What is bad credit and how does it affect our lives

With the recession looming clear in all our lives, problems related to bad credit have been more evident of late. Dreams of buying a home or any property for that matter seems close to impossible with banks going super strict on approval for loans. Bad credit is a sure shot way of determining your name on the list of unapproved loan applicants. Even on the rare occasion of your loan being approved, you will be asked to pay a higher rate of interest, thanks to your debt. Landlords renting out their apartments also look into your credit history before they choose you as a tenant. So what can keep you away from becoming homeless? Credit history repair is the only solution to this problem but comes with its set of hassles. As tiring as it can be, credit repair is possible, and here’s how.

What is the solution to the above problems faced?

By logic, if you are facing problems due to bad credit, the sensible thing would be to try and clean up your credit report and gather good credit. Easier said than done, this process often leads to more trouble than solving the issue of bad credit. The best way to go about it would be to take it one step at a time as given below:

What to do:

• First things, first. Get hold of that credit report as the first step towards your goal of good credit. Know exactly where you stand and evaluate what you can do to repair the damage. A credit report can be obtained for free, as per the recent rule implied by the federal government. There are a few credit repair agencies that claim to provide you with a free credit report, but tread with caution here as some agencies take you for a ride. They promise you a free credit report, but only after you sign up for months of their service.

• Once you have a credit report in hand, evaluate it with care to eliminate any errors that may have been included. Calculate how much you owe. Keep all relevant documents with you so that you can cross check. Next step is to calculate your monthly income and monthly expenditure. Check on how much of this amount goes towards paying off your debts. Make a conscious effort to clear your debts while also making sure that you earn enough.

• Reducing your overall debt is essential in building good credit, and to increase credit score. At the same time, take note not to reduce it to zero, as it indicates no activity and will affect your credit report. Please note that it is advisable to use your credit card within 80% of the allowed limit. Using your credit card more than 100% of the limit can cost you around 100 points. In the same way, availing a new credit card or more within a short span of time can also be a bad mark on your credit history.

• Payments made on time can help in credit history repair. A late payment penalty is detrimental to good credit. Paying off all your debts will not suffice in giving you a better credit score or report. You might have to notify the payment collectors that your debt has been paid off and that they should remove any negative mark on your credit report.

What to look out for:

• A major concern in your struggle with obtaining a clean credit report will be to decide if you require professional help of credit repair agencies or if you can solve your credit issues on your own. The do-it-yourself plan will require a considerable amount of time spent on doing your base work on understanding the situation. Do your homework well with the help of books, the internet or by asking around for good remedies based on what experienced people have to say. On the other hand, if you are considering professional help, it is necessary to watch out for the good ones and the bad ones. Distinguishing the genuine agencies from the frauds is essential and there are steps to do the same. The Better Business Bureau is one such place that can help you decide on which agency to opt for. Ask ample amount of questions and make sure you get the answers.

• Be prepared to invest your time on this procedure of credit history repair as it can get tedious. Credit repair does not happen overnight and although is possible, will take its own time to fall into place. Any agency that promises a miracle with credit repair within a few days is sure to be a scam, as tried and tested cases of credit repair has proved that it is a time consuming process to say the least.

• Once you set out on the path of credit repair, do not give up. As we mentioned earlier, bad credit is easy to ignore but can prove disastrous the longer it is pushed away. Work towards meeting your goal of good credit and stay alert for any indications that will not allow you to increase credit score, like a negative remark by a payment collector whose debt is already paid or an unaccounted debt on your credit report.

The vital need to repair credit

All in all, as mammoth a task it seems to be, credit repair is absolutely necessary in today’s times. Keeping yourself equipped with all necessary documents and credit report is a wise thing to do while on the mission of availing good credit. Keep your goals clear and work on it step by step till bad credit is a thing of the past in your life. Say hello to good credit and watch all those unfinished dreams come true!

In the world of mortgages there is a lot to learn. If you are a first time home buyer and are in need of a loan, do some research to find out what types of loan products are out there for you. There are pros and cons to each type and there is no one loan that fits everyone. Use the help of a mortgage broker to find out which one is right for your lifestyle.

Thirty-year fixed-rate mortgage loan

These are the loans the mortgage lending business is built on. If your parents had a mortgage, this most likely is the one they used. It’s the most straightforward of loan products because nothing changes throughout the duration of the loan. It is set for 30 years at one specific rate. You can view your amortization schedule and see how the loan plays itself out in terms of interest and principal over the years. This is the safest of options because of its reliability.

Fifteen- or 20-year adjustable-rate mortgage loan

These loans offer a way for borrowers to pay off their loans before retirement. They give you the chance to refinance after either 15 or 20 years. In general, these loans have higher interest rates than a 30-year fixed rate loan, but that ARM could also be considerably cheaper. If you have expendable income to put into possible payment hikes, you could end up saving money with these types of loans.

One-year adjustable-rate mortgage loan

This is a great loan for college graduates who see a bright financial future regarding their earnings. They offer a low interest rate for the first year and then after that, the interest rate increases. There is an interest rate cap on the loans and the rate can go up or down every year after the first. The one caution here is to know that there is a difference between a “rate cap” and a “payment cap.” The rate cap is what you want. It sets a ceiling on how high your interest can go. On the other hand a payment cap only means that your payments can’t go higher, but your interest can still continue to rise.

Interest-only mortgage loan

The interest-only mortgage may sound great, but it’s only for a few borrowers. This can be a great product for someone relocating for a job because it only charges interest. That can make the payment considerably lower. Don’t be fooled,however: This isn’t for the average borrower. Worst case, the wrong person gets this loan and ends up paying only interest for years on their loan. When they go to sell, they may owe more and have to take money out of savings to pay back the full mortgage amount.

No- or low-documentation mortgage loan

The self-employed oftentimes have trouble finding the right loan product. The types of loans for the self-employed are called no- or low-documentation loans. They automatically come with higher interest rates due to not having to produce paychecks or references. They can help people with variable incomes qualify for loans easily. One warning however is that normally this type of loan requires substantial down payments of about 20% or more.

The mortgage-lending market

The lending market is flexible in that there is a wide variety of loan products to choose from. These are the main ones and the most popular, but there are many others. Talk to a good mortgage broker and let them suggest what mortgage products are right for you.

Colleges are struggling to find fast cash these days and surprisingly, it’s coming to them via an odd client base. It seems that senior citizens are courting colleges looking for non-credited classes. That works well for colleges because they can charge anywhere between $25 to $500 per class and it adds nothing to the overhead. It’s a simple way of bringing in more revenue and in today’s market, that’s a huge advantage.

The changing face of college students

More senior citizens are going back to school these days and schools are responding. There are state and national programs specifically geared toward creating affordable education for retirees. For example, Ohio State University has a program called “Program 60″ that allows those who are 60-years of age or older to attend classes for free. Many other colleges are doing the same thing by building senior-centric courses. Here are some colleges that offer outstanding senior programs.

Yale University

Yale University in New Haven, Connecticut caters to its alumni. The college allows all graduates and their families to audit undergraduate classes as long as they have instructor approval. The cost for the classes is about $475. The school is committed to offering auditing as a benefit to its alumni and works to build a well-rounded roster of classes available to audit.

Cornell University

Cornell University is in Ithaca, New York. The school offers an open-door policy to retirees who can sit in on most of the courses, whether graduate or undergraduate. The cost for each is $101 per credit hour. The classes range from politics and painting to tennis and ethics. The vast selection of classes makes it possible for seniors to experience a wide variety of extracurricular activities. It’s a great way for them to continue learning well after they graduate.

University of Pennsylvania

The University of Pennsylvania is located in Philadelphia. It offers senior auditing programs for people over 65-years of age. They are allowed to sit in on all undergraduate courses for $500 per hour. The senior auditing program is a great way for the university to earn fast cash and still stay focused on their goal of education. Retirees can participate in up to two classes per semester and aren’t limited by any one field of study.

Princeton University

Princeton University in Princeton, New Jersey is another school that welcomes retirees to sit in on their undergraduate courses. This school offers a wide variety of classes—over 200 per semester—and seniors are allowed to sit in most of them through a community auditing program. The school offers the classes at a cost of $125 per course. The popularity of the courses has proven itself throughout the past few years because enrollment is up considerably and seniors from the neighboring areas are filling the classrooms.

University of Denver

The University of Denver is another school that is offering programs for retirees. It has a senior citizen audit program that is open to anyone over 60-years of age. The classes here are available based on a class-size stipulation, but as long as there is room, seniors are welcome. The cost is just $25 per course and that makes it one of the most cost-effective schools in the nation.

College and the older student

Many colleges throughout the nation are finding out how lucrative their senior audit programs are. They are earning fast cash through the programs by offering reasonably priced courses to senior citizens. Because of their popularity, the classes will continue to grow, and with a senior population that is looking to continue learning, they won’t be empty any time soon.

