Learn How To Get Out Of Credit Card Debt

Once you have amassed enough credit card debt to be causing you anguish, it is absolutely essential you stop ignoring this problem anymore. The first step to facing up to this is to, under no circumstances whatsoever, carry on using your existing credit cards for any purchases. The cards must be cut up and safely disposed of and although this may sound drastic, it will take away the temptation of increasing your debt problems even more. You may wonder how you are going to be able to pay for items such as gas and grocery shopping, but we will come onto potentially a way around this later in this article.

First of all you need to compare credit cards and work out the exact amount you need to pay off on all your cards. It is important to work out the maximum you can afford to pay each month in order to reduce this level of debt. Just paying the minimum payment on each of these cards is not a good idea as this will only touch the interest already accumulated and not make a significant difference to your overall level of debt.

When you have worked out how much you can afford to pay off on each of your cards each month, you should look at trying to transfer your debts on your highest interest cards to either your existing cards with best credit card rates or applying for a new 0% balance transfer credit card. Applying for a new card may sound dangerous but if you are determined to get out of debt quickly and disciplined enough to only use this one card for essential purchases it may prove very valuable in order to move high interest debt and allow you to pay this off quicker.

It is important to not lose hope and realize that is possible to pay off your credit card debts even if the above tips don’t help you. Seek professional debt advice and draw up a personal plan suitable for your individual needs.

Credit Card Debt Can Be Avoided

There are sill a few people who do not use credit cards for anything and they may even consider them to be evil. There are several reasons why someone might not like credit cards, because they may have had bad experiences with them in the past. If they got into heavy debt they wouldn't want a repeat experience. 

They may have had parents who strongly taught against credit card use, perhaps after having a bad experience themselves, or they may just see no need for credit cards and the mess that goes with them.

Some people are definitely on the other side of the story and their wallets are loaded with credit cards. People who have a number of credit cards they use frequently actually pay off their balance every month, so they are actually borrowing money at a high interest rate.   

Do you avoid credit cards like the plague, or do you charge so often you forget what shade of green a dollar bill is?. The fact that you are reading this article could mean that if you do not now have a credit card, you are thinking of getting one or you are somewhere in the middle.     

Your individual personality and how you react to financial matters will help determine whether you decide to get a credit card or not. If money could be managed perfectly by everyone, it would be nice, but this is not happening.

Getting a credit card should not be a first priority for you if you have trouble with your budget, because you probably are not ready for credit. You could likely handle credit if you are on a monthly budget, buying just what you need when it is needed, paying your bills on time and putting money in your savings each month. If you have been able to stay away from putting yourself in debt, a credit card might be okay, but first think about why you want a credit card in the first place.

Do you want to borrow the money to live the life you want to live and buy what you want?. In this case, you should NOT get a credit card and you also need to seriously reconsider your financial situation.        

If you just want a card to swipe and then go on when you are shopping, it is just as easy to use a debit card from the bank the same way. They will often ask you debit or credit, and if you choose credit you can sign and go just as with a credit card.

The credit cards that earn reward points for you such as a cash back credit card, may work best for you, if you are totally sure you will be able to pay off their balances every month. This type of credit card will be worthwhile only if you always pay off your balance each month, or you will be canceling out the amount you would receive from the reward points and will still owe more in interest charges.

Bad Credit - Discover How To Avoid Bad Credit

Visit credit secrets bible review for debt consolidation options and more info on bad credit debt consolidation.

Staying in contact with your payments each month can help you avoid bad credit. If you research the marketplace before you want to purchase someting, you are well on your way to avoiding bad credit and repair credit hassles. You should consider all applications, including credit cards, student loans, mortgages, and car loans carefully to avoid being overcharged. Making the wise decision ahead of the game is the ultimate answer to keep good credit. Most of us when taking out a home mortgage loan are not aware of the options available to them. A lot of us will walk in the bank door, fill out the application, and accept the terms & conditions when offered to them.

If you ever heard the all those reports that swept the pages of newspapers, television and other advertising sources…families and individuals are filing bankruptcy because they could not afford their homes any longer. The reason for this is because these people did not take the time to research the marketplace first and searching the options available to them. As you can see, the millions reported are in debt and looking for ways to repair their credit. The answer then to avoiding bad credit and repair is to research, invest wisely, make good decisions, and budget. Being informed and educated is two of the best tools offered to us.

There are mortgage loans that offer overpayments and underpayments and these loans include vacation packages and lump sum payments to the borrowers. There are also other loans available that offer low mortgage monthly installments and low interest rates with insurance policies attached that will pay your mortgage if you are sick, unemployed, in an accident and so on. On the other hand, there are mortgage loans that have high interest rates, high mortgages, and balloon payments attached.

When balloon payments are attached to home mortgages it is almost guaranteed in a few years you will be searching for a solution to repair your credit. There are very few home lenders willing to tell you the truth about the variety of home loans available. Most of the lenders are making money and you are a source of income. It is important to scope the terms & agreements carefully as well as reading all fine prints on any loan contract before you sign.

Whenever avoiding bad credit and repair always start by staying on the right path. Loans are agreements that are made between two parties and attached are interest rates and other fees. If you are applying for a home loan and want to avoid bad credit, it makes sense to learn what the fees include and how much those fees are. Anytime you take out a mortgage loan there are upfront fees attached. In some cases, you can get a home for little or no cost. Searching the marketplace can save you time and money.

Some home loans offer an ‘acceleration clause’, which covers you if you miss mortgage payments. The lender will apply the clause by allowing you leniency providing you make payments the following month on time. This type of loan is great for avoiding bad credit, foreclosures, and repossessions. The marketplace is swarming with realtors and other sources that will help you get a mortgage loan affordable to you with benefits included.

Car Loans
If you are applying for a car loan, it is also important to research the marketplace carefully before you agree to any terms & conditions. Make sure that your search for the best deals within your budget.

College Loans
College I learned a golden rule that applies to everyone. This rule is that most car dealers up the fees on cars 15%. This means if you negotiate with the dealer you can get a discount on the vehicle up to 15%.

Credit Cards
Another word of advice is when applying for credit cards you need to stay away from cards that have fees attached and high interest rates. Avoid credit card offers that have upfront fees offer a high line of credit.

Student Loans
You should also consider student loans. You may be qualified for a student grant from the government. This is the first place you want to start before committing yourself to a loan agreement.

Getting All The Protection You Need From A Virtual Credit Card Number

credit card companies

More and more people are finding the advantages of leaving their high-tech camera equipment at home when they hit the road for vacations. Instead, they are choosing to protect their cameras by leaving them at home and utilizing the single-use, disposable cameras that are so readily available today. In a similar way, a single-use credit card number can also protect your real credit card information and increase security and peace of mind for you.

With credit and debit card fraud and identity theft continually on the rise, both concerned consumers and the credit card companies are always looking for ways to allow people to enjoy the convenience of using their debit or credit card for the purchases they want to make both at local retailers and online, while safeguarding the credit card information and the personal information of the consumer. One of the innovative ways that this has been made possible is through the issuing of virtual credit card numbers, which are primarily designed to be used for online purchases.

A virtual credit card number can be used anytime you want to make a purchase online allowing you to have a successful credit card transaction without ever having to reveal the real credit card numbers that are found embossed on your credit card. In most cases, the virtual credit card can only be used at one website and if not for one purchase only, then it is limited to a very brief window of time when it is valid.

