Paper or Plastic? What to consider about paying for the little things.

Financial Reviews | Posted by admin
Feb 10 2010

Let’s start at the beginning. You’re entering school, and find out that maybe financial aid doesn’t fully cover all your expenses, like books, supplies, maybe a meal or two a week that goes under the radar. You think to yourself… “well ok, maybe I’ll get a credit card — I mean I have to start building my credit history up anyway, right?”

This is an extremely common scenario among new and even existing students. According to the Washington Post, in 2010, it is estimated that students will spend anywhere between $700 to $1,110 annually on textbooks. This does not factor in living costs (room and board, or rent and utilities if in an apartment), things like your cell phone plan, and other incidentals that hindsight never sees ahead of time.

Therefore, having a plan for paying for these types of things is absolutely essential and rewarding. Today, there are a lot of different options.. and I’ll go over some of them with you to help figure out which of them, or combination of a few works best.

1. Student Credit Cards

Controversial, but very useful. In the current world and economy, a good credit history is an invaluable tool for everything from getting a great apartment to potentially a job (yes, some actually do credit checks), among other things. A favorable credit score is a very clear indicator of your ability to plan and be responsible for your finances, and that translates very clearly into the workplace and beyond.

So what’s with the stigma attached to our little plastic wallet buddies? Well, for starters…

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FHA Sees a Rise in Loan Default Payouts

Financial Guide | Posted by admin
Feb 09 2010

The rate of borrowers behind on their loan payments on loans that are insured by the Federal Housing Authority rose by over a third last year, according to the Washington Post.

This figure could mean that there is more trouble ahead for the government agency. As more home go into foreclosure, the FHA must increase payouts on claims to housing lenders.

It has been known for some time that the default rate has been climbing, but recent numbers indicate that they are getting worse. This worsening comes despite signs of improvement in the housing market. According to the Washington Post, “those loans are now maturing into their worst years because failures most often occur two to three years after a mortgage is made.”

The Washington Post report also states that, through December of last year, 9.1 percent of those with FHA-backed loans had missed at least three payments. This figure rose from 6.5 percent at the same time in 2008.

These heightened rates could present serious challenges to the Federal Housing Authority’s cash in reserve. Typically, the agency generates its own income through proceeds from mortgage insurance that is paid by the homeowners. If this cash reserve runs dry, however, then tax dollars would be used to pay claims to lenders.

Those at the FHA believe that the losses will begin to abate, however, as bad loans go off the books. The a

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Tags: Loan, Loan Default
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Credit Card Fraud Rocketed in 2009

Financial Reviews | Posted by admin
Feb 08 2010

Credit card debt that’s problematical can be one of the most depressing, and distressing issues that you’re likely to face in your financial life. But being told that you have credit card debt when you haven’t had the pleasure of spending the money must be even worse.

Yet that’s the situation being faced by an increasing number of credit card holders, according to new survey, published yesterday, from Javelin Strategy and Research, a San Fransisco-based company that describes itself as, “the leading independent provider of quantitative and qualitative research focused exclusively on financial services topics.”

It gives a whole new meaning to the term, “balance transfer credit card.”

Identity Fraud Soaring

The report shows that 11.1 million Americans were the victims of identity fraud last year. That’s a full three million more than in 2007. Back then, 3.6 percent of the U.S. population was affected, a figure that shot up to 4.8 percent in 2009. Javelin defines identity fraud as: “the unauthorized use of another person’s personal information to achieve illicit financial gain.”

The company believes that much of the increase may be a result of the economic downturn, and points to similar rises during previous periods of widespread financial hardship. But, even if it’s true

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Tags: Card, Credit Card
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What are the quick ways to repair your credit along with Common mistakes that should be avoided altogether?

Financial Tips | Posted by admin
Feb 07 2010

Well, different situation require different time. It is quick according to your personal circumstances. Many individuals are known to fix credit in a span of thirty days or some even in lesser time. It entirely depends on the damage that has occurred and its duration along with considering your present monetary situation, plain guts as well as individual efforts. But above all, being hopeful makes a difference.

