Friday, September 30, 2005

Steps For Finding A Thin Or No Credit Motorcycle Loan

It is no secret that thin or no credit can hurt just like bad
credit when shopping for motorcycle loans. The main reason for
this is that lenders all have a variety of strategies on how to
approach motorcycle loans in their loan portfolios. Some lenders
see motorcycles loans as a risky but feasible business
investment, while other lenders label motorcycles loans as a
high risk money losing investment. Overall, the general
perception of most lenders is that a motorcycle is a "toy" and
therefore motorcycle loans are much more risky than other types
of loans. This "toy" labeled perception from lenders is a
critical component which makes shopping for a motorcycle loan
much more difficult for motorcycle buyers with thin or no
credit.

The first step to get approved for limited or no credit
motorcycle loans, is to look online. The reason for this is
that many online lenders are very competitive with offering
motorcycle loans and some of them specialize in limited or no
credit motorcycle loans.

If you have searched online and are still having trouble
getting approved due to limited or no credit, it is critical
that you begin to understand the impact of your FICO credit
score. Essentially, a FICO credit score is the number one
variable most lenders use in approving you for a motorcycle
loan. The FICO credit score is a computer generated score which
is comprised of your credit payment history, amount owed, length
of credit, amount of new credit and types of credit.

Since many people with limited or no credit do not even have a
FICO credit score associated with their credit file their
motorcycle loan applications are sometimes automatically
declined by lenders. Therefore, the first step to getting
approved for a limited or no credit motorcycle loan is to start
building credit history. In order to get a computer generated
FICO credit score with your credit file you must have at least
one credit account that has been open for at least 6 months and
has been updated at least once in the previous 6 months.

This requirement can make it tough for young motorcycle buyers
or immigrants who wish to establish a credit score since some
lenders will not extend credit to people with a thin file.
However in today's age, there are credit card companies willing
to give newcomers a credit card with a small $500 limit to get
started.

As a result, if all else has failed and you have limited or no
credit a great way for you to begin building your FICO credit
score is to get a low credit limit credit card and begin using
it regularly for small everyday purchases. The key to this
strategy is keeping your purchases small and frequent and
paying off the balance every month on time. Always try to avoid
maxing out the credit cards or even using more than 30% of the
available credit limit. To make this easy some small purchases
can even become automatic by putting things like monthly cable
or telephone bills on automatic credit card payment.

The bottom-line is that finding a limited or no credit
motorcycle loan can be challenging, but working smarter by
shopping for a motorcycle loan online and also beginning to
build a credit history can take a lot of pain out of the
process.


About The Author: Jay Fran is a successful author and publisher
at Motorcycle-Financing-Guide.com, a national guide to compare
motorcycle lenders. Copyright (c) 2005, by Jay Fran. This
article may be republished as long as the author's information,
copyright information and the following active live link is
published with the article.
http://www.motorcycle-financing-guide.com/no-credit-motorcycle-loans.html

Tuesday, September 27, 2005

Discovering A Better Motorcycle Loan With A Better Credit Score

It is common knowledge that motorcycle financing companies'
base high importance on your FICO credit scores when approving
motorcycle loans. However, what many people overlook is that
their FICO credit score can dramatically impact the term on
their motorcycle loan along with the interest rate that is
assigned to the motorcycle loan.

In order to gain better motorcycle loan rates, it is highly
important that you think of your FICO credit score as a picture
of how risky you are to the lender. Your FICO credit score is
essentially a benchmark which motorcycle financing companies
use to grade you and assign a risk to you when applying for a
motorcycle loan. Since factors about your credit change on a
daily basis so can your FICO credit score.

The below 5 tips are designed to help ensure you improve your
creditworthiness as your credit score changes. Ultimately these
tips should help you obtain better motorcycle loan rates and
loan terms in the future.

Watch Your Debt- Keep your account balances below 25%-30% of
your available credit limit. This is especially true with your
revolving credit card because many motorcycle financing
companies see credit card debt as more risky. If you have a
credit card with a $500 limit, you should try to keep the
balance owed below $150 when you apply for a motorcycle loan.

Check Your Credit Regularly - In today's age it is easy to get
online to check your credit report. Checking your free credit
report regularly is very important because it can help you
uncover inaccuracies that are affecting your FICO credit score.
Don't let your credit health suffer due to inaccurate
information or errors on your credit report. If you find an
inaccuracy on your credit report contact the creditor
associated with the account or the credit reporting agencies to
correct it immediately.

Avoid Excessive Credit Inquiries - A credit inquiry normally
happens when you apply for credit. If you have a large number
of credit inquiries in a short time period many motorcycle
finance companies see this as a negative since it affects your
FICO credit score. Therefore, when you are applying for credit
or shopping for motorcycle loans it is very important you
consider how many times your credit is accessed. Be advised
that sometimes motorcycle dealerships will pre-screen you for a
loan by asking you for your driver licenses and social security
number. Normally this results in a credit inquiry on your
credit report. Be prudent in shopping for credit and motorcycle
financing.

Establish Credit Early - Time is very important part of
improving your FICO credit score. Therefore, it is recommended
that you start building credit early in life. Getting one or
two credit cards can significantly help build your credit.
However, the key to this strategy is keeping your purchases
small and frequent and paying off the balance every month on
time. When establishing credit you should also keep the oldest
account on your credit report open in order to lengthen your
period of active credit use. The length of your credit history
can make a big difference in getting approved for a motorcycle
loan.

Make Your Payment On-time - Paying your current credit bills
on-time is one of the biggest factors that contributes to a
higher FICO score. Typically when motorcycle finance companies
see potential customers that do not pay their bills on-time
then they either decline them or issue a motorcycle loan at a
much higher interest rate. Late payments, collections and
bankruptcies have the greatest negative effect on your credit
score and how lenders rate you when getting a motorcycle loan.

Copyright (c) 2005, by Jay Fran.


About The Author: Jay Fran is a successful author at
http://www.motorcycle-financing-guide.com - A comprehensive
resource to compare online motorcycle financing, motorcycle
loans and online motorcycle buying tips for Polaris, Honda,
Suzuki, Harley-Davidson, Yamaha and more.

Monday, September 26, 2005

Home Equity Credit Lines Provide Quick Access To Cash In Times Of Need

If you need to borrow money, Home Equity Credit Lines can be
one of the options available to you. This Line of Credit Home
Equity is a loan granted to the borrower with his home as
collateral. Home Equity per say is the difference between the
worth of your property and the amount you owe on your mortgage.


Of late many people are opting for Home Equity Lines of Credit
because of its ease of acquisition and flexibility. If you use
the equity of your home as collateral in a loan, you have
access to a large pool of funds which you can use to expand
existing business or undertake a new one whilst still owing
your home. If you negotiate well, you can obtain Line of Credit
Home Equity far exceeding the current price of your home. Again,
you have the advantage over other kinds of borrowed funds
because you enjoy low interest here. The biggest advantage for
Home Equity for small businesses owners especially is that the
interest on Home Equity Credit Lines is treated as tax
deductible. This simply means you can take out the interest
payments as an expense before you declare profits, thus leaving
you with more money as net income.

Line of Credit Home Equity is the best option for a business
with homes which needs long term capital. As the homes increase
in value, the loan interest decreases in value with the effect
that businesses gain over the long term.

Home Equity loans need to be contracted with great care. Look
around for the best plan or terms so you don't risk defaulting
on the loan. If you default on the loan, your home may be
foreclosed. Foreclosure is the process of offsetting a debt
with the sale of a borrower's home. The forced sale comes about
because you have irreversibly used the home as collateral in the
agreement and have authorized the lender to take over the house
in the event you are unable to pay up on the interests.

When it comes to using your home as collateral for a loan,
there are two major options: Home Equity Line of Credit and a
Home Equity loan.

Home Equity Lines of Credit are used for any kind of expense at
all such as home improvements, educational and medical expenses
and small business expenses. You make monthly payments at
varied interest rates. If you are not the type that worries
about changing payments and interest rates, then you may go for
this option.

On the contrary, Home Equity loans gives you access to funds
which need to be expended in a lump sum such as the expenses in
connection with buying a new car or starting a new business. In
this type of loan, interest payments are fixed. If you want a
predictable payment, then this is the option for you.

In Summary...

Home Equity Credit Lines have helped many businesses and
individuals get access to large pools of funds for business
expansion or acquisition of another home. This ease of access
must be balanced with the fact that persistent default in
payments can result in the loss of your home.


For more free-reprint articles by Colin P please visit:
http://www.isnare.com/?s=author&a=Colin+P

Sunday, September 25, 2005

Mortgage Research Good News For House Buyers

Figures from the Council of Mortgage Lenders show that in July
gross lending in totalled £25.2 billion, with fixed rate deal
mortgages are at their most popular for nearly six years.

Nonetheless, "July's growth in lending to individuals slowed
from the recent trend," said British Bankers Association (BBA)
spokesman David Dooks, "this could have reflected consumers
waiting for the widely anticipated cut in interest rates."

Miles Shipside, Commercial Director of Rightmove (
http://www.rightmove.co.uk/ ), comments, "The belated but
welcome drop in interest rates will be a real boost for
sentiment in the market and a springboard for a better 2006."

