Debt Relief Information

aaIn Idaho and around the country, it has been remarkably easy for borrowers to find themselves in a situation where credit card bills may spiral out of control, and the need for debt relief has been never more important. Even during the boom times of the last few years, when the economy of Idaho and the rest of America was blithely spinning along (and, perhaps unfortunately, credit was too freely given), our citizenry continued spending more than they earned, and, now that our financial system teeters upon the brink of total collapse, these personal debt balances threaten the household stability of countless Idaho residents.

With these debt loads continuing to grow – the inevitable consequence of compound interest rates set as exceedingly high as the credit cards would allow – all but the most self destructive of Idaho families have begun researching their debt relief alternatives. Most of them are more than familiar with the Chapter 7 and Chapter 13 bankruptcy protections, though a surprisingly large percentage of Idaho borrowers seem unaware of the dramatic changes that have been written in to the United States bankruptcy code following the passage of 2005 legislation by the congress, but there are a good variety of other debt relief plans out there with which Idaho consumers may be able to finally liquidate their loans for good. When examining their household budgets many Idaho families will find out that they have honestly no other choice but to employ Chapter 7 bankruptcy protection for successful debt relief, but that does not mean there are not further solutions available which could offer the same eventual elimination of unsecured loans without the problems (everything from lowered credit scores to attorney costs to property seizure) that bankruptcy necessarily entails.

We mention unsecured loans because these sort of loans tend to have the highest interest rates and the least possibility of some benefit to the Idaho borrowers. Loans that are secured to actual property like home mortgages and car loans should feature considerably lower rates of interest, and, in many instances, they may even serve as effective tax breaks (mortgage loans on primary residences, particularly) for borrowers with sufficient levels of income to have that inform their debt relief strategies. Moreover, when we talk about unsecured loans, we are really talking solely about those unsecured loans (medical bills, charge cards, consumer loans, and, the greatest hindrance to Idaho borrower’s personal finances, credit card accounts) which could potentially be eliminated through a Chapter 7 bankruptcy discharge. Once again, given the aftermath of the 2005 congressional legislation which weakened bankruptcy protection and made it far more hazardous for any consumers to successfully file for bankruptcy and then endure the privations, we do not entirely encourage the procedure for most borrowers. As a matter of fact, under the new bankruptcy code, Idaho borrowers would find it hard pressed to even enter the Chapter 7 debt relief program if they have earned more than the median income for residents of the state in the half year prior to filing for bankruptcy declaration. That’s right, no matter the amount of debt that the Idaho borrowers are carrying (which, for an extended period of hospitalization could easily run to the high six figures in virtually no time at all), they could be prevented by national laws from even attempting to liquidate their applicable financial obligations through bankruptcy simply because they had a particularly good run at business and even if, with current economic indicators appearing so dismal, there is no likelihood the profitability would continue.

There are a few different things that borrowers still desperate for bankruptcy protection may do to reclaim Chapter 7 eligibility despite their income – specifically, there is a means test that allows Idaho residents who earn a bit too much to claim neediness by showing that, after deducting all necessary expenses (counting utilities, household cost of living purchases, and all debt payments both secured and unsecured), they would not be able to pay one hundred dollars a month to their assembled creditors for the next five years – but, unfortunately, the new bankruptcy laws limit the analysis and leniency with which the trustee appointed at random by the Idaho courts evaluate each case. Even more potentially bothersome, those cost of living expenses do not take into account the actual expenses of a given household but instead solely use the figures that were set by the Internal Revenue Service for average Idaho families which, for borrowers living in a particularly nice part of Boise, could be extremely misleading. Attorneys experienced in both Idaho bankruptcy law as well as the new federal regulations could be incredibly useful when helping borrowers figure out the most effective way to utilize Chapter 7 bankruptcy protection as a method of debt relief, but, with the clamor for bankruptcy declarations seemingly growing by the month as the economic situation worsens nationwide (Idaho very much included), the fees charged by these experienced lawyers have increased alongside. Alongside the administrative costs and the debt relief courses (another side effect of the 2005 legislation) now required before bankruptcy declaration as well as again before bankruptcy discharge which the potential bankruptcy filers must pass and pay for themselves, it turns out the poorest Idaho consumers who most need debt relief could be effectively disallowed from even considering the bankruptcy protection.