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In the midst of installment loans, business plans and day-to-day management, business owners can be swamped with decisions. A lot can fall through the cracks when it comes to owning a business and keeping it safe from thieves. With the growing amount of internet business activity, more owners are falling into problems with online security. Most transactions today are done online and that opens the door for more security compromises.

Protecting small businesses

According to the Better Business Bureau, there are some very important things a business can do to protect itself when banking online. Here are the top five:

1) Use “dual authorization”. A business owner can request that for any authorization to go through, two employees need to approve it. One employee authorizes the initial payment and gets the process in motion and then another employee authorizes its release. The process should be followed for all transactions that include movement of funds from the company to an outside entity.

2) Dedicated workstations. This is a very important aspect of running a business. Normally everyone within a business has internet access, but that doesn’t mean that every station should be used to handle transactions. There should be one station used for online banking, and it should never be used for social networking, general browsing or any other casual online activities.

3) Use “Multi-factor Authentication”. This means that security is top-notch within a company and to access online banking, more than just one username and password are used. There may be a special “key” or “code” that anyone who wants access to online banking must be privy to. It’s a great way to shore up security when banking online and make sure that only those with the right to access information can.

4) Maintain Virus Protection and Security. Consistent updating of anti-spyware and anti-malware software is crucial to keeping information secure. Most good companies will offer automatic updates and allow business owners to set automatic scans during off times. For example, a small business owner can schedule a full scan at 6am even though the office doesn’t open until 8am. This way it will be finished scanning prior to business and if any problems need to be addressed, they can be at the top of the day.

5) Daily Reconciliation. All accounts should be reconciled daily to ensure that money moving in and out of the company is secure. All installment loans, utility payments and wire transfers should all be monitored for accuracy. It’s the only way for a business owner to know that their funds are being dealt with safely.

Added benefits of online banking

When it comes to small businesses, more and more of them are handling business online. It’s convenient and offers quick access to all financial information. In addition, a lot of banks offer business customers tools online like budgeting, special rates, auto-payments, and business templates. Some offer easy business consulting online and other unique services to help business customers manage their daily tasks.

Being safe with online banking

Online banking is a reality of 2010, but there are also threats to be aware of. It’s crucial that business owners are as aware of online security, viruses and workstation security as they are of business plans, installment loans, and vendor relations. With the huge surge in online banking activity, there are new products and services available to make the process easier than ever before.

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A new study by the National Association of State Workforce agencies showed that at least 35 states will have to increase unemployment insurance taxes in 2010. The average hike will be a whopping 27.5%. That’s going to be tough for businesses still reeling from the recession. Although economic conditions are showing some signs of improvement, this new finding suggests that recovery is going to take some time.

State insurance trust-funds

States are worried about whether their unemployment insurance trust funds will be adequate to cover unemployment claims. To date, states with tapped-out insurance trust-funds have had to borrow over $30 billion from the federal government to cover claims. That number is projected to grow to $90 billion over the next two years. Employment taxes are the source of both federal and state unemployment funds, so if the federal loans made to states to cover claims aren’t repaid, huge unemployment-tax hikes are inevitable.

The ripple effect of increased unemployment taxes

Tax measures to replenish unemployment funds are bad news for both employers and employees. As business taxes go up, funds for job creation, hiring, and compensation increases will go down. President Obama’s goal right now is to create more jobs, and some employers were predicting they would start hiring in 2010. However, as employers’ dollars are diverted into loan repayments and higher unemployment taxes, hiring efforts will be stalled. At this point, anything that discourages hiring is a huge threat to economic improvement and the sustainability of government unemployment funds.

Take Hawaii, for example

When it comes to taxation, good intentions often go awry. Back in 2007, for example, Hawaii eased up on unemployment taxation as its unemployment rate hovered around 3%. That may have made sense in the short run, but now that the state unemployment rate is more than double that amount, Hawaii has a serious shortage of unemployment-benefit funds. This year, annual taxes are slated to increase from $90 to $1,070 per worker.

Although lawmakers hope to avoid such a tax increase and the additional unemployment claims that would be likely to follow, there may be no other option. According to an online article in The Washington Independent, Republican Governor Linda Lingle is urging lawmakers to limit the increase to 60% of the proposed hike, a $54-per-employee increase. Lingle believes anything higher will inevitably cause more joblessness in the state.

The need for unemployment taxes

Unemployment taxes are clearly necessary, but when not properly regulated they can be counterproductive. Because of the huge number of unemployed workers, unemployment pay is essential but funding efforts may pose insurmountable hurdles for many employers. Many businesses may be unable to create new jobs, and if that happens, current unemployment trends stand to worsen. Sustained, high unemployment rates in states struggling to fund unemployment claims could become disastrous for the nation as a whole.

The government’s response

Concerned lawmakers are watching the numbers and trying to minimize the discouraging economic effects of benefit-fund shortages combined with increased unemployment claims. A new council has been formed to strategize an increase in the taxable wage base and to allow employers to pay taxes in installments over the 2011 and 2012 tax years. These measures could help stave off disaster until the economy actually recovers and unemployment claims stabilize at more manageable rates.

For consumers who are looking for cash now, gift cards are a great option. According to the National Retail Federation, gift cards were the number one most requested Christmas gifts this season. There’s good reason why gift cards are so popular. First of all, they are useful. Rather than buying a gift you think your teenage nephew will like, buying him credit at the store is more reasonable. He can go in and buy what he wants on his own time. Secondly, the cards are very flexible. Most cards have a long-term lifespan. They give the consumer years to use them. Some have limitations, but they are usually reasonable terms and conditions. Finally, the cards can be great ways to make a rainy day purchase. It’s great to have a bit of extra money set aside, and having gift cards means that you won’t spend the money frivolously, like you might with cash. Overall gift cards are great gift options for just about everyone.

How to get gift cards free

When it comes to getting gift cards, there are a number of ways to get them free. One way is to look online for free deals. The great thing about social media these days is that companies are using it to spread the word on their products. Facebook and Twitter both have business clients who offer gift cards. Last year, Sears offered $5 gift cards to the first 10,000 people who became fans on their Facebook account. Once that successful promotion was over, the company offered $10 gift cards to a limited number of followers.

Twitter is also in on the fun. For example, Wal-Mart used Twitter on Black Friday to hand out $100 gift cards to any customer who wanted to purchase an Xbox. It was a great way to hand out the cards and promote the gaming system at their store. For anyone looking for great deals, checking either Facebook or Twitter is a way to find them.

Online gift card offers

Finding cash now in the form of gift cards can be found at websites offering specials, too. MyPoints.com offers online users a way to gain free points for shopping online, searching, and taking surveys. Registration to the website is free and you can also get points by making travel arrangements via the website. It gives you additional savings with grocery and retail coupons. For example, earning 3,500 points at the website gets you a CVS gift card for $25. Working with websites that offer special deals can help anyone get free money.

Dealerships hand out gift cards too

The car industry is in trouble and has been for a long time. As a result, dealerships are looking for new ways to bring in customers. For example, last year Dodge and Ford dealerships both gave away $50 gift cards to people who test drove their cars and trucks. Though this was a national promotion, many individually-owned dealerships made the move to hand out gift cards, too.

Using the gift card

Overall gift cards are great options for cash now. They can be used anytime and for any purchase at the issuing store. Since the recession has been on a downturn, retail outlets have been looking for ways to bring in new customers, and gift card incentives are great ways. Do searches online and see what stores are offering the deals. They make great gifts or can be used for your own buying power.

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A new survey done by the Conference Board showed that job satisfaction is at an all-time low of about 45%. That is the total amount of employees who are content with their current situations. Part of the problem is the economy. When the recession began back in 2008, companies cut workers. That loss of a workforce caused existing workers to have to pick up the slack. They were called upon to take on bigger responsibilities, bigger projects, more worry, but without any more pay. The added strain brought workers to a new place of unease when comes to their jobs.

The history of job satisfaction

Job satisfaction has been declining for some time now. In fact, since 1987, the trend to be unsatisfied with employment has risen consistently. Lynn Franco, director of the Conference Board, said, “What we have seen over the last 22 years is that irrespective of whether the economy is boom or bust, the overall level of satisfaction expressed by US workers has been steadily declining across every single aspect of the job.” Those aspects include pay, benefits, job security, promotional possibilities, bonuses, workloads, communication, and future growth.

A major contributor to the feeling of displeasure is the feeling that workers cannot get ahead. Financially, it has become increasingly difficult for people to overcome high expenses. According to the 2009 Kaiser Family Foundation report, the average worker contributes $779 for single workers and $3,515 for family coverage. The prices of food, shelter and household items has also increased. In contrast, pay has stayed the same. Franco said, “The shifting of health-care costs from employer to employee and the fact that wages have not been growing all that rapidly means purchasing power is diminished.”