However, more than half of all mortgage lenders have failed to
pass on the full Bank of England interest rate cut to
borrowers, and those that haven't done so already look unlikely
to do so in the future.

"How these things usually work is that if the lender is going
to pass on the full cut they announce so fairly quickly", Ray
Boulger of John Charcol mortgage advisers.

Several lenders stated the rates on fixed mortgage deals from
some providers had already started to drop in anticipation of
the cut in interest rates earlier this month, while others
argued that replicating the rate cut is not necessary because
they did not pass on past increases.

A few lenders, including the Halifax, the UK's largest mortgage
lender, immediately reduced its rates, but others have held off
cutting borrowing costs or have trimmed them by less than the
bank's quarter of a percent.

Despite the rate cut anticipation and the increases in the
take-up of fixed rate deals, the British Bankers Association
(BBA) said that net mortgage lending by its own members slowed
down last month.

Rightmove in its latest house price index has indicated that
house sales have slowed down. The numbers of completed sales
for the three months from April to June are the lowest since
1998. To improve the chances of achieving sales, many new
sellers are adjusting their prices in an attempt to undercut
the competition. Asking prices have now dropped by an average
of 1.2% over the past two consecutive months.

Rightmove believe that the housing market is gradually
recovering, but "there is currently too much unsold property
still available to expect anything other than a continuation of
static asking prices this year".

Miles Shipside adds, "Sellers are finally becoming more
realistic on their asking prices, which when combined with
cheaper mortgages and rising wages, means that more buyers can
now afford to enter the market." He went on to point out that,
"We still need more first time buyers for the long term health
of the property market."

Financial comparison site, Moneynet (
http://www.moneynet.co.uk/ ), puts the current first time
buyers' average joint salary at £39,382, with an average
mortgage amount required of £135,239 constituting a 66%
borrowing on the cost of a property. This means that with
sellers asking prices remaining static, or even falling, and
wages gradually rising, for many potential first time buyers,
there is an increase in the realistic prospect of getting onto
the property ladder.

Halifax hoped that the interest rate reduction by the Bank of
England would, "reduce mortgage payments as a proportion of
gross income for the average new borrower from 20% to 19%, the
average for the past 20 years and well below the 34% peak in
1990".

With the mortgage market especially competitive at present and
rate comparison sources easily accessible, lenders who do not
offer reasonable rates are liable to lose out. All this appears
to be good news for buyers as Rightmove states, "there are now
clear signs that the market is making sensible adjustments in
prices to improve buyers' affordability."


About The Author: Richard lives in Edinburgh, occasionally
writing for the personal finance blog Cashzilla (
http://cashzilla.blogspot.com/ ), and thinks "Half Man Half
Biscuit" were a good band.

Saturday, September 24, 2005

Bad Credit Loans: Be Careful!

If you've gotten yourself over your head in debt, and suddenly have a need for cash right away, it is possible to get a loan for bad credit. Loans for bad credit will not give you a worse rating if you require a non-bad credit loan later down the road, and they will get you some money very quickly - perhaps too quickly.

But how could a loan for bad credit be too quick? Well, if you decide to get a bad credit loan, apply, and then suddenly - WOW - you have the money the next day, have you really thought out this bad credit loan adequately? Have you researched all of the other bad credit loan options, or did you just pick the first one that struck your fancy? Did you ask around, surf the Internet, and talk to your banking institution before applying for that bad credit loan? Did you do some reading at the library, crunch some numbers, and talk to your family about this bad credit loan, first?

If you think about it for a bit, there will be an interest rate with your bad credit loan - probably more than with any other loan you carry. It's a risk for a lender to extend credit to someone with bad financial history, so they overcompensate with higher interest rates. Rates as high as 15 point over prime, at times. Do you really need to go into more debt asking for a bad credit loan, just to pay off another bill? Isn't there another way?

This can all become a huge problem if you eventually need more money because of your bad credit - which means another loan. And then another, and another. you get the drift. Your interest on a $3000 loan could be as high as $500, not including the actual bad credit loan repayment itself. Can you afford this? All for a bad credit loan debt.

This cycle may only become a problem if you manage your bad credit loans poorly, or borrow more money than you can afford to pay off. To avoid these types of bad credit loan issues, ONLY borrow what you can afford - just because the process is super quick, doesn't mean you need to come to a decision just as quickly. Take your time. Research everything well. Talk it over with friends and family. Make sure your payments won't be over your head, especially with all of your other debts. A bad credit loan is a serious thing - don't enter into it lightly.

Perhaps talk to some friends or family first, instead of adding to your debt and asking for a bad credit loan. Maybe if you take this choice, or perhaps try and find extra income instead, you can avoid the whole bad credit loan trap, forever. And with less bad credit comes a lesser need for a loan - and the cycle stops.


For more more information about bad credit loans offers please visit http://www.moneytipsdaily.com/Money-Tips/Credit-and-Loans-have-Become-a-Buyers-Market--Are-You-getting-the-Best-Deals-for-Yourself.html

Friday, September 23, 2005

Payday Loan Terminology

Sometimes, the terms associated with payday loans, or any other
loans for that matter, can be confusing and difficult to
interpret. The purpose of this directory is to help assure that
anyone who is shopping for a payday loan has the right tools to
cut through the rhetoric and come away with a clear
understanding of what each associated term means.

Annual Percentage Rate (APR) - The annual percentage rate is
defined as the cost of credit to the borrower in relation to
the amount borrowed, expressed as a yearly rate. On mortgage
loans, for example, lenders are required to disclose the APR,
which also includes other loan costs such as points and loan
fees that would be paid by the borrower.

Payday loans - A payday loan is a short-term loan, advanced for
two weeks or a month, until an individual's next payday. It is
also called a cash advance, a check advance, a payday advance,
a cash loan, etc.

Payday loans online - Payday loans online are those which are
transacted completedly through electronic means. In other
words, the applicant doesn't have to go in to the office or the
bank to apply for the loan, but can do so from his or her own
computer. Online loans are also referred to as online payday
services.

Loan fees - The amount the lender is allowed to charge for the
borrower's privilege of receiving the loan. Loan fees can be
flat fees (i.e., $15 per $100 borrowed) or a percentage rate
(such as 6.5% of the total borrowed). In any case, the loan
fees are tacked on to the amount borrowed, so that if a person
borrows $100 at a flat rate of $15 per $100 borrowed, the total
amount due to the lender on the due date would be $115.

No faxing - When payday loan offers first began to appear on
the Internet, part of the application process was faxing
documents like paystubs, checking account statements, etc. to
the lender. In some cases, when the loan was approved, the
borrower received a check by fax, as well. Today the loan
companies are advertising 'no faxing' as an additional
incentive to borrow from their company, since everything is
done through a quick Internet application and no documents have
to be faxed, making the turnaround time much less.

Amount financed - The amount financed is not just the amount
borrowed. A borrower may, for example, request and receive $100
from the lender. However, the amount financed includes both the
amount borrowed and the costs charged by the lender for the
loan. If, for example, the lender charged 10% for a 14-day $100
loan, the total amount due back to the lender in two weeks would
be $110 - or the amount financed.

Finance charges - Finance charges are similar to loan fees -
the amount of money that is charged to the buyer for use of the
lender's money for a specified period of time. The finance
charges may be expressed as a flat rate (i.e. $15 per $100
borrowed), or as a percentage rate (i.e. 10% of the total
amount received by the borrower).

Total payment due lender - Total payment due lender is another
term for the amount financed. It includes both the amount
borrowed plus any finance charges or loan fees.

Secured loan - A secured loan is one for which the borrower
signs over title to some sort of collaterol that the lender can
collect and use as repayment if the borrower fails to pay off
the loan in the specified time frame. Title loans are secured
loans. The borrower turns over his or her car title in exchange
for receiving the loan. If he or she is unable to pay back the
loan, plus loan fees, within the designated period of time, the
lending company can seize the borrower's car and sell it to pay
off the loan.

Unsecured loan - An unsecured loan is one for which no
collaterol (property of one kind or another) is required. A
payday loan is an unsecured loan that is guaranteed only by
either a post-dated check issued on the borrower's bank account
and dated for his or her next payday, or by an authorization to
withdraw the amount financed from the borrower's checking or
savings account on a specific day.

Bad credit loan/bad credit cash loan - A bad credit loan is
just another name for a payday loan or cash advance. Generally,
these types of loans are available without a credit check, so
that even individuals with bad credit, or no credit, can
qualify.

Roll over - When a loan is 'rolled over' that means it is
refinanced for another period time such as another two weeks or
an additional month. The lender usually charges the same fee to
roll the loan over as is charged to obtain it in the first
place. For example, if the borrower agreed to pay $15 in loan
fees for a $100 loan for two weeks and needs to have an
additional two weeks to make a full repayment, the lender would
charge an additional $15 to carry the loan for the additional
period of time.

Licensed lenders - Some payday lenders are licensed to operate
in the state where they are doing business and some are not. As
a precautionary measure, the borrower should make sure the
lender is licensed.


