the car and the driver, however the degree of each varies greatly.
An auto insurance policy comprises six kinds of coverage. Most countries require you to buy some, but not all, of these coverages. If you're financing a car, your lender may also have requirements. Most auto policies are for six months to a year.
Six kinds of coverages that falls under an auto insurance policy are:
1) Bodily Injury Liability ---> Covers other people's bodily injuries or death for which you are responsible. It also provides for a legal defense if another party in the accident files a lawsuit against you.
2) Personal Injury Protection (PIP) --> If the passengers and driver of the policy holder's car happen to be injured, this policy covers the cost of treatment and may also cover lost wages, cost of replacing services and funeral costs.
3) Liability for Property Damage --> If you or someone driving your car with your permission damages another person's property, this policy provides coverage. It also covers damage to lamp posts, telephone poles or any other structure hit by your car.
4) Collision coverage --> This policy provides coverage for damage to your (policy holder) car as a result of collision with another automobile or any other object. There is generally a deductible. Even if you are at fault in an accident, this policy will cover the repairing cost of your car minus the deductible. If you are not at fault, then your insurance provider will try to recover the cost from the faulty driver's insurance company. To keep your premiums low, select as large a deductible as you feel comfortable paying out of pocket. For older cars, consider dropping this coverage, since coverage is normally limited to the cash value of your car.
5) Comprehensive Coverage --> Covers your vehicle, and other vehicles (in limited scenarios) you may be driving for losses resulting from incidents other than collision. For example, comprehensive insurance covers damage to your car if it is stolen; or damaged by flood, fire, or animals. It pays to fix your vehicle less the deductible you choose. To keep your premiums low, select as high a deductible as you feel comfortable paying out of pocket. This policy is also available with a certain amount of deductible.
6) Uninsured/Under-insured Motorist Coverage --> If an uninsured or under insured or a hit-and-run driver hits you or your family member, this policy will reimburse the cost of damage. This usually happens when people go for cheap motor insurance. You will also be protected if you are hit as a pedestrian.
You may think that since you don't own a car you do not need insurance. In many cases this may be true. If you rent a car and it meets with an accident, who will provide coverage? This is when you need non-owners car insurance. This insurance is ideal for those who drive occasionally and don't own a car.
Adjustable Rate Mortgage or ARM is also known as adjustable rate loan, variable rate loan, variable rate mortgage and floating rate mortgage.Adjustable Rate Mortgages became more popular in 2004, when the Federal Reserve began raising the Fed Funds rate. This made adjustable-rate mortgages more profitable compared to fixed rate mortgages, whose rates are tied to the 10-year Treasury Bond.
I simple language ARM, is a kind of mortgage whose interest rate changes or varies as per specific criteria. The initial interest rate is normally fixed for a period of time, after which it is changed periodically, often every month. ARM is associated with figures such as 1/10, 1/7, 2/28/, 3/27, etc.
The first figure in each set refers to the initial period of the loan, during which your interest rate will stay the same as it was on the day you signed your loan papers. The second number is the adjustment period, showing how often adjustments can be made to the rate after the initial period has ended. The interest rate paid by the borrower will be based on a benchmark plus an additional spread, called an ARM margin. Like in 2/28 mortgage's initial interest rate is fixed for 2 years and then changes to a floating rate for the remaining 28 years of the mortgage. Whereas, in 3/27 mortgage, the interest rate is fixed for 3 years and then floats for the remaining 27 years of the mortgage.
Examples:
1. The initial interest rate is 4.5%, the index is 7%, and the margin is 3%, then the new interest rate = 7% + 3% = 10%. If the lifetime cap is 5% then the actual new interest rate will be 4.5% + 5% = 9.5%.
2. The initial interest rate is 6%, the index is 5%, and the margin is 3%, then the new interest rate = 5% + 3% = 8%. If the periodic cap is 1% then the actual new interest rate will be 6% + 1% = 7%.
Types of ARMs
1 Year ARM with 2/6 Caps
The annual percentage rate for this loan is fixed for the initial term of 1 year. After that time, the annual percentage rate may change once a year. The annual percentage rate adjustment cap is plus or minus 2%. The lifetime annual percentage rate cap cannot go up or down more than 6% from the original rate.
3 to 1 ARM
This loan has a fixed rate for the initial term of 3 years. Followed by, the annual percentage rate change of only once a year. The annual percentage rate adjustment cap is plus or minus 2%. The lifetime annual percentage rate cap cannot go up or down more than 6% from the original rate.