For those borrowers who earn a low enough income compared to other Idaho households that they would qualify for the Chapter 7 debt relief bankruptcy while still maintaining enough disposable income or funds tucked away in savings that they could potentially use to pay for the law firm (do not expect the bankruptcy attorneys, as should seem utterly reasonable, to accept credit), the newly designed problems of Chapter 7 debt relief bankruptcies do not end there. Borrowers in Idaho and across the country have grown accustomed to the notion that some of their more high priced assets – a boat, say, or a stake in a liquid investment opportunity – would be at the mercy of the court trustee and could theoretically taken by local court officials for eventual auction to attempt to repay the various creditors whose claims to unsecured debts had otherwise been eliminated through the bankruptcy process. That threat still stands, but, according to the way the code is now written and forcibly carried out, the Idaho borrowers shall have to list all of their personal possessions by degree of potential replacement value rather than the far more lenient resale value. The repercussions of that detail, barely reported at the time of legislation, could mean that virtually every thing that the borrowers would own may be seized upon the discretion of the courts. Residents of Idaho are rather luckier than their borrowers across the country when it comes to dealing with this particular problem as the state exemptions set down under Idaho law shall guarantee that the most important aspects of household furnishings and family mementos will be rendered safe from government intrusions. None the less, there’s a clear limit to how much could be exempted, and many Idaho borrowers interested in debt relief bankruptcies shall have to gird themselves for the possibility of losing property that may range from second cars to home entertainment systems to even, after a certain amount of recognized value, their clothing and furniture.

Stacked up against the costs that we have shown bankruptcy debt relief to inevitably contain, the potential for property forfeiture, and the clear damage to Idaho filers’ credit reports and FICO scores, Chapter 7 may not be the best alternative even for those borrowers who manage to qualify for the program. Chapter 13 shall be another option – one that boasts the same monetary expenditures and similar difficulties regarding credit scores – which should let alone the borrowers’ possessions and assets, but, since the Idaho borrowers shall have to repay a majority of their debts while subjecting their household to a budget drawn up by Idaho court trustees that will have to use the same (again, almost always drastically low when set against the true figures) expenses that have been calculated by IRS bean counters, this can result in grave changes in life style. Honestly, aside from those Idaho borrowers that truly believe they have to chance the Chapter 13 debt relief program to save their home from foreclosure, there’s simply not much that this sort of bankruptcy could offer the ordinary Idaho consumer. We do appreciate how important their primary residences should seem for ever resident of Idaho, and, of course, we have seen how the falling real estate market and rising unemployment rates combined with the previous actions of predatory mortgage lenders to drive home foreclosures to unprecedented levels in Idaho and across America. Nevertheless, if at all possible, borrowers should begin their own attempts at debt relief well before this sort of decision about whether or not bankruptcy’s needed would even come in to play.

Of course, most of our Idaho borrowers have likely tried some variance of debt relief on their own, and, from our discussions with consumers throughout Idaho, they have likely repeatedly attempted to quell spending instincts on a regular basis to avoid just such an eventuality. Unfortunately, leaving aside the good number of consumers in Idaho that need debt relief assistance because of medical problems or some similar familial emergency, it has simply been too easy for households to blithely ignore the mounting pressures from their escalating debts and indulge poor spending habits; indeed, some research suggests that borrower may actually spend more when confronted with out of control credit card bills as a way to alleviate stress and tensions. Much of the fault lies with initial budgeting procedures.

