Use Debit Cards

By Paul J. Easton

Have you ever been advised to choose using a debit card instead of your credit card? In this time of economic meltdown, your debit card might be a choice when it is time to cut up those credit cards.

Your bank ATM card, if with the Visa or MasterCard logo, is a debit card. By using debit cards as the substitute of your credit cards, you will not be anticipating for bills that have to be paid at the end of each month. You might not earn points with your purchases but you will not be tempted to spend more. This is because you can only use your debit card if you have enough money in your account for the purchase.

Debit means to subtract. So the purpose of your debit card is to subtract money from your bank account each time you use it. Debit cards have several advantages like the credit cards. You can use it as an ATM card to withdraw cash from your bank account. It is convenient and accepted almost anywhere. And most importantly, debit cards will likely reduce your spending spree.

By choosing a debit card, you don't have to be concerned about making regular payment with your credit card. It eliminates the interest rates and your late penalties in case you forget making a payment on a due date. For now, a debit card will likely replace your credit cards.

So get your credit cards from your wallet and cut it up. By doing this, you will have no choice but to stop using all your credit cards starting today. This is very vital for now for you not to get deeper in trouble.

By deciding to live off of the income you bring home, you show some commitment to temporarily sacrifice towards being debt-free in the future. Rather than depending on the credit cards that were previously residing in your wallet, you make the solid move of getting the temptation away. Be debt-free now with these tips on how to get rid of debt here.

This is a very critical time in your life. Fighting that credit card debt is only effective if you cut off all the unnecessary distractions. By ditching the credit cards off, you make yourself relieved of the lure of getting back in the habit of spending more than your financial capacity. By using your debit card and working hard enough to pay the bills on time, you will definitely be in good financial shape in the future. Thanks to your debit card, the credit card substitute saved your financial life.

For information on how to get rid of debt, go to http://www.Howtogetridofdebt.net/ by Paul J. Easton.

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Before You Apply for a Student Loan, Get Some Basic Information

By Michael Geoffrey

It is easy today to obtain any type of loan, inclusive student loans. What is not easy is paying it back. Therefore, before you go for any type of student loan, ensure that you understand some basic truths about the process and its consequences.

Student Loan Information: What You Should Know

Before you apply for any student loan, be sure to ask yourself some important questions that will help you to make a well thought out decision. Start by asking, How much financial aid do I really need? and then What plan do I have to pay this loan back successfully?

Other important student loan information would be what the eligibility criteria for the loan are; where best you could apply for the loan; what is the time gap between the sanction of the loan and the repayment schedule of the loan; are there possibilities to earn while studying, etc.

The answers to such important questions will help you decide whether or not it would be wise in your case to apply for financial aid. You can also determine how difficult the process of repaying your student loan could potentially be. Be absolutely sure that you are well prepared to use the funds you would borrow wisely and to pay back everything you borrow plus interest payments.

Repayment Conditions: Dont Ignore This Important Aspect

Statistics have shown that roughly six out of every ten college students in the United States have incurred serious debt because of student loans and the irresponsible use of credit cards that they have to start paying after graduation. A bad credit history or score is not something that anyone wants to deal with when they are starting out with a brand new career, family, or both.

It is important therefore, to ensure that you have the repayment plans laid out clearly and you abide by those plans. It is very difficult when you are young to practice financial discipline; however, beware of the consequence if you are not. When you need help with your finances, do not max your credit card; rather try finding debt counseling at your high school or college.

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Do you know how credit card reduction services can affect your credit score? There are some things you need to know before you use these services. Get the inside scoop on what you need to know on the Debt Smackdown website

No Doc Stated Income Loans

By Pat Johnson

If you own your own business, are self employed or get most of your income from commissioned sales, then you have probably run into trouble when applying for credit. Specifically when you are looking for mortgage refinance options you have difficulty being approved because you can't prove your income by traditional means. Financial institutions are beginning to realize this problem and are coming out with unique solutions called stated income loans and lines of credit.

A stated income home equity line of credit is one where you do not have to provide documentation that supports how much you say you earn. They lender essentially takes your word for it. Upon approval you are able to borrow against the equity that you have built up in your home.

Small business owners are able to reduce their taxable income by claiming legitimate business expenses. This presents a problem when it comes to qualifying for loans and mortgages as their taxable income often falls below what is required to be approved for additional credit. The stated income lending products resolve this.