5 to 1 ARM
The annual percentage rate for this loan is fixed for a period of five years. After this time, the annual percentage rate may change each year, but is limited to a 2% increase or decrease. The cap for the life of the loan is limited to 5%, plus or minus, of the original rate.
7 to 1 ARM
With a fixed rate for the first seven years, this loan's annual percentage rate may change once a year. The annual percentage rate may adjust no more than 5% at the end of the first adjustment period of seven years. Thereafter, the annual percentage rate adjustment cap is plus or minus 2%. The lifetime annual percentage rate cap cannot adjust up or down more than 5% from the original rate.
10 to 1 ARM
The annual percentage rate of this loan is fixed for a period of ten years. After this time, the annual percentage rate may change each year. The first rate adjustment is limited to 5% of the original interest rate with subsequent rate adjustments limited to 2%, plus or minus. The lifetime cap of the loan is 5% of the original interest rate.
With most ARMs, the interest rate can adjust every month, every three or six months, once a year, every three years, or every five years. The interest rate on negatively amortized loans can adjust monthly. A loan with an adjustment period of 6 months is called a 6-month ARM, with an adjustment period of 1 year is called a 1-year ARM, and so on.
ARMs offer an initial lower interest rate than the fully indexed rate (index plus margin) during the initial period of the loan, which could be one month or a year or more. It is also known as teaser rate.
Advantages of ARM Loan:
1) The biggest advantages that the ARM loan offers are the lower initial interest rate. This lower interest rate will also give you a much lower monthly payment that can either save you money or allow you to buy a bigger house then you could with a fixed rate mortgage.
2) It provides a stability in the sense that you always know what your payment will be.
3) You can choose from 15-year mortgages, and then at various intervals, all the way now up to 50 year mortgages.
4) The fixed rate portion of the loan allows you to enjoy a fixed rate for that period of time that you choose. This can be really good if the economy is doing well and the rates are low.
5) Depending on your contract, your adjustments are made on either a monthly or yearly basis, giving you maximum flexibility.
Disadvantages Of ARM Loan:
1) That dark side is in the form of an interest rate that can sky rocket quickly leaving you with a mortgage payment that can be hard to pay every month.
2) Due to high interest rate your credit score or property values may decrease and you may stuck in a mortgage that’s hard to pay and impossible to refinance out of.
In either case, there are pros and cons - all depending on the economy. The good thing is that there is always the possibility of refinancing - if need be. Be sure to compare any offers you receive in order to determine the best buy for your situation. Get several offers from different companies in order to see the possibilities, and you may want to get some advice from outside sources as to whether a fixed rate or adjustable rate is the best for you.
Hey have you ever seen those ads for Non-Profit Organizations?
Who all are offering to assist you to get out of the vicious circle of Debt?
And you feel like trusting them don’t you?
After all, everybody in the ad and on their website looks so pleased and happy with their reliable services, and to be very honest they are, after all a non profit organization – so normally they should or must be completely altruistic and selfless, right? Well, some are, but don't just assume that this is the case everywhere, by default.
Firstly, how does this term or concept of Debt Consolidation work? Actually, when you have multiple huge debts - such as your student loans, your medical bills, and continuous revolving lines of credit or credit cards - it can be really nice and useful to strategically combine or financially unite all of those into one payment scheme. This is what we called Debt Consolidation.
You as the debtor need to take out a new loan at a much lower interest rate to repay that huge payment. Services that are provided by the Debt Consolidation agencies or organization often incorporate brokering negotiations with credit card companies to achieve lower rates and a cut down in the net amount owed, or expert credit counseling. Because they say non profit Debt Consolidation organizations and firms get most of their operating capital through generous grants and donations, they can offer these holy services at little to no charges. Isn’t that a holy service? Sounds magically wonderful, doesn't it? .But there’s no fast cure for annihilating your huge debt immediately and painlessly. Even Debt Consolidation has its drawbacks. For example, even at lower interest rates and lower payments, it may still take years before the debt is entirely and successfully paid off.
Secondly, the excessive use of a Debt Consolidation service can sometimes have a bad impact on you credit ratings, also known as FICO score. So before you take any steps you need to weigh the pros and cons.
APR or Annual Percentage Rate should be known to everyone, at least by those who are having loan, mortgage, credit card etc., which deals with interest rate. In order to avoid bugger lenders or different credit card companies and compare the percentage rates on different loans or credit cards.