Every Idaho family has some idea of what their monthly obligations are supposed to look like as well a vague idea of how much money they could reasonably plan to earn over the coming financial quarter, but, beyond that, a depressing portion of Idaho consumers have little to no idea where their funds actually go and only actively focus upon debt relief solutions once personal economic troubles have essentially precluded homemade debt relief remedies. At once, all Idaho households should take the time to list all of their expenses. We’re not talking about just the utilities and debt payments (including secured debts that could be advantageous to maintain for as long as possible), though borrowers should write down those as well and even call representatives of the creditors to make sure that they attain the accurate information about their various accounts, but, as well, each Idaho household should take efforts to compile some record of their actual purchasing history so that both they have some idea of where to cut spending and a realistic notion of what they would be able to expect when planning their budgets. Too many Idaho borrowers, fired up by the notion of debt relief, plan out a system of spending that does not take into account the potential spikes in expenses throughout the year (heating bills, particularly in this economic age of pricing uncertainty, tend to rather dramatically escalate in the winter months) nor indulge the occasional lapses of discipline that every family should occasionally come to expect.

Unfortunately, no matter how greatly the Idaho family may want to fully achieve a lasting system of debt relief on their own, the limitations of income or excesses of past loans may sadly not allow the personal solution for all borrowers. Indeed, this (along with the failure of modern bankruptcy to successfully deal with the debt relief needs and desires of many of the consumers that such a program was initially started to fulfill) has caused the explosion of different debt relief alternatives within Idaho and across the United States. Consumer Credit Counseling shouldn’t require much in the need of explanation to Idaho borrowers who have turned on a radio or television in the past few years thanks to the Consumer Credit Counseling industry’s seemingly ubiquitous advertisements. Much as the larger attractions of the CCC approach are widely known – consolidation of unsecured bills with lower interest rates and, ideally, the waiver of fees that the credit cards or other accounts had previously assessed – but the costs of this program are considerable and the effects upon credit reports are nearly as ruinous as those seen from bankruptcy protection. Furthermore, media attention in Idaho and throughout America have increasingly centered upon the growing realization that Consumer Credit Counseling companies, though they may indeed be not for profit (an essentially meaningless designation that merely points out that they pay as much to their employees as they receive in funds), these firms are raking in the dollars by double dipping fees by demanding extravagant money from not only their clients but also their clients’ credit card companies.

Although Chapter 7 debt relief programs are, as we have hopefully demonstrated, currently less than palatable for almost any Idaho borrower, the chance of bankruptcy still puts the fear of all that’s holy into lending corporations, and, as a result, they will do whatever seems financially possible – including propping up the Consumer Credit Counseling industry – to limit the desirability of debt liquidation through bankruptcy. On the other hand, because of this lingering threat, another debt relief approach has grown more popular around Idaho. The debt settlement negotiation program attempts to convince lenders (predominantly, once again, credit card companies and their representatives) that they must forego a significant percentage of the funds owed to the companies themselves just to ensure that the borrowers will not even consider bankruptcy protection. Through successful negotiations, experienced debt settlement professionals have been able to reduce borrowers’ entire debt loads by as much as sixty percent in just a matter of days following the signing of papers. Now, along with the massive cuts of credit card balances, the Idaho household will still have to agree and essentially prove their capacity to repay the totality of their remaining obligations within a period generally below five years or sixty months.

Obviously, these levels of payments may just be out of the control of some families (and, in rare circumstances, borrowers would also be unable to comply with the debt settlement program because they hold cards with those few lenders still adamantly resisting any negotiations), but it certainly seems worth any attempts to try and see whether the debt settlement approach could be successful for debt relief. Even if there is not a settlement professional operating out of the borrowers’ particular area of Idaho, more and more of the settlement firms are working primarily from internet web sites, and, provided the companies have a sterling reputation and have been certified by the national debt settlement board, there should be no longer any suspicions about entrusting family finances to a remote analysts: especially, considering that the actual negotiation work will similarly be handled over the telephone. As any Idaho borrowers who have let their finances fall to such an extent where they need external help should already be aware of, there are no guarantees in this field of debt relief, but, when attempting to eliminate past credit card balances, something has to be done and done soon.