This kind of arrangement helps to protect your real credit card from any computer hackers that might crack into a credit card processing submission, in order to try to steal your credit card information. Even if a hacker manages to get the complete number along with the other information they need to complete a transaction, they will be foiled because the virtual card will no longer be valid.

Even if you feel that you have a very secure connection and are not worried about hackers being able to capture your data when you submit an order online, the other thing to keep in mind are those online merchants who might not be completely trust-worthy. While the large and legitimate online retailers have credit card processing systems in place to help keep your card information secure, the unscrupulous merchants might try to take advantage of that data by either using it themselves or selling it for a high price to electronic criminals.

But, using a virtual credit card number will make it impossible for a hacker or a dishonest retailer to be able to use that number to do their own shopping at other websites. This provides people who make a lot of online purchases a great deal of peace of mind and it has proven to be one of the simplest and most effective ways to safeguard personal information, which can lead to credit card fraud and identity theft.

Protecting Yourself From Identity Theft

Whether they're snatching your purse, diving into your dumpster, stealing your mail, or hacking into your computer, they're out to get you.  Who are they? Identity thieves.

Identity thieves can empty your bank account, max out your credit cards, open new accounts in your name, and purchase furniture, cars, and even homes on the basis of your credit history.  If they give your personal information to the police during an arrest and then don't show up for a court date, you may be subsequently arrested and jailed.

And what will you get for their efforts?  You'll get the headache and expense of cleaning up the mess they leave behind. You may never be able to completely prevent your identity from being stolen, but here are some steps you can take to help protect yourself from becoming a victim.

Check yourself out

It's important to review your credit report periodically.  Check to make sure that all the information contained in it is correct, and be on the lookout for any fraudulent activity.

You may get your credit report for free once a year.  To do so, contact the Annual Credit Report Request Service online at www.annualcreditreport.com  or call (877) 322-8228.  If you need to correct any information or dispute any entries, contact the three national credit reporting agencies:

1. Equifax: www.equifax.com
   (800) 685-1111
2. Experian: www.experian.com
   (888) 397-3742
3. TransUnion: www.transunion.com
   (800) 916-8800

Secure your number

Your most important personal identifier is your Social Security number (SSN).  Guard it carefully.  Never carry your Social Security card with you unless you'll need it.  The same goes for other forms of identification (for example, health insurance cards) that display your SSN. If your state uses your SSN as your driver's license number, request an alternate number.

Don't have your SSN preprinted on your checks, and don't let merchants write it on your checks. Don't give it out over the phone unless you initiate the call to an organization you trust.  Ask the three major credit reporting agencies to truncate it on your credit reports.  Try to avoid listing it on employment applications; offer instead to provide it during a job interview.

Don't leave home with it

Most of us carry our checkbooks and all of our credit cards, debit cards, and telephone cards with us all the time. That's a bad idea; if your wallet or purse is stolen, the thief will have a treasure chest of new toys to play with.

Carry only the cards and/or checks you'll need for any one trip.  And keep a written record of all your account numbers, credit card expiration dates, and the telephone numbers of the customer service and fraud departments in a secure place--at home.

Keep your receipts

When you make a purchase with a credit or debit card, you're given a receipt.  Don't throw it away or leave it behind; it may contain your credit or debit card number.  And don't leave it in the shopping bag inside your car while you continue shopping; if your car is broken into and the item you bought is stolen, your identity may be as well.

Save your receipts until you can check them against your monthly credit card and bank statements, and watch your statements for purchases you didn't make.

When you toss it, shred it

Before you throw out any financial records such as credit or debit card receipts and statements, cancelled checks, or even offers for credit you receive in the mail, shred the documents, preferably with a cross-cut shredder.  If you don't, you may find the panhandler going through your dumpster was looking for more than discarded leftovers.

Keep a low profile

The more your personal information is available to others, the more likely you are to be victimized by identity theft. While you don't need to become a hermit in a cave, there are steps you can take to help minimize your exposure

• To stop telephone calls from national telemarketers, list your telephone number with the Federal Trade Commission's National Do Not Call Registry by calling (888) 382-1222 or registering online at www.donotcall.gov
• To remove your name from most national mailing and e-mailing lists, as well as most telemarketing lists, write the Direct Marketing Association at 1120 Avenue of the Americas, New York, NY 10036-6700, or register online at www.dmachoice.org
• To remove your name from marketing lists prepared by the three national consumer reporting agencies, call (888) 567-8688 or register online at www.optoutprescreen.com
• When given the opportunity to do so by your bank, investment firm, insurance company, and credit card companies, opt out of allowing them to share your financial information with other organizations
• You may even want to consider having your name and address removed from the telephone book and reverse directories

Be diligent

As the grizzled duty sergeant used to say on a televised police drama, "Be careful out there." The identity you save may be your own.

 

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Most Credit Card Companies Charge Foreign Transaction Fees

Nearly every major U.S. credit card company, except possibly one, will charge a two to three percent foreign transaction fee, if your credit card is used internationally.

Not until recent years, many credit card companies did not clearly explain these international fees in their terms and conditions.      

Many people received notification of a class action lawsuit settlement earlier this year, regarding these fees and when they will be charged. Now that the lawsuit has been settled, credit card companies are now required to clearly state foreign and international transaction charges on all credit card applications.

If you want to know how much your credit card company charges for international transactions, you should contact the customer service representative and you will probably be told that the fee is three percent. It can end up being quite expensive to pay an extra three percent on every purchase, but you can possibly find a way to avoid these charges.

The foreign currency rate you will receive from your bank may be much better than that of a foreign currency exchange booth.   

When a debit card is used as a credit card, there could be some risks involved, but ATM withdrawals are free of foreign transaction charges as a general rule.

A credit card provides much better fraud protection than a debit card, so for this reason using a debit card abroad to make purchases can be risky. If an unscrupulous merchant overcharged you or used your credit card in a fraudulent manner, you can easily contest the charges and receive a refund on your credit card account. When a debit card is used fraudulently, it will make your bank account disappear and it will be very slow to reappear.

The no fee credit cards offer the best way to refrain from paying international transaction fees plus they give the security of a credit card with no added fees.

It pays to know how much you will be spending, even in your day-to-day life, but it's even more important when you are on vacation, ATM transactions usually call for a small transaction fee. Few people can tell exactly how much cash they will require while traveling, and unless you have a very precise budget, it can be difficult to withdraw the correct amount in one single transaction. You may at many times find it difficult to locate a cash machine in many foreign countries, but you must be careful to not take the first opportunity you have to draw out an excessive amount of cash; you could be positioning yourself for the risk of theft.

Converting funds back to your local currency will call for fees to be paid in addition to the fees you paid to convert to the foreign currency.

Traveler’s checks do offer a bit more security than cash does, they can be replaced if lost or stolen, but there is a fee to purchase them and they are not accepted in some places.

If you are applying to get a credit card that will not charge you additional credit card fees for foreign purchases, be sure you understand the terms and conditions of the credit card policy to know the card you will be getting is the one you thought it was.

Check the terms before using the card and be sure you can pay off the balance quickly, if it has a high interest rate, otherwise you're simply paying fees a different way.

Financial Planning- Helping You See The Big Picture

Do you picture yourself owning a new home, starting a business, or retiring comfortably?   These are a few of the financial goals that may be important to you, and each comes with a price tag attached.

That's where financial planning comes in. Financial planning is a process that can help you reach your goals by evaluating your whole financial picture, then outlining strategies that are tailored to your individual needs and available resources.

Why is financial planning important?