In order to be approved for this type of loan you need to have very good credit and a very high credit score. The lender looks for this because they do not request you to bring in pay stubs or W2s. They increase their risk when they don't verify income, so they look to shore this up in other areas.

The interest rate is often a little higher as well. It is not drastically higher, but again the lender is taking on additional risk and prices the product accordingly. There may be additional fees as well.

Some lenders will have unique criteria for these loans such as how long the applicant needs to have been in business. Additionally some banks may impose limits on how much greater the new monthly payment may be compared to how it was before. The lender simply wants to make sure that all the areas they can verify, are as solid as possible.

So there are options out there if you are self employed for getting home equity lines of credit. Be sure to contact your local mortgage lender and see if they offer stated income products. If not you can search online for one who does are consult with a mortgage broker. Regardless of your choice, just be aware there are options.

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If you are self employed, get more details on the stated income equity line at Pat's mortgage website.

What you need to know about the Bankruptcy automatic stay

By Josh Ramos

Anyone who has been burdened with excessive debt knows the stress involved when creditors contact you day after day demanding payment. Few things can have as devastating an impact on your health and family life. Is there any way out of this mess?

Bankruptcy is certainly one option that should not be overlooked if you're truly drowning in debt and are struggling to pay your bills. In particular, there is a procedure called the automatic stay which immediately prevents your creditors from trying to collect debts.

Automatic stay is one of the most powerful and reassuring provisions of bankruptcy. Once you file for bankruptcy, there is an automatic court order which prevents companies from taking any further action against you until your case is resolved. Creditors cannot repossess your car, or begin foreclosure proceedings on your house, or try to garnish your wages through your employer.

Not only that, but your creditors and bill collectors are not even allowed to contact you until your bankruptcy case has been resolved. If any of them break this rule, you'll have to answer to a Federal bankruptcy judge and will most likely pay fines.

You should understand that the automatic stay is a temporary procedure that gives you some breathing room when dealing with bill collectors. However, you have to go through the entire process to see what the outcome of your bankruptcy case will be. At the very least, the automatic stay gives you some temporary relief while you and your bankruptcy lawyer make your case.

One thing you may be worried about is whether the new bankruptcy law makes you ineligible to file for bankruptcy. The truth is that most people who would have qualified previously are still eligible to declare bankruptcy.

Some of the new requirements include mandatory financial management courses in credit counseling. Also, depending on your annual income, you may have to go through additional hurdles to prove that you really do need bankruptcy. However, it remains a viable option for most people who would have previously qualified.

Bankruptcy remains a viable option for many people, and you should speak to a lawyer if you're considering this option. Firstly, however, you should continue reading more articles like this one to get as much information as possible before contacting your attorney.

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Don't let the fear of your debt take over your life. Get the facts about bankruptcy and learn how to get control of your debt. To learn more about the new bankruptcy laws visit us at http://personalbankruptcyquestions.org

Student Loans: What They're All About

By Kim Archer

For students who cannot afford to directly pay for their college, student loans are typically used to obtain the cash they are needing. Student loans are one of the most common ways young adults use to fund their education after high school.

Many parents do not have the cash to directly pay for their children's post-secondary education. They might use a mix of student loans, grants and scholarships to finance the cost of university or college. This includes tuition, books, housing fees and other expenses associated with higher education.

New students can have access to several kinds of student loans. The most common type found is the federal loan. This financing option has smaller limits, and is typically limited to funding tuition fees only. The federal student loans are highly watched by the government, and can be gained through the school's financial aid packages. They frequently have an extremely small interest rate. The student does not need to start paying back the money owed until they have either finished school or are no longer going to school full time.

When a young adult goes to register for federal student loans, there are a few things that should be kept in mind. To start, there is usually a six month no payment period associated with these kinds of loans. Therefore, from after the point in time in which the student graduates or has cut back to half-time classes, they won't have to begin returning money to the lender for the set amount of time. Interest, however, starts accruing as soon as you finish university or have fallen to half-time attendance. All payments and funding owed show on the student's credit score.

There are also student loans that are given to guardians rather than to the student. Higher maximums are available with these loans. The interest rate may also be higher than the federal student loans that are more commonly issued. Interest also begins to accrue immediately. This is due to the fact that the adult is the one responsible for the loan, not the student. Choosing this route does not help build the student's credit score.