About The Author: Max Hunter is the author of many credit
related articles. If you are looking for help with Payday loan
or any type of faxless loans please visit us at
http://www.PaydayLoanChoice.com

Thursday, September 22, 2005

Debt Help: Learn The 3 Key Debt Reduction Steps You Must Take Immediately!

Step 1. The purpose of this first step is to bring you back to reality. You must know exactly how much money you owe and to whom you owe it.

* Collect all of you unpaid bills and any other evidence of your outstanding debts.

* List each outstanding bill on the same sheet of paper. In separate columns, include the invoice or account number, amount due, name of the creditor, and the date the bill can be paid in full without incurring additional finance charges.

* Total the amount due column.

* Total the number of creditors.

* Total the number of bills.

Are you surprised or shocked? Of course, most will be shocked by the scope of their debt. Regardless of your reaction, you now (perhaps for the first time) have an exact accounting of your current debts. Debt help Considers this to be your guide, because it shows exactly how much money you currently owe, and by what date you must pay.

Step 2. This step employs a powerful visualization technique that actually enables you to visualize an end to your current debts.

* Mentally consolidate your bills. Do not think of your debt as a series of separate bills. Consider all your bills as one large bill to be repaid. As you diligently repay each component bill, your large bill becomes smaller.

* Mentally consolidate your payments. Do not consider your individual payments towards separate bills, consider them one large payment towards your one large bill.

* Debt help shows why you must continue making the same size payments regardless of how many bills are repaid. As bills are paid in full, more money is available to pay other bills, but only if your payments remain the same.

* You must pay your bills in the order of their higest monthly payments. This allows you to apply the most amount of money to the next bill and reduces your debts in the shortest amount of time.

If your large bill becomes smaller each time you make a payment while the size of your payments remains the same, the net result of this strategy is that each successive payment has a greater impact upon the size of your debt.

Debt Example: Say you have two bills, one for $250 and one for $750. Together they total $1000. You can afford to pay $500 per month. If you pay $250 towards each bill, the small bill will disappear after the first payment and the larger bill is reduced to $500. You still have $500 available for the next payment. If you maintain the same size payment, you will completely eliminate the remaining bill with the next payment.

Step 3. Now it is time for a course correction - you must alter your spending habits. Regardless of the cause, be it problem debt or chronic debt, you must be willing to change your spending habits and if necessary, seriously alter your lifestyle.

* Establish your long-term financial goals. It took months or years to reach your current level of debt. Since you cannot wish yourself out of debt nor can you count on winning the lottery, you must adopt, reasonable financial goals. The more you pratice meeting even limited financial goals. The more confident and in control of your life you will feel. This in turn enables you to meet longer-term goals successfully.

* Establish credible short-term goals. Short-term means tomorrow! Durning the next 24 hours you are not to incur any new debt.

* just get through one day, then another. You get the idea. The impact of this - trail by fire - is to immediately boost your confidence by preventing your debt from expanding. This prepares you for the serious commitment to complete debt reduction ahead of you.

* Establish realistic intermediate term goals. These goals should find you becoming comfortable with the basics of debt reduction. Your goals are to implement the plan, grow more confident as you watch your debts grow smaller and begin to realize that you can become debt free.

* Establish, well defined, long term goals. As you master these debt reduction techniques , you will be firmly committed to effecting, permanent chance in your financial condition. Not only can you see yourself debt free sooner, but also you can realistically see yourself accumulating wealth. You are in control of your financial well being. You are no longer a debtor - with debt help you are on the road to complete debt freedom!

* Prioritize your spending. Eliminate impulse purchases. Buying on impulse addresses your wants not your needs. Seek alternative methods to pay for goods and services:

* Barter: You may be able to barter anything of value including your time, for something of value to you.

* Learn to live with less. you must learn to live with the extremely limited financial resources you have available, instead of the unlimited ones you pretended you had. Remember, a sacrifice is a trade-off. You give up something now; you are rewarded later. Denial, on the other hand, has no reward. it is punishment.

About the Author: Debt Help is run by Vincent Dail. They review and then list some of the best debt elimination, programs, software and books available online!

Mortgage Debt Elimination

Morgage Debt Elimination shows that if you fall behind on your mortgage, you must contact your lender immediately to avoid foreclosure, dont wait 2 or 3 months. Most lenders are willing to work with you if they believe you're acting in good faith and the situation is temporary, please tell the truth.

Some lenders may reduce or suspend your payments for a short time, mortgage debt elimination shows you that when you resume regular payments, you will only have to pay an small additional amount toward the past due total.

Other lenders may agree to change the terms of the mortgage by extending the repayment period to reduce the monthly debt. Ask whether additional fees would be assessed for these changes, and calculate how much they total in the long term.

If you and your lender cannot work out a plan, contact a housing counseling agency. Some agencies limit their counseling services to homeowners with FHA mortgages, but many offer free mortgage debt advice to any homeowner who's having trouble making mortgage payments.

Call the local office of the Department of Housing and Urban Development or the housing authority in your state, city, or county for help in finding a legitimate housing counseling agency near you.

For More Infomation Visit: Mortgage Debt Elimination They review and then list some of the best debt elimination, programs, software and books available online!

Payday Loans: How They Really Work!

Payday loan companies gives the borrower the amount of the check minus their fee (They get their money up front).

Fees charged for payday loans are usually a percentage of the face value of the check or a fee charged per amount borrowed for every $50 or $100 loaned.

A cash advance loan secured by a personal check - such as a payday loan - is very expensive credit.

Let's say you write a personal check for $115 to borrow $100 for up to 14 days. The check casher or a payday loan lender agrees to hold the check until your next payday.

And, if you extend or roll-over the loan - say for another two to four weeks - you will pay A Fee Each Time you get a extension.

Under the Truth in Lending Act, the cost of payday loans - like other types of credit - must be disclosed.

Among other information, you must receive, in writing, the finance charge (a dollar amount) and the annual percentage rate or APR (the cost of credit on a yearly basis) which when you do the math can be very high.

Top 5 Alternatives to Payday Loans!

1. There are other options. Consider these possibilities before choosing a payday loan:

2. When you need credit, shop carefully. Compare offers. Look for the credit offer with the lowest APR - consider a small loan from your credit union or small loan company, an advance on pay from your employer, or a loan from family or friends.

3. A cash advance on a credit card also may be a possibility, but it may have a higher interest rate than your other sources of funds: find out the terms before you decide. Also, a local community- based organization may make small business loans to individuals.

4. Compare the APR and the finance charge (which includes loan fees, interest and other types of credit costs) of credit offers to get the lowest cost.

5. Ask your creditors for more time to pay your bills. Find out what they will charge for that service - as a late charge, an additional finance charge or a higher interest rate.

If you decide you must use a payday loan, borrow only as much as you can afford to pay with your next paycheck and still have enough to make it to the next payday.

For More Infomation On PayDay Loans Visit: PayDay Loans They review and then list some of the best debt elimination, programs, software and books available online in 2005, Including Free Articles, Special Reports and More!

Reverse Mortgages Learn The Facts First!

Reverse Mortgages, Most Common Features:

Many offer special appeal to older adults because the loan advances, which are not taxable, generally do not affect Social Security or Medicare benefits.

Depending on the plan, reverse mortgages generally allow homeowners to retain title to their homes until they permanently move, sell their home, die, or reach the end of a pre-selected loan term.

Generally, a move is considered permanent when the homeowner has not lived in the home for 12 consecutive months. So, for example, a person could live in a nursing home or other medical facility for up to 12 months before the reverse mortgage would be due.

However, be aware that:

Reverse mortgages tend to be more costly than traditional loans because they are rising-debt loans.

The interest is added to the principal loan balance each month. So, the total amount of interest owed increases significantly with time as the interest compounds.

Reverse mortgages use up all or some of the equity in a home. That leaves fewer assets for the homeowner and his or her heirs.

Lenders generally charge origination fees and closing costs; some charge servicing fees. How much is up to the lender.

Interest on reverse mortgages is not deductible on income tax returns until the loan is paid off in part or whole.

Because homeowners retain title to their home, they remain responsible for taxes, insurance, fuel, maintenance, and other housing expenses.

Getting a Good Deal.

If you decide to consider a reverse mortgage, shop around and compare terms.

Look at the:

Annual percentage rate (APR), which is the yearly cost of credit. type of interest rate. Some plans provide for fixed rate interest; others involve adjustable rates that change over the loan term based on market conditions, number of points (fees paid to the lender for the loan) and other closing costs.

Some lenders may charge steep costs, which your lender may offer to finance. However, if you agree to this, you'll take out fewer proceeds from the loan or you'll borrow an extra amount, which will be added to your loan balance and you'll owe more interest at the end of the loan. Total Amount Loan Cost (TALC) rates.

The TALC rate is the projected annual average cost of a reverse mortgage, including all itemized costs.

It shows what the single all-inclusive interest rate would be if the lender could charge only interest and no fees or other costs. payment terms, including acceleration clauses.

They state when the lender can declare the entire loan due immediately. Under the federal Truth in Lending Act, lenders must disclose these terms and other information before you sign the loan.

On plans with adjustable rates, they must provide specific information about the variable rate feature.

On plans with credit lines, they must inform the applicant about appraisal or credit report charges, attorney's fees, or other costs associated with opening and using the account.