A comprehensive financial plan serves as a framework for organizing the pieces of your financial picture.   With a financial plan in place, you'll be better able to focus on your goals and understand what it will take to reach them.

One of the main benefits of having a financial plan is that it can help you balance competing financial priorities.   A financial plan will clearly show you how your financial goals are related--for example, how saving for your children's college education might impact your ability to save for retirement.   Then you can use the information you've gleaned to decide how to prioritize your goals, implement specific strategies, and choose suitable products or services.   Best of all, you'll have the peace of mind that comes from knowing that your financial life is on track.

The financial planning process

Creating and implementing a comprehensive financial plan generally involves working with financial professionals to:

• Develop a clear picture of your current financial situation by reviewing your income, assets, and liabilities, and evaluating your insurance coverage, your investment portfolio, your tax exposure, and your estate plan
• Establish and prioritize financial goals and time frames for achieving these goals
• Implement strategies that address your current financial weaknesses and build on your financial strengths
• Choose specific products and services that are tailored to meet your financial objectives
• Monitor your plan, making adjustments as your goals, time frames, or circumstances change

Some members of the team

The financial planning process can involve a number of professionals.

Financial planners typically play a central role in the process, focusing on your overall financial plan, and often coordinating the activities of other professionals who have expertise in specific areas.

Accountants or tax attorneys provide advice on federal and state tax issues.

Estate planning attorneys help you plan your estate and give advice on transferring and managing your assets before and after your death.

Insurance professionals evaluate insurance needs and recommend appropriate products and strategies.

Investment advisors provide advice about investment options and asset allocation, and can help you plan a strategy to manage your investment portfolio.

The most important member of the team, however, is you. Your needs and objectives drive the team, and once you've carefully considered any recommendations, all decisions lie in your hands.

Why can't I do it myself?

You can, if you have enough time and knowledge, but developing a comprehensive financial plan may require expertise in several areas.   A financial professional can give you objective information and help you weigh your alternatives, saving you time and ensuring that all angles of your financial picture are covered.

Staying on track

The financial planning process doesn't end once your initial plan has been created.   Your plan should generally be reviewed at least once a year to make sure that it's up-to-date. It's also possible that you'll need to modify your plan due to changes in your personal circumstances or the economy.   Here are some of the events that might trigger a review of your financial plan:

• Your goals or time horizons change
• You experience a life-changing event such as marriage, the birth of a child, health problems, or a job loss
• You have a specific or immediate financial planning need (e.g., drafting a will, managing a distribution from a retirement account, paying long-term care expenses)
• Your income or expenses substantially increase or decrease
• Your portfolio hasn't performed as expected

 

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Taking Care with Your Credit Card Details

When you use your credit cards for shopping, you do have to be really careful about releasing any of the details associated with the card. The increase in online shopping has given rise to many fraudulent sites that steal your information and you don't realize it until you receive your statement to find transactions that you didn’t authorize or carry out. Not only is this an inconvenience in having to cancel your card but you also have to wait to receive reimbursement for these fraudulent charges.

When shopping online you have to make sure that the site you use is secure. Such sites are usually denoted by https. This means that when you enter your information the software on the site encrypts the data so that others using the server on the page cannot gain access to your private information. It is also important that when you do enter your credit card information online that you do so on your own computer rather than one that is shared among many users. You should also clear your browser cache from time to time to ensure that someone else cannot see what pages you accessed and try to gain access to your credit card in this way

Have you received any phone calls in which you are asked for your credit card information? One of the examples of recent events in credit card fraud involves phone calls in which consumers are told they can save money on their interest rates. When they give the details of their credit cards thinking they are going to save money, they find that the caller has actually gained the information needed to max out the cards. Another call consumers receive is one telling that they have won a trip but they have to give their credit card to ensure the confirmation of the prize. Again there is no prize – only fraud

You should think carefully about giving out any personal information and your credit card number to any unsolicited calls. It is best to ask the caller for information so that you can return the call to confirm the details. In most cases, the caller will not do so and will often end the phone call. When you use your card over the phone, you should be very wary about how much information you provide. Some of the details fraudsters can use to gain access to your account include the three-digit code following your account number on the back of the card and your mother’s maiden name

In recent months, consumers in the UK have been the subject of fraudulent emails from persons claiming to be from HM Revenue and Customs. In these email, consumers are told that they are entitled to a tax refund and in order to claim this money they must enter their credit card details. The government will never contact you by email and will never ask for a credit card number. However, there have been many consumers who have fallen for this and have lost large amounts of money

The same thing applies to an email that claims to come from the HM Revenue and Customs. UK residents have received such emails telling them that their tax returns have been reviewed and that they are entitled to an additional refund that will be paid to their credit card account. The government will never contact you in this manner and will only do so in writing. Disregard such emails and delete them from your computer

Simple Tips For Repairing Bad Credit

Having poor credit can certainly impede you the next time you want to purchase something that you have set your heart upon, though lack of proper credit standing will mean having to forego such things in life. Yes, bad credit can not only mean that you dont get what you want, but you may even spend sleepless nights worrying about how to fix the problem, though there are many people that will proffer you advice as to how to go about bad credit repair; even so, the best advice would certainly be to do it yourself.

Several Steps to Take to Repair Your Bad Credit

There are several steps to take in fixing bad credit- the first of which is to take the simple step of requesting a copy of your credit report from the credit bureau. Once you have this, take a few moments to review it, and make note of any potential errors or questionable entries.

The next step in a do it yourself fixing bad credit process is to visit the website of the Federal Trade Commission and know about what consumer rights protect you and how you can use them to your advantage.

Once you are aware of your rights, you will find that you can get false and incomplete transactions removed from your credit report. This is a huge step in repairing your credit. Removing such transactions must be done by credit agencies, which they must do to keep from paying penalties.

Once this step is complete, you should write a letter to the credit reporting agencies, disputing what you've found to be wrong with your report. After taking this step, be sure to continuously monitor the progress of your complaint with the agency.

Sometimes, it may take a month before the errors are verified by the creditors, and if you are right, then the errors will need to be rectified, and once the credit agency acknowledges that you own disputed claims, you can be sure that the simple steps you have taken for bad credit repair will have resulted in the error being removed from your credit report and your credit standing will then have improved.

With persistence and hard work, repairing your own less-than-perfect credit report is doable. Following proper and sound advice on how to do so, can lead to your credit scores improving within a short time, and the only cost to you is the time and effort it took to contact the credit reporting agencies.

Aiming For The Credit Card Reduction Plan

 

 

Aiming For The Credit Card Reduction Plan

 

When you have finally come to terms with the fact that you have a lot of debt that you must get out from underneath of, there is nothing wrong with trying to get some sort of credit card debt reduction plan.  This type of thing can be done but it is going to take a little bit of work on your end because not all creditors will want to just erase or write off a portion of your debt that is owed to them. There are going to be a lot of different factors involved when trying for credit card debt settlements from your credit cards.

 

It will all depend on the companies that you have to deal with, the amount of money you owe, your previous payment with them, and how far past due you currently are. Generally speaking, those who are several payments past due have a better chance at a credit card debt reduction plan because the creditor has good reason to fear never getting their money. In that case, they would be willing to take what they can get through a credit card debt reduction plan.

 

When You Can't Do It Alone

 

Sometimes you just can't do some things by yourself  There are companies out there that just are not willing to work on any credit card debt settlement with the customer. While this is a sad case, it does not mean that there is no chance of ever getting a break from that credit card. Sometimes, getting the help of a government or non-profit organization is the best way to get the credit card debt settlement that you need in order to get ahead of the game. Simply start calling around to different places to see what can of help they can offer you. Just remember though, these places do generally require a fee to do this work for you so you have to weight that fee against the possibility of how much money you can save in the long run.