What is APR?
APR is the Annual Percentage Rate is the interest rate calculated for a whole year, rather than just a monthly fee/rate, as applied on a loan, mortgage, credit card, etc. APR tells you how much you are going to pay annually for the amount borrowed, so it is the cost of loan in terms of percentage. If your loan has a 10% rate, you’ll pay $10 per $100 you borrow annually. All other things being equal, you simply want the loan with the lowest APR.
Why it is necessary to know APR?
The fees included within the APR vary from one lender to another. The fees included within the APR involve charges related to the making of the loan and other fees such as title fee, escrow fee, attorney fee, tax service fee, home inspection fee, recording fee and credit report fee. The fees for the preparation of loans include loan processing fee, underwriting fee, document preparation fee, private mortgage insurance, loan application fee, credit life insurance and appraisal fee. Lenders often mislead borrowers by charging hidden fees. In order to reduce the confusion, US Government made the provision that the lenders have to quote APR to potential borrower, as per the Truth in Lending Act.
For example if the APR is 36%, the percentage is 3% per month, but the interest rate or cost of funds for the entire year may be greater than 36% due to the effects of compounding. By law, a credit card company or other lender must inform the customer of the APR before any agreement is signed. The APR provides the customer with a convenient number against which to compare the cost of funds for other loans or investments.
So you have to do some research work before applying for any loan, mortgage or credit card and find out which is having lowest APR.
How is APR Calculated?
APR is the equivalent interest rate considering all the added costs to a given loan. Naturally, it is a function of the loan amount, the interest rate, the total added cost, and the terms. The APR would equal the interest rate if there is no additional costs to a given loan.
1) For example, consider a $100 loan which must be repaid after one month, at 5% interest, plus a $10 fee. If the fee is neglected, this loan has a (year-long) effective APR of approximately 79% (1.05^12 =~1.7958). If the $10 fee were considered, the interest increases by 10% ($10/$100) for the month, with the effective APR being approximately 435% (1.15^12 =~5.3502, as 535%-100%=435%). Hence there are at least two possible "effective APRs": 79% and 435%.
2) For example, a credit card company might charge 1% a month, but the APR is 1% x 12 months = 12%. This differs from annual percentage yield, which also takes compound interest into account.
What are APR Limitations?
Unfortunately, all other things are not equal. APR can include more than just the interest cost of a loan. On a mortgage, APR might include Private Mortgage Insurance, processing fees, and discount points. There are other fees and charges that may or may not be included in a given APR quote. Therefore, you need to look closely at each and every APR.
You can’t simply rely on an APR quote to evaluate a loan. You need to look at each and every charge and expense related to your prospective loan in order to judge whether or not you’re getting a good deal. In addition, look at the bigger picture – you need to know how long you’ll be using a loan to make the best decision. For example, one-time charges up front may drive up your actual cost on a loan – even though an APR calculation might assume those charges are spread out over a longer lifetime (and therefore the APR would look lower).
APR Calculator:
1) Loan Amount (C):----------- 2) Extra Cost (E):---------- (The Extra Cost (E) is the lump sum of all extra costs involved in the loan, which include points, application fee, closing cost, processing fee, title fee, and so on. In short, it's the money you borrowed that you never saw.) 3) Interest Rate % (R):------- 3) No. of Months (N):------- 4) APR (A):------------------- 6) APR (A):----------------- Calculator
The calculator first calculates the monthly payment using C+E and the original interest rate r = R/1200:
P = (C+E)r(1+r)N/(1+r)N-1
The APR (a = A/1200) is then calculated iteratively by solving the following equation using the Newton-Raphson method:
For Creditors all secured debts are Good Debts and for Debtors Good Debts are those which builds wealth over the long run.
Question: Can Debts build wealth?
Not all debts are bad. If used precisely Debts can be huge source in wealth building. Good Debts can be considered as a sort of investment, which generates income at a later stage.
Good Debts is secured with a valuable asset, like a home mortgage or, perhaps, a car loan, and so considered an investment. Home loans are good because over time a home’s value increases. Student loans are also considered Good Debt because they are also like an investment. Students who graduate with a college degree earn, on average, higher incomes than those that don’t. Home loans and college loans are good for another reason: they usually have very agreeable terms. Both types of loans come with very low interest rates, and borrowers repay the debt over a long period. The typical home loan, for instance, carries a 30-year term. The interest on college loans is so affordable that the graduate can repay their loans slowly over a long period as they gradually earn more money and build their personal wealth.