Be sure you understand these terms and costs.

For More Infomation On Reverse Mortgages Visit: Mortgage Debt Advice They review and then list some of the best debt elimination, programs, software and books available online in 2005, Including Free Articles, Special Reports and More!

The Five Most Popular Questions About Bankruptcy

WILL MY CREDITORS STOP HARASSING ME?

Yes, they will! By law, all actions against a debtor must cease
once bankruptcy documents are filed. Creditors cannot initiate
or continue any lawsuits, wage garnishees, or even telephone
calls demanding payments. Secured creditors such as banks
holding, for example, a lien on a car, will get the stay lifted
if you cannot make payments.

WILL MY SPOUSE BE AFFECTED?

Your wife or husband will not be affected by your bankruptcy if
they are not responsible (did not sign an agreement or contract)
for any of your debt. If they have a supplemental credit card
they are probably responsible for that debt.

However, In community property states, either spouse can
contract for a debt without the other spouse's signature on
anything, and still obligate the marital community. There are a
few exceptions to that rule, such as the purchase or sale of
real estate; those few exceptions do require both spouse's
signatures on contracts. But the day to day debts, such as
credit cards, do NOT require both spouses to have signed.

Your bankruptcy lawyer will be able to guide you in this
regard.

WHO WILL KNOW?

Chapter 7 filings are public records. However, under normal
circumstances, no one will know you filed for Chapter 7. The
Credit Bureaus will record your filing and it will remain on
your credit record for 10 years.

WILL I EVER GET CREDIT AGAIN?

Yes! A number of banks now offer "secured" credit cards where a
debtor puts up a certain amount of money (as little as $200) in
an account at the bank to guarantee payment. Usually the credit
limit is equal to the security given and is increased as the
debtor proves his or her ability to pay the debt.

Two years after a discharge, debtors are eligible for mortgage
loans on terms as good as those of others, with the same
financial profile, who have not filed Chapter 7. The size of
your down payment and the stability of your income will be much
more important than the fact you filed chapter 7 in the past.

The fact you filed Chapter 7 or 13 stays on your credit report
for 10 years. It becomes less significant the further in the
past the filing is. The truth is, that you are probably a
better credit risk after bankruptcy than before.

WHAT DOES IT COST?

Costs for filing your bankruptcy will vary depending on the
type of bankruptcy you are seeking. The rule of thumb is that a
consumer bankruptcy will cost approximately $200. This does not
include attorney fees that can run between $700 and $1500
depending on the nature and complexity of your case. Many
bankruptcy lawyers will give you a free initial consultation.
You can keep the fees down by being well organized and well
prepared. You may also be able to keep the fees down by not
requiring the lawyer to attend the meeting of creditors with
you. Check this with your lawyer. In some states such as
Massachusetts, attorneys must attend the Section 341 meeting
with the debtors otherwise attorneys are deemed to have NOT
represented the debtors.

These fee quotes are mere estimates based on nationally
reported averages and subject to variation and change. Please
consult with your local bankruptcy court and with legal counsel
on fees before commencing any action.


About The Author: Nathan Dawson writes for
http://www.mybankruptcycounseling.com, a great online source
for bankruptcy information

Wednesday, September 21, 2005

Five Easy Steps to Repairing Your Credit

Have you damaged your credit rating, and now need to repair it? It can be a long, tedious process, if you aren't sure of exactly what to do. And if you decide to work with an agency that specializes in this type of work, you're paying someone to do work that you can do yourself, for free. This article will discuss what options you can take to repair your credit, yourself, without having to pay a penny to do it.

If after the walk through in this article, you are still having problems with your credit repair, it is well advised that you talk to an experienced lawyer in this area. There may be no other way to get some unauthorized information off your report - but let's try these simple steps, first!

1. Credit Repair: Get Copies of Your Credit Reports
Send a letter to each of the major credit reporting agencies (TransUnion, Equifax, CSC, Innovax, and Experian), asking them for a copy of your credit records. Some states require that you send along a copy of a credit denial letter with this letter, or else they will levy a charge (somewhere between $3-10). If you are serious about trying to repair your credit, you'll need to do this manually, instead of online, for several reasons. First of all, many online credit repair companies are hit or miss; you may or may not get the information you require. Secondly, the printouts may be difficult to read (after having been scanned several times), and last of all, it is difficult to go back and find exactly where the information was located, if need be, again.

2. Credit Repair: Take a Good Look
Make a copy of all of the credit reports you receive, and highlight each and every person and company who has reviewed your credit history. Do you know who all of these people, and companies are? You should. Do some sleuthing, and try and figure out if every company listed is one that you have given access to. Don't forget that many agencies are allowed to access your credit rating reports, such as collection agencies, people trying to grant you credit, insurance underwriters, etc. Any entries that say "PRM" next to them are for promotional reasons, and are entirely legal. And finally, review all of your payment history with each credit agency to ensure it is all correct. If there is a discrepancy somewhere, write down the particulars. You'll need to go hunting for information confirming your case.

3. Credit Repair: Send a Letter
If applicable, send a letter to each of the credit agencies, letting them know there has been an error. Be specific; attach proof stating your case (a cancelled check stub, payment history printout, etc.) You may use the form that the credit repair agency sends you instead of writing out your own letter, but don't feel badly if you need more space to state your case. Make sure to keep a copy of everything that you send as well, just in case it gets lost in transit.

4. Credit Repair: Review
About 30 days after you've sent off your letters, you should receive responses from the credit repair agencies you have contacted. The letter will show clearly what has been changed, along with a new copy of your credit report, as well as any omissions, deletions, or additions to your credit repair file. If you still have an issue, you have up to two years to make changes on your file, as per the Fair Credit Reporting Act (FCRA).




For more more information about repairing your credit please visit http://www.moneytipsdaily.com/Money-Tips/Credit-Repair-Provider-Cautions-Against-Collection-Agencies.html

Tuesday, September 20, 2005

What is a Credit Report?

This article is a concise, informative tell-all explaining what exactly a credit report is, and what that means to you. It will NOT inform you where to get a cheap, or free, credit report. Rather, this article will explain what types of credit reports are available, and why they are used.

A credit report is a retelling of your credit payment history. It can be provided to companies by one of the four credit bureaus in the U.S. as designated by law. Usually, this information is only shared when credit is being extended, although this is not always the case.

A credit report is used to tell a potential creditor about your ability to repay your debts, based on past experiences. All credit reports are hosted in databases housed by the credit bureaus.

If you are one of the 210 million people in the U.S who has a student loan, credit card, mortgage or another type of loan, then you probably have a credit file, somewhere. The information gathered to create your credit file is garnered from the companies with which you have credit extended to you. Also, the government or legal system may provide information as well.

Whenever you apply for more credit, a credit report is usually created which contains all of this information from one of the four credit bureaus in the U.S. (Innovex, Experian, Equifax and TransUnion). There are quite a few other, smaller credit bureaus around the states; however, most credit granting agencies will only look at information from one of the big four.

There are several different kinds of credit reports that an agency can request about you:

- Consumer Credit Reports (what we have discussed most of this article already);
- Property Manager Credit Reports: These reports are used by landlords to determine your credit history with regards to your rental payments, and are essentially the same report as the consumer credit report.
- Business Credit Reports: These reports are used by credit agencies to determine if a business is credit worthy. Information gathered can include company background, number of employees, estimated yearly sales, public records, payment trends and how the company compares to others in the same industry.
- Employer Credit Reports: These reports are similar to the consumer credit reports, but are used in addition, and include such information as employment history, education, criminal records checks, and motor vehicle registration and history.
- Mortgage Broker Credit Reports: These credit reports are quite different than the others, as they bring together information from more than one database at a time. These are used to determine if a client is a good credit granting risk for a mortgage, and can include information such as your name, living situation, and employment and educational history.

Credit bureaus collect information about the people who have credit, and then maintain that information for any reports as discussed above. Although credit bureaus are not affiliated with the government, they are strictly regulated to protect the privacy of credit issuers, granters and consumers.

For more more information about credit reports please visit http://www.moneytipsdaily.com/Money-Tips/Keep-Your-Credit-History-Clean-Remove-A-Negative-Credit-Record-From-Credit-Report.html

Monday, September 19, 2005

Free Debt Consolidation?

Chances are, when you're reading this article, you've typed this particular set of keywords in the search box: free debt consolidation. And without a doubt, a number of articles came out as a result, this being one of them, or else you just happened to stumble upon this accidentally.

No matter, the next thing I'm sure of is that as you sum up the articles made available for your convenience, the range of content varies, mainly because of the ambiguous term "free". One article could be talking about free debt consolidation with free pertaining to no service fee needed. Another article could see that as free information being given out about debt consolidation.

But this article has the foresight of predicting that happening in advance so we'll be discussing both possibilities in the following paragraphs.

Debt Consolidation - Free = No Payment Needed!
Although everything comes with a price, some organizations or companies do make free debt consolidation possible.. in a way. If you reckon, debt consolidation is having a person or a company assist you in taking care of your bills. This service usually does not come for free but there are credit counseling agencies that are non-profitable who do give you free debt consolidation, but only within reason, of course. And sadly, that's all there is to it.