Tips On Using Your Debit Card and Personal Finance Advice

downloadWhat is a debit card?

A debit card is one form of plastic money that is linked to your bank account and is as good as cash. You can use it in merchant establishments and pay up or use it in an ATM to withdraw cash.

What are the ten words on using debit cards and personal finance advice?

  1. A debit card is an excellent means to replace your cash. It eases you off the burden of carrying cash and at the same time provides you with the convenience of cash.
  2. Unlike cash you can keep track of the payments made through your debit card. This will help in keeping track of your personal finances as you may not remember where you spent that $18 last week if they go from cash but you will have an entry in the bank if you spend it through the debit card.
  3. You must handle the PIN number and identification details carefully. Most people are in the habit of storing their pins in their mobiles. While it is good to store the pin in a place that you can later retrieve from easily it should not be too easily viewable to others. What you can do is instead of storing your PIN as just the four or five digit number you can make it look like a phone number with the last digits the same as your PIN.
  4. Debit cards and personal finance advice are good instruments for people who are in the habit of overspending on their credit cards. You can have the convenience of plastic money and at the same time cut yourself off that unwanted credit limit by developing a habit of using your debit instead of your credit card at all places.
  5. If your debit card however is stolen it is relatively easier to be used than a credit card. This is because you can block your credit and stop payment in the case of a credit card but as soon as the debit card is used the money in your account is gone and therefore the first thing that you should do if the debit card is stolen is to call up your bank and inform them and stop the card transactions immediately without doing anything else.
  6. Here’s good debit cards and personal finance advice – Don’t give out your personal financial information about the debit or credit card over the phone or on the internet. In one incident an individual who was booking airline tickets was giving out his personal financial information over the phone and while the airline company did not cheat him he was overheard and since only numbers are required for online banking even without physically having the card the guy who overheard him still misused his card.
  7. With phishing attacks and viruses and Trojans becoming more and more sophisticated one can never be too careful while giving out their personal finance information over the internet. The key is to make sure that there are a few websites only which you use to purchase online and you make yourself familiar with them so that if there is any attempt of creating a mirror website and tricking you off your details you can spot something fishy and report to the authorities immediately.
  8. Debit cards act as a good mechanism for parents whose children are going out to college and are going to live separately. While on one hand it gives the parents the comfort to know that their children can get access to cash whenever needed at the other hand it also gives them a track of where the money is going and how frequently are the withdrawals being made.
  9. Another key thing to note is that while there is no fee for using debit cards normally if you are using debit cards and personal finance advice of one bank in the ATM of another bank there may be some fee attached to it. This is generally high as banks figure you will only do so when faced with no other option. So you should indeed do it when having no other option and keep at the back of your mind that its always better to not spend another couple of dollars when there is an option of saving it.
  10. And the last one which we all know but no one really does is its best to keep changing your identification number frequently as even if it leaks once the numbers can’t be used after a certain time period.

Author – Bill Darken – There’s a good student loan area along with more relevant general loans assistance such as home, car, and consolidation loans.

 

Commercial Finance Advice

Over 70 per cent of all residential mortgages in the UK are arranged through Brokers and in some sectors this figure is even greater however Business Customers are still in the main talking directly to their bank to sort out their commercial finance needs.

In the US, 80 per cent of commercial loans are arranged through brokers. In the UK, about 80 per cent of commercial loans are sold directly by lenders with only 20 per cent being arranged through Brokers.

Business Customers needing a commercial finance advice including a commercial loan or mortgage or other business finance product should find that an impartial finance broker has a lot to offer them by way of a professional service, delivering quick results and saving them time that would be better spent in their business rather than trying to source finance.

Commercial mortgage rates are rarely set in stone, unlike domestic and Buy to Let mortgages. Therefore each individual mortgage is priced to match the borrower’s personal circumstances. When a business customer has established a relationship with a bank they start taking advantage of that relationship because they know that arranging a commercial finance solution such as commercial mortgage, loan, factoring deal is time consuming and therefore they offer you a rate which has has no incentive.