"Mortgage debt is Good Debt. You're borrowing money, but you're getting a tax advantage and can write off interest on an asset that's appreciating over time. Plus, you get to live there."
One of the secrets, therefore, to being smart with your money is to differentiate between Good Debt and Bad Debt.
1) Good Debt: Having a mortgage, getting a home equity loan or line of credit to fund a home renovation or remodeling job. Bad Debt: Borrowing money to trick out your car to impress your friends, or just yourself.
2) Good Debt: Getting student loans to attend college. Bad Debt: Using your credit cards while at school to buy groceries, throw parties or accumulate stuff. Many students are saddled with insane amounts of debt after they graduate. Average credit card debt after graduating from college: $3,000.
3) Good Debt: Leverage in real estate or using the bank’s money to invest in real estate. You can use leverage by borrowing funds to get into real estate investing with the expectation of turning in a profit. Bad Debt: Leverage in Wall Street or borrowing money to buy stocks. In my opinion, buying stocks on margin is a bad idea. This is a subjective opinion because I’m sure there are a lot of successful margin players out there. As an average investor, I’d avoid trading on margin like the plague. There’s a difference between using a loan to invest in real estate versus investing in the stock market: if the real estate market drops, you are not forced to pay off a mortgage in short notice. With a drop in stock prices, you’ll be subject to margin calls that will force you to raise more money to hold on to your position or else force you to redeem at poor market prices. Using leverage takes a good amount of risk, the question here is if the risk is reasonable and if you’re fairly comfortable taking it.
4) Good Debt: Applying for a business loan and borrowing for business. Many ventures need cash flow that they don’t have at the moment to run their operations or expand their facilities. Using loans to grow a business is a sensible approach to take. Bad Debt: Using your credit card to go on vacation, travel or to just have a good time; borrowing for pleasure. Once the vacation is over, you’re left with fun memories and a financial obligation to pay up.
While the differences often seem logical, it is a logic that is apparently missed by many people.
Therefore, Good Debt helps borrowers by increasing their wealth and by building a healthy credit history. Borrowers who repay their debt diligently earn a good credit score and become eligible to borrow more good debt in the future. Good Debt is investment debt that creates value.
Credit Cards had been one of the greatest boons for mankind of this Century. Through Credit Cards buyer can buy goods or services, without having cash in hand. A Credit Card is only an automatic way of offering credit to a consumer. Today, every Credit Card carries an identifying number that speeds shopping transactions. Imagine what a credit purchase would be like without it, the sales person would have to record your identity, billing address, and terms of repayment.
But, today this boon for mankind has turned into curse. People are using their Credit Cards, just because they can avail the product or service of their choice, without thinking whether they can repay the amount with interest later. U.S. citizens are buying on impulse.
"Credit buying is much like being drunk. The buzz happens immediately, and it gives you a lift. The hangover comes the day after".
The major cause of U.S. population under debt today is Credit CardDebts. People are possessing more than one Credit Cards and using them extensively without making timely payments. This is increasing their interest rates and also their total Debt and people are opting for more and more credit card debt settlement .
Credit Cards were created for people's convenience where they can smoothly carry out their financial transactions, without carrying much cash. Now People are carrying the burden of Debt because of Credit Cards.
Below are some simple Tips & Advices for Credit Card users which can be or rather should be followed to avoid Debt like situations and lead tension free life:
1) Use Credit Cards when in dire necessity.
2) Stop spending on impulse. Check out whether you really need the product or service. Just because your neighbor is having it or it's the current craze you needn't buy it.
3) Do not cross your credit limit unless it’s an emergency. Banks charged a hefty 2% interest for all amounts in excess credit, in addition to the existing financial charges.
4) Every month allocate a portion of your income for Credit Cards. Try to pay more than minimum due amount.
5) Try to maintain not more than 3 Credit Cards.
6) Apply only for Credit Cards, when you are having stable source of income and can afford it. Otherwise you may end up in heavy Debts and even bankruptcy.
7) Cash advances are convenient BUT costly. Banks charged 18% per annum of cash advance amounts AND a 5% interest OR minimum of RM20 on the amount drawn. There is no interest-free grace period and the interest is accrued the moment cash is received.