People respond by taking higher-paying jobs

To make it through the difficult economy, many workers are taking higher-paying jobs that are less rewarding. Robert Frank, author of “Falling Behind: How Rising Inequality Harms the Middle Class”, said, “If people are feeling more economic pressure, they are more willing to sacrifice other dimensions of job satisfaction in order to get more money.” It has long been a standard goal of Americans to earn as much money as possible, but to still maintain job satisfaction. Studies are showing that as the economy struggles, more people are willing to forgo satisfaction for the sake of making ends meet.

Satisfaction denied means lag in productivity

Some experts suggest that discontent is a very difficult result of taking any job. Although people believe that money is a panacea, studies have shown that it isn’t. In fact, once you have a pool of people doing jobs that they don’t necessarily like, it creates a team of people who are much less productive. Ideally, employers should be looking for workers who are engaged in their jobs and the business. Without that connection, jobs suffer. Adam Grant, a management professor of at University of Pennsylvania’s Wharton School of Business, said, “There has to be a connection to a real outcome for the end users – clients, customers, patients, etc. As the world globalizes and companies begin to do more outsourcing and more international work, they are using more 24-hour communication and technology to make it easier to get jobs done without a face-to-face connection with the people benefiting from the work you do.” That can seriously cut back the amount of job satisfaction workers experience.

Overall it is a good market to find a job

Overall, it is a good market to find a job in, but at what price? The economy is showing signs of a turnaround and most likely will return to its healthy state by mid-2010. That change should encourage people at their jobs to look forward to a time when their employers can return to old practices. The workers will be in line for their standard annual raises, 401k contributions will resume and benefits will no longer be on hold.

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Funding college

A lot of parents look to short term personal loans when it comes to funding their child’s college education. This isn’t normally their first choice, but due to bad planning or a lack of, it is a necessary move to meet expenses. For any parent thinking about a child’s education, there are a few rules of thumb to remember. Here are some tips on the best way to manage.

Saving should start soon

The basic rule with any savings plan is that time is of the essence. There can be a huge difference between saving for two years and saving at the same rate for ten. When it comes to funding college, it’s best to start an investment account for children when they are young. Investing only $100 a month for eighteen years at an 8% annual return will yield $48,000. Although that may sound like a good amount of money, remember that tuition goes up and there can be a huge difference between education costs this year and education costs at the same college in eighteen years from now. Parents should always plan for inflation when they are deciding how much to save monthly.

What vehicles to use

When thinking about how to save, a portfolio that focuses on stocks is the best way to build savings for long-term goals. This is why starting to save early on is important. A good portfolio grows with time and managing it well can bring the return needed to fund college. As a child gets older, parents can shelter their returns by switching more money into bonds and liquid assets. Portfolios are flexible and that is where their strength as savings tools are most apparent. If parents want, they can also invest in mutual funds and allow a professional to take charge of savings. This can be a great advantage too because parents aren’t tasked with watching markets daily.

The entire college cost

When it comes to the entire college cost, parents should not think that it all has to be covered. There are federal, state and short term personal loans that can easily bridge the gap. Here is where a lot of parents get in trouble. They think that they need to cover 100% of the college fund and dip into their own retirement savings. Although college is important, experts caution parents to always focus on their retirement first. Though that may be contradictory to the nature of selfless parenting, in reality it is important to prioritize retirement. Anne Mayer, economist for Bankrate.com said, “People need to understand that there are tools for children to use to get through college that range from loans and scholarships to part-time jobs and grants. There are no such supplements for a shortfall in retirement savings.”

The 529 savings plan

The 529 savings plan is a great way to not only save for college, but also to find tax breaks. Qualified withdrawals are free of federal taxation and normal plans range from $100,000 to $270,000 per child. There are also minimum restrictions on the plans so you can start one regardless of how old the beneficiary is or how much you make.

Funding college

It is possible to find ways to fund college, but it is necessary to plan ahead. If a parent has time, then stocks and investments can build savings to cover the cost. If a parent does not have enough time, then federal and state aid along with short term personal loans can meet the need. Either way, it is important for parents to save for retirement and then assess the need for children’s college funding. A good plan can reward a family with a carefree 4-year college education.

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New appliance rebate program

Anyone who has had to use emergency money to fund a needed appliance knows how big the cost can be. Take Amanda Seigel for example—she was a St. Paul, Minnesota housewife who noticed a “loud noise” when her furnace turned on. Like a lot of Americans hampered by the economy, she ignored it. Her hope was that it was a temporary “kink” in the machine that would iron itself out. Unfortunately, like thousands of other consumers, Seigel’s story ended in a high-priced emergency replacement furnace. She said, “We had money saved up for job loss because we knew what was happening with the economy…we were startled to see how quickly our money was diverted elsewhere when an emergency happened.”

Appliances can be a huge cost for consumers and for the economy as a whole. Part of a new government push is to bring energy-efficient models to the US. Much like the “Cash for Clunkers” program, the government is now looking to offer incentives for consumers to buy appliances that are “green.” A federal appliance rebate program is going to start in early 2010. The program is set to spur people into buying energy-efficient washers, dryers, refrigerators and heaters. The items covered are those that have the official “Energy Star” logo and certification.

Questions to answer regarding the rebate

The new program is hoped to revamp the American home into a more energy-efficient one. There is a caution however due to funding. The “Cash for Clunkers” program had a huge backing, whereas the appliance program has only one-tenth as much. That leaves a total of $300 million for consumers to take advantage of. Experts are warning that the money could run out quickly so it’s best to take advantage of the rebates as soon as possible. If you are looking to buy a big-ticket item, remember to keep the following in mind:

• Is it a good deal? It’s not always a good idea to replace appliances just because you can. The question of whether or not to buy needs to be analyzed. Joe McGuire, president of the Association of Home Appliance Manufacturers, said it’s a question of potential savings over time. McGuire explained, “A good example is a 10-year old washing machine…with Energy Star, you could reduce utility costs by $145 a year and save 5,000 gallons of water a year.” At that rate, the average washer would pay for itself in about three years. That additional $145 in savings could be channeled to an emergency money fund or interest-earning savings accounts.

• Rebates vary by state. Look into your state’s specific requirements and rules in terms of rebates on Energy-Star rated appliances. For example, in California residents can get cash back on washing machines, refrigerators and room air conditioners. On the other hand, Wisconsin offers rebates on washing machines, refrigerators, boilers, furnaces, freezers, dishwashers, HVAC units and geothermal pumps. The eligible appliances and the amount of the rebate vary widely so be sure to research your state’s qualifications.

• How long will it last? The appliance rebate should last until February of 2010 or until it is used up—whichever comes first. Jen Stutsman, spokesperson for the Department of Energy said that the fund is expected to run out quickly. Anyone who wants to take advantage of it should act as soon as possible.

Rebates are great tools to save

For anyone who has ever had to use credit cards, emergency money or family-help to pay utility bills, finding another savings tool is a huge benefit. The new government rebate plan for appliances is one of those tools that, if used wisely, can help people not only get a tax credit now, but save money long-term. Look into your state’s rebate and see if buying a new appliance fits into your plan.

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It’s no secret that young people are in need of debt relief the minute they come out of college. These days, college students are targets for credit lending companies, and normally the average college graduate has at least one card and $3,000 of debt. The only way to handle it, is to find a good job right away. Here are some tips for consumers in their 20s as they look for a job:

• Every young person should buy a new suit and shoes for interviews. In today’s competitive market, good grooming can set them apart from other applicants. Investing in a good suit will always be a good decision.
• Young people shouldn’t spend money on “resume kits” or services. There are plenty of free resources online.
• Use Alumni chapters as added networking tools. If a graduate’s alumni association has a nearby chapter, they can visit and ask for help with job placement.

Getting the right look and having the right connections can make the process that much easier.

Handle the new jobs

Once a graduate finds the perfect job, the next thing to tackle is to learn to manage finances from the start. Here are three tips on how to handle the new job.

• As a new worker, people can be overzealous with spending. Because it’s probably the biggest paycheck they’ve seen in their careers, many new hires go on spending binges. This is a bad idea. First of all, though the numbers are bigger, so are the taxes taken out. It may help some people to go online and us a tax estimator to see how much is really ‘take home’ pay.
• Tax returns are more complex as salaries and investments increase. Debt relief will play a big part in the first few years of a career. They need to use deductions and tax breaks wisely to maximize money they can put toward paying down debt.

Careers are assets that need to be managed. Young people need to understand that they are investing in themselves and make careful planning decisions about where they want to go in their work life.
Getting hired is a great feeling, but knowing how to manage a career is important. Making the right financial and career decisions can put a consumer in the perfect position as they reach their 30s and 40s.

Where to live

Another big decision for graduates is where they are going to live. Studies show that more than 30 percent of all new graduates move back home with their parents to save money. This is a good idea, but if it isn’t possible, there are ways to manage.