Debt Consolidation - Free Consultations and Information!
Now this one, I can say more about. Most debt consolidation companies, if not all, offer free consultations. In those free consultations, you can ask about everything that confuses you, from A-Z and they would answer your questions patiently. After all, what's a few pints of saliva if ultimately, you find you like the debt consolidation program they're offering? And there are all those free information over the Internet that you can read. Some websites provide information regarding the debt consolidation companies to watch out for and tips to get yourself out of a debt consolidation contract. There was even one article that I came across that was adamantly against debt consolidation companies in general. Furthermore, he goes ahead to warn readers from companies that supposedly provide people with debt settlement and debt negotiation. Those companies are reputedly worse because the tactics and means they use are, say, paralegal.

In any case, whether you may be searching information about free information or free fees for debt consolidation, it's better to think things about a thousand times over before making a decision. It's a sad fact of life that only a few things in life come for free and information and debt consolidation are not excluded. Information that is free may be erroneous or lacking in evidential support. Debt consolidation that is free, on the other hand, may not be free at all and may simply add on to your financial worries.

Therefore, it's better to be wary than sorry. Don't trust what comes to you for free right away. It's better to trust debt consolidation programs that have clear cut costs and fees rather than debt consolidation programs that, albeit free of charge, have terms too ambiguous for one's sake. At least, with debt consolidation programs that have charges, you know exactly what you're getting into. The terms and conditions are clear so you know what you're giving up and what you'll be receiving in return.

Get out of debt and find out how to invest your money wisely by visiting www.investing-strategy.info

Sunday, September 18, 2005

Learning Accounting: Debit and Credit Basics

When learning accounting for the first time, the terms 'debit' and 'credit' can be a bit confusing. Why? Because when you go to the bank and deposit money, the teller will tell you, "I am crediting your account X amount of dollars," but if you are taking money our of your account, the teller will tell you, "I am debiting your account X amount of dollars." Also, with debit machines all over the place, and credit cards in everyone's pocket, the two accounting terms take on a whole new meaning.

However, what we've learned about these two words so important in the accounting world, debit and credit, have to be unlearned quickly. Why? Because in accounting, the term debit is used to describe a bank account and that money owed are actually credit accounts - the exact opposite of what we've been taught elsewhere.

In accounting terms, neither credits nor debits are 'bad', but they need to equal each other in order to balance themselves out in the end. Every itemized transaction, no matter if it's a deposit or a bill to be paid has both a debit and credit posted in the accounting world. This is what is called 'double-entry accounting' - so when you go to the bank, and the teller says, "I am crediting your account X amount of dollars," she is also debiting an entry of a similar amount without telling you this. The same goes for when the teller tells you, "I am debiting your account X amount of dollars," - the accounting will show that a credit of the same amount is being made elsewhere at the same time.

The easiest way to figure out debits and credits in accounting terms is to figure out the following: what did you receive, and where did it come from. The debit is what you received, and the credit is where you received it from, in accounting terms. So for demonstration sake, let's say you bought a CD with your credit card. The CD is what you got, so it will be a debit in the accounting world, and the credit will be applied to the liability you carry on your credit card for the exact same amount.

The bank can easily confuse people learning about credits and debits in the accounting sense of the words, especially when discussing liability. For instance, when you put money in the bank, the bank's liability to you increases, and since liabilities are credits, they are crediting your account (in accounting terms). And when the bank lowers their liability to us (by us taking money out of the bank) the banks are debiting the liability account, from an accounting perspective.

Basically it comes down to being able to figure out what you got and where exactly it came from; if you can figure these out for every transaction, then you've got the accounting terms of credit and debit down pat.


For more more information about accounting please visit http://www.moneytipsdaily.com

Bad Credit Loans: Be Careful!

If you've gotten yourself over your head in debt, and suddenly have a need for cash right away, it is possible to get a loan for bad credit. Loans for bad credit will not give you a worse rating if you require a non-bad credit loan later down the road, and they will get you some money very quickly - perhaps too quickly.

But how could a loan for bad credit be too quick? Well, if you decide to get a bad credit loan, apply, and then suddenly - WOW - you have the money the next day, have you really thought out this bad credit loan adequately? Have you researched all of the other bad credit loan options, or did you just pick the first one that struck your fancy? Did you ask around, surf the Internet, and talk to your banking institution before applying for that bad credit loan? Did you do some reading at the library, crunch some numbers, and talk to your family about this bad credit loan, first?

If you think about it for a bit, there will be an interest rate with your bad credit loan - probably more than with any other loan you carry. It's a risk for a lender to extend credit to someone with bad financial history, so they overcompensate with higher interest rates. Rates as high as 15 point over prime, at times. Do you really need to go into more debt asking for a bad credit loan, just to pay off another bill? Isn't there another way?

This can all become a huge problem if you eventually need more money because of your bad credit - which means another loan. And then another, and another. you get the drift. Your interest on a $3000 loan could be as high as $500, not including the actual bad credit loan repayment itself. Can you afford this? All for a bad credit loan debt.

This cycle may only become a problem if you manage your bad credit loans poorly, or borrow more money than you can afford to pay off. To avoid these types of bad credit loan issues, ONLY borrow what you can afford - just because the process is super quick, doesn't mean you need to come to a decision just as quickly. Take your time. Research everything well. Talk it over with friends and family. Make sure your payments won't be over your head, especially with all of your other debts. A bad credit loan is a serious thing - don't enter into it lightly.

Perhaps talk to some friends or family first, instead of adding to your debt and asking for a bad credit loan. Maybe if you take this choice, or perhaps try and find extra income instead, you can avoid the whole bad credit loan trap, forever. And with less bad credit comes a lesser need for a loan - and the cycle stops.


For more more information about bad credit loans offers please visit http://www.moneytipsdaily.com/Money-Tips/Credit-and-Loans-have-Become-a-Buyers-Market--Are-You-getting-the-Best-Deals-for-Yourself.html

Friday, September 16, 2005

Bad Credit Loans: Be Careful!

If you've gotten yourself over your head in debt, and suddenly have a need for cash right away, it is possible to get a loan for bad credit. Loans for bad credit will not give you a worse rating if you require a non-bad credit loan later down the road, and they will get you some money very quickly - perhaps too quickly.

But how could a loan for bad credit be too quick? Well, if you decide to get a bad credit loan, apply, and then suddenly - WOW - you have the money the next day, have you really thought out this bad credit loan adequately? Have you researched all of the other bad credit loan options, or did you just pick the first one that struck your fancy? Did you ask around, surf the Internet, and talk to your banking institution before applying for that bad credit loan? Did you do some reading at the library, crunch some numbers, and talk to your family about this bad credit loan, first?

If you think about it for a bit, there will be an interest rate with your bad credit loan - probably more than with any other loan you carry. It's a risk for a lender to extend credit to someone with bad financial history, so they overcompensate with higher interest rates. Rates as high as 15 point over prime, at times. Do you really need to go into more debt asking for a bad credit loan, just to pay off another bill? Isn't there another way?

This can all become a huge problem if you eventually need more money because of your bad credit - which means another loan. And then another, and another. you get the drift. Your interest on a $3000 loan could be as high as $500, not including the actual bad credit loan repayment itself. Can you afford this? All for a bad credit loan debt.

This cycle may only become a problem if you manage your bad credit loans poorly, or borrow more money than you can afford to pay off. To avoid these types of bad credit loan issues, ONLY borrow what you can afford - just because the process is super quick, doesn't mean you need to come to a decision just as quickly. Take your time. Research everything well. Talk it over with friends and family. Make sure your payments won't be over your head, especially with all of your other debts. A bad credit loan is a serious thing - don't enter into it lightly.

Perhaps talk to some friends or family first, instead of adding to your debt and asking for a bad credit loan. Maybe if you take this choice, or perhaps try and find extra income instead, you can avoid the whole bad credit loan trap, forever. And with less bad credit comes a lesser need for a loan - and the cycle stops.


For more more information about bad credit loans offers please visit http://www.moneytipsdaily.com/Money-Tips/Credit-and-Loans-have-Become-a-Buyers-Market--Are-You-getting-the-Best-Deals-for-Yourself.html

Thursday, September 15, 2005

Credit Scoring: What it is, and How It Affects You

If you have applied for a mortgage in the past five years, you’ve probably heard of credit scoring by now. Perhaps you were told that your credit scoring was wonderful, or needed work. Or maybe your mortgage would have been lowered by several points, if you had better credit scoring.

Credit scoring models, as the industry calls them, started to become widely used around 1994. Two secondary market players, Fannie Mae and Freebie Mac, started creating automated underwriting programs around this time, and this is how credit scoring came to be the way it is today. Both auto lenders and credit card issuers have used these types of systems for years – well before the mortgage brokers did.

The aforementioned companies that started to use these processes about 10 years ago now thought it was strange that someone could walk into an auto dealership, and two hours later drive away with a $100,000 car – but a potential homeowner couldn’t do the same thing. Which made no sense, because cars depreciate over time, and can get lost or stolen – but houses usually appreciate, and are fixed in location. So, using this logic, the industry movers and shakers decided that if the car buying process was this easy, then home buying should be as well.

