Listening to books on tape can help you get there. (Photo: m00by/Flickr/CC BY-ND)

We all know how busy everyone can get. So how do people fit in time for advancing their own education in the middle of their busy everyday lives? One way you can do this is to listen to books on tape (or CD, iPod, etc.), as you can learn just about anything on tape. The number of resources available are mind-boggling, and all you need to do is decide on a few areas of interest that you have. Don’t leave out the fun fiction categories. Make a quick list, because whatever comes to mind first is your best bet for getting started.

Public libraries have books on tape

A great place to start is your local public library. You don’t need installment loans or personal loans to use their resources. They have many books on tape, and in case you didn’t already know, if they don’t have it, they will go to the ends of the earth (or county or state) to get it for you. Almost all librarians are very passionate about helping people and will do whatever it takes to find exactly what you need. There are also many libraries online, just as there are loans online, making your shopping experience that much easier.

Listening and getting organized

Getting organized and into the habit of listening is the next step. You can download many of the books right onto an iPod and dive right into your books. You can listen and learn while you walk, drive, make dinner and clean the house. These books on tape provide perfect opportunities for you to begin absorbing all the new knowledge you have always wanted to explore. Don’t worry about having to sit and concentrate. One benefit with these tools is that you can listen to them as much as you want, over and over, if you prefer.

Free downloads and audio books

There are other sources where you can get free downloads, purchase books on tape, etc. Most of these resources go out of their way to help you set up your computer to make it user-friendly specifically for listening and downloading. So start learning! The sky is the limit now!

One way consumers have long created debt relief is by putting their money into certificates of deposit, or CDs. A CD is an interest-bearing account that promises a return on investment if the customer leaves the full amount of funds in the account for a specific amount of time.

CDs can be a convenient way to grow your money, if you know what to look for. Here are some of the basics.

The Basic CD

Banks will have various terms for their CDs. For example, there are 3-month CDs, 6-month CDs and even up to 24-month CDs. There will also be minimum deposits, normally $500, $1,500 and up to $50,000.

You agree to leave your money tied up in the account until the maturity period is over, in return for an interest rate. The longer you agree to leave your funds in the account, the higher the interest rate available to you will be. CDs are covered by the FDIC and insured up to $250,000 per person, per bank.

There are many places to find CDs. One great resource is Bankrate.com. You can quickly do a comparison of available rates and funding requirements to see which one works best for you. MoneyAisle.com is another online resource, but at this web site you can let businesses compete for your funds in an auction-styled bidding process.

Questions to ask

Just like with any financial product, there are some basic questions to ask with CDs. Here are some things you want to know before depositing your money.

• Is the interest rate fixed?
• How long are the terms?
• What penalties are there if you withdraw the money before the maturity date?
• Is the CD “callable”, meaning can the bank return your money prior to the maturity date, if it wants to?
• How is interest paid to you? Some banks choose to automatically reinvest money unless otherwise directed.
• How often is interest paid out?

These are all very important questions. For example, if the bank has an automatic roll-over policy where your money reaches its maturity and you miss the grace period, you may end up reinvesting for another year unknowingly. Normally banks send letters stating if they don’t hear from you within a 7-14 day period the CD will automatically reinstate. Be sure to know if this is the case with your bank. If you’re using the CD to raise money for debt relief, you want access to the money when your bills come due, without penalty points.

Brokered CDs

A brokered CD is one that is sold by a brokerage firm. These are moneys that are pooled from various investors and then reinvested into FDIC-insured CDs. The advantage is that these brokerage firms may have access to better rates if the firm is bringing a high amount of funds.

Rene Kim, vice president of Charles Schwab, stated that another advantage is “you can keep multiple CDs of different maturities in one account … and if you have a good amount of money, you can place it with different banks to stay under the FDIC $250,000 limits.” One warning here is to make sure the brokerage firm isn’t using the same bank you are. This could potentially put you over the quarter-million dollar limit.