• Young people should first of all, open a bank account. Some landlords require security deposits and first month’s rent come in the form of certified bank checks.
• Consumers should make sure they’ve saved enough money for their first rent and expenses.
• Roommates can help defray the costs of renting, but it should be looked at as a business transaction. Make sure there is a written agreement outlining all requirements and responsibilities prior to them moving in.
• Finally, young people could consider subletting an apartment for a short period of time to get themselves used to paying monthly bills and understanding the amount of money they will need to sustain themselves.

The cash advance loan has been around for years. It used to be thought of as a tool solely for people who suffered chronic financial problems and had little income to handle their debt. In today’s market, however, research is showing that low and middle-income families are using these types of loans on a regular basis. They are finding that the convenience and immediacy of the cash advance is second to none in reliability. As the face of the lending company changes quickly, more and more consumers are finding that credit cards are not what they used to be in terms of dependability.

Prior to the recession many consumers looked to their credit cards for emergencies. Unfortunately, once the recession began, people were unhappily surprised by their lenders. One consumer from Toledo, Ohio, Jennifer Middleton said, “We used to have an emergency credit card that we kept in our kitchen drawer. When the recession was on the rise we tried to use it, only to find that the credit company had cut our limit in half.”

Middleton is not alone. When the housing crash happened, many lenders closed their doors and reorganized the lines of credit they offered customers. Some companies increased credit rates, and others cut limits. Some consumers even found their limits cut to the point where they were automatically over limit and being charged fees for it.

The Employed versus the Unemployed

One of the main contributors to financial problems has been the soaring unemployment rate. In many large metropolitan areas, the unemployment rate has gone well beyond 10 percent. Despite the huge unemployment number, research data shows that everyone, whether they have a job or not, is cutting back on spending.

Cornell psychologist Thomas Gilovich stated that “We approach things very rationally, take in all information and then weight it and make a decision.” Surveys are showing that people are studying the economy closely and though it may not affect them directly, they are still reacting conservatively. Economist Dennis Jacobs agreed, saying, “We have a lack of spending right now in the economy, but it’s the pronounced lack of spending by upper-income consumers that has had a major overall impact on what’s taken place.”

Cash advance loans prove help is available

Despite the economy and overall spending changes people are making, there is still help. The cash advance loan is a growingly popular option for people. Although households with incomes of more than $100,000 may be fine with strategic budgeting, it’s the lower income households that need alternative options to finding funding. The ease of the cash advance loan only makes it more popular with the buying public. There are no long-winded interviews, closing meetings, background and credit checks to deal with. There also are no high interest rates to tackle. The life of the loan is so short-term that it doesn’t need all the intricate prerequisites other loans do. That only makes them more attractive to qualified consumers.

Difficult times call for alternative funding

Although there are said to be more difficult financial times ahead, consumers have the tools to manage. The cash advance loan is one type of alternative funding that has soared in popularity with qualified applicants. It may take some careful planning, but this type of loan can be instrumental in aiding consumers as they try to make it through their monthly bills.

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Studies done by Consumer Action, a consumer advocacy group, are showing that almost one in five consumers have had limits on their credit cards cut. Almost 20 percent of these customers are showing they have nearly maxed out their cards as a result. Experts are predicting that limiting credit is going to “become severe” in the near future. Meredith Whitney, bank analyst for Oppenheimer and Co., stated that she predicts “card issuers will cut credit lines by $2 trillion-plus over the next 18 months.”

Some triggers for limit cutting are consumer’s credit scores falling, late payments or account balances that are close to the maximum credit limits. Although Federal law requires that companies notify the consumers when that cut is going to happen, there is only a 15-day window they must adhere to. If a consumer finds themselves suffering a slashed limit, there are still some things they can do.

Some options to try

1. Issue a formal, but reasonable, complaint to the company. Curtis Arnold, of Cardratings.com, stated, “The technique of complaining in this current environment is particularly effective because the card industry has a black eye right now.” Arnold estimates that every lost customer costs a credit card company about $300 in marketing fees to find a replacement. He advises consumers to speak to the manager. In particular, if they have a good history and good credit, a complaint may work.
2. Balance transfers may also help. Bankrate.com is a website where consumers can look up various fees and charges for transfers, based on their credit ratings. Consumer Action’s Linda Sherry says, “If you have excellent credit, you may be able to get a balance transfer deal to another credit card with a higher limit.” Using balance transfers to their advantage, is a great deal for consumers. Especially if they can transfer to 0 percent or low-interest credit cards.
3. Consumers also should try looking for credit cards beyond the big-name banks. Bankrate.com has a credit card lender database that includes a wide variety of banks who are all competitively seeking business. Consumers are sure to find a deal here. Of course, the options will be decided by their credit scores, but even consumers with lower scores have choices. Also, many smaller banks market via the U.S. Postal Service. Consumers should check out local offers from banks. According to Tim Kolk, managing partner of Brookwood Capital, “I think someone who is having a little trouble with a major national credit issuer would be well served to go to their local banks and credit unions. … Historically (smaller banks) have had better credit performance with fewer defaults than big credit card issuers.”
4. Consumers need to learn to use their credit more wisely. Curtis Arnold, of Cardratings.com stated, “The bottom line is, companies who issue credit cards are tracking our spending habits, our debt, etc. Consumers don’t need to freak out about that, but we do need to proactively manage our credit more than ever.” If a lending company lowers a consumer’s limit, it means they are looking at that consumer as a potential credit risk. If a consumer finds their limit slashed, they probably need to do some restructuring of their credit habits. Whether that means paying a larger portion or paying on time more often, they need to be committed to getting their credit under control.

Credit after the new law

Since the new law, credit cards will be monitored and consumers will be protected. However, in response many lending companies are cutting limits to mitigate their loss. There are things consumers can do to fight the slashed limits, in particular if they have kept up on their payments and have good credit ratings. They shouldn’t just sit idly by though. Restoring credit limits may be just a phone call away.

If you have not yet heard about bank phishing (pronounced “fishing”) it is in your interest to find out about this scam. Phishing is a form of Internet banking fraud that criminals have found is an effective way of stealing, but it does not have the same risk of getting caught as street crime.

The phisher sends out scam e-mails designed to appear as if they come from a genuine bank. For example, you might find in your Inbox an e-mail saying that you are overdrawn by a certain amount and must contact the bank immediately. A link is provided to access additional information. Everything about the e-mail looks genuine. Is there not a good chance you will click on the link and find out what has happened to your account, or maybe you will opt to call the number provided?

That fateful click or call

What is going to happen if you click on this link or call the number listed? A click on the link takes you to a login site that appears, at first glance, to be the official Internet site of your bank. You enter your user name and password, and this information is added to the fraudster’s database. With some clever computer coding, you are then directed to the genuine bank Internet site where you find that you are not logged in. You need to login a second time to access your account. This is not an unusual situation and it is unlikely to arouse suspicion.

Meanwhile, your account details have fallen into criminal hands. In the time it takes you to find out what happened, they are already using your account details to withdraw money, try to take out loans and do other kinds of identity theft crime.

If you call the phone number included in the e-mail, it usually connects you to an operator employed by the phisher. This operator asks you for the personal details of interest to the fraud perpetrator.

Escaping from the Phisher’s clutches

Although the phishing scam operator does a good job imitating your bank’s web site, there are invariably a number of little mistakes which an alert bank customer can identify.

First of all, does your bank know your e-mail? In many cases, your bank does not have a record of your e-mail and so you know immediately that the e-mail is a fraud. Also, the URL supplied is won’t be exactly the URL of your bank. Look carefully for small spelling differences. Most people will not pay attention to these minor differences — you should make it your job to notice them.

A good rule to follow is never to click on a URL found in an e-mail  that says its from your bank. Access your bank’s web site only though the URL bookmarked in your Internet browser. Suspicious emails of this kind should be reported to the bank so appropriate legal action can be taken.

Connect the dots between empty calories and an empty wallet.

You may often hear the adage “at least you have your health” when a person’s financial state is dire. We often make a distinction between our physical well-being and our financial well-being. However, there are more similarities between keeping our bodies and our bank accounts healthy than may appear on the surface.

Many people who struggle with weight tie food to emotions. They eat a lot to make themselves feel better, often opting for foods that make them feel warm and full but are not really healthy. In the same way, people use money to make themselves feel better, often taking out payday loans and buying items such as clothes that they know they don’t need. They buy them to make themselves feel better about something. Perhaps they want to feel more powerful and in control. Both of these approaches lead to bad habits for physical and financial health.

Bad Habits Lead to Bad Decisions

Many people just get into the habit of doing counterproductive things. They grab their favorite snack that is high in “feel good” but low in nutrition and pop it their mouths without thinking. They buy the same $5 coffee because it is the purchase that makes them feel like it is going to be a good day even though they could make their own coffee for almost a month for the same price.