Be careful to also keep in mind that even though the company may do everything in their power to get you a credit card debt reduction plan,  it no does not mean that they guarantee that it will be done. There is a chance that after paying them for their services that they contact you back stating that your creditors were unwilling to work with them. This would leave you without a nice credit card debt settlement and they would have the money that you paid them for their assistance and they would keep it.  Be very careful before you sign up with any one company.  Ask a lot of questions.  It is your life we are talking about.  Dream about being debt free and go for the plunge.

Credit Card Use in Debt Management

Does debt settlement work

Credit cards are both useful and tricky when used in the context of debt management.  You probably did not use credit cards well else you would not be interested in debt management. 

Nowadays, it could really be hard to live without a credit card. Not only if you do purchases on the internet. Credit cards are especially important and useful for emergencies and the like.

One of the things that teenagers look forward to is having their own credit card. Having their own credit card bring the brightest light on their face because they know they can now hit the mall and spend on everything they want.

You can be thrifty and frugal and still have some fun while using a credit card. More and more teenagers tend to mismanage their use of their credit card and in no time find themselves in debt. If this is where you find yourself, it would be wise to seek some debt settlement advice and find out how debt settlement works. 

As funny as it may sound, debt management courses should be taught in all American high schools. In this way, the children will be educated on how to properly use their credit card and how they can actually manage their spending.

This should be done while the students are still young and when their thinking could still be improved and developed. Teaching students how to manage their debt when they are in college can be a little too late. And by this time they may be deep in debt and considering bankruptcy when debt settlement works to eliminate their debts and is a better alternative.

Being able to use a credit card can come in handy when you are in a financial pinch. Just swipe a plastic card now and it's yours - no waiting, it's a great thought.

Even if this is the case, people tend to forget that they still need to pay for their credit card debt because failure to do so will automatically mean that they will be charged with higher interest rates.

Credit Card Debt - Why You Should Avoid It

Credit cards are a much loved accessory in the easy spending world of modern society but we have been misusing them. That insignificant piece of plastic has got countless people into serious financial trouble. The old fashioned system of pulling a wad of bank notes from your pocket and paying cash for things is long gone. Now we just book up the plastic.

Of cource we dont just have one card, but many of us have fistfuls of them. All with debt owing on them some with huge debt on them. In fact some clever people manage to juggle these cards. They manipulate them so that one card pays off another card and another card pays off the first card. On it goes but of obviosly this is unsustainable.

The problem is that it is realy easy to lose track of your finances. Before cards you took out the money you needed and could afford to spend and that was all you spent. Now of course you buy on credit and this accumulates and debt accelerates with the horrendous interest rates the credit card companies charge.

There is a better way to use credit cards and avoid credit card debt but they need to be used with restraint. That is a very old fashioned idea. Actually used properly cards are safer and more convenient than cash. However, you need to figure out your financial limits before you go out spending any money. Never spend any more than you can afford to pay back at the end of each month.

In fact there are advantages to using credit cards. You can make use of their money right up to their minimum payment date and keep your cash in the bank earning interest. Additionally most credit card companies run rewards schemes related to your card spending. So that is nice that they give you rewards and let you earn bank interest but their motives are all selfish. They are positively willing you to overspend and enmesh you in their trap of high interest rates. Once in that trap you can expect to get pulled in deeper and deeper. So be warned, use your credit cards wisely and take those companies for all they will give you. Just remember to always pay off your credit cards completely every month. There must be no exemptions to this rule because it is just too easy to fall into debt

 

Bad Credit Personal Loans Have Pros and Cons

For many people, filing bankruptcy is one of the toughest decisions they face. Considering the stigma often attached to a person who has gone through the process, many will struggle for years attempting to avoid the process. However, those who choose to go through the court for debt relief of find that after bankruptcy bad credit personal loan access has not been lost.

Leaders who issue bad credit personal loans often find individuals who have filed for bankruptcy are more dedicated in paying their loan payments. One reason for this may be that they do not have the option of filing for bankruptcy for several years.

Following bankruptcy bad credit personal loan rates are typically at the high end of the interest rate spectrum and they are also accompanied by initial charges that are considerably higher than a personal loan for someone with an unblemished credit rating. Personal loans with no collateral are dischargeable under even the new bankruptcy laws, cannot be defaulted upon as the lender granting a post-bankruptcy bad credit personal loan has the court on their side in obtaining repayment.

Following a bankruptcy discharge a person cannot file for protection for another seven years and the lender can then use the courts to receive an order of default. With this order in hand, the lender can use wage garnishment to recover the amount loaned. After bankruptcy bad credit personal loan granters have a better chance of recovering the money than those granted before bankruptcy.

Bankruptcy More Common Today

Although people who file bankruptcy still experience the stigma of a negative credit history for many years to come, the increase in the number of people filing for bankruptcy has opened up other options. With this increase in bankruptcy filings, comes an increase in leaders willing to issue out bad credit personal loans.

Even the changes in the new bankruptcy laws have not slowed down the number of bankruptcy filings. The added knowledge that those in debt can still obtain loans after filing bankruptcy makes the option of filing a little easier for some.

Bad credit personal loans may seem like an attractive option for those seeking some debt relief post-bankruptcy. However, these types of loans are usually at the top of the states allowable interest rate and often people who take out these loans find themselves back in the in same boat they were prior to their bankruptcy filing. They may be just as in debt or more so than they were before their bankruptcy discharge.

Reaching Retirement--Now What?

You've worked hard your whole life anticipating the day you could finally retire.  Well, that day has arrived!  But with it comes the realization that you'll need to carefully manage your assets so that your retirement savings will last.

Review your portfolio regularly

Traditional wisdom holds that retirees should value the safety of their principal above all else.  For this reason, some people shift their investment portfolio to fixed-income investments, such as bonds and money market accounts, as they approach retirement. The problem with this approach is that you'll effectively lose purchasing power if the return on your investments doesn't keep up with inflation.

While generally it makes sense for your portfolio to become progressively more conservative as you grow older, it may be wise to consider maintaining at least a portion of your portfolio in growth investments.

Spend wisely

Don't assume that you'll be able to live on the earnings generated by your investment portfolio and retirement accounts for the rest of your life.  At some point, you'll probably have to start drawing on the principal.  But you'll want to be careful not to spend too much too soon. This can be a great temptation, particularly early in retirement.

A good guideline is to make sure your annual withdrawal rate isn't greater than 4% to 6% of your portfolio.  (The appropriate percentage for you will depend on a number of factors, including the length of your payout period and your portfolio's asset allocation.)  Remember that if you whittle away your principal too quickly, you may not be able to earn enough on the remaining principal to carry you through the later years.

Understand your retirement plan distribution options

Most pension plans pay benefits in the form of an annuity.  If you're married you generally must choose between a higher retirement benefit paid over your lifetime, or a smaller benefit that continues to your spouse after your death.  A financial professional can help you with this difficult, but important, decision. For more advice on this topic, also visit http://kenhimmler.com/.

Other employer retirement plans like 401(k)’s typically don't pay benefits as annuities; the distribution (and investment) options available to you may be limited. This may be important because if you're trying to stretch your savings, you'll want to withdraw money from your retirement accounts as slowly as possible.  Doing so will conserve the principal balance, and will also give those funds the chance to continue growing tax deferred during your retirement years.