CDs are a good saving option if…

CDs are a great way to save up extra cash if you know the need for the cash won’t be there in the immediate future. There are penalties that can eat away at any interest return and even the principal if you’re not careful.

If used properly, however, CDs can build money for you and provide debt relief sooner. Be wise and do research, but then enjoy the benefits of this government-backed investment.

Entrance to Bank of New York Building on Wall Street

In the current economy it is more important than ever to keep watch over your savings, mortgage loans, personal loans, CDs, money market accounts and IRAs. It’s imperative to make sure your bank is doing its best to help build security with your investments. More than ever consumers have to be proactive about finding ways to protect their money. Here are some tips to look for when assessing your bank’s service.

Deposit safety

Make sure your bank is FDIC insured. If a bank is insured by the Federal Deposit Insurance Corp that means that your money is guaranteed up to $250,000 per customer. Even if your bank is currently in the midst of stress-testing, the FDIC insurance policy still stands. If you have any questions about whether or not your bank has the coverage, call 877-275-3342 to make sure.

The FDIC insurance applies to saving accounts, checking accounts, money-market accounts, CDs and IRAs. Although the elevated coverage to $250,000 was set to revert back to the previous $100,000 cap, Congress just passed a bill to extend the added coverage until 2013. In addition, credit union deposits are protected by the National Credit Union Share Insurance Fund.

Interest rates

Currently the average money-market interest rate is 0.4%. One way to optimize your interest rate is to do an online search for higher-paying rates. For example, Ally Bank in Utah is offering 2.20% for a 6-month CD or 2.8% for a 12-month commitment. Banking specialist Harry Gruber stated, “It’s takes some research to find better interest rates, but it’s not impossible. A search of the internet can lead you to a variety of out-of-state options where you can invest your savings and maximize your ROI.”

Lending

Another thing to look at when assessing your bank’s effectiveness is to look at their lending standards. Are you a candidate for personal loans if you need one? How easy would it be for you to get a mortgage loan? What about a new car loan? Find out what the lending requirements are for your current institution. Because of the economy, most banks are only lending to customers with a credit score of 730 and up. If you’re score is not in the 700s, now is a great time to start working on it. Get a copy of your free credit report from the three reporting agencies. For a clear picture, visit Smartmoney.com and use their calculators to see how a credit score can alter various payments, both monthly and overall.

Bank fees

Banks that are faltering need to raise cash any way they can and fees are a great tactic they use. Check with your bank to find out how expansive their ATM network is. Limited ATMs mean more fees for you to pay, both from your bank and the bank you use for your transaction. You could switch to a bank with better ATM saturation or join a credit union that has a surcharge-free ATM system. There are also some online banks, such as UFBDirect.com, that will reimburse you up to $4.50 a month for ATM fees.

It’s no longer a secret that banks generate an estimated $17.5 billion dollars annually from overdraft fees. One way to minimize this is to link your checking account to your savings account. If you checking account is too low for a charge, it automatically defaults to your savings account. There will be a transfer fee, but it normally is much lower than a $25 overdraft fee.

Credit card rates

Finally, check to see if your bank has raised your credit card interest rate, lowered your limits or canceled your cards. If any terms have changed on your credit card, call customer service and ask to have your previous agreement reinstated.

If your bank lowered limits on your credit cards that means you have to pay down your balance as soon as possible. You want to avoid damage to your credit score due to a higher debt ratio. Normally it’s acceptable to have 50% of your limit or less charged, without damaging your credit. Slashed limits can put you well below this limit, so be sure to check and alter your charges accordingly.

Your bank

In the end it’s up to consumers to protect their finances. Whatever bank has your savings, check up on its policies to make sure that it is still serving your needs, post-recession. Watch for FDIC insurance, interest rates, lending for mortgage loans and personal loans, the fees your bank charges and what credit card rates they have. These five topics can tell you whether or not you should stay with your current bank, or find a new one.

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