Although in theory this sounds quite amazing, it’s only been recently that this has actually been the reality of the process. This is partially because the credit scoring models have become more refined over the years. And now, almost all mortgages are determined using some sort of credit scoring process.

These mortgage brokers usually use some sort of credit reporting agency to get information about someone who has applied for financing, or credit scoring, with them. But what most people don’t know is that there are two different kinds of credit reporting agencies whose information determines your credit scoring. The first is the four big credit agencies: Innovax, Equifax, TransUnion and Experian. When a person gets credit, or even applies for credit, this is reported back to these credit agencies, and kept on file indefinitely. Files are updated, usually, on a monthly basis. However, these credit scoring agencies only accept the information as it is given to them; there is no fact checking process to ensure that your credit scoring is accurate.

Credit scoring agencies will also get information on a consumer applying for a mortgage using other sources, such as the Department of Motor Vehicles, the Medical Information Board, the FBI, local law enforcement agencies, county records, government records, and the like. The mortgage industry has a repository of their own for information about people they give credit to, which can be accessed in a pinch if required, so that those who are bad credit risks don’t get a good credit scoring.


For more more information about credit scoring please visit http://www.moneytipsdaily.com/Money-Tips/Credit-Abuse-You-May-Be-an-Innocent-Victim-and-Not-Know-It.html

Wednesday, September 14, 2005

Ten Ways To Get Out Of Debt

1) Use your Assets
If you have assets with some significant equity, such as a home
or a car you may be able to use these to get control of your
debt. For example, you could get a loan on your home sufficient
to pay off your debts. You could be saving a considerable amount
of money on interest if you pay off high interest credit card
debt in return for lower cost debt.

If you have a car, consider selling it, paying off your debts
and buying a cheaper car. Be careful though! Your don't want a
"cheaper" car that will cost you a fortune in repair costs.

2) Get a Second Job
Use the money from this job to only pay off your debts. List
your debts noting the interest rates. Pay off the debts with
the highest rates first and work your way down the list.

3) Put your Credit Cards on Hold
One of the best steps you can take to get out of debt is to
immediately stop using credit cards. At the very least destroy
all your cards keeping just one card for emergencies.

4) Set up a Repayment Plan
Cut back on your expenses and/or use freed up cash to pay down
your debts. Pay off the debts with the highest rates first and
work your way down the list.

5) Get a Consolidation Loan
A consolidation loan can make lots of sense. Get a loan to pay
off all your many debts and have just one payment to make. The
new loan usually has a smaller payment and a lower interest
rate.

6) Use the Services of a Credit Counselor
There are two types of credit counselor, for profit and
"nonprofit". We do not distinguish between the two as they
provide similar services and both charge a fee. Credit
counselors can assist you in acquiring the discipline you need
to get control of your debt. Be careful! Many people do not
fully understand all the ramifications involved such as:

Impact on your credit rating

The credit bureau will record that a plan is in place.

Are your payments too high?

Your payments should be high enough to significantly reduce
your debt but not so high that you have "no life". If you do
not have money left over at the end of the month to pay for the
small pleasures in life you may find that you end up defaulting
on your payments.

For how long should you pay?

Most experts feel that the term should be three to four years.
It is a stipulation in the new Bankruptcy Reform Bills that the
term be 3-5 years. Terms longer than this have a very high
failure rate, because people cannot see a "light at the end of
the tunnel".

7) Informal Proposal - Payments over time.
In some cases you can make a proposal to your creditors to set
up a payment plan that will allow you to pay your creditors in
an orderly way and thus help preserve your credit rating. This
operates similar to a debt consolidation loan except you do not
borrow the money to pay off your creditors.

8) Informal Proposal - Lump sum payment.
You may be able to pay less than 100 cents on the dollar. For
example, a relative may be willing to pay a lump sum to the
creditor of say 50% of the amount owed in order for the balance
of the debt to be written off. Your creditors will be more
willing to accept this offer rather than have you file Chapter
7.

This works best when there are few creditors.

9) Chapter 13 Bankruptcy
You are probably a good candidate for Chapter 13 bankruptcy if
you are in any of the following situations:

1. You have a sincere desire to repay your debts, but you need
the protection of the bankruptcy court to do so. You may think
filing Chapter 13 is simply the "Right Thing To Do" rather than
file Chapter 7.

2. You are behind on your mortgage or car loan, and want to
make up the missed payments over time and reinstate the
original agreement. You cannot do this in Chapter 7 bankruptcy.
You can make up missed payments only in Chapter 13 bankruptcy.

3. You need help repaying your debts now, but need to leave
open the option of filing for Chapter 7 bankruptcy in the
future. This would be the case if for some reason you can't
stop incurring new debt.

4. You are a family farmer who wants to pay off your debts, but
you do not qualify for a Chapter 12 family farming bankruptcy
because you have a large debt unrelated to farming.

5. You have valuable nonexempt property. When you file for
Chapter 7 bankruptcy, you get to keep certain property, called
exempt. If you have a lot of nonexempt property (which you'd
have to give up if you file a Chapter 7 bankruptcy), Chapter 13
bankruptcy may be the better option.

6. You received a Chapter 7 discharge within the previous six
years. You cannot file for Chapter 7 again until the six years
are up.

7. You have a co-debtor on a personal debt. If you file for
Chapter 7 bankruptcy, your creditor will go after the co-debtor
for payment. If you file for Chapter 13 bankruptcy, the creditor
will leave your co-debtor alone, as long as you keep up with
your bankruptcy plan payments.

8. You have a tax debt. If a large part of your debt consists
of federal taxes, what happens to your tax debts may determine
which type of bankruptcy is best for you.

10) Chapter 7 Bankruptcy
If these alternatives will not work for you, bankruptcy may be
the only way for you to get a fresh start. Chapter 7 Bankruptcy
offers a quick solution to getting out of debt.


About The Author: Nathan Dawson writes for
http://www.mybankruptcycounseling.com, a great online source
for bankruptcy information

Tuesday, September 13, 2005

Planning To Become Debt Free With A Consolidation Loan

If you have multiple debts, and are struggling to meet the
monthly payments, then there's a good chance you will want to
consider, now or later, a consolidation loan to become debt
free.

If you have already studied your monthly expenditure and can
see no way to make savings, and find you have no way of earning
extra money, then your next option may be a free debt
consolidation loan.

By free, I mean no extra charges or arrangement fee for the
consolidation loan; your chances of getting an interest free
consolidation loan are just about zero, unless you have a rich
relative or friend. Should you go down the debt consolidation
route, try to avoid any loan arrangement which involves upfront
fees, or any extra fees at all for that matter. Whether that is
possible will depend on where you live, but in the UK, it is
not difficult to get a free debt consolidation loan.

One benefit of a consolidation loan is that it does give you a
chance to plan your finances in a way that could, if you're
careful, make you debt free by the end of the period of the
loan. By debt free, I will be realistic and mean "debt free
apart from home mortgage", which most people have little option
about, and mortgage debt can be worthwhile financially anyway.

Taking out a debt consolidation loan will not, of course, make
you instantly debt free. However, it may be that such a loan
will give you a chance to structure your finance plan over a 3,
5 or 7 year period. With the correct attitude and perseverance,
this may be an excellent opportunity to improve your finances
in the long term, resulting in being debt free by the end of
the loan period.

The consolidation loan will reduce your monthly outgoings, thus
giving you the opportunity to save. By getting into the saving
habit instead of debt habit, you will be able to set aside
money to pay cash for the things you need in the future; if you
are determined and disciplined, even that next car purchase can
be in cash, rather than an expensive loan. The result: you
become debt free.

In the financial reality of a consumer, if you cannot to afford
to pay cash for something, then you probably cannot really
afford it at all. The one exception is the house, where the
investment potential and rent saving change the financial
aspect.

Can you imagine, waking up at the end of the consolidation loan
term and finding yourself debt free? What a nice feeling!


About The Author: This debt consolidation article was written
by Roy Thomsitt, the owner and author of
http://www.eliminate-credit-card-debt-now.com/Consolidate_Debt.htm
Formerly a finance professional and credit controller, Roy is
now a full time online author.

Monday, September 12, 2005

Beware Of Using Your Credit Card Abroad!

It's summer. And for some lucky Americans, this means going vacation
to a far off land in hopes of relieving the stress of everyday life.
In general, it is a very happy couple of months for the regular
American family but it can also be an even happier time for credit
card companies. This is because of the fact that credit card companies
are making a killing off the money Americans spend on their foreign
vacations through questionable fees.

Imagine this situation. You and your family are in Paris, France on
vacation. Your wife sees a lovely pair of shoes that she "must have"
and so being the good husband that you are, you purchase the $300 pair
of shoes using your credit card. Two weeks or so later, your credit
card statement shows up and instead of you seeing a charge for $300
dollars, you statement shows a charge for $309. How did this happen?
The answer is that you were charge 1% foreign currency-conversion fee
by Visa or Master to convert your foreign-currency purchase into
American dollars and were also charged an addition 2% foreign
transaction fee by your credit card issuer.