Consider whether it makes sense to roll your employer retirement account into a traditional IRA. IRAs usually offer greater withdrawal flexibility than employer plans.  A rollover to an IRA also allows you to consolidate your retirement assets.

Plan for required distributions

Keep in mind that you must generally begin taking minimum distributions from employer retirement plans and traditional IRAs when you reach age 70½, whether you need them or not. Plan to spend these dollars first in retirement.

If you own a Roth IRA, you aren't required to take any distributions during your lifetime.  Your funds can continue to grow tax deferred, and qualified distributions will be tax free. Because of these unique tax benefits, it generally makes sense to withdraw funds from a Roth IRA last.

Know your Social Security options

You'll need to decide when to start receiving your Social Security retirement benefits.  At normal retirement age (which varies from 65 to 67, depending on the year you were born), you can receive your full Social Security retirement benefit.  You can elect to receive your Social Security retirement benefit as early as age 62, but if you begin receiving your benefit before your normal retirement age, your benefit will be reduced.  Conversely, if you delay retirement, you can increase your Social Security retirement benefit.

Consider phasing

For many workers, the sudden change from employee to retiree can be a difficult one.  Some employers, especially those in the public sector, have begun offering "phased retirement" plans to address this problem.  Phased retirement generally allows you to continue working on a part-time basis--you benefit by having a smoother transition from full-time employment to retirement, and your employer benefits by retaining the services of a talented employee.  Some phased retirement plans even allow you to access all or part of your pension benefit while you work part time.

Of course, to the extent you are able to support yourself with a salary, the less you'll need to dip into your retirement savings.  Another advantage of delaying full retirement is that you can continue to build tax-deferred funds in your IRA or employer-sponsored retirement plan. Keep in mind, though, that you may be required to start taking minimum distributions from your qualified retirement plan or traditional IRA once you reach age 70½, if you want to avoid harsh penalties.

If you do continue to work, make sure you understand the consequences.  Some pension plans base your retirement benefit on your final average pay.  If you work part time, your pension benefit may be reduced because your pay has gone down. Remember, too, that income from a job may affect the amount of Social Security retirement benefit you receive if you are under normal retirement age.  But once you reach normal retirement age, you can earn as much as you want without affecting your Social Security retirement benefit.

Facing a shortfall

What if you're nearing retirement and you determine that your retirement income may not be adequate to meet your retirement expenses?  If retirement is just around the corner, you may need to drastically change your spending and saving habits.  Saving even a little money can really add up if you do it consistently and earn a reasonable rate of return.  And by making permanent changes to your spending habits, you'll find that your savings will last even longer. Here are some suggested ways to stretch your retirement dollars: also visit Ken’s blog at http://kenhimmler.com/ for more strategies. 

• Refinance your home mortgage if interest rates have dropped since you obtained your loan, or reduce your housing expenses by moving to a less expensive home or apartment.
• Access the equity in your home. Use the proceeds from a second mortgage or home equity line of credit to pay off higher-interest-rate debts, or consider a reverse mortgage.
• Sell one of your cars if you have two.  When your remaining car needs to be replaced, consider buying a used one.
• Transfer credit card balances from higher-interest cards to a low- or no-interest card, and then cancel the old accounts.
• Ask about insurance discounts and review your insurance needs (e.g., your need for life insurance may have lessened).
• Reduce discretionary expenses such as lunches and dinners out.

By planning carefully, investing wisely, and spending thoughtfully, you can increase the likelihood that your retirement will be a financially secure one.

 

For more information on financial planning, visit www.iamllc.biz 

Making Sense of Your Credit Report

If you are trying to do the smart thing and take a look at your recent credit report, then you may be wandering what in the world you are looking at.  Understanding your credit score can be a confusing chore and may take a while for you to read.  There are a lot of numbers and confusing literature that can confuse you if you let it. 

Understanding the Score You Receive  

A credit score is a mathematical system that consists of numerous numbers that are used to estimate your credit risk.  The most commonly used form is the FICO score.  This score is used to evaluate your worthiness for credit.  You will receive a certain amount of points based on the information contained in your credit report.  The highest score that you can receive is an 850 and the lowest is a 300.  A score of 650 or higher means that your credit is good, however there is room for improvement. 

Do Your Know Your Score?

A good place for your credit score to be is around 700.  With that score you will be extended any credit with a good rate of interest, if you were looking for a debt consolidation loan for example.  If you can work hard to get our score up to that level and try to keep it there you will put yourself in a good financial situation because you will save a ton of money in interest charges on all credit extended to you.  It is important to understand what the numbers on your credit report are before you can work to improve and control them.

How to You Get Your Credit Information? 

Everyone can obtain a copy of their credit report by simply requesting it from one or all of the three major agencies reporting credit.  Because each agency has different information on you the scores they report will not be exactly the same.

Getting Help With Your Credit Score

If your score is lower than you want it to be, you can get some help with advice about how to improve the score and keep it in good standing.  You can look online for free advice or for books and tapes on credit.  These tapes can give you good ideas for ways to improve your credit score and how to maintain a good score.  There is also credit card counseling services that you can obtain in order to get good advice for fixing your credit score yourself. 

Review Your Report on a Regular Basis 

Reviewing your credit annually is very important in your efforts to keep your credit rating as high as possible.  If there are any errors on your report you will be able to catch them quickly and notify your creditor of needed changes.

Your Alternatives When Looking For Bankruptcy Advice

credit card debt reduction

If you already have an extremely low credit score due to years of missed payments, collection accounts and charge-offs, then bankruptcy advice is probably looking mighty good right about now. Sure, your score will likely hover somewhere around 300, out of the possible 850, and you'll have to wait 10 years for anyone to want to give you a loan again, but it's better than lying in bed each morning, too depressed to face the daily barrage of creditor calls and hate-mail. Bankruptcy can buy peace of mind for some debtors, but it's not for everyone.

Bankruptcy advice has gotten more liberal over the years due to changing laws. To avoid scores of debtors flooding onto the streets with no property and nothing left to live for, the laws have changed to allow debtors to keep certain property, despite filing for bankruptcy. The debtor may keep up to $2,500 in cash, $2,400 in auto equity and unlimited 401k funds. Additionally, by law, employers cannot fire an employee who files for bankruptcy, although potential employers can choose not to hire a new employee based on that factor. Often with a filing, debtors will need to attend credit restoration and debt management courses.

When you're seeking advice about bankruptcy, be sure to double-check what can and can't be discharged. For instance, you'll still have to pay off Uncle Sam if you owe taxes for the past three years. However, if you have personal income taxes over 3 years old, then you can discharge them through bankruptcy. Fiduciary taxes cannot be discharged, nor can most student loans and liens. If you owe child support or alimony, you will still have to pay up. If you don't list debts on your bankruptcy petition, then they will not be covered. If you have debts from drunk driving or other "willful and malicious" harm, you'll still have to pay your dues. However, there are many things that can be removed when you file for bankruptcy, such as all unsecured credit card debt, wage garnishments, utility termination, fraudulent credit claims and foreclosure.

Most bankruptcy advice tells you to choose either Chapter 7 or Chapter 13. Chapter 7, also known as "straight" bankruptcy or "liquidation," requires a debtor to give up property which will be sold off to repay creditors. Chapter 13, or "debt adjustment" bankruptcy, requires a debtor to file a plan to pay part of the debts, while liquidating the rest. Chapter 11 is for businesses and large-debt individuals, while Chapter 12 is reserved for family farmers. Remember that bankruptcy should never be viewed as an "easy way out" for repairs to a financial situation, but rather, as a last resort.