8) Secure a list of your Credit Card numbers and report lost or stolen cards immediately. All banks have a 24-hour banking service and you’ll not be held liable for any purchases made with the card after reporting.
9) Inform and update your Credit Card issuer of changes in your personal particulars such as new mailing addresses so that billing can be mailed on time to avoid late payment charges.
10) Keep track and list out the things you bought with your Credit Card to cross-refer on the billing items to filter out misuse and credit frauds.
11) Be aware of the interest-free grace periods for settling outstanding bills. If your billing statement arrives ‘fashionably’ late every month, complain to your bank. Late mailing might be a contributing factor in the accumulation outstanding bills over the month.
12) When you want to cancel your Credit Card, it’s better to go straight to the bank to settle it rather than post to them. Call the bank and follow up closely on the cancellation status, as there have been many cases where banks still impose charges to consumers even AFTER they’ve canceled their cards.
13) Go for Credit CardDebt counseling, with professionals immediately, in case your financial situation is not manageable anymore by you.
Control your spending control your Debt.
"Credit Cards are for convenience and not for collection".
Videos are a great way to create Traffic for your online Business. Visuals are more effective inpromoting one's site than simple texts. Youtube, Slideshare are some good examples of onlinepromotion through videos, which are visited by millions of people for different purposes. These are not just entertainment sites, but serve as strong promotional tool and that too FREE of cost.What more do you want, just getting traffic without spending a single penny!
YouTube is like any other Social Medium, and you can generate a lot of traffic.
Not only videos are the easiest medium to drive traffic but also easy create them.
1) Find a product or CPA offer with a wide general appeal like debts, dieting, mortgage, etc. 2) Go to the Google Keyword research tool and look for related keywords. 3) Search high volume terms with you tube videos on the first page of the search results and bookmark the videos. 4) Make a short video using PowerPoint, which is informative, but keeps the watcher curious for more (it should MAKE him curious) and suggest more information behind a link. 5) Upload the video under various names and respond to the videos you have bookmarked. Have an affiliate link in the description (as the first part of the description). 6) Repeat all the processes to upload couple of videos.
This is just one example of how popular content will create further promotional opportunities, and in turn send traffic to your website, all without spending a single cent.So, without further ado, here are some of the features and strategies that you can use to makesure that YouTube starts generating website traffic for you:
1) Create and Customize Your own Channel --> This is far from being a complicated procedure, as your channel is automatically generated for you when you sign up for a new YouTube account.
This allows you to:* Arrange your own and others content in a single location, with its own YouTube URL.* Create a profile for yourself and your content, and link back to your website URL.* Chance to start creating Playlists from your own and other people's content.* You can also select from your video selection 9 highlighted videos that will be prominentlydisplayed on your channel profile.
2) Account Types - Choose Your Niche --> When you sign up for a new account you are given the chance to choose which account type you would like. While one of the options is 'standard', it makes a lot more sense to choose from the other possibilities. This means that in narrowing the focus of your channel, you automatically reduce the competition from other videos, and give yourself the chance to further promote your work. It is far easier to rise to the top of the pile within a particular category than it is to make the front page of the website, and in the process you help potential viewers to narrow down their search.
3) Create Short Form Viral Content --> In the vast majority of cases, your best chance of creating a highly-viewed video is to make sure that your running time is around the five minute mark or less.
4) Tag and Categorize --> Once you have created your video or imported it from elsewhere one important step to consider is choosing the right category and tags for your video. This is the stage that is most often rushed or overlooked, but if you take the time to check out the other popular videos in your niche, and see how they have been tagged and placed within the YouTube categories, it will finally pay off.
5) Create Niche-Targeted Playlists --> First of all, you can gather individual clips into a niche-targeted context so that viewers can find related content quickly and easily without having tosearch for the individual items themselves. Secondly, you can gather your own videos either by thematic relevance, or as part of a series. If you have a longer video, it makes sense to break it down into several clips, each with a clear title, so that viewers can opt to skip to particularly interesting parts of your movie.
6) Promote Your Video with YouTube Email and Bulletins --> People often forget that YouTube is a social community as much as it is a video-sharing site. As such, there is nothing terrible about reaching out to other users and letting them know about your content, your thoughts, or your admiration of their work. This is a great way of leaving quick comments on other user's pages, and in doing so you are likely to pique their interest enough for them to come and check out your profile and maybe even subscribe if they like what they see.
7) Leave Video Responses --> Another effective way of getting yourself seen is to leave a videoresponse to another user's clip.