Finally, there are private alternative student loans. These go outside of the government regulated process, and are typically saved for people who require more than the amounts issued to typical students. Private loans have the highest available, and may also come with the highest interest rates in addition to this. Personal student loans are issued either to the adults or the students, and can be done through a variety of banks as well as private lenders. This option is usually utilized by people going to very high cost schools where federal cash is not enough. Students can use both private and federal student loans at the same time if necessary.

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Before you rush out and apply for a student loan, you should be aware of all the implications. Visit the Student Loans department at i-KnowHowOnline for all the information you need.

Big Credit Card Debt Can Kill Your Credit Score

By Jim Bransby

Getting your first credit card is exciting and easy. All you need to do is open up the pre-filled out application and sign your name onto it. Then you toss it in the mail and just like that you are in. Into one of the world's worst debt causers today, which seems to be expanding immensely.

The card finally arrives and what do you do with it? You go buy stuff! Stuff that you probably do not need, or maybe you do need it. It does not instantly hit your checking account so you lose track of the spending and then you get the bill and need a paper bag so you do not faint.

Before you know it, you have huge credit card debt, the card company doesn't care, and you're stuck making minimum payments at 20% for the next 30 years. You've gotten used to spending, so you quickly find you are living beyond your means, and collection calls begin. There HAS to be a way out!

They way out is to repair your past mistakes. Get rid of the credit card debt. Call the card company and ask them to work out a payment plan with you. Most of the time they are interested in getting their money back just like you are, so you can probably strike a deal for a reduced interest rate in exchange for a larger payment.

So you hang up the phone feeling relieved; what next? Take your scissors and go to work on the credit card. Keep the number in readable shape or write it down in case you have to verify your account later on. Afterwards, hide it somewhere you will not be bothered to look for it and rest assured your spending days on it are over.

If you made the mistake of overspending on multiple cards or through multiple companies, your nightmare may not be on its way to fixing yet. Agencies will often hound you with calls until they can get some money out of you. So treat them like human beings and confidently tell them you are paying off debts with another company as the debt was larger.

Whatever you do, do not give them the details of your other agreements. If they have the conversation recorded you could be in legal trouble, not just financial trouble. Be willing to work out a plan but make sure they understand you need to be in charge of the details as you have to pay more than one bill.

After all these arrangements, there might be another bill that you forgot about. If you cannot pay, don't lie. Apologize to them. Let them know that you have made arrangements with however many other places, and your income is fixed, but you will be happy to call them monthly to update them on your status. Stay in touch so they know your intentions, and you may find the collectors working on YOUR terms!

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To find out exactly how you can get your annual credit report visit my credit report website.

A Guide to Career Planning Retirement

By William Blake

Retiring is something that people don't often begin to think about until they are nearing retirement age. That is not a wise approach. The earlier you think about retirement the better your retirement plan will be. Retirement is a milestone in a person's life and should not be taken lightly. On you first day of work at your very first job you should begin a plan for your retirement years. That may seem premature since you have several working years ahead of you. But really it is never too early.

The more time you give yourself to save the more you will have saved when you are ready to retire. It will not matter that you are not able to put aside lump sums of money at a time. If you put just a little away on a regular basis over time that will add up not to mention the interest that it will accrue. When you reach the age of retirement and look back you will be glad you started so early.

Career Planning Retirement

Even when you are choosing your career it is good to have your retirement in mind. Not all employers offer good retirement benefits. Of course no one should feel locked into one career for a lifetime. People change and their wants, needs and circumstances change and it is good to adjust your career choices according to those changes. Career planning retirement means that while you're making those adjustments you are keeping your retirement in mind.

It is important to think about your career even if you are presently working. It could happen that your employment status may change due to a change in personal circumstances, company restructures and layoffs, or other factors.

What To Consider

Your career should fit you. Of course, there are other things that you have to consider. But your first priority should be to make sure that you choose a career that fits the person you are ??" your likes and dislikes and your abilities.

Career planning retirement is another major issue, because even though you may really love a particular job, if it does not offer adequate retirement benefits then you may want to reconsider. Even though there are other sources that you can be provided with retirement income from, the most reliable means is always through your employment, and you really want to be assured that you are going to be secure and be able to live comfortably once the day of retirement finally comes.

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