Credit Card Skimming Is An Worldwide Problem

Credit card skimming causes a problem of international proportions, which accounts for losses of over one billion dollars a year.This credit card scam is common in Latin America as well as Europe and Asia, and now it is starting to be seen in the United States.

This is an easy credit card scam to run when your card is used during the time of a simple purchase and it is scanned by the store employee at the store’s cash register.Your credit card may not only be swiped at the register to pay for your purchase, it also may be swiped with a little hand-held machine known as a skimmer.The information in this skimmer is used by crooks to produce counterfeit cards from the hundreds of debit and credit cards it has information on.

After your information has been fed into the skimmer, it can be downloaded into a computer and emailed to any worldwide location, as there are skimming rings working all over the world.Only a decade ago, this fraud was not as easy to accomplish as it is today, because the skimming machines were very large and they had to be hidden under the store’s counters.Due to the great advancements in technology of the past decade, the skimmer is streamlined and the small hand-held machine is easy to hide from the view of the unknowing customer.The ease in which these skimmers can be purchased is in itself criminal, in that the machine used in the skimming process is offered over the internet for about three hundred dollars, however the machine used to print off the credit cards costs much more, an amount from five thousand to ten thousand dollars.

One form of credit card skimming is done directly through the card terminals by placing a skimmer bug into the terminal and then retrieving it with the credit card information on it.The older credit card terminals are the ones that can be violated with this type of scam, but with the newer terminals this bugging has become much less prevalent.

The credit card thieves will quickly skim the information they need from your card’s account and then begin to make their purchases with your credit card number.Online shopping has become more and more popular and this is the reason why so much of the credit card fraud is taking place over the internet, because it is very easy for the wrong people to gain access to your credit card information. The thieves will use the internet to verify whether the card information is valid by making purchases of many low-ticket items through various websites in order to check to see if the card is active.   

The cardholder is one victim of this crime and is responsible for up to fifty dollars on the total amount charged on his card, however, the major victim in all of this is the merchant whose employee did the skimming.The merchant is held 100% responsible and risks losing the merchandise, and also is responsible for paying the fees of the investigation.The costs of investigating the charge-back claims of their customers is paid through the investigation fees paid by consumers and businesses to the credit card companies.

Before beginning a criminal investigation into this skimming activity, the ones who commit this scam know that a purchase must be made amounting to at least two thousand dollars.

Visit JSNet.org for more information on credit cards and various credit card articles on how to protect your credit cards from fraud.

Have You Considered a Credit Card Reduction Plan?

 

 

Aiming For The Credit Card Reduction Plan

 

When you have finally come to terms with the fact that you have a lot of debt that you must get out from underneath of, there is nothing wrong with trying to get some sort of credit card debt reduction plan.  This type of thing can be done but it is going to take a little bit of work on your end because not all creditors will want to just erase or write off a portion of your debt that is owed to them. There are going to be a lot of different factors involved when trying for credit card debt settlements from your credit cards.

 

It will all depend on the companies that you have to deal with, the amount of money you owe, your previous payment with them, and how far past due you currently are. Generally speaking, those who are several payments past due have a better chance at a credit card debt reduction plan because the creditor has good reason to fear never getting their money. In most cases, the creditor will be willing to take whatever you can pay them each month.

 

When You Can't Do It Alone

 

Sometimes you just can't do some things by yourself  There are companies out there that just are not willing to work on any credit card debt settlement with the customer. While this is a sad case, it does not mean that there is no chance of ever getting a break from that credit card. Sometimes, getting the help of a government or non-profit organization is the best way to get the credit card debt settlement that you need in order to get ahead of the game. Begin by calling different companies and get quotes on what they offer you. Just keep in mind that any fee that is charged upfront will be so worth it to your long-term financial future.

Be careful to also keep in mind that even though the company may do everything in their power to get you a credit card debt reduction plan, it does not mean that they guarantee that it will be done. There is a chance that after paying them for their services that they contact you back stating that your creditors were unwilling to work with them. This would leave you without a nice credit card debt settlement and they would have the money that you paid them for their assistance and they would keep it.Be cautious before you sign up with any one company.  Ask a lot of questions.We are talking about your life as you know it and your stress level.  Dream about being debt free and go for the plunge.

Credit Reports - How to Understand Them

If you are looking for a wise decision concerning your credit, then you may want to take a look at your credit report.  Once you have obtained a copy of your credit report it is just as important to know how to read it.  There are lots of numbers and different accounts on one piece of paper and you will want to be able to understand what you are looking at and what it all means. 

Three Major Credit-Reporting Agencies

The three agencies that report on your credit and have the most impact on your credit are Equifax, Experian and TransUnion.  These are the three companies from which you want to request your credit report annually.  You can get a free copy each year and each of these agencies is easily accessible on line.

What is Reported? 

Creditors supply information to the credit reporting agencies.  Since each agency receives information from different creditors, and the creditors have various manners of providing information, the information that their reports contain will vary. 

The Main Parts of a Credit Report

The credit report contains your personal information, your credit background, credit requests and public records information.  Your personal information includes your current and past addresses and telephone numbers, your driver's license number and of course your social security number.

Credit Background

Your background of credit will contain all information for accounts that presently have or have had in the past.  This will include the name of the company extending credit and your account number with that company.  There are always possibilities of errors so you want to review this section carefully.  If you find an error you can contact the agency and have them make necessary corrections.

What Are Public Records?

If you have a criminal record, have ever been arrested and have had any judgements filed against you, these will be reported in the public records section of your credit report.  You hope to have no information in this section.

It's Important To Keep Your Credit Card Information Safely

credit card companies

Do you know how safe your credit card information is when you whip out your card to make purchases at your favorite places? Most people want to believe that they need not worry about their credit card data when they are at places that they frequent and usually hand over their credit cards without a second thought because they simply love the convenience of being able to use their debit card or credit card to make most of their purchases.

However, the fact of the matter is that more and more often in this age of high technology, with criminals preying on people whenever and wherever possible, there is more risk than ever because of those who are intent on committing credit card fraud. Increasingly, people are finding that their personal information has been compromised and that their credit card statements are filled with charges that they never made, but instead were the work of those who work unceasingly to steal people's identities and their credit card numbers.

Many of the experts in the area of identity theft are now warning that small businesses are often not taking sufficient precautions to protect the credit card information that they receive, as they process their credit card transactions. When proper security is not in place, the credit card processing itself can put a customer's card information at risk of being exposed to criminals and identity thieves.

In many cases, customer credit card info is still stored on computer systems located in these establishments and the data is not even being encrypted or secured in any way. In addition, many of the smaller businesses neglect to adequately protect their computer networks with secure firewalls and other anti spyware programs that can help to protect these companies from malicious viruses and trojans, which can compromise all of the data that is stored throughout the computers on their networks.

Another problem that has added to the security concerns voiced by industry experts is that the credit card payment processing industry has been lacking in providing a high level of training in order to properly educate small business owners and their employees of the potential problems that can occur as a result of lax computer and credit card processing security. Add to that the simple fact that most small business owners and those employees who help to manage and operate the business are rarely computer experts, and it is easy to understand how the problem has arisen and escalated with the expanded usage of debit and credit cards.