8) Join or Create YouTube Groups --> YouTube has a strong community of groups that exist for users to discuss and share videos. You can browse for groups to join by category, or create your own group from the YouTube Groups page. There are advantages to both approaches.
9) Chat in the Streams --> If you pitch the theme of your room just right, and do what you can to promote the 'live event', this could well be an effective way to bring new people into your circle of subscribers and friends.
10) Active Sharing --> A new feature, Active Sharing provides another opportunity to drive traffic to your profile. Active Sharing is aimed at trend setters and opinion makers, and makes it easy for you to broadcast the videos that you are currently watching.
Conclusion : Broadcast yourself, and promote yourself in for the bargain.
Bankruptcy is the legally declared financial status of an individual or an organization, who is unable to pay off their debts. Generally, Bankruptcy is initiated by the debtor, in order to get relief from the creditor’s permanently, but in order to recover their substantial amount of debt the creditors as well can file Bankruptcy case against the debtor. The Bankruptcy case initiated by the debtor is called Voluntary Bankruptcy and the one filed by the creditor against debtor is called Involuntary Bankruptcy.
A Harvard Study reported that half of US bankruptcies were caused by medical bills. The study was published online in February of 2005 by Health Affairs. The Harvard study concluded that illness and medical bills caused half (50.4 percent) of the 1,458,000 personal bankruptcies in 2001. The study estimates that medical bankruptcies affect about 2 million Americans annually — counting debtors and their dependents, including about 700,000 children.
Bankruptcy is a federal court procedure that is designed to aid businesses as well as the consumers to wipe out their debts or repay them under the protection of the Bankruptcy court. Businesses don’t like it, but for consumers, it can be a life saver. Bankruptcy is the last option and should be the last option while trying to get hold of yours scattered financial situation, since it has a very negative impact on yours credit report and affect you in the future for all your financial dealings, as most lenders view this differently. But for sure it allows you to start over again.
Let's start by exploring the different types of bankruptcies. There are four different filings you can make: Chapter 7, Chapter 11, Chapter 12 and Chapter 13.
Chapter 7
Its the most common form of Bankruptcy in US. Chapter 7 Bankruptcy, sometimes call a straight Bankruptcy is a liquidation proceeding. As per this chapter, the debtors are allowed to keep certain type of property, this kind of asset is known as exempt property and the property they must give up is known as non exempt property. The debtor turns over all non-exempt property to the Bankruptcy trustee who then converts it to cash for
distribution to the creditors. The debtor receives a discharge of all dis-chargeable debts usually within four months. In the vast majority of cases the debtor has no assets that he would lose so Chapter 7 will give that person a relatively quick "fresh start". One of the main purposes of Bankruptcy Law is to give a person, who is hopelessly burdened with debt, a fresh start by wiping out his or her debts.
Non exempt property may include:
1. Pricey musical instruments provided the debtor is not a professional musician. 2. Family heirlooms. 3. Collections of valuable items like stamps and coins. 4. Bank accounts, bonds, cash and other investments. 5. A second or vacation home 6. A second car or truck.
Exempt property include: 1. Household appliances. 2. Vehicles, up to a certain value. 3. Reasonably priced requisite clothing. 4. Reasonably priced requisite household goods and furnishings. 5. Jewelry, up to a certain value. 6. Pensions. 7. A part of unpaid but earned wages. 8. Equipments (up to a certain value) that are needed in the debtor’s profession. 9. Damages awarded for personal injury. 10. A part of equity in the debtor's home. 11. Public benefits, including social security, and unemployment compensation, public assistance (welfare) that is accumulated in a bank account.
If a debt is secured by property, such as a home mortgage or an automobile loan, then you get to decide how to handle that debt. For example, in the case of a vehicle, you could: Keep the automobile and the debt as long as you are current and continue keeps your payments current.
* "Redeem" the automobile which means pay it off at its current "fair market value"
* Return the vehicle, include any balance due in your Bankruptcy and pay nothing further on the vehicle. The choice is yours.
Essentially what the new laws ask of people who are filing a Chapter 7 Bankruptcy is twofold. First, they must take an approved credit counseling course within six months before filing. They must also complete an approved financial management course before any debts can be discharged.
What are the most common reasons given for filing a Chapter 7 Bankruptcy? Well, of course, it's the accumulation of excessive debt! But seriously, here are the most common reasons why people get into such debt:
In 99% of the Chapter 7 cases, the person filing Bankruptcy keeps all of their property.
