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Financial Fraud Runs Rampant In Big And Small Business
Despite continuing educational efforts many people lose much of their income each year to some sort of fraud, identity theft, bad investments, get rich quick, or to good to be true schemes. Some individuals seem to be particularly prone to such loss; it may equal their yearly savings, or even erase them. It is difficult to identify the type.
They can be found in the lowest strata of society or in high financial district offices. Wherever they are they seem to look for opportunities to lose their money in questionable deals. They become the prey of a lifelong parade of tricksters who continually descend upon them as though by instinct. Neither legislation nor education can stop the practice. Such predisposed suckers will fight both law and understanding, continuing to insist on their right to be free and cheated.
There are also whole classes of people, racial or vocational minorities most often, who fail to benefit from either protective law or instructive publicity.
In our high tech civilization, these groups remain economically depressed, not only because of their low earning power and susceptibility to cyclical unemployment, but also because they are unable to handle whatever money they do get their hands on, and are constantly preyed upon by a marginal business community still using nineteenth century ethics.
It is difficult to blame any individual sunk in this morass of low dealing. Too few dollars are being spread too thin at this level. Most of the businessmen involved would love to move “uptown” or “downtown” and play it clean. They never clear enough profit to get out of the rut themselves. If often appears useless to subsidize the depressed groups with additional cash. The fact is that they are rooked out of half of what they do get. Above this level, among the vast majority of Americans, from the lower middle class on up to the wealthy, we find a persistent apathy regarding daily money loss through shenanigans or carelessness. Literally hundreds of thousands of professional criminals make a parasitic living out of fishing in the daily stream of cash. They range from perfumed, silk-suited con-men to grubby panhandlers, all making an excellent tax-free living.
In another category we find the respected business manager or assistant who is tempted to tap the till. Recorded reasons for business failures have never considered the possibility of such factors going undiscovered during the brief life of unsuccessful enterprises. Insurance companies have plenty of information to indicate the importance of such loss as a constant factor in business.
Basic to the situation is the faith the businessman has in those he hires, even when he has not the slightest idea who they really are. The main cause of day-to-day individual loss is carelessness coupled with the lack of ability to count up the simplest numbers. Surveys among store clerks and money tellers show that great numbers of them frequently miscount. So do the customers. We have pursued the subject further in How to Beat Employee and Customer Stealing.
Losses to individuals through carelessness, ignorance of newest swindling techniques, or general inability to handle money wisely can often put a family into the red, undermining an otherwise solid future. Here then, for your information, is a survey of current gyps, dodges, deals, angles, and gimmicks. Recognizing a cheat when you see one is the best way to beat him at his game.
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Age Old Question: Invest or Pay Off Debt
Ever wonder why so many financial advisors push you to start saving right now, even if you are burdened with insurmountable debt? The answer is simple: Financial advisors are commissioned salespeople. If you don’t buy what they sell (the investments) they don’t get their commission (trailer fees).
Of course, the power of compounding plays a small role in the “invest early” motto that so many Financial Advisors promote. But what does this do to your lifestyle? Your debt repayment plans?
One way to see whether it makes more sense to invest now or start later (after all of your debt has been repaid) is to measure your Cash Dilution Rate. What this rate tells us is how much we lose to our creditors for every $100 we earn. The higher your Cash Dilution Rate, the more it makes sense to repay your debt before committing to a true investment program.
Taking a closer look, we can consider someone who earns $2,000 in after-tax income. Match this to the average American debt of $22,100 that carries an average rate of 13.35%, and this individuals sees only $1,732.86 of her $2,000.
For a better appreciation of this situation and how severe it can be, let’s pretend her advisor encourages her to invest a “modest” $250 per month. Combined with the $267.14 she pays in credit debt, she is left with less than $1,500 to enjoy the rest of her life. Even though she started with $2,000 she loses an additional 25% and has much less to pay for other expenses like rent, mortgage, entertainment, etc.
However, if this individual could eliminate all of her debt, the $267.14 in monthly savings could be earmarked for her investments. What damage does this cause to her long-term savings? That depends because there are two ways to tackle this scenario.