If a business owner wishes to obtain the best deal in the market place then they need to commit time to researching the numerous commercial lenders that are in the market place and understanding the best source of raising business finance, understanding the terms and conditions of the product in the market together with the lenders’ processing requirements.

For Commercial property investors, it is important to consider the potential of a Business remortgage. Like residential mortgages, commercial mortgages can be refinanced to take advantage of more favourable terms, or they can be re-mortgaged to establish a line of credit to use for running the business. This is also true of other financial products such as factoring, invoice discounting as well. This will allow businesses to increase their margins by reducing their finance costs, and could allow further profit for further investment. This can also offer business clients a way to gain independence from their bank, separating debt from day to day banking arrangements.

 

Best Places To Find Real Advice On The Internet

There are so many websites out there that try to give small business financing advice it is hard to judge who to believe and who not to believe. However, there are three sources that I believe you cannot go wrong with when you are looking for small business financing advice:

1. Business Association Websites – The SBA is one of the best places for small business financing advice. As a matter of fact, it is one of the sites I like to use for brand new information. The SBA often releases breaking news when a new type of financing has become available, a lender has made the news, or new options for owners looking to build a new business are available.

Plus, the SBA website is a government website so you can trust that the information is factual. There are many other business associations that give out small business financing advice, but the SBA is my favorite. There is a link button on their site for other associations if you need more information.

2. Lender Blogs – Many banks and other financial institutions are starting to contain blogs with small business financing advice on the blogs. Lenders understand that not every business owner knows everything they need to effectively start a business.

They also know that sometimes new ways of financing are released, and their customers may not be aware. The advice given on lenders’ websites are full of real, authentic, quality information. Check out your lender’s website today to see if they have a blog.

3. Previous or Current Business Owner Blogs/Websites – Often the best small business financing advice sites are those of people that have actually lived the life of starting a business. They can give you tips from their own experiences. The ‘ins and outs’ through the eyes of a real business man or woman.

The relevance of small business financing advice is especially real when you feel you can relate to the author of the blog. Perhaps their advice is being given towards the type of business you have because they currently own a business similar to yours.

These are the three types of sites I visit often when I am looking for small business financing advice for my own business. I suggest you stay clear of sites that are written by people not associated with owning a business at all.

Many people ‘on the outside looking in’ want to give their advice to you. Stick with the professionals. You can feel confident you are getting advice from people within the business.

 

Personal Finance Advice For Life

The airwaves are filled with personal finance advice, advocating countless products, investments and disciplines for creating wealth and financial largesse in your life. With all the advice available regarding your finances it is easy to get lost and lose focus on the simple principles that if applied, have been tested to create wealth in your life.

Any sound personal finance advice plan should begin with the most important rule of money, and the one we often find so hard to find the discipline to keep. To create excess money in your life, one must first learn to spend less money than earned from month to month. This is an inviolable rule of personal finance, and I recommend you breaking it at your financial peril. Your credit, bank statements and retirement income will reflect directly how well you hold to this principle, so my advice is to without fail spend less money than you make.

Personal finance advice is filled with such maxims, but how do we follow this advice. If you do not already find yourself spending less money than you make, work towards this goal. Cut expenses and bills where you can, and seriously evaluate what spending habits you have that are need vs. want items. With a cold assessment of one’s finances, there never fails to be a series of costs that can be cut in the name of achieving this goal. Take my advice, do whatever it takes to spend less money than you make.

Successful money management has its rewards too, and is not all about just cutting the pleasures of life that can be purchased with ready capital and financial success. In following with this precept, the next piece of personal finance advice is to increase how much money you bring in from month to month. It sounds like basic financial advice, yet how many do you know in your own life that do not actively put focus and energy into increasing their monthly income.