Chapter 11
Chapter of the Bankruptcy Code that is usually used for the reorganization of a financially troubled business. Used as an alternative to liquidation under Chapter 7. Chapter 11 Bankruptcy is available to every business, whether organized as a corporation or sole proprietorship, and to individuals, although it is most prominently used by corporate entities. Bankruptcy affords the debtor in possession a number of mechanisms to restructure its business.
Chapter 12
Chapter of the Bankruptcy Code adopted to address the financial crisis of the nation's farming and fishermen community. Cases under this chapter are administered like Chapter 11 cases, but with special protections to meet the special conditions of family farm operations and fishing.
Chapter 13
Chapter 13 is more commonly known as a reorganization Bankruptcy. Chapter13 Bankruptcy is filed by individuals who want to pay off their debts over a period of three to five years.This type of Bankruptcy appeals to individuals who have non-exempt property that they want to keep. It is also only an option for individuals who have predictable income and whose income is sufficient to pay their reasonable expenses with some amount left over to pay off their debts.
There are many reasons why people choose Chapter 13 Bankruptcy instead of Chapter 7 Bankruptcy. Generally, you are probably a good candidate for Chapter 13 Bankruptcy if you are in any of the following situations:
1. You have a sincere desire to repay your debts, but you need the protection of the Bankruptcy court to do so. You may think filing Chapter 13 Bankruptcy is simply the "Right Thing To Do" rather than file Chapter 7.
2. You are behind on your mortgage or car loan, and want to make up the missed payments over time and reinstate the original agreement. You cannot do this in Chapter 7 Bankruptcy. You can make up missed payments only in Chapter 13 Bankruptcy.
3. You need help repaying your debts now, but need to leave open the option of filing for Chapter 7 Bankruptcy in the future. This would be the case if for some reason you can't stop incurring new debt.
4. You are a family farmer who wants to pay off your debts, but you do not qualify for a Chapter 12 family farming Bankruptcy because you have a large debt unrelated to farming.
You have valuable nonexempt property. When you file for Chapter 7 Bankruptcy, you get to keep certain property, called exempt. If you have a lot of nonexempt property (which you'd have to give up if you file a Chapter 7 Bankruptcy), Chapter 13 Bankruptcy may be the better option.
You received a Chapter 7 discharge within the previous eight years. You cannot file for Chapter 7 again until the eight years are up.
A Chapter 13 can be filed if:
* The debtor received a discharge under Chapter 7, 11 or 12 more than four years ago. * The debtor received a discharge under Chapter 13 more than two years ago. * You have a co-debtor on a personal debt. If you file for Chapter 7 Bankruptcy, your creditor will go after the co-debtor for payment. If you file for Chapter 13 Bankruptcy, the creditor will leave your co-debtor alone, as long as you keep up with your Bankruptcy plan payments. * You have a tax debt. If a large part of your debt consists of federal taxes, what happens to your tax debts may determine which type of Bankruptcy is best for you.
As of October 17, 2005, new Bankruptcy laws took effect for all three types of Bankruptcy. When it comes to Chapter 13, you cannot file this way unless the following conditions are met:
* The debtor received a discharge under Chapter 7, 11 or 12 more than four years ago. * The debtor received a discharge under Chapter 13 more than two years ago. * When a motor vehicle was purchased within 910 days (2 1/2 years) of the filing and a secured creditor has a lien on it, the creditor retains the lien until payment of the entire debt has been made.
The following debt is NOT discharged:
* Debt for trust fund taxes; * Taxes for which returns were never filed or filed late (within two years of the petition date); * Taxes for which the debtor made a fraudulent return or evaded taxes; * Domestic support payments; * Student loans; * Drunk driving injuries; * Criminal restitution; * Civil restitution or damages awarded for willful or malicious personal actions causing personal injury or death.
All tax returns for the four years prior to filing Chapter 13 must be filed.
Disadvantages Of Bankruptcy --> Of course, there are disadvantages to filing for Bankruptcy. As per the Fair Credit Reporting Act, a record of this stays on the individual's credit report for up to 10 years. During the pendency of a Bankruptcy case the debtor is not permitted to obtain additional credit without the permission of the Bankruptcy court. Moreover, creditors may not be willing to risk lending money to such an individual.
There are some advantages to filing for Bankruptcy. By far the most important advantage is that debtors may obtain a fresh financial start.
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