In the first case, this investor might find that an additional $250 per month to invest is, in fact, not much of a sacrifice. If this is the case, then that additional $250 should still go toward repaying debt (assuming there is absolutely no guaranteed financial incentive to invest such as an employer-matching program). This would reduce the debt even faster, from a little more than 57 months until full repayment without using the extra $250, to a little less than 35 months if she uses that $250 to repay the debt. Once all of the debt is repaid, the $250 + $267.14 can be invested for a total investment value of $517.14 per month.
Assuming the investor has 15 years left to invest and can still afford it after the debt is fully repaid, to invest $250 + $267.14 (or $517.14) monthly, then she will be farther ahead by $38,283… and this takes into account that she starts investing 3 years later than she would have if she had started with $250/month! Not only will this investor have no debt left to repay three years later, but she will be farther ahead and better prepared to weather unplanned financial hardship.
Another way to look at this is to assume that after nearly three years of paying $517.14, she wants to start enjoying more of her life and decides that instead of investing $267.14 (what she saves in credit payments) plus the full $250, she invests only one half of the $250 and spends the other $125 on something frivolous (like shoes). Spending $125 on shoes allows just $392.14 to be invested. Taking into account that she starts investing three years later, she would still come out farther ahead than if she invested $250 per month today (she would be ahead to the tune of $7,167, it turns out).
Either way, repaying debt should take priority in nearly every sound financial plan, even though repaying debt is much less glamorous and nowhere near as exciting. Of course, there are some instances and arguments where debt repayment might not always be the wisest decision, but those situations are quite rate.
Originally posted 2009-06-03 07:55:37.
Tags: credit, credit card debt, credit card debt repayment, credit debt, debt repayment, finances, pay off debt, personal finances
Credit Card Offers Explained
The banks are constantly hitting us up with credit cards offers. So how do you cut through the marketing spin and actually figure out the difference between the credit cards and pick the best credit cards for your needs?
In order to compare credit cards you should understand the main features found in most credit card offers.
Balance Transfer APR: APR stands for annualised percentage rate and is the equivalent annual interest rate. With a balance transfer the APR is the rate that applies for an introductory period on balances you bring across from existing store or credit cards with outstanding balances. Watch out for transfer fees which are normally charged as a percentage of any balances transferred.
Introductory Purchase APR: This is the interest rate that you will pay on purchases for a promotional period once you take out the card. Don’t get caught out by these intro offers, check out the small print to see that you won’t get stung if you still have balances owing when the offer period expires.
Purchase APR: This is the standard credit card APR charged on purchases. If you don’t think you will pay your bills off in full each month then a low interest credit card rate will be important while if you will pay your bill in full each month then you may not pay any interest so the rate is less of an issue.
Interest free days / grace period: You may see claims such as ‘up to 44 days interest free’ advertised. This is the time period from making a payment until the bill is due. Cards with a long grace period mean that if you pay your bill in full before the due date each month then you won’t pay any interest. Some cards have no grace period on purchases and most cards have no grace period for cash advances and in this case, interest is charged from the day of purchase or advance.
Annual Fee: most cards have now dropped their annual fees but you may find that some premium cards do still charge an annual fee in exchange for extra features. Alwats ensure that the value to you of extra features such as insurances are greater than the annual card costs.
Rewards scheme: Rewards schemes come in all different shapes and sizes such as cash back, shopping rebates, points, airline rewards and much more. Do some basic math before you apply and calculate if the rewards your liekly to earn will be greater than the interest and fees. Also choose a card that offers rewards that you want. Most rewards programs offer rewards that average around one cent in value per dollar spent so don’t spend up just to earn some extra points, it’s simply not worth it.
Now when you come to look for a new credit card you can cut straight through all that marketing hype appliead to card offers and pick a card that is right for your needs. There is no card that is the best for everyone; you just need to pick a card that will work for you.
This article is by Richard Greenwood a keen consumer advocate helping consumers getting a better deal. Richard runs www.compareyourbank.com.au
Originally posted 2009-06-30 20:39:56.
Tags: apr, balance transfer, banks, best credit cards, credit card, credit card offers, credit cards, debt, rewards
Loans, Postive or Negative?