If you are form the U.S., when you make a purchase abroad with your
credit card, your credit card issuer will convert the charge to U.S.
dollars before it appears on your statement. Usually, this is done
through the Visa or MasterCard networks, which charge a 1-percent
foreign currency-conversion fee for converting your foreign-currency
purchase into American dollars. According to Kristin Arnold, a writer
for Bankrate.com, this is a good deal since changing your money in
almost any other manner will probably cost you a lot more.

What is unsettling, however, is the additional foreign transaction fee
which your credit card issuer charges. This fee can range from 2-3%.
According to Linda Sherry, the editorial director for Consumer Action
in Washington, "Banks have been making a profit off their customers
for a long time, while providing no service." In Agreement, Ed
Perkins, a syndicated travel columnist and author of "Business Travel
When It's Your Money," says that these fees are "pure gouging that
credit card companies know they can get away with". Foreign
transaction fees do not relate to any service that the credit card
issuer provides but instead is buried deep in the fine print of the
credit card agreement between the issuer and the customer. So in
retrospect, while Visa or MasterCard may have done you a favor by
converting your foreign-currency purchase into American dollars for a
fee of 1%, your bank's additional charges were driven by pure greed.

So what can you do to avoid these fees? The answer is to do your
research. Currently there is no standard rate at which all banks and
corporations charge, so you could possibly find a card that does not
add on any additional fees for overseas purchases. For example Bank of
America, Citibank, MBNA and JP Morgan Chase all charge 2 percent on
overseas purchases while Household Credit Services, Providian
Financial Corp and Capital One do not.

Another way that one can protect themselves from being overcharged is
to know and keep up with the latest currency exchange rates. Visiting
currency conversion sites like http://www.gocurrency.com is a great
way to do this. Having a general idea of the exchange rate will help
you make more informed decisions when you purchase goods and services
from local vendors.

In the end, credit card companies are in the business to make money,
however, it is up to you whether they get it from you honestly or
through underhanded practices.



Gerron Woodruffe is a contributing writer for GoCurrency.com
http://www.gocurrency.com . GoCurrency provides information on global
exchange rates, movements and news related information.

Sunday, September 11, 2005

Planning To Become Debt Free With A Consolidation Loan

If you have multiple debts, and are struggling to meet the
monthly payments, then there's a good chance you will want to
consider, now or later, a consolidation loan to become debt
free.

If you have already studied your monthly expenditure and can
see no way to make savings, and find you have no way of earning
extra money, then your next option may be a free debt
consolidation loan.

By free, I mean no extra charges or arrangement fee for the
consolidation loan; your chances of getting an interest free
consolidation loan are just about zero, unless you have a rich
relative or friend. Should you go down the debt consolidation
route, try to avoid any loan arrangement which involves upfront
fees, or any extra fees at all for that matter. Whether that is
possible will depend on where you live, but in the UK, it is
not difficult to get a free debt consolidation loan.

One benefit of a consolidation loan is that it does give you a
chance to plan your finances in a way that could, if you're
careful, make you debt free by the end of the period of the
loan. By debt free, I will be realistic and mean "debt free
apart from home mortgage", which most people have little option
about, and mortgage debt can be worthwhile financially anyway.

Taking out a debt consolidation loan will not, of course, make
you instantly debt free. However, it may be that such a loan
will give you a chance to structure your finance plan over a 3,
5 or 7 year period. With the correct attitude and perseverance,
this may be an excellent opportunity to improve your finances
in the long term, resulting in being debt free by the end of
the loan period.

The consolidation loan will reduce your monthly outgoings, thus
giving you the opportunity to save. By getting into the saving
habit instead of debt habit, you will be able to set aside
money to pay cash for the things you need in the future; if you
are determined and disciplined, even that next car purchase can
be in cash, rather than an expensive loan. The result: you
become debt free.

In the financial reality of a consumer, if you cannot to afford
to pay cash for something, then you probably cannot really
afford it at all. The one exception is the house, where the
investment potential and rent saving change the financial
aspect.

Can you imagine, waking up at the end of the consolidation loan
term and finding yourself debt free? What a nice feeling!


About The Author: This debt consolidation article was written
by Roy Thomsitt, the owner and author of
http://www.eliminate-credit-card-debt-now.com/Consolidate_Debt.htm
Formerly a finance professional and credit controller, Roy is
now a full time online author.

Legal Debt Collection Tricks

If a customer owes your local business money, it's hard not to
feel angry, like you want to do anything possible to get your
money back. But the days of going all out to collect on a debt
over.

The Fair Debt Collection Practices Act, designed to protect
consumers from harassment or intimidation, sets firm limits on
what you can do to collect a debt from a consumer. The federal
debt collections law even prohibits practices that were once
standard, and that you might not consider harassment at all.

Besides, as a local business, you have an even more powerful
reason to be especially careful about legal debt collection
issues. You have something much more valuable at stake than a
lawsuit: your business's reputation in the community.

Legal Debt Collection Best Practices:

There are plenty of articles on the web that lay out in plain
English what the Fair Debt Collections Practices Act says you
can and cannot do. Just to give you some idea of the law's
requirements, here are some of the biggest:

- No telling any third party about the debt (except collection
bureaus, collection agencies, or the debtor's attorney).

- No calling on the telephone 9 pm - 8 am, or calling
repeatedly in a way that is annoying.

- No postcards or envelopes that mention the debt.

- No threats to take actions you cannot or will not really
take, such as seizing property, in the case of an unsecured
debt.

- No misrepresenting yourself (e.g., "Hi! This is the
Publisher's Clearinghouse Sweepstakes. May I speak to John?").

- No paying down the debt with payments the customer has
directed be applied to other debts

Tips and Tricks for Legal Debt Collections:

With all these limits on what you can do to collect a debt,
what can you do legally?

- Speak with the debtor personally on the telephone; most
likely he or she wants to pay but is in over his or her head.
Begin by asking what circumstance has kept him or her from
paying. Offer to set up a repayment plan.

- You should both send letters and make telephone calls. Many
people will only respond to one or the other.

- Document every part of the collections process. Take notes
for each call and keep a copy of each letter. If the debt does
ever go to court, you will have proof you acted legally.

- Look into reporting the debt to credit bureaus. If you can,
and are willing to do it, you can tell the debtor that not
paying will impact his credit rating.

- Best tip of all: hand over the job to a dedicated collection
agency. Small business debt collection services start at as
little as $20 per debt. The fight to get paid is a fight no
business should have to involve itself in.

Unfortunately, debt collections are a part of business. Just
make sure that for your local business debt collection law is
followed to the letter, or legal proceedings may become part of
your business, too.


About The Author: Free debt collection laws information at
http://www.debt-collection-laws.com/

Saturday, September 10, 2005

Debt Elimination 3

Planning To Achieve Debt Elimination

Once you have started the process of changing your debt mindset
to be against taking on consumer debt, then that is something
you need to continue until it becomes the norm in your life. In
some ways it is like stopping smoking; trying on will power
alone is not enough, you need to get to the source of your
problem and permanently change it. That is why self hypnosis
can be successful with stopping smoking; it reaches the
subconscious mind and re-educates it. With debt elimination, it
is the same; to succeed permanently you need to have changed the
way your mind works, not just consciously, but sub consciously
too.

In parallel to changing your mindset, you need to plan your
debt elimination strategy. This will depend on you precise
financial situation: your level of debt, monthly income,
monthly commitments, overdue debts and so on. So, I cannot make
specific suggestions for your circumstances, just give a few
pointers to what you can do to head down the road to debt
elimination. You may well get some benefit from debt counseling
or financial planning advice at this stage, but that depends on
you.

Your chances of achieving debt elimination within, say, 5
years, will depend a great deal on your own efforts, so if you
can get through this part alone, then that may strengthen your
chances of success.

Budgeting For Debt Elimination

You need to take a long hard look at your present financial
situation and how it is likely to evolve into the future. For
debt elimination to succeed, you need to be in control of your
finances and keep your finger on the pulse all the time.

The starting point should be a list of your monthly outgoings.
If you are unsure of any item, then monitor it for a month to
see. For example, you may not know exactly how much you spend
on food and other items from the grocery stores each month.
Just keep a record of them for a month to see what your monthly
expenditure is, but in the meantime use your best estimate.

You can then compare your monthly outgoings with your net
income, and this will be the basis of your budget as you
develop a plan for debt elimination. You also need to compile a
list of your debts; how much is outstanding, what the monthly
payments are, and what the interest rate is.

As an example, let us say you have a net monthly income of
$2500, and your total outgoings, including debt and credit card
repayments, are $2300. This means you have $200 to spare. With
your new, anti debt mindset, you want to use that $200 spare to
get your most expensive debts cleared first. There is a good
chance it is the credit cards that are most expensive, so you
can target the most expensive credit card ie the one with the
highest interest. You owe $600 on that card, so in 3 months you
can clear it. When cleared, you can move on to the next most
expensive.

Depending on your debt level this could be a long process;
that's why you need to plan it out and see how you will cut
down that outstanding debt level over the coming months and
years. So long as the total debt level is reducing, you are
heading in the right direction.

Also, take a close look at those monthly outgoings. Are you
sure there's nothing that can be cut out or reduced? Of course
there is, unless you've already gone through that process
recently. Be ruthless with this new mindset of yours; it really
is worthwhile, knowing there will come a day when you don't have
to worry about the odd few dollars here and there. Highlight
those budget items that are unavoidable, and make sure you pay
those first every month, or at least have the money earmarked.