These thoughtless, poor habits add up to bloated waistlines and bloated expenditure sheets. Further, impulsiveness can become a bad habit, as well. Impulse eating or buying is just a way someone can circumvent their better judgment. People know that stopping and thinking would lead them to a choice better for their cholesterol and their bottom line, but they would rather feed their habits than satisfy the need to improve their health.

No Quick Fixes for the Soaring Scale or Escalating Debt

Every calorie adds to your weight problem. Every dime you spend can’t be used to reduce your debt and bring financial security. Just like every bite of food goes into the calorie counter, each expenditure goes into the financial formula no matter how small.

People do not become obese overnight, nor do they become financially insolvent that quickly. It happens little by little. It took years to get this way, and it will take years to fix it. Many think more money is the quick fix, but 3 out of every 4 lottery winners end up in worse financial shape within 5 years of winning their fortunes. They all thought more money was the answer, but better spending habits and discipline are the only real answers.

Out With the Bad and in With the Good

You have to eat, just like you have to spend money. Trying to live in constant denial and restraint only leads to binges in eating and spending. You need to focus on creating new habits to replace the old ones.

You need to remove yourself from temptation, as well. Clear the house of junk food and put your cash in a CD or savings account where it is not easily accessed. Training yourself to view food and money differently will help you manage both of them better. They are not the cures for your emotional needs. They simply enable you to keep needing them. Turn your mind around and use food as fuel and money as a vehicle to a healthier lifestyle.

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Image from Flickr.

These days, it seems as if you can hardly turn on the TV or radio without hearing news of the current economic recession and its impact on our nation’s retirement savings accounts. And it’s true – many people’s 401K, 403(b) and IRA accounts have lost significant value as a result of declining stock values and the current credit crunch. However, don’t let these numbers scare you away from contributing to these important investment tools. Stock prices are currently at all-time lows – making it a great time to bulk up your retirement portfolio.

Getting Started

For most regular, full-time employees, getting started with a 401K or 403(b) account (the 401K equivalent for public sector workers) is as simple as filling out a few forms. Check with your company’s HR officer to learn more about 401K enrollment requirements, which may include specific enrollment periods or a certain length of employment before you can begin investing. In addition, see if your company matches any portion of your contributions and at what level. If they do, try to contribute as much as necessary to earn the full match – otherwise, you’re throwing away free money!

Basic Allocation Decisions

Most retirement accounts allow you to make your own investment choices from their selected list of stocks, bonds and funds. If you do choose to allocate your 401K funds on your own from this list, you’ll need to make a few basic decisions:

Stocks versus Bonds. One of the biggest decisions you’ll need to make when it comes to allocating your retirement funds is the percentage you invest in stocks versus bonds. Stocks are riskier investment vehicles than bonds, which tend to offer steadier – if smaller – rates of return. Of course, the proper investment ratio for you will change throughout your lifetime. For example, as you get older – and closer to relying on your retirement funds as a source of income – you’ll want to minimize your exposure to risk by investing more heavily in bonds.

Domestic versus International. Another important decision you’ll need to take into account is whether to invest in domestic (US-based) stocks only or to diversify with international funds as well. In general, international stocks and funds are riskier options, although growing economies around the world may offer a higher potential for financial gain. Most investment experts recommend at least a little exposure to growing markets through international stocks; however, you’ll need to take your personal tolerance for risk into consideration.

Take the Easy Way Out with Target Date Funds

Don’t worry if choosing your 401K fund allocations sounds like too much. More and more retirement savings account providers are offering “Target Date” funds, which automatically adjust the proportion of your money in stocks versus bonds as you near your target retirement date. These funds are typically named for their target retirement year – for example, “The Target 2030 Fund” – and are managed by account executives at the 401K provider. If you’re feeling overwhelmed, they’re a great “hands-free” way to ensure your retirement investment plans stay on track.

Many consumers are worried about debt relief as they reach retirement age.  With news of Social Security and Medicare being tapped out within the next few decades, Americans are looking for other options to retire in comfort.  Fortunately, there are some jobs that still focus on pension plan guarantees.  Here are some industries that still support their retirees.

• Public-Service Sector workers.  Local, state and federal government positions are still highly attuned to retirement benefit payouts.  According to the Bureau of Labor Statistics, almost 80 percent of state and local government workers had traditional pensions last year. Olivia Mitchell, director of the Pension Research Council, stated “Police officers, firefighters, teachers and judges have always had pension plans.” She also noted that these careers are all putting more money into firming up their workers’ retirements to provide security for them.
• Large, private companies. Although pension plans are more difficult to find in the private sector, a recent study showed that 21 percent of private-sector entities had a plan for retirees. This is a huge benefit for employees who know they will have a guaranteed payout for their retirement years.  Consumers need to look for employment, but be aware of the retirement funding statistics. A recent poll showed that only 9 percent of companies with less than 100 employees and 34 percent of companies with more than 100 employees offer traditional pensions. Management and professional positions are also the most likely to offer  retirement plans, regardless of the size of the company.  Service-sector jobs are the least likely to have any retirement benefits.   Geographically, mid-Atlantic, Northeast and Pacific coastal regions are the most likely to have jobs with retirement benefits, in particular in their large metropolitan areas.
• Businesses with less than 10 employees.  Although most small businesses don’t offer retirement funding, exceptionally small offices normally do. This means offices with less than 10 employees, commonly doctors’ offices, law offices or family-owned businesses.  Author and expert on retirement Fran Hawthorne stated, “Very often, the owners of small doctor’s offices set up the pension plan because they want a tax-free way to put money aside for retirement. … The law requires that if you do this, you must provide the same pension for all your employees based on income.” This is encouraging news for Americans who want to work in the small business sector but still have a plan for retirement and debt relief in their elder years.

The key to success

Employees who are working for smaller businesses need to know that retirement funds are most beneficial when they stay with a company for an extended period of time.  Payouts are maximized based on time spent servicing a company.  It’s also beneficial to know that the sooner employees get retirement plans in place, the better they may fare at payout time.  Hawthorne added, “If you don’t get a job with a pension now, your (payout goes)  down every year because more and more pensions freeze each year.”

Planning for retirement

Planning for retirement is a number one concern of Americans today.  With unemployment running high, debt relief being sought and foreclosures increasing, people are wanting to store away money for the future.  There are still some ways to wisely handle the situation and live comfortably in the golden years.

Payday loans are loans that are offered for a very short term to help people manage their unexpected expenses. Though there are numerous publications and articles in various forms of media propagating the ill effects of these loans, the truth about them cannot be hidden for long.

Instant payday loans offer people the benefit of managing their expenses successfully without falling prey to poor credit rating. This loan option is especially beneficial for the people in the lower and middle working class living on a fixed income. There are many priceless advantages of these short-term, instant payday loans.

Maintain a Good Credit Standing

A good credit score and report can do endless good for you. Your credit score tends to drop if you are unable to pay your bills on time. This, in turn, poses problems for you while trying to secure a home loan or car insurance.

In certain cases, a poor credit rating can have a negative bearing on your job. In order to avoid all these issues, you can get payday loans with minimal paperwork.

Provides Instant Cash

There are many times in our lives when we are faced with certain unexpected situations in which we will need instant flow of cash. The instant payday loans prove to be a boon in such situations.

They provide you with much needed cash right away, thus helping you ease out of your difficulties. This will also come in handy when you have to pay off your credit card bills in order to avoid hefty late charges.

Ease of Application

Instant payday loans are easiest to apply. You can apply for these loans either over the phone, place a request online or pay them a personal visit. The payday loans save you the time and effort of running from one lender to another looking for the one who is ready to give you the money in your hour of need.

There is no necessity to meet your financier directly in order to obtain this loan. There are no upfront costs or processing fees to be paid while obtaining these loans. Once you apply for these loans, most of the time, the money will be credited to your account in a matter of hours.

No Collateral Needed

One of the prime benefits of opting for instant payday loans is that you don’t need to provide any collateral or security in order to obtain the cash advance. There are minimal criteria that need to be met in order to qualify for this type of loan. One of the basic criteria to be eligible for this loan is that you need to be 18 years old. Another criterion is that you should have a steady source of income and valid bank account.

With so many benefits, it is no wonder that instant payday loans are gaining prominence by the day.

A membership at a warehouse store can save money. Image from Flickr.