During the last year, many of the larger credit card companies have implemented improved training systems for users of the card processing equipment and systems and have insisted on increased security measures at businesses, in order to further eliminate potential risks of credit card information being leaked and getting into the hands of criminals. With this additional training and security, the banks and institutions that issue credit cards expect that financial information will be better protected and that consumers will enjoy a higher level of confidence when using their cards.

Broken By Your Credit Card? Credit Repair Service Can Help

Sure, we all love them but when misused, a credit card can break us. Too often, there is no self-control associated with credit card use, which means you are quickly in debt and then losing sleep over it. If you are tired of being drug down by credit card debt, we have good news. Credit repair services are offered throughout the country, providing services online and in person. Although not every company is honest, the Federal Trade Commission or FTC has developed a number of safety guidelines that help consumers choose a reputable company.

Scam Warning Signs

Just as there are many different options of credit cards, you will find as many, if not more debt reduction companies to match. When looking for a service to help you, make sure they follow federal laws. Most importantly, if a company makes outlandish promises, you should be suspicious. These companies should have one goal in mind - teaching you better money management for life, not using various services to fix the problem temporarily. Therefore, if you read advertisements for quick fixes, rather than financial education, beware. Some of the more common statements made associated with a scam include the following:

Repair your credit " 100% guaranteed (this is impossible) Get a new credit identity (this is illegal) Get all bankruptcies, low credit scores and liens from your credit file eliminated (ditto) No credit problem to bad for us to fix (this means they are stupid)

The bottom line is that credit repair services can help you get out of debt but to do so, they must adhere to federal laws. This means they must also advise you of free steps you can take to correct and better your credit report. Any company that asks for money upfront to obtain your credit report is lying. You as the consumer can ask for a free report once a year from each of the reporting agencies. Therefore, if they ask for money to obtain one means they are trying to scam you.

All you have to do to get a copy of your reports from Experian, Equifax, and TransUnion is to request one in writing, fill out an online form, or call them on the phone. Now, if you want to find your credit score, which is different from the credit report, you would typically be charged a small fee.

The Credit Repair Organizations Act

Because credit repair services are actual businesses, they are strictly regulated by the Federal Trade Commission. To ensure you are protected, a law was established called the Credit Repair Organizations Act, which states that all debt reduction companies must inform you of your rights prior to any money being paid for their services.

Also, a debt reduction company is not to charge you until they have completed their services to you. And, if you catch them making false claims about their services, you should contact the FTC as soon as you can. They are doing something illegal. By keeping these tips in mind, you can fix the damage done to you by a credit card. Credit repair services can help.

What To Look For When Seeking Credit Card Deals

best credit cards

Nowadays, people are looking to save money in any way possible. Part of this search for savings often involves seeking out the best credit cards and credit card deals available so that they can lower their payments and not spend so much money on interest. There are now many different credit card companies that are trying to attract new customers by providing special offers for lower interest rates, special rebates on purchases and other types of bonuses and incentives.

The good news is that because these credit companies are competing with each other to find new credit card customers, they are getting increasingly inventive and tempting in the types of deals they are offering. These deals are often in the form of very low interest rates, even no interest charges during an introductory period, cash back and rebates, and other types of incentives and bonuses that can help put money back into the pockets of consumers.

But, these days there are so many credit card deals with different kinds of incentives and inducements from the various credit card companies that it can make it tough to figure out which are the best credit cards to go with. The experts in the credit industry that watch out for consumers advise people to take their time in going through the credit card offers so that they fully understand all the terms and conditions before committing to any of them.

Before you submit any credit card application, whether is it for a card that is offering some special rates or incentives or for a credit card for a retailer you would like a credit line with, you should always strive to be well informed about the particulars of the terms and conditions that you will be agreeing to. This means that is it a good idea to stop and ask questions about the details of the offer, read through the FAQ section if you are on the website of a credit card company, and carefully read through all of the fine print that makes up the agreement.

Often the credit card companies will bury some very important and pertinent information about your future credit card account in the fine print of the terms that are on the application. This fine print can also be confusing many times and it is a good idea to read through it repeatedly until you feel you understand it fully. This is particularly important when reviewing some of the very attractive and tempting deals that are offered today.

If you still have questions after reading through the terms and conditions a couple of times, then you should ask a trusted friend to help you or call the credit card company for clarification. It is very important to gain this understanding before you sign your name on the application because once you sign the credit card application and submit it, you are obligated to the terms of the contract, whether you fully understand them or not.

Most of the kinds of credit card deals that are being offered today will save people money each month because of lowered interest rates and many of these cards will even give the user rebates for the purchases they make using their new credit card. At the same time, most of these cards with attractive benefits also include some daunting penalties in the fine print of the terms of the credit card agreement, which can end up costing people more if they are not careful.

Credit Card Debt Consolidation Service – Why Should You Consolidate Your Credit Card Debt

Walking around with cash in your pockets nowadays is very risky and no one can argue with that. That´s why we should thank the person that invented credit cards because these little pieces of plastic make our life easier.

You can use them to buy anything you want as long as you can pay your debts month by month. It´s not recommended to skip a month because doing that will drag along heavy interest and sleepless nights.

In order to avoid this unpleasant situation you should limit your spending as much as possible. In times of trouble you´ll see that credit card consolidation services are in fact the answer to your financial problems. That means that you can obtain a credit card debt consolidation loan and low interest rates.

By paying low interest rates, you´ll be able to save some money monthly; your amount dues will be paid in time not to mention that you´ll be more confident and relaxed.

Using credit card debt consolidation services, you´ll benefit from great credit card debt consolidation programs and you´ll forget all about your debt problems.

This will involve no additional money because some of these services are free while others are offered by some non-profit firms. Their single objective is to help you pay off a credit card loans in a manner that will be satisfactory for both parties and that´s why you have to be confident that you´ll be receiving the best advices and guidance.

The market hosts a large number of credit card debt consolidation companies and choosing the right one is entirely up to you. Before making any decision you should do some research and take into consideration a few important details. You can log onto the internet to check for more information.

Many companies provide free guidance and services and will help you build a steady bright future. Accessing these services is very easy and thanks to them you´ll be able to save your financial status from bankruptcy. Asking them to help you means only that you´ll be doing yourself a big favour.

You should check out the Debt Consolidation World for more information. This is a well-known online informational resource center that will teach you all there is to know about debt consolidation. Once you´re done reading you should trust a credit card debt consolidation service and ease up your life.

Discover how to get non profit debt consolidation services. Visit my credit card consolidation loans site for more information.

Credit Card Rewards Help You Save Money

The “rewards” a cardholder is eligible to receive from the credit card’s issuer, are presented according to the number of purchases the cardholder makes with the card. The variety of rewards offered by credit card companies is virtually endless, but some of the more popular rewards are gas credit cards, air miles or discounts off of the cost of certain airline’s flights.Many stores and retailers also offer "loyalty" rewards if you are using a credit card issued in their name, while some credit cards give you the opportunity to earn discounts on the purchase of a new car. 

The rewards offered by credit card companies can be very desirable to have, but you should ask yourself the question as to whether they are worth you having to spend your money to get.In an effort to answer this question it is helpful to compare the rate of interest charged on purchases made with cards that offer rewards with those that do not have rewards.There is a great number of cards which are offering some sort of reward or loyalty bonus, but the lowest rate of interest on these types cards is likely to be in the area of 15% APR.

This interest rate is about 7-8% more than you would have to pay for a basic low-interest credit card and much more than the zero percent interest rate included with an introductory offer on some other credit cards.Across the whole range of reward cards, the interest rate comparison becomes even more alarming, with some interest rates exceeding well over 30% APR.