These two essential pieces of personal finance advice should be applied at all times to your life. Always maintain a focus on finding ways to keep your spending below what you make, and a dedication to pursuing methods of adding more value to others in order to increase the money you are capable of bringing in each month.

The difference in savings and increase will surprise you. Do not get lost in the shuffle of personal finance advice, hold to these essential principles and build the common sense money habits that will create wealth in your life today.

 

Financing Tips For Buying a Used Car

While buying a used car you can not only save thousands of dollars in depreciation, taxes and factory costs, but also wind up spending more on your financing. As new car manufacturers lure buyers with 0% interest rates and no-money-down offers, it’s hard to find a better deal when you’re purchasing a used vehicle.

If you’re planning to buy a used car, keep reading for some financing tips that will save you money.

1. Shop Around for a Better Rate

If you need to obtain financing for your used car purchase, try shopping around for the best rate. While the dealership may often offer you a good financing option, you should to check with your bank and other lending institutions to see if they can do better.

Other car financing options that may get you a better rate include a line of credit, which can sometimes be as low as 5%, or simply offer a low-interest home equity line of credit loan from your lending institution.

A slight drop in the interest rate can save hundreds – sometimes thousands – of dollars over the life of the loan, so this is a worthwhile investigation.

2. Be Ready to Walk

If you’re obtaining financing directly through the used car dealership and you’re not happy with the offered rate, be ready to politely walk away from the deal. Most dealerships would rather lower their interest rate by a half point or full point than see a potential sale walk through the exit door – especially in tough economic times like today when gasoline prices are so high and car sales are low.

Additionally, if you are able to wait until the end of a month to buy from a dealer, you may have some additional leverage with salesmen who are under pressure to meet a monthly or quarterly quota.

3. Pay in Cash

The best way to save on financing costs is to avoid financing and credit all together. If you can do it, pay in cash.

Let’s say you’re buying a five-year-old Civic for about $10,000 – that can be saved up in a year at a rate of about $833 per month or two years at $416 per month. Rather than taking out a car loan, put that money in a high interest-yielding savings account and you’ll reach your goal even faster.

4. Pay it Off Fast

If you can afford to do it, the faster you pay off your car, the less you pay in interest and financing costs. While it would be unwise to stretch your family budget too tight in an effort to pay off your vehicle, you should avoid long-term financing that drags on for four or five years.

5. Refinance Down the Road

Let’s say you need a new used car this year but you’ve just put money in the house, perhaps had a baby, had a dip in your credit rating and money is tight. Well, you might accept a higher interest rate now, but in a year – once things improve – you should investigate the prospect of refinancing that loan with another lending institution that can offer you a lower interest rate.

 

Free Beneficial Finance Tips

Handling your finances well during these times is of utmost importance. People are having a difficult time making ends meet with the rising cost of goods and the rising interest rates on home loans and auto loans- the fact that a lot of companies, and financial giants at that, are either closing down or cutting down on manpower. Much uncertainty hangs in the air in today’s economic scene giving rise to the need for beneficial finance advice not only for big investors but right down to ordinary folk trying to survive the daily grind. It would seem like hiring a personal financial advisor to help you make odds and ends of your current situation would be expensive and could cut your available financial resources even further down. Beneficial finance tips could be had for free.

There are experts who are all too willing to dole out advice online for free. It would be up to you, however, how to apply these beneficial finance tips to your particular financial situation. There are even sites that have downloadable worksheets that you can accomplish on your own to help you evaluate your current situation and then make out your very own financial plan. If you are to successfully weather out this financial storm, you have to have a financial plan that you should stick to and be faithful to. Free beneficial finance tips are nothing if you do not use it to draw up a financial plan to put your present and future finances in order. Some of these beneficial finance tips could be a challenge to follow especially if you have very little cash to work with. Just remember that even a little bit of money stashed away for the future will help you a great deal.