Consumers are still searching hard for debt relief in today’s economy. Although there are some signs that the recession is coming to an end, many people are still wary of returning to old spending habits and are looking for ways to cut back. Many normal daily activities were put on hold or cut out of budgets in an effort to increase income. But there are some things that cannot be put off and are actually worth their cost in the long run. Here are some things you shouldn’t cut out of your budget:

• Having a furnace checkup annually is not something to scrimp on. Many consumers have put off household fixes, but this is one that shouldn’t be put off. In the end the cost of the checkup will pay for itself with lower utility bills. In addition, faulty equipment can cause fires or create fumes that are toxic to families. It’s also a great way to avoid emergency fixes if consumers periodically have their furnace checked. A good tech can avert bigger problems down the road.
• Hiring a professional to draw up a will is another expense that needs to occur. Regardless of the economy, some things need to be settled. Consumers’ after-life wishes are one of them. People can find lawyers who charge reasonable fees to settle complex estates and the fee will be well short of an expensive legal battle later on. A good lawyer can spell out exactly what your wishes are and create a rock-solid plan that will stand up to any probate court, beneficiaries or those who are left out of the planning.
• Another added expense that is worth it in the end is joining a warehouse club. Warehouse clubs can provide great money-saving deals on staple items. Eggs, butter, milk, cheese, pop and bread can all be purchased at notable discounts. Also, larger items like furniture and electronics normally come with even bigger savings. The average warehouse club strives for margins of 11 to 15 percent, as opposed to supermarkets, where they need a margin of 25 to 30 percent to survive. These are great places to find some debt relief because most consumers shop on a weekly basis, and cutting back on each trip can add up to big savings. The only caveat here is to purchase wisely. Consumers need to buy only what they will use. Throwing food away isn’t saving anything.
• Renter’s insurance is another positive expense. Consumers need to be aware of the unknown and if disaster strikes, a renter’s insurance policy can save them from having to replace everything. Fire, flood or other disasters can happen and protecting themselves with a $150-$250 a year policy is the best way for consumers to prepare.

These are all items that are worth the cost in the end and consumers shouldn’t be quick to cut them out of their budgets.

Saving money

Although in today’s tough recession everyone wants to save money, there are some items that should be looked at as necessities. Consumers need to find debt relief in other areas, while still protecting themselves from disasters. One of the best ways is to realistically think about an expense. If the savings in the long run outweighs the expense to maintain the item now, then they should include the expense in their budgets.

Many people are looking for mortgages to aid them with credit repair. The recession has left finances disheveled, and people are trying to find ways to regroup. Although recent crackdowns on mortgage lending have been put into place by the government, there are still some unscrupulous lenders trying to find their way back into the mortgage market.

Dani Babb, founder of The Babb Group, which offers real estate consulting, said, “Since early this year … a new wave of people are finding ways to scam home buyers.” Here are some of the newest programs they are advertising that are less than advantageous to the potential homeowner.

Hard money lending loans

Hard money loans may seem like a good idea, but they are not designed to be used for large purchases like homes. These types of loans disregard a borrower’s credit score and employment status. These can even be offered to consumers who have already been turned down for government-backed mortgages.

Because the loan is considered more risky due to credit, lenders may require up to a 30 percent down payment. Some may circumvent the down payment if the applicant puts up some form of collateral, such as a car. Hard money loans come in several forms, but in general it is best to stick to smaller, short-term hard money loans.

Advances to First-time homebuyers tax credit

The first-time homebuyer’s tax credit offers up to $8,000 to qualifying buyers. Last month, HUD agreed to allow FHA-approved mortgage lenders to offer eligible borrowers an “advance based on the tax credit.” Borrowers are still required to make a 3.5 percent down payment, but they can include the tax credit value to it or use the money for closing costs. Repayment can be tricky, however.

Borrowers will have to pay the loan each month and pay an additional sum when they receive the tax credit or spread their payments out over a number of years. These payments will have interest attached. The reality is that if borrowers need to rely on the tax credit to make the down payment, they most likely will have problems affording their loan payments. It may be wise to work on credit repair to open doors to better loan options before using the tax credit for this purpose.

Zero-percent down financing

Some states are creating programs that give potential homeowners the 3.5 percent down payment they need to procure an FHA-backed loan as a second loan. Piggyback loans — where the home buyer has two loans — are also becoming more popular. In a lot of cases, lenders who cannot provide the entire loan amount suggest second mortgages from another loan company. These secondary companies can carry high interest rates, some close to 25 percent.

In other cases, buyers try to step in and “lend” the money to eager homeowners, persuading them to pay back the loan over time. Piggyback and zero-down loans create two mortgage payments every month. This can be a difficult situation for homeowners to manage and studies are showing it makes “walking away” from the home more probable if financial disaster occurs.

Homeowners

In the end, potential homeowners have to be smart and do their own research. The reality is that the best idea is to have a down payment, get a traditional loan and pay it off like millions of other people do. If that isn’t possible, consumers should consider putting off their home purchase, working on their credit repair and saving money. There are dishonest lenders waiting for opportunities to strike.

Sometimes love just isn't enough (photo by creativecommons.org)

Pet owners love their animals and many of them use payday loans to pay for emergency pet care. Regardless of economic conditions, people will always find ways to provide the best care they possibly can for a loyal dog or a faithful cat.

Today, the average pet owner may have to stretch the budget to the breaking point to pay for an emergency veterinary visit. Dr. Ganner, MD, a veterinarian in Cleveland, Ohio, states, “You never know when a pet can get ill, just like a human. Pets’ surgeries can cost more due to lack of insurance and specialized care. It’s an immediate out-of-pocket expense.”

Save on day-to-day pet expenses

For anyone with a pet, there will always be unexpected medical emergencies. The most basic way to lessen the strain of emergency expenses is to put a little money aside all year long. Here are some ways to save money for your pet’s emergency, without cutting back on the quality of daily care.

1.  Fill prescriptions at Petmeds.com or a human pharmacy. When you fill an animal’s prescription at the veterinarian, you typically pay 30-70% more than you would online or at a regular pharmacy. Rather than blindly accepting the prescription medication handed out at a veterinarian’s office, pet owners should ask veterinarians for written prescriptions and then fill them at regular or online pharmacies.

2.  Buy pet food at superstores like Costco or Sam’s Club. Superstores purchase inventory in great quantities at huge discounts. They carry fairly wide arrays of pet foods, and you are likely to find one of your pet’s favorite brands in their well-stocked aisles. If you don’t find the brand you prefer, talk to the manager and ask if the store will order it. When enough customers ask, superstores respond by purchasing requested products. Their goal is to stock everything their shoppers need, and they work hard to live up to that.

3.  Buy pet toys at superstores or grocery stores. Toys at pet stores and boutiques can cost 50% or more than the same (or very similar) toys at a superstore or grocery store. The reason for this is that pet stores mark up all their products to pay for advertising and promotions. Retail sales are their only source of income, so they have to maximize their markup.

Start an emergency pet fund

If you put aside the money you save on these everyday pet expenses, it will be easier to pay for those inevitable emergency expenses. If your savings are adequate to cover the emergency, a small payday loan can make up the difference. As Dr. Ganner stated, “If people have huge monthly budgets for their pets, it’s difficult to then extend that budget even more when an emergency comes up…but, finding ways to save throughout normal times, can make it much more manageable.”

Love knows no bounds (photo by creativecommons.org)

Love without bounds . . .

People are going to care for their pets regardless of what happens on the economic front. It’s estimated that the pet industry generates over $45.5 billion annually. Global market expert Eugene Fram stated, “It’s a substantial market. The numbers bear that out with more than 60% of households having a pet. It’s a good business and a great target market to pursue.”

But avoid heartache by economizing

Because pet owners are willing to spend so much on the daily care of their pets, they frequently compromise their ability to pay for emergency care. To avoid finding yourself in that stressful situation, it’s a good idea to treat pet care like your other budgeted expenses.

Cut back on daily pet expenses and put the savings aside in an emergency pet fund. You’ll be pleasantly surprised at how much easier it is to afford the best possible pet care when you need it most if you save just a little every day. With an emergency pet fund at the ready, when emergency strikes, you’ll be able to pay for it without borrowing; or in the worst case, with a much smaller payday loan or a lot less help from family or friends.

If you need a payday loan to get started, Apply NOW!

Short term loans are proving to be a viable option as America’s financial recession persists. One city that is taking the recession harder than most is Elkhart, Indiana. They are currently suffering one of the highest unemployment rates in the nation. Mayor Dick Moore stated, “When [your city has] one in every five unemployed…until you have that happen you don’t really know the true meaning of the word ‘patience.’” Made up predominantly of couple-owned households, Elkhart, Indiana is relying on the one employed spouse to make household payments. This spouse is turning to alternative funding more and more as debt grows and the recession continues.

Elkhart, Indiana has received about $14 million in stimulus funding, and is waiting on more throughout the next few months. Mayor Moore stated, “We have to fill out the forms; we have to be accountable. We’re going over the same hurdles and going through the same hoops we always did for monies that came from the federal government and state, and there are delays in the process.”

Paperwork Delays Funding

The bottom line is that paperwork delays funding, but it cannot be circumvented. For example, Elkhart already requested $2 million from COPS program to employ 10 more policemen and women. The grant would cover their salaries and benefits for three years, along with training. If the money comes to the city by September, the added police force would most likely not be on the streets until February of 2010. The nature of grants is that there are arduous application processes attached, normally under strict deadlines. Once the paperwork is finished and deadlines met, the long waiting process begins.