There are a number of different ways that you can get money and a quick online search would reveal many different providers that would be willing to lend you money. Once, you would have been unable to borrow money from anybody other than banks, but now there are an inordinate amount of providers. Search online and you will find many providers.
If you are in situation whereby you need to get quick cash then you should look into a payday loan. This allows you the chance to get money quickly and they do not asked for a credit check. This is the best thing about payday loans, no credit check is ever taken and you do not reveal anything about your credit history.
People having bad credit can result in the money being stopped and this can have both negative and positive impact on those that need to borrow cash. On a positive aspect, if you have a bad credit history, you will be prevented from borrowing money as a consequence of not adhering to previously arranged credit agreements that you had implemented.
So why is this positive? Well, the reason it is positive is mainly due to the fact that you have obviously made a bad financial call in the past. If you were to borrow more money, would you really be able to pay it off, or are you borrowing money, just to pay off the debt that you already have. Be careful if you have been rejected as if you have been turned down, you obviously have money issues you need to deal with.
On a negative side, the fact that you are unable to get too money makes it a difficult thing for so many people. As you have borrowed cash, it means that you need to get cash fast and if you can’t access it this can lead to additional stress. You are clearly ins a difficult situation and this means you obviously need quick money, but try and rationalise the situation and don’t panic.
If you have got yourself into debt, then you need to reflect on how much money you owe them. The most important things that finance advisors suggest you do if you have accumulated large amounts of debt is to make contact with the people that you own the money to. By having talks with your creditors you are then able to discuss your financial situation and try and resolve any issues accordingly.
Fast Payday Loans are available for people who have experienced a poor financial history. Think about your financial history and if you have an adverse credit history then you may need to consider looking for payday loans provision accordingly.
Originally posted 2009-05-26 04:07:34.
Tags: instant payday loan, payday loan, payday loans, quick payday loan
Yes! You Can Use Credit Cards To Rebuild Credit
Using credit cards to rebuild credit after bankrupt is the subject I’d like to talk about today. Don’t get discouraged because of your situation. Given the right series of events it could happen to anyone. Let’s talk about how to use credit cards to rebuild credit after bankruptcy.
The Good News
The good news is that it’s not the end of the world. There is a way to regain the life you once had before bankruptcy. Without the ability to be positive in spite of your situation you cannot move forward. You might have to start over when it comes to your credit, but at least you are given another chance.
Building Trust
There are credit lenders that are willing to loan you money after you’ve declared bankruptcy. When using credit cards to rebuild credit you will have to pay a high-interest rate on the money you’re lent. You goal in to show that you can be trusted by making all of your payments on time.
Exercising Responsibility And Rerstraint
Ideally you should plan to pay your credit cards in full every month. What this will begin to show is that you are capable of exercising restraint and reponsibility. Let the credit lenders see that you’ve made the necessary changes.
A Final Option
Secure credits cards are yet another option that can be used. You can use a personal savings account to obtain a secure credit card. In the event that you fail to make the payments the funds in the account may be claimed by the lender. This will allow the lender the ability to take on more risk with credit card applicants.
This Takes Time
Although it won’t happen as fast as you’d like you now know that you can use credit cards to rebuild credit. Learn from your mistakes to ensure you don’t make the same one’s twice. As long as you are patient and persistent and your credit will eventually improve.
Originally posted 2009-07-07 09:35:10.
How is credit card interest calculated?
Credit card interest is usually calculated daily, but it is not applied to your account until the very last day of your statement period.
Banks can use many complex systems to calculate the interest payable on your account, but the most common process is to charge compound interest on a daily basis. The best way to fully understand how credit card interest is calculated is by way of example.
Let’s say your statement period runs from the 11th to the 10th of every month. So, the first day of your statement period is March 11, and the last day is April 10.
You start the statement period with an outstanding balance from the previous month of 200, and you make acquisitions of 125 on March 15, 75 on March 19, 80 on March 25, and 190 on April 2.
Your final closing balance is 670, but your total balances throughout that period were:
Day 1 - 4 (March 11-14) = 200 per day, or 800
Day 5 - 9 (March 15-18) = 325 per day, or 1,300
Day 10-15 (March 19-25) = 400 per day, or 2,400
Day 16-23 (March 25-April 1) = 480 per day, or 3,840
Day 24-31 (April 2-10) = 670 per day, or 6,700
Total: 15,040
In working out your average daily balance, you divide this total calculated by the amount of days in the month (31), to get 485.16.