 

Swimming Pool Financing Tips and Advices

When you want to acquire the best financing for pools, you should first remember some indispensable financing tips for pools. First that you must do is that you look for a lending company that offers its customers financing plans and finance rates which are but beneficial to them.

Of course, it is necessary that people only interact with loan companies having good solid years of finance experience, particularly focused on swimming pools. Also, one of the best known swimming pool financing tips is be careful with your moves and simply engage in a lender that gives approval of your loan application with in a short period time. This is for the construction process to occur as what was planned.

Another signification factor for consideration is the reality that different factors are involved with your personal financing plan. Your desired loan be based on such plan for you to ensure everything will work perfectly according to your own finance needs. You must also remember too about other factors such as possible breaks in taxes connected with existing loan or financing options. To cite an example, much of the interests on pools are possibly tax deductible.

Therefore, another one of the most significant swimming pool financing tips is doing one’s home work in a diligent manner. You must perform ample research on any loan that you might want to obtain. You have to study and research all offered quotes and as well as other pertinent information like such as swimming pool financing rates. If you have any query, you must never hesitate in asking your lender particularly on matters which are not clear. This certainly helps in you or any other prospective borrower to go through finance and repayment responsibilities as convenient as possible.

You just follow such financing tips to the letter and you will find out that obtaining loans for pool is easy, not like you thought it is difficult. You can simply look forward to fully enjoying the cool splashes of pool waters in the future.

 

Personal Finance Tips

Entrepreneur or not, your lifestyle and your decisions should be as thoroughly backed by as much meticulous planning and care as you would when you are deciding on the annual budget for a company of your own. There is a whole number of reasons why managing your money well will give you a better chance of success, and it is all about how you position yourself. Let these Personal finance tips show you how.

Finances are the name of the game, and if not kept in top shape, your cluttered finances have a way of accumulating, and then catching up. Pay heed to these important Personal Finance Tips that can help you. Whether you are one of the employees of a huge company, or self employed professionals such as commercial mortgage brokers, there is simply no excuse to mismanage your money matters. Your personal finances are every bit as crucial as corporate finances, and vice versa, although the amounts of money may vary a bit.

Make use of the following tools for managing your finances, and make the best use of them for gain, and to avoid loss. Make use of modern technology and the benefits it entail, such as the Charles Schwab Credit card. As commercial mortgage brokers will tell you, “a dollar saved is a dollar earned”.

Some Suggestions of personal finance tips

Mint dot com

Mint has received raving reviews, and certainly, the site has a simple and easy to use and analyze format, which manages your personal finances in an exemplary manner. Mint aggregates the financial information in a comprehensive format, and you will know how to spend, and how to save. Best of all, its free of cost, and there is no software downloads, no commitments, trials or anything of that sort. All your accounts can be synced with no hassle. There are a good number of excellent

CreditKarma dot com

Another free service, CreditKarma gives you free credit reports, and you can find a lot of advice here that will help you save cash on mortgages, loans, credit cards, and a whole lot more, basically like commercial mortgage brokers. There are a good number of excellent services.

Credit cards

Well, shaky area to offer specific advice, but credit cards such as the Charles Schwab Credit card can do much to save your money, if you are smart enough to never carry a balance. If you can use the great rewards programs with no worry about the APR, you will have to live within your means and not carry balance.

Pay off all the items you want in a month by your card, and clear the balances regularly. This will enable you to reap benefits on the rewards. You can also keep track of the various expenses, as well as keep a reign on your spending habits.

You can enjoy the rewards such as those offered by Charles Schwab Credit card, if you have a brokerage account with them. There are a good range of rewards you can save on.

 

Educating Your Teens About Credit

As children grow into teens and young adults, they need to start learning about building good credit. Not having the proper guidance can lead young people down a path of building debt and poor money management. Starting at home with some principles for good financial management is a great way for parents to help their children grow into responsible adults.