It may be worth reconsidering the choice of a credit card that has a lower interest rate and no rewards, if you are a regular credit card user who has to pay these higher interest rates in order to earn sufficient points for desired rewards.If you pay off the whole balance on your credit card before payment is due, the rewards for using the card are actually free because you are not paying interest then.

Unless you are sure that you can pay off all of the total balance on your credit card every month, you may need to use an alternative such as the cash back credit cards.The cash back credit card gives back cash to you according what has been spent on the card each month, and the reward credit card also works basically in the same manner.     

The best cash back rate is currently around 5% on what is spent, and with a 19% APR in interest it becomes very obvious that you are paying a lot to be able to use the card.If you have developed the habit of paying all of your outstanding balances each month to avoid paying interest, you can of course, put the 5% cash back into your own pocket.   

It can certainly be worthwhile to you, when you use the cash back credit cards and those that offer rewards, if you keep paying your monthly outstanding balances consistently and avoid the interest that will be charged.It could be of benefit to your finances, to use the credit cards which offer you some cash back or rewards and you consistently repay the balances on them each time to avoid the interest charge.

Understanding How Important Credit Repair Is

When it comes to your credit, it is important to make sure that you are doing everything you can from the very beginning in order to make it all work out for you in the end. If you start out your adult life with no regard to how your credit will be affected by your actions, you will for sure be in need of credit repair. There is nothing more important than ensuring you are getting the proper advice when comes to needing bad credit repair.

You won't normally be able to deal with repairing your credit in a couple of weeks. Rebuilding your credit isn't a quick fix, it's a process that takes time and due diligence. Repairing your credit is not a quick and easy as it was to destroy your credit. While it is something that can be hard to handle, credit repair is something that needs to be taken care of it you ever want to buy a house or a car again.

Where To Find Help

There are a lot of places out there that can try to promise the best credit repairever in a matter of a few weeks but that simply is not possible. It takes a lot more time then a couple weeks to get matters taken care of when it comes to credit repair. There are a lot of places though that can be found in the phone book that can try to help you get things back on track in terms of your credit repair efforts.

There are also a lot of companies that advertise on the television for the credit repair services that they offer. The key is to really shop around and make sure you know what you are getting into before you sign up wit a credit repair company. Since you will be charged fees upfront, if these fees are essentially the same total as your bills, it would be better to pay off your bills. You will have to take a good hard look at your individual situation and see just what exactly would be in your best benefit.

 

Setting and Targeting Investment Goals

Go out into your yard and dig a big hole.   Every month, throw $50 into it, but don't take any money out until you're ready to buy a house, send your child to college, or retire.

It sounds a little crazy, doesn't it? But that's what investing without setting clear-cut goals is like.  If you're lucky, you may end up with enough money to meet your needs, but you have no way to know for sure.

How do you set investment goals?

Setting investment goals means defining your dreams for the future.  When you're setting goals, it's best to be as specific as possible.  For instance, you know you want to retire, but when?  You know you want to send your child to college, but to an Ivy League school or to the community college down the street?  Writing down and prioritizing your investment goals is an important first step toward developing an investment plan.

What is your time horizon?

Your investment time horizon is the number of years you have to invest toward a specific goal.  Each investment goal you set will have a different time horizon.  For example, some of your investment goals will be long term (e.g., you have more than 15 years to plan), some will be short term (e.g., you have 5 years or less to plan), and some will be intermediate (e.g., you have between 5 and 15 years to plan).  Establishing time horizons will help you determine how aggressively you will need to invest to accumulate the amount needed to meet your goals.

How much will you need to invest?

Although you can invest a lump sum of cash, many people find that regular, systematic investing is also a great way to build wealth over time.

Start by determining how much you'll need to set aside monthly or annually to meet each goal.  Although you'll want to invest as much as possible, choose a realistic amount that takes into account your other financial obligations, so that you can easily stick with your plan.  But always be on the lookout for opportunities to increase the amount you're investing, such as participating in an automatic investment program that boosts your contribution by a certain percentage each year, or by dedicating a portion of every raise, bonus, cash gift, or tax refund you receive to your investment objectives.

Which investments should you choose?

No matter what your financial goals, you'll need to decide how to best allocate your investment dollars.  One important consideration is your tolerance for risk.  All investments carry some risk, but some carry more than others. How well can you handle market ups and downs?  Are you willing to accept a higher degree of risk in exchange for the opportunity to earn a higher rate of return?

Whether you're investing for retirement, college, or another financial goal, your overall objective is to maximize returns without taking on more risk than you can bear.  But no matter what level of risk you're comfortable with, make sure to choose investments that are consistent with your goals and time horizon.  A financial professional can help you construct a diversified investment portfolio that takes these factors into account.

Investment goal and time horizon	At 4%, you’ll need to invest	At 8%, you’ll need to invest	At 12%, you’ll need to invest
Have $10,000 for down payment on home: 5 years	$151 per month	$136 per month	$123 per month
Have $50,000 in college fund: 10 years	$340 per month	$276 per month	$223 per month
Have $250,000 in retirement fund: 20 years	$685 per month	$437 per month	$272 per month
Table assumes 3% annual inflation, and that return is compounded annually; taxes are not considered.  This is a hypothetical example and is not intended to reflect the actual performance of any investment.

Investing for retirement

After a hard day at the office, do you ask, "Is it time to retire yet?"  Retirement may seem a long way off, but it's never too early to start planning--especially if you want retirement to be the good life you imagine.

For example, let's say that your goal is to retire at age 65.  At age 20 you begin contributing $3,000 per year to your tax-deferred 401(k) account.  If your investment earns 6 percent per year, compounded annually, you'll have approximately $679,000 in your investment account when you retire.

But what would happen if you left things to chance instead?  Let's say that you're not really worried about retirement, so you wait until you're 35 to begin investing.  Assuming you contributed the same amount to your 401(k) and the rate of return on your investment dollars was the same, you would end up with approximately $254,400.  And, as this chart illustrates, if you were to wait until age 45 to begin investing for retirement, you would end up with only about $120,000 by the time you retire.

(This is a hypothetical example and is not intended to reflect the actual performance of any investment.)

Investing for college

Perhaps you faced the truth the day your child was born.  Or maybe it hit you when your child started first grade: You only have so much time to save for college.  In fact, for many people, saving for college is an intermediate-term goal--if you start saving when your child is in elementary school, you'll have 10 to 15 years to build your college fund.  Of course, the earlier you start the better.  The more time you have before you need the money, the greater chance you have to build a substantial college fund due to compounding.  With a longer investment time frame and a tolerance for some risk, you might also be willing to put some of your money into investments that offer the potential for growth.

Investing for a major purchase

At some point, you'll probably want to buy a home, a car, or the yacht that you've always wanted.  Although they're hardly impulse items, large purchases are usually not something for which you plan far in advance--one to five years is a common time frame.

Because you don't have much time to invest, you'll have to budget your investment dollars wisely.  Rather than choosing growth investments, you may want to put your money into less volatile, highly liquid investments that have some potential for growth, but that offer you quick and easy access to your money should you need it.

Review and revise

Over time, you may need to update your investment plan.  No matter what your investment goal, get in the habit of checking up on your portfolio at least once a year, more frequently if the market is particularly volatile or when there have been significant changes in your life.  You may need to rebalance your portfolio to bring it back in line with your investment goals and risk tolerance. If you need help, a financial professional can help you decide which investment options are right for you.

 

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