General Review A general review about what ever is on my mind on that particular day. Books, movies, restaurants, whatever.
12 Jul
Americans are now able to discharge 50% of credit card debt that they owe to their credit companies. The recession has created many opportunities that a lot of Americans are not aware of. And so they continue to pay the minimum payment each and every month, the thus forcing them into an early bankruptcy. But all this can be avoided.
Fact: The balance on your credit card is not meant to be completely paid.
Fact: 95% Personal bankruptcies result from credit card bad debt.
Credit card companies have completely taken over our economic system and this is why companies who used to work with private clientèle are now beginning to work with the general public and are teaching them how to become debt free and erase 50% of their credit card bills.
Fact: An innocent charge today could cost everything you own tomorrow.
American cardholders will pay more than 700 billion in interest fees this year and almost every one of these people unfortunately will file bankruptcy on their past due debts in 2-3 years. Consumers are realizing that credit-card companies do not want you to pay the balance off your card.
Life is best lived reducing credit card debts and not risking your savings account and credit reports paying interest fees. You can now get 50% of your debt removed from your credit card company, however most consumers have been brainwashed to the fact that they have to continuously make their minimum payment each month and that debt erasure is not even a possibility.
Fact: Advice from a credit card company only get Americans into more debt.
The government has decided to stop unethical interest policies by passing laws to prevent this next year. Exercise your rights. Get out of Debt.
I have found this resource to help you reduce your debt by 50% They are a reputable and safe company to work with.There is no charge for them to help you.
25 Jun
There are many debt consolidation companies that are only out to take your money. Sure, they’ll do what they say they’ll do, by sheer literal language, but you may not be getting what you were hoping for, and you’ll end up with a worse credit rating than if you had handled it yourself in some circumstances.
Unlike most financial institutions, not all debt consolidation companies are under as close a scrutiny as they need to be. Rules for what they do are sketchy, if they exist at all, in most places because no one saw the kind of crush that’s ended up coming because of the bad economy coming. It used to be you might see one company on TV commercials once a week; now it seems like you see those commercials at least once an hour, if not more than that.
Oregon, one of those states suffering from high unemployment, decided to try to do something about it, as more and more of its citizens were getting duped by nefarious companies. The Oregon House of Representatives created a law in favor of requiring debt management agencies to register with the state Department of Consumer and Business Services. That law also limits fees that these agencies can charge, caps the amount they’re allowed to take for settling people’s debt, regulates the type of advertising they’re allowed to do, and adds some other consumer protection language.
These protections were needed because some debt consolidation companies had fees as high as $1,000 just to be represented, taking it out of money they wanted their potential customers to pay them to help pay down debts later on. Also, on the back end, if they were able to make deals with some of your creditors (after trashing your credit), they’d take another big chunk from you.
This bill set a one-time maximum of $50 to open a file; reasonable costs for counseling up to $50; and up to 15 percent of funds consumers deposit in trust accounts, not to exceed $65 per month. And debt consolidation agencies can’t take more than 7.5% of the difference between the original debt and the amount paid in settlement at the end of the process. This last point is crucial because the amount of debt is different than the amount charged off, which includes interest and other fees, and that would have resulted in a much bigger kickback to these companies.
Other states will be following suit, along with some assistance coming from the federal government. Sometimes, we do need help protecting ourselves from someone who’s saying they’re going to help us.
17 Jun
Facts about a Savings Account
Savings Bank Accounts are the simplest of bank accounts that one can open. They are meant to promote the habit of saving among the citizens while allowing them to use their funds when required.
Savings Bank Account can be opened in the name of an individual or in joint names of the depositors. The minimum balance to be maintained in an ordinary savings bank account varies from bank to bank.
Public sector banks require a cheaper minimum balance compared to private banks.
Things to Consider While Opening a Savings Account
It is advisable to seek the following information from bank before opening the account:
· Minimum balance requirements.
· Penal provision in case the balance falls below the minimum stipulated amount
· Bank charges applicable e.g. ledger fees
· Any extra fees chargeable
· What other benefits are offered by the bank e.g. loan facilities and banking flexibility
. Document Required For Opening a Savings Account (this might vary from one bank to the other)
· Two passport size photographs
· Legal form of identification e.g. Identity Card, Passport
· An introduction letter that acts as a referee from an existing account holder.
· Minimum opening balance
Some of the advantages of a Savings bank account
· Savings account provides very high levels of liquidity. Every day, any time 24 hours, 7 days a week, you have the rights to withdraw your money via email if the bank is closed.
· There is interest paid annually on savings account and this varies from one bank to the other.
· Savings bank account also provides a saving for the future.
10 Jun
Money management is sort of like dieting: it’s not a topic most people approach with enthusiasm. It seems like it will involve sacrifice and pain. And personal finance doesn’t have perky spokespersons who seem vaguely familiar that come on TV and exclaim: “I lost $20,000 in credit card debt using the amazing ‘Tightwad Terry’s Budget’ program!!!” Many times it seems we’re all on our own when it comes to managing our money.
Financial health-lower debt–requires just as much discipline as losing substantial amounts of weight. We gain weight either because of excess consumption of food or because we do not get enough exercise. Excess consumption-reckless spending-is of course the primary cause of that unsightly buildup of debt. When starting a dieting and exercise program, one of the first things you are advised to do is figure out your current calorie consumption, and then set goals for reducing it.
In personal finance, a budget is your tool to help you figure out where the financial flab is located. If you enjoy working with computers a simple Excel spreadsheet can be used to help you build your budget. Otherwise, a pad, pencil and calculator will do just fine.
First, you want to determine exactly what you spend each month, by category (mortgage, utilities, food, etc.). And also you want to separate your expenses by these additional categories: essential, non-essential and extraordinary items. Essential things are those items you have to pay each month, such as your house payment. In business, these would be called your fixed costs. Non-essential items are those things you have a choice about. It doesn’t mean they are luxuries; it could be that cup of premium coffee you pick up each morning on the way to work. These are discretionary expenses that you could consider cutting to meet your goal of debt reduction.
The last category, extraordinary items, is the one that trips up so many of us. Extraordinary in this case means expenses that crop up on an irregular basis but typically occur each year, or maybe several times a year. We may think our monthly expenses are say, $5,000, but because of these extraordinary expenses, the real monthly nut may be closer to $6,000. This is why your detailed analysis of current expenditures can be so revealing. You may forget the cost of repairs and maintenance on your home, or your car, over the course of the year.
We might also overlook medical expenses or veterinary bills. It’s hard to budget “trip to the emergency room for my cat” but if you see over a period of years that you have these types of bills each year, you need to include them in your budget. If you don’t, these end up being unwanted additions to your credit card balances.
In our example, you might envision your monthly expenses to be:
Essential $4,000
Non-essential $1,000
Extraordinary $????
Total: $5,000
But the reality turns out to be:
Essential $3,000
Non-essential $2,000
Extraordinary $1,000
Total: $6,000
You’re course of action, then, is to cut $1,000 from your non-essential expenditures and bring your household expenses back into balance.
Budget your way out of debt and into a healthier financial status.