To Begin

Don’t start out with a credit card. The ease of using a credit card makes it far too easy to abuse. Instead, begin by teaching your children how to reconcile their bank statements with a debit card or checks. To help them when they first start out, link your bank account with theirs to avoid surcharges if they have difficulty with the lessons. Remind them to keep their receipts and always be mindful of spending only what they have available.

Have your children take responsibility for their car insurance or other bills that are directly related to their finances. Letting children have this experience of managing an amount while keeping in mind they have bills to pay is a great starting point for making good financial decisions.

Remind children about safety when using a debit card and have them practice watching their bank accounts for fraudulent charges. Encourage them to use an old fashioned record and write every purchase down so they understand the monetary power of a swipe. It’s much easier this day in age to get carried away with swiping a card for small charges that add up quickly. Their card usage should not be based on the “Accepted” notice after they complete a transaction.

Credit Cards

Once you feel comfortable that your children are paying attention to their spending habits and remaining within their limits, it’s time to start building credit. Starting out early with good credit card habits can really give a child a step up when it comes to larger purchases later in life. Holding a credit card is more than an easy and secure way to pay for goods. It will build a credit score to protect your child’s future.

Prepaid Cards

You may not feel comfortable letting your child start out with a debit card. The potential for fraud and overdraft charges is serious. It could also pose a problem if your child has access to a savings account that is intended for the future. Instead of letting him or her access a larger sum, obtain a prepaid card. The card will act as cash that is loaded in a predetermined amount by parents.

Many common credit card companies offer prepaid cards that include features like parental controls (to prevent your child from shopping certain locales), mobile features, and discounts for certain brands. You may encounter fees with the use of prepaid cards, which is a major drawback to using this form of payment. From activation fees to balance inquiry fees and maintenance fees, you might end up spending more than necessary on this form of card.

Joint Credit

If your child is under the age of 18, he or she will not be able to apply for a card without parental approval. As a step toward credit independence, try a joint credit card that is cosigned by a parent. You can choose a low limit level to ensure your child doesn’t immediately start overspending.

Take time when the credit statement arrives each month to go over the activity and let your child know which purchases were valid and which were superfluous. At this point, a card should only be used for purchases that you and your child have agreed upon: emergencies, school-related activities, or buying something they have already saved money to obtain.

Authorized User Cards

Another option is to let your child have a card on your account as a secondary or tertiary cardholder. Sign them up for a parent’s card that the parent can benefit from, too. Make sure to carefully monitor statements for any purchases made on your account to prevent poor money management.

It’s easy for a child to think there are no consequences if he has access to a parent’s account with high limits. Set certain limits on what your child can purchase or how much he or she can spend per month to ensure the card is not abused. Go over your child’s spending with him every month.

Credit for 18 Year Olds

When a child heads off to college, having a credit card can help manage daily expenses in a secure way. Be a part of this first independent credit card venture, if possible. Helping your child learn how to avoid carrying a balance, as well as understanding how to prepare for times when carrying a balance is unavoidable is important. Having to learn these lessons without a parent’s guidance can be intimidating and difficult.

Hopefully the lessons of carrying other cards will pay off when your child opens his or her first independent credit account. Make sure you ask about your child’s credit card habits regularly. If you support your child financially through school, having these continuing conversations is easier and a good way to refresh your child’s memory about good money management.

Managing Consequences

Teaching your child a lesson can be difficult if your child has a hard time spending appropriately. While you don’t want to bail your child out from poor spending decisions, carrying a balance can lead to a financial obligation the parent must ultimately take responsibility for. Go back over a few steps of card management skills if your child mistakenly spends more than he can afford.

Overspending once or twice is understandable when a child starts learning about money management. Consider another payment method if your child has too much difficulty in remaining within appropriate spending limits. Letting spending go unchecked is a recipe for financial disaster. It can lead to your child having to carry a balance that can’t be paid off and that will weaken his or her credit score.

Don’t let a child off the hook for any surcharges or debt incurred, however. Being responsible for paying off debt before your child can use the money for anything else is a good way to let him or her know there are repercussions for poor spending decisions.