Prior to anything, it is essential to pay all you bills well within time. This is important in the process of credit scoring that accounts for 35% of your total score. It has the ability either to build up or to break your efforts of credit repair. If you miss one of your payments then you have to bear a loss of 100 points.  

Get hold of your credit report from any of the credit reporting bureaus. It is often recommended to get annual reports free of cost. But do not do this unless you are in a fix with no way out. The free reports are linked with a technicality that enhances reinvestigation time in times of dispute from a span of thirty to forty days.

There are times when credit reports include mistakes which could serve as a major obstacle in your way to attain credit. Inaccurate information can be easily removed than accurate. Check out carefully if there is any mistake in the accounts, addresses, credit types, and addresses along with other personal details.

Report the inaccuracies in writing to the bureau.

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Tags: Credit, Credit Common
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The Simple Secret to Successful Savings

Financial Articles | Posted by admin
Feb 07 2010

There isn’t a money manager of financial adviser in the world worth their salt which doesn’t know and understand the greatest secret to successful savings in the world, which ultimately leads to discipline from the habit developed over a period of years.

One of the reasons this strategy isn’t employed by that many people is we wrongly apply a teaching that is correct in other areas of life but doesn’t work work when we apply it in the financial management area of our lives, as it’s one of the reasons we have problems in the first place.

Now the exception to that rule is when we have a debt addiction problem, and we have spending habits or emotional moods or swings which drive us to buy something time and time again which leads to a debt load which is crushing and ends up affecting all aspects of our lives until we deal with it. That’s a different problem though, and that must be handled first before anything else. If it isn’t, no matter what you do in cutting back on expenses and building up your savings, it’ll backfire, as you will be one mood or swing away from undoing several months of hard work, putting yourself in that endless cycle and maze you can’t get out until you take a stand – basically against yourself.

So what is that one thing that we’ve been taught all of our lives, and which is correct in almost every circumstance, but in the case of savings it’s not? It’s focusing on yourself first. In other words, it’s empl

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Tags: Savings, Successful Savings
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I Need Financial Help!

Financial Reviews | Posted by admin
Feb 07 2010

Whether you’re in a load of debt, or you need some assistance with an adoption, your kids, or your housing, there are a lot of programs out there that can give you financial assistance, if you qualify.

First, you need to know how you can qualify for financial help, and it’s all going to depend on what you need.  For example, if you want to get food stamps, you will have less than $2,000 in resources at your home, and you must meet an income limit.  Food stamp information can be found on the Social Security facts page.

What kind of assistance is out there in terms of financial help?

Adoption assistance: If you’re looking to adopt, you can get assistance from the government if you qualify.

  • Child Care: If you’re a single parent, or even married, you can get credit for health insurance, tax credit, loans, and more.
  • Disability: If you’ve thrown out your back, or you can’t even work anymore, you may be able to claim disability claims with your state.
  • Employment Assistance: Need help gaining employment?  You may be able to get assistance.
  • Mortgage Assistance: President Obama recently passed a bill that noted that many people could get help with their mortgage.  Check out makinghomeaffordable.gov for more information on that program.
  • Legal: Find yourself in a bind in the court of law?  You can find yourself gaining legal support from the government if you qualify.
  • Medicare: Yes, health insurance is awfully expensive, and if you’re looking to gain help with your health insurance, this is a great way to gain health insurance.
  • Rental Assistance: If you’re going to rent a house, or an apartment, you may qualify for assistance with your rent.
  • Unemployment: This is the most common one.  If you’ve lost your job, be sure to file unemployment so that you can collect.

If you want to gather more information on these programs, be sure to visit USA.gov, where they can highlight each assistance program.   As long as you qualify, and you find yourself needing the money, it’s a great way to get assistance when you need it the most.

Tags: Financial, Financial Help
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