To then calculate the average daily interest rate, the banks divide your annual percentage rate (APR) by the number of days in the year. In a non-leap year of 365 days, and assuming a credit card interest rate of 12.99% per annum, the daily interest rate would be 0.0356%.
The daily interest rate of 0.0356% is then applied to the average daily balance of 485.16, which equates to 17.27 pence per day. After this figure is multiplied by the number of days during the period of the statement - in this particular example, 31 days - we come to the final interest amount payable: 5.35.
When is interest charged?
Interest is charged on your credit card account will usually be debited on the last day of your statement period.
If you have a credit card with an interest free period - which is generally up to 25 days after the final day of your statement - no interest will be charged, provided that you pay the entire closing balance by the due date. If you don’t pay the full closing balance by the due date, interest will be charged daily from the date of purchase.
Originally posted 2009-06-18 08:44:34.
Late Mortgage Payments Sabotage PMI Cancellation
There’s something you should know about PMI!
Private mortgage insurance is commonly referred to as PMI. If a buyer makes a down payment of less than 20% of a home’s value the lender will insist that a premium for PMI be added to every monthly payment.
Statistics prove that the more money a buyer has invested in a home the less likely they are to default on mortgage payments. With less than 20% down lenders want added security for the loan and so PMI was developed. Nice for lenders… expensive for borrowers.
The federal Homeowners Protection Act of 1998 mandates two ways to cancel PMI.
1. When regular monthly payments have paid down the loan balance to less than 78% of the ORIGINAL APPRAISED value of the home. Current appraised value does not count even if the value of your home has doubled.
2. If you pay an extra amount over and above the monthly payment so that the loan balance falls below 80% of original value.
The act excluded FHA loans made before 2001. Mortgage insurance on those loans can never be canceled.
What if you bought a home in Southern California and the value shot up 40% during a ten month period? That’s not covered in the Homeowners Protection Act, but most lenders will listen to a request to cancel the PMI… but not during the first two years of the loan.
After two years the lender will require that the value of the home has increased to the point where the loan is 75% or less of the potential selling price. Then they may release the buyer from PMI premiums. You must ask!
WARNING! THIS CAN BE EXPENSIVE!
Many homeowners make a huge mistake when they are late with mortgage payments. If you have a poor payment history the lender is not required to lift the PMI. You will be out a huge amount of money… over many year as you continue to make those PMI payments… even though your loan balance is well within the lenders normal limits.
PMI makes it possible to buy a home with a small or no down payment, but don’t be fooled. It is very expensive and every homeowner should do what’s necessary to get rid of it as soon as possible.
Mark Walters is an investor-entrepreneur helping other investors from his Web pages at http://www.Lease-Option-Sub2.com. Lenders mortgage insurance estimator
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Home Equity Loans 101
A secured home loan differs from an unsecured loan in that the secured loan borrows against one’s home as collateral, thereby reducing the risk to the lender.
As such, secured home loans often offer better interest rates than unsecured loans, but offer higher risk to the borrower, as defaulting on these loans can have greater consequences, such as fines, or even possible repossession of the home originally put up as the secured collateral (subject to the amount of the loan, of course).
As the interest rates for secured home loans are usually significantly lower than unsecured loans, more of the monthly payment goes towards paying off the capital, rather than paying the accrued interest.
The monthly payments are often more flexible in secured loans, affording the borrower more leeway in working out a payment plan that fits his or her needs. However, care must be taken not to use this as justification for taking out such a loan, as it is a financial contract between lender and borrower.
There can be a number of reasons for taking out a secured loan, such as debt consolidation of high-interest loans, financing for remodeling, or repayment of college or car loans. Most lenders offering these types of loans recommend loan repayment insurance, to guard against an inability to pay on the loan for a time due to factors such as illness, losing a job or other unexpected occurrences.
Before taking on a substantial loan such as a secured home loan, a careful analysis of personal finances is in order. Having a friend or an accountant or finance officer assist in this process can save trouble and headaches later, as they may bring up issues and/or expenditures unthought-of, issues such as examining how much is spent on morning mochas at a favorite coffee shop? An outside perspective can often help clarify these matters so a better-informed decision can be made.