Once monies are distributed, city officials are still not out of the water in terms of paperwork. A full accounting of the dollars spent must be developed and submitted. Elkhart’s grant director Robin Wenger stated, “Getting the money is just the tip of the iceberg. It is the compliance that is the work.”

Short Term Loan Options

Many consumers are looking to short term loans as an option. Debt is something everyone in the recession has to deal with, and new ways of handling it are becoming more popular. A short term loan can give consumers peace of mind by extending funding to approved applicants. Typically, the application process is simple. With the Internet, the entire process can be done online and a consumer will know almost instantly if they are approved or not. If approved, their loan amount will be granted based on their current salary. Approved customers will find funds deposited directly to their bank account and deducted from the account when the next payday arrives.

For many satisfied customers, this option is a much needed relief. Deborah Matlin of New York, New York said, “Short term loans are helping us pay our bills on time, the same way credit cards used to. The biggest problem is that credit card companies are penalizing us with huge fees if we’re even one day late. [Short term] loans help us to avoid those fees.”

The Economy of the Future

Hopefully when the recession is over, consumers will be once again able to use credit to their advantage. It will take a significant amount of time, however. With the Federal Government busy focusing on the stimulus plan, the bank lending crash and the auto-industry fallout, credit card regulations are slow to be focused on.   They are a priority, but a priority that is on a long list. In the mean time, consumers need to be aware of strategic budgeting options such as payday loans, short term loans and penny-pinching. Until the economy changes, Americans need to be smart and watch out for themselves.

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Comforts of home at Extended Stay America (photo by flickr.com)

The recession seems to be holding on, and debt relief may be farther away than consumers had hope. This week, Extended Stay Hotels LLs filed for Chapter 11 bankruptcy protection. The company attributes the filing to reductions in consumer travel as a result of the recession.

The company includes Extended Stay Deluxe, Extended Stay America Efficiency Studios, Homestead Studio Suites, StudioPLUS Deluxe Studios, and Crossland Economy Studios. The company has over 680 hotels throughout the US and Canada that serve long-term business travelers.

What went wrong?

In 2007, Lightstone Group, the largest private real estate investing company in the US, bought Extended Stay Hotels for $7.4 billion, and in mid-2008, business travel started to wane. Because of the economy, businesses have been forced to lay off employees and cut many of the departments that did most of the traveling. Even companies that haven’t had large personnel cutbacks have chosen to save money by reducing travel.

A spokesperson for Extended Stays Hotel stated, “The tightening credit markets, the reduction in construction activity and increased unemployment have decreased the demand for extended-stay accommodations, as fewer construction sites, consulting opportunities and travel plans are coming to fruition.”

Big revenue, much bigger debt

The long-term hotel giant had revenues totaling $1 billion in 2008, but its debt exceeded $7 billion. Revenue per room fell almost 25% throughout the year. Seeking Chapter 11 bankruptcy allows the company to continue to do business while it attempts to restructures its massive debt under court supervision. A spokesperson for the chain stated, “All hotels are open and welcoming guests as usual.”

In terms of infrastructure, the company employs about 10,000 workers nationwide. DeLapp, CEO for the company, stated, “Our end of the business—hotel operations and administration—remains strong on an operating basis. Because we generate significant positive cash flow [we do] not need financing to meet operating obligations.”

Cautious reaction by consumers

As consumers are evaluate the financial turmoil of yet another industry, the immediate reaction is pessimism. Dr. Glinda Merken, an economist at Brown University, said, “Most consumers hear the news of billion-dollar earning companies filing bankruptcy and immediately evaluate their own debt relief solutions…they wonder if they are viable.”

Merken’s assessment is accurate according to a new AP poll that looked at consumer trust and their view of the future. The poll shows that most Americans are closely watching what is going on in the media and that the demise of large financial institution reminds them of their own precarious situations.

Not quick to increase spending

In addition, the poll shows that although the government is encouraging spending, few people are actually doing it. As Mark Reed, an economist for Smartmoney.com stated, “The current administration can encourage spending as much as they want, but it will fall on deaf ears until positive things start happening…No one is rushing out for big-ticket items in the midst of the nightly news, where bad news is packaged up in a half hour and force-fed to the masses.”

Wait-and-see is the order of the day

This bad news is causing consumers to rethink their spending. Many are focusing on saving for future emergencies and formulating practical debt relief solutions. These are their priorities as the post-recession world unfolds to the public. As corporations continue to fall under economic strife, more people are adopting wait-and-see attitudes.

Consumers are still relying on payday loans to make ends meet as President Obama calls for credit card reform.  The President is demanding a credit card reform bill by the end of this month.  “Americans know that they have a responsibility to live within their means and pay what they owe…but they also have a right to not get ripped off by the sudden rate hikes, unfair penalties and hidden fees that have become all too common,” he said.

The Credit Card Holders’ Bill of Rights has been passed by the House of Representatives, and is awaiting Senate approval.   The bill targets unscrupulous credit card companies who employ double-cycle billing and retroactive interest rate increases.  It also would prevent anyone under age 18 from having a credit card.

Correcting an “abuse that goes unpunished”

“You shouldn’t have to fear that any new credit card is going to come with strings attached, nor should you need a magnifying glass and a reference book to read a credit card application. And the abuses in our credit card industry have only multiplied in the midst of this recession, when Americans can least afford to bear an extra burden,” President Obama said. He acknowledges that the availability of credit is essential to a healthy economy, but opposes patently unfair credit-card company practices.  His goal is to stop the “abuse that goes unpunished” and create a watch dog to examine and monitor the policies and practices of credit card companies.

Credit card companies react

Credit card companies argue that the new Bill of Rights may backfire by making it more difficult for consumers to obtain credit. The proposed law, they contend, will place such constraints on the industry that even credit-worthy applicants may be left out in the cold.  They also claim that new rulings enforced by the Federal Reserve already deal with many of the protections the President is rallying for with the new bill.

An urgent call for reform

Regardless, President Obama is asking that The Credit Card Holders’ Bill of Rights be adopted at once.  The urgency of his request is a response to the public outcry over the excessive fees and unethical conduct of credit card companies that have cost consumers billions of dollars.  The President also stated, “Instead of fine print that hides the truth, we need credit card forms and statements that have plain language in plain sight, and we need to give people the tools they need to find a credit card that meets their needs.”

Borrowing money to pay excessive fees

Gail Brennan of Tallahassee, Florida stated, “We’d love to trust credit card companies again.  But because of the high interest rate hikes and late fees, we’ve lost faith.  When you suddenly have to use payday loans and borrow from family to pay for just your minimum on credit card bills, there’s a problem.” It is the hope of legislators that a compromise can be found — one that protects borrowers’ rights and brings a profit to credit card companies, while spurring the use of credit once again.

People like using credit cards

Most people aren’t going to stop using credit cards once the recession is over. Studies have shown that people like using credit cards and want the freedom to do so.  The problem lies in having to juggle other expenses and take out payday loans or other short-term loans just to pay credit card fees.  The recession has brought to light the unethical side of credit card dealings, and the Credit Card Holders’ Bill of Rights aims to correct it.

The Economic Stress Index predicts that debt relief may be on its way for beleaguered consumers. (Photo: debtreliefday.com)

Debt relief may be on the way according to a new AP poll called the Economic Stress Index.  This index is a calculation that ranges from 1 to 100 and is based on the nation’s approximately rates of unemployment, foreclosures and bankruptcy totals.  The lower the score, the less economic stress the country as a whole is under.  The Index was 10.3 in March 2009 and 9.7 in April.  Mark Vitner, a Wachovia economist, has stated that the resulting dip of 0.6 in the Economic Stress Index “[shows that] we are very close to the low point in this recession… the worst is past, but that doesn’t mean the troubles are over.”

Further assessment shows that any county with a Stress Index of over 11 is considered “highly stressful” and more than 40 percent of the nation’s counties are at that level.  The highest scoring counties were in California, northern Indiana and North Carolina.  Each one saw their Stress Index well into the teens.  Vitner confirmed that “the biggest stressor is unemployment…because it has been felt all throughout the nation, it is bringing any financial calculations way down and giving us a grim report of the economy.”

Future Hope

Despite the numbers, many analysts are claiming that the economy is seeing its low-point.  They are hopeful that the drastic highs of unemployment, foreclosure and bankruptcy are on the swing downward and will bring the economy to normalcy soon.  Gerald Daughterly, financial analyst for Citigroup, stated, “We aren’t totally out of the woods yet, but the numbers are showing a slight leveling off…that doesn’t mean things aren’t difficult, but it means they most likely won’t get any worse.”

Many consumers are welcoming any sign of an economic recovery and hoping it will benefit their stressed financial states.  While banks and credit cards may not be lending just yet, many Americans hope that the stabilizing economy will open the door to debt relief once again.  They are looking for lenders to start underwriting and allowing them to put money back into the economy, instead of pinching pennies.  Single mother of three Anne Newirth of San Francisco, California stated, “I want to start putting money back into the economy like the government is urging us to do…but I can’t do it without the fall-back plan of credit cards. I know that once those are back in place, I can start living like I normally do and splurging a little.”