If you rank your debts in order of interest rate cost, and go
for the highest first, you can work through them one by one.
Need a morale boost to get you off to a good start? Then choose
the loan with the least outstanding, and clear that first. It
may not be the best financially, but if it gives you that quick
satisfaction, so the sacrifice may be worth it.

Debt elimination is not going to be an overnight happening. You
need to be prepared to plan for a few years. 5 years is always a
good period to plan for in business, and can be too in your
personal life and finances. You may be amazed at the
transformations you can achieve in 5 years. But above all, you
need to maintain that anti debt mindset. After all, that is
what will bring you to the debt elimination pinnacle.

In the next article, we consider what to do if there is really
no spare in your monthly budget.


About The Author: Roy Thomsitt is the owner and part author of
http://www.eliminate-credit-card-debt-now.com


end article.



Learn How To Get Out Of Debt, Using Only The Money You Already Earn And Not A Penny More! Learn how to put all the money you're wasting each and every month (Paying Interest) To Work for You!
Click Here For: Total Debt Elimination!



Debt Elimination 2

The First Step To Debt Elimination

Regardless of your personal and financial circumstances, your
education and your background, the chances are the first step
you need to take in debt elimination has to take place in your
mind. The Western mindset, especially in the US and UK, is
firmly fixed on consumer debt. It is the way you have been
reared in a debt ridden society.

To be realistic, let us assume that total debt elimination is
not practical, nor necessarily desirable, from a financial
point of view. The one major exception is in buying a house.
When you buy a house, very few people are likely to be in a
position to do so with cash. Unless they have inheritance, are
very wealthy, are moving down the house market, or moving from
an expensive to a cheap area, people buying a house will
require a mortgage.

There can be considerable financial gains in the long run from
taking on mortgage debt. Firstly, you have to live somewhere,
so living in your own home is more desirable than renting for
the rest of your life. Secondly, if you are lucky the capital
growth on the house over the years will increase your
underlying wealth, in a way that cannot happen with rented
accommodation, which has the opposite affect. So, let us
assume, for the purpose of this article, that by debt
elimination we mean the elimination of all your consumer debt,
except your home mortgage.

You may well find that, if you can change your mindset to be
against borrowing to feed your consumer desires, that mortgage
will be paid off much sooner than your average contemporaries.
When you reach that stage, then there is every possibility that
your debt elimination will become total, and your mindset will
be so changed that there is never a need to take on any new
debt.

Changing The Mindset To Support Debt Elimination

You are unlikely to find it easy to alter your attitude towards
consumer debt. After all, it is the way you have probably been
brought up, surrounded by easy credit. However, changing that
mindset is both possible and financially desirable; debt
elimination is achievable if you can successfully get through
this first stage in the process.

So, how do you change the way you think about debt? Now, I am
talking purely about consumer debt, not borrowing money to
start or expand a business; about using debt to satisfy your
material desires earlier than you can really afford them.
Business finance can, and often does, justify itself through
increasing your wealth at a faster rate than the interest
charges decrease your wealth.

Consumer debt, on the other hand, is guaranteed to reduce your
financial well being. When you borrow money to spend on
consumable items, such as holidays, and diminishing assets,
such as cars, then your wealth building is undermined; your
assets are reduced over time. That, really, is the key to
altering your mindset to favour the elimination of debt from
your life. You need to:

1. Be aware that consumer debt is not good for your financial
well being. You are increasing the bank's assets, and
decreasing your own, by spending on credit.

2. You need to resent the fact that the banks make money out of
you, when it should be the other way round. It's your hard
earned money we're talking about here.

By giving constant focus to those two things you may develop a
mindset that is shifting towards debt elimination. You can then
give yourself greater strength in your determination by
convincing yourself that, not only is debt elimination possible
in the long term, but it will bring with it many rewards:

1. You will feel financially comfortable and in control; it
really is a great feeling as those around you drown themselves
in debt.

2. Over the years you will accumulate significant wealth
compared to those earning the same amount but whose debt has
always been out of control.

3. You will be able to walk in to a travel agent and pay cash,
or debit card, for each vacation, while the person behind you
in the queue will probably pay by credit card and then struggle
the whole year to pay it off before the next vacation.

4. You will be able to walk into a car dealer and negotiate the
best possible price for a new car as a cash buyer, knowing that
the cash is your own and not the bank's.

5. You will be saving regularly for all your needs, while
paying off your mortgage within the term.

All the while, your wealth will be accumulating, not being
stripped bare by interest charges.

Imagine, in 10, or even 5, years' time, a comfortable financial
life with no pressures. You may not be a millionaire, but beside
your peer group you will be a beacon of financial stability and
growing wealth. It's a long term process, but once you have the
mindset, the journey can become a smooth one, with good planning
and determination. Debt elimination really can be the final
goal.

In the next article I will look at planning to eliminate debt.


About The Author: Roy Thomsitt is the owner and part author of
http://www.eliminate-credit-card-debt-now.com
===============================================================

Learn How To Get Out Of Debt, Using Only The Money You Already Earn And Not A Penny More! Learn how to put all the money you're wasting each and every month (Paying Interest) To Work for You!
Click Here For: Total Debt Elimination!

Friday, September 09, 2005

Reduce College Debt with Scholarships

Reduce College Debt with Scholarships
by Dale Clifton, the Scholarship Doctor

Six Scholarship judges were sitting around an oval
table. Forms were piled into 50 boxes. Each one
had the name of a state. I looked at the boxes and
wondered why some of them were overflowing and
others had just a few. This was the first round of
judging. By the time the contest was over almost
16,000 applications would be examined. Some of the
comments were really critical, "Why did this
person bother to send in an application? It's so
sloppy." "This person put the wrong address on
the envelope, even though the correct one is at
the top of the application." One had a cassette
tape inside. We played it and it was a country
song. The applicant was a good musician.

That was twelve years ago, and many people still
do not know or realize that College Scholarship
Planning could reduce or totally eliminate college
financial debt.

One of the first questions I am always asked is,
"When should we start looking?" Then some answer
their own question with, "I bet we're too late
already huh?" The ideal time is to start is the
8th grade to freshman year. Good planning starts
early, but scholarships are posted monthly, and if
you start planning early, you have a chance to
win, big. Many win the very first time. If you are
a junior or senior in high school, go for it. But
remember, your chances to win increase with every
completed application.

You should start College Scholarship Planning even
if there is a chance your child may decide not to
go to college. But if the decision is yes, you
will have everything in place. And the planning
experience is more than filling out a few
applications.

Another common concern is assuming your family
income is too high to win scholarships. Fact: 80%
of all scholarships are need based and income
related, but 20% are not. This means millions of
dollars are still available. It makes good solid
financial sense to make an effort to win
scholarship money regardless of income.

Always remember, the college scholarship effort is
truly a family affair.

©2005 The Scholarship Doctor, Dale Clifton - All
Rights Reserved - Dale is an educational consultant
and expert at helping families win college
scholarships. To learn more about planning to win scholarships, visit
http://ScholarshipDoctor.com


================================================

How To Get Out Of Debt,
Using Only The Money You Already Earn And Not
A Penny More! Learn how to put all the money you're wasting
each and every month (Paying Interest) To Work for You!
Click Here For: Student Loan Debt Elimination Programs!

Thursday, September 08, 2005

Understanding Secured Loans

A secured loan is any loan that is secured on your home or
property. Secured loans are more easily accessible to those with a
poor credit record. This means that persons who are self-employed,
or who have recently changed jobs, or who have adverse credit (ccjs,
arrears, defaults, etc.) can take out a secured loan.

If you're a homeowner, you may get a lower rate through a secured
loan using your property as security. If you borrow money using a
mortgage as security you are agreeing that the lender can claim the
mortgaged property if you fail to keep to the agreement. The risk to
the lender is reduced so the interest rate offered is lower. This is
why secured loans tend to be cheaper than unsecured loans and other
forms of borrowing. The lender has the added benefit of security,
which provides protection in the event of your inability to repay.

You can borrow larger amounts and repay over a longer period. The
amount available usually ranges from £3,000 to £50,000,
although
some lenders will consider lending more. If you wish to borrow a
larger amount or if you require a longer period in which to repay
the loan, secured loans may be the most suitable for you.

You can consolidate more expensive borrowings into a single much
cheaper monthly payment. You may choose to take out a secured loan
in order to consolidate debts and replace high-interest loans with a
low-rate loan. The loans being consolidated may include higher
purchase loans, unsecured loans and credit cards.

Before you take out a secured loan, make sure that you can afford
the monthly repayments. Also, read the loan agreement carefully and
pay particular attention to the rate of interest required, the term
of the loan, the repayments required and the total amount payable.
If you fail to repay the loan, the lender may repossess your
property or home and sell it to repay the loan. Your home is at risk
if you do not keep up repayments on a mortgage or other loan secured
on it.

© Copyright 2005, Bwalya Mwaba writes for the Secured Personal
Loans website. To apply for a secured personal loan online, just
fill out a simple form at: http://www.secured-personal-loan.org.uk/