If proper planning and care is taken, a secured home loan can be a valuable tool for managing personal debt. Talking to a loan officer or financial advisor at a major lending institution can help make these possibilities a reality, and can be a step towards the realization of financial freedom.
Discover useful advice and information about home equity loans. Website contains articles and advice about home equity loans. http://www.homeequityloans-cheap.com/ . Average adjustable interest loan rate of 5.15%
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Tags: credit information
Poor Credit Auto Loans Can Be Easier To Get Than You Think!
Poor credit auto loans are also know as auto loans after bankruptcy because a healthy credit history is not required to avail these loans. If you are having a poor credit history and you thought there is no way for you to apply for a car loan, you probably missed this loan option. When it comes to poor credit, you are not the only one. There are roughly ten million Americans who are suffering from bad credit history. After the economic slowdown and constant layoffs, so many people lost control over their credits and finance management.
Seeing that the country is going through a great deal of financial difficulty, the majority of the population is known to fall under the bad credit category. For this reason, the government has been forced to introduce special loans that are particular to auto loans after bankruptcy and poor credit auto loans. Both auto loans after bankruptcy and poor credit auto loans are known to be quite different in comparison to normal loans.
For starters, auto loans after bankruptcy and poor credit auto loans are known to have a higher interest rate charge. Where you would only be expected to pay two to three percent interest charge on a normal loan, you would expect to pay quite more with a poor credit score. In the case of auto loans after bankruptcy and poor credit auto loans the standard interest rate that is currently circulating the market is six percent or there about. Even though this may seem as a high interest, for the position you are in, it really is not as bad of a deal as it may seem.
Going for an inexpensive car is the most suitable deal with auto loans after bankruptcy. Don’t worry if you have no assets and a higher income. There are still some ways to find the best car deal for you.
If your monthly rates become higher, situations are more likely to get worse because you can’t repay your loan. Since a poor credit auto loan is your last resort to apply with a poor credit history, you don’t want to be in more trouble.
If you are willing to buy a car to use for a long time, go to a company that provides auto loans after bankruptcy with a not so popular model. Usually poor credit auto loan providers will have some discount from manufacturers and these discounts will be higher for cars those are selling less. If you ask your lender to bring down the interest rate for such cars, he is most likely to agree because he is getting compensated from the manufacturer’s side.
Looking to find the best deal on auto financing with bankruptcy, then visit www.KarLoans.com to find the best advice on bad credit auto loans online for you.
Tags: poor credit
How To Find The Best Candidate For Your Collection Agency
Although we are in the midst of a recession, many of collection companies are looking to hire new trainees. According to a recent survey, over 55 percent of collection agencies are planning to increase the amount of staff in the first half of this year.
To save aggravation and time, and to promote long term growth, it is crucial that you hire the right people, preferably getting it right the first time. In the collections industry, hiring the wrong person for the job takes up management time to train and it leads to an unhappy new hire who could hurt the credibility of the manager and company every time it happens. Legal fees, severance pay, and lost productivity are all examples of the negative effects of a bad hire.
There are many interview styles. Behavioral questions are based on the fact that past actions might predict behavior in the future. This type of style uses inquiries such as “give me an example of”, or “what are your best and worst personality traits, and questions about stress.
But maybe the most important principle that any employer should know about interview styles is to get the candidate to be extremely specific. Usually, most interviews involved inquiring into a candidate’s job history, but someone who is good at selling you their experience may not be best suited to do the specific job you have in mind.
It is better to cover less ground, very thoroughly, than to have a superficial sense of where the candidate has been. Never take their first description as complete - you should ask for more details.
Look for candidates who seem to be passionate about what they do. By looking under the surface, you can determine if there is real depth behind what the candidate first claimed. Looking beyond qualifications can provide you with details that can give you insight into the way the candidate approaches the job, and what their work habits are like.
Mallory Megan is employed by a debt collection agency. Also, she writes stories on consumer spending, business, finance, and debt collection. Get a totally unique version of this article from our article submission service
Tags: credit information
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