Will Lenders Bite?

The biggest question remains, will lenders return to normalcy?  Many experts say that the reforms on credit card policy will make it difficult for potential borrowers with compromised credit.  Only those with great credit will benefit from future credit lenders.  Brandy McNamara, economist for Businessweek.com stated, “The credit card and mortgage lending industries will not return to normal, regardless of what offers are out there. Read the fine print and you’ll see how many new rules there are to having credit.  They are protecting themselves and won’t fall back into lending patterns they held before the recession.”  McNamara is not alone in her analysis and proof is in the new contracts many credit applicants will have to sort through prior to getting funds.  Debt relief will be difficult for everyone due to lenders’ cautious new policies.

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Installment loans are helping Americans fund homes in a difficult economy. It’s no secret that the number of new constructions, both private homes and commercial buildings, are down. The economy is having a detrimental effect on all industries, but housing is taking a particularly hard hit. Because of the difficulties, many builders are looking to new and innovative ways of presenting affordable homes to consumers.

The i-House

Clayton Homes is introducing an industrial-look, high-performance home called the “i-House” to the market. It is a prefabricated house, akin to mobile home structure, but that’s as far as the similarities go. It’s energy-efficient and made with a unique v-shaped roofline that is markedly similar to standard homes in suburbia. The layout goes above and beyond in design. It features a long main house area, like a mobile home, but also includes a guestroom/office.

It’s being marketed as a “moderately priced plug and play dwelling for the environmentally conscious homebuyer,” says Clayton’s spokesperson. With estimated heating and electricity costs of $1 per day for each, the home is expected to make a huge market for itself with today’s “go green” initiatives.

The house is also very affordable. It’s being estimated to cost roughly $100 to $130 per square foot, averaging $140,000. A traditional home of the same size would average $200,000 to $300,000 in cost. Another selling point is that the home is manufactured in “green standardized factories” and very little waste comes out of the process. There currently are four plants ready for start-up on the homes.

Thayer Long, member of the Manufactured Housing Institute, said, “It does not look like your typical manufactured home.” For this reason, people are estimated to quickly invest in the homes. A simple down payment structure is also expected to attract customers. “The company specifically is targeting people who don’t have a huge down payment and can work with lenders who will see their needs,” Long added. Borrowing from family, installment loans, or a small nest-egg can all easily fund this home and with expenses projected to be minimized, it is the perfect answer to a lower-income potential homeowner.

A reasonable example

One model i-House was on display at a trade show in Knoxville, Tennessee recently. It featured a large master bedroom with full bath, open kitchen stocked with Ikea cabinets, two decks, second full bath and a second floor deck. The entire structure was estimated to cost around $140,000. This mobile home is quickly shattering the stereotype. Long added, “I think the i-House is just more proof that the industry is capable of delivering homes that are highly customizable at an affordable price.”

The green incentive

The i-House is Energy Star-rated and the design works well with the “go green” movement. The home’s metal v-shaped roof is not only for design, but also for function. It provides a built-in rain water catchment system for recycling purposes and also holds up solar-panels for energy. The structure is built with 6” insulation to save energy and boasts a tankless water heating systems.

Affordability

The i-House is just another innovative way to move the building industry forward again. It brings the old idea of the mobile home to the market, but updates it with go green policies. It’s affordability is key to attracting customers. Many are looking to small loan borrowing or installment loan options to fund the down payment for the i-House. Its advantages and customization options are plentiful and in a recessive market, it is proving to be a viable option for the hopeful homeowner.

If you have been struggling for money in urgent situations or if the recession is causing you financial stress, then payday loans are here to save your skin. Your son is ill and you need some fast cash to get him to the doctor, but payday is yet another week away. What do you do? It is obvious you will not wait for payday to take care of your sick child. You need money immediately!

An easy solution

Payday loans are an easy and effective solution for financial emergencies. Available for a short span of approximately two weeks or until your next payday is due, these loans are also called a payday advance, cash advance or paycheck advance. Easy to access and a quick transaction, these loans have bare minimum requirements to be fulfilled to enable a healthy and successful money transfer. If you are a certifiable working adult having a running bank account, and are at least 18 years old, you should apply.

If you qualify, you will receive the money deposited in your checking account without hassles or delay, usually within several counting hours. Due to this, these loans are also referred to as same day payday loans.

Effective medication for financial anxiety

As payday loans are easy to access, they can help to combat financial emergencies. They are great to overcome the anxiety and stress of urgent financial troubles. These easy loans eliminate the need to go hunting for lenders who take too much time with your application, then evaluate and after all of that, deny or sparingly loan funds. Mental peace and self esteem are well maintained with payday loans and thereby problems can be looked after with ease and insight which is otherwise blinded by tension and anxiety.

As the money can be procured on the same day of application and can be paid back when the payday arrives, there is time to plan things out and see that they run smooth. Though rumored to feature soaring rates of interest, the online payday loans offer help at convenient rates. These loans are optimum and wise solutions. Because they are short termed, they do not lead you towards piling debts.

Payday loans-even with bad credit

You may have a poor credit record but that is not necessarily a hurdle with payday loans. The online payday loans simply look for the requirements of a job, checking account and 18years of age. Your poor credit does not lessen your chances of getting a payday loan as there are usually no credit checks that done. So, you can be absolutely stress-free when you apply for quick payday loans. Depending on the situation you are in and your present financial status, you may opt for the bad credit payday loans, no credit check payday loans, paperless payday loans, faxless payday loans, low fee payday loans and military payday loans.

Use payday loans responsibly

Though payday loans are instant help for you to come out of a stressful financial emergency, it is to be understood that abuse of this facility will only lead to misery. You have to make sure that you obtain these loans for genuine reasons and not for luxury purposes. It is in your hands alone to keep your debts under check to ensure a healthy financial status for you. Payday loans are secure and fast, so offer convenience and help to you. They are a fairly simple procedure and help you deal with your emergency needs for finance. Credit checks are usually not required. That’s it.

It’s not a fable that the government is engaging loans as a stimulus to stabilize the nation’s weak economy. In the same way, you can use unsecured personal loans to stabilize your failing business.

The truth

On Tuesday, Feb 24, 2009, the Federal Reserve Chairman, Ben Bernanke, when speaking  on the severe U.S. recession said:

“What we can do is make sure they have enough capital to fulfill their function and at the same time we exert adequate control to make sure that they are doing what is necessary to become healthy and viable over the longer term”

The fables

The recession is drastically affecting the global economy, with the U.S. having a fore role, and the resultant effects have split in millions of pieces into every sector of the economy. While all hands are on deck to stabilize the nation’s economy, many still believe in the old school theories: be careful, don’t take loans, don’t get into debt, use less debt even when their businesses need drastic financial stimulus to stabilize. These fables are quite erroneous to progress.

“…enough capital to fulfill their function….”

If your business is funning short on working capital or if the business is on the verge of bankruptcy, its functions would be highly inhibited and the whole company performance trend would diminish severely. The company would start losing its credibility as a viable business and its credible customers would start looking for alternative competitors to meet their needs. Before your company becomes late- -act–by securing unsecured personal loans to augment your short working capital

It may be right to use loans as stability stimulus for your business

Don’t follow the old school fables to evade using loans as measures to getting out of known calamities. Using loans is good and right. If millions of U.S. citizens embraced the loan stimulus package to stabilize the failing economy then it must be good for you to secure loans to stabilize your business. It may be difficult to secure loans from regular lending institutes, but you can get adequate unsecured personal loans from online loan store to stabilize your business. Loans are good, even unsecured personal loans.

“…exert adequate control to make sure that they are doing what is necessary”

It is obvious that having adequate financial aid does not ensure stability. All relevant factors must be mustered to ensure productive output. To ensure stability, the loan is just one factor and as such must work with other factors to attain full productivity. The company executives must assume their role to control all other factors to maximize productivity. They must minimize all expenses while maximizing outputs.

“…aim for healthy and viable business over the long term”

While your business rows through the stormy wave of recession just as the whole nation is, you, as a business owner, should look beyond the obvious knowing you have effectively maximized the use of all relevant factors including the use of an unsecured personal loan to stabilize the growth of your business. Having engaged relevant structural control to forge ahead, you should take a long term view of a healthy and viable business.

It works for the nation

The $787 billion economic stimulus plan is presently working for the nation as the U.S. If the loan stimulus is working as corrective measures in the country, don’t listen to fables.  Securing unsecured personal loan will work to stabilize your business. Don’t let your business go into bankruptcy as you dilly-dally and waste a lot of time. If engaging loans is bad, then the government stimulus plan would have not been an anchor of fortress at this time of great depression.