Saving - The First Choice Of Investment

The economy is still reeling from the recession that has surfaced in the U.S economy. The recovery is slow and the creation of jobs is somewhat static. A large number of companies and individuals may have spent the last year paying off debt. This is also applicable in the case of car fanatics, since the buying power has been affected adversely. In this status quo, saving is almost a necessity today. If you are doing any job or running a business, saving should one of your key priorities. There are number of ways in which this process can be initiated by individuals and families.

Savings funds

Saving funds are now considered as an important personal investment. They’re beneficial for single people and families alike. Different rate or returns are available for savings funds and you can select a package that is suitable to your liking. Previously, it was thought that saving funds can be applied for after 30 or 40 years of age, but now they should be opted for at any life stage.

Saving

A common belief was that the money deposited in savings funds could be invested in more profit oriented businesses, but now with the economy in doldrums, such funds are the wisest choice you make in terms of keeping your finances secure. It would also make sense that you get the best saving deal when you lease a car. Even high end car dealers now offer saver lease deals.

Compound Interest and Constant default rate

The importance of saving rather than spending is also been emphasized on the account that you would be able to cater to your mortgage loans or car lease in a better manner. With your income avenues being reduced, or the interest rate for CDS on the higher side, you would require wise thinking financially.

If you are missing out on your payments, the issue of compound interest would also arise. Compounding is basically the addition of interest to the principal amount. When the interest is added to the principal, its overall amount along with the related interest is increased. This would create a financial issue which can become unbearable over a longer period of time.

Alternates

A counter strategy that can be used to survive in this time of economic instability is by opting for safer choices. For example, you can opt for compound interest on your savings and this can result in a higher profit margin for you at the end of the day.

It is also viable to prefer a diverse saving portfolio. When it comes to commodities like cars, the rates for lease as well as insurance vary. So opt for an economical choice where your cost factor is minimized.

Retirement funds are important to set up at an earlier stage. While you do set up, this is not the end and there are further actions required. There is also a need to maintain that fund. There have been statistics which show a higher percentage of people dipping into their savings and retirement funds before they even retire. This would create a bad fiscal scenario for you in the long run. It is advisable to maintain these savings, since it is a worthwhile investment that provides you with fiscal immunity at the time of recession.

When you decide to try and reduce your debt, the first thing you will look at is your credit cards and how to find a card with a lower interest rate, so that you can put the scissors through the card that is burning a hole in your finances.

But changing card may not be the best option, as many credit card companies have little ways of getting the money back, in which they have given you in savings with accredit card with a 0% interest free period. One of the ways is when you transfer your balance from the more expensive credit card on to the 0% credit card, this will not apply to purchases, but the sting is when you use the card, you may spend £400 a month in the knowledge that you will be able to pay off this at the end of each month.

So you make your purchases, pay your statement on time and think that you have not accrued any interest on the purchases as you have paid the bill in full.

Well this is where the credit card issuer turns the tables, the cash that you have paid into your account goes towards paying the balance that was transferred to the card in the first place, meaning the £400 in new purchases will start to pile up interest, until the balance transfer is settled in full.

To deal with this, is to transfer your highest debt onto the 0% interest free credit card and then don’t use it for purchases, in the meantime if you wish to make purchases, the best thing to do, is to apply for another credit card with a 0% deal or one with a lower APR and use this for your purchases, but only in the knowledge that you are going to pay of the balance in full every month.

Some credit cards to look at for a good deal on credit cards that can be used for purchases, Sainsbury’s are offering a card that will give you a year of 0% interest on any new purchases that you make, some are offering 9 months, they include Halifax, Ulster Bank and Intelligent Finance.

If you feel that you are in a position of just wanting to clear your debt to get your head back above water, then turning to a debt counsellor will hep you for advice and the best way to get yourself out of the debt trap and if you have found a good one they’re first piece of advice, will be to clear the most expensive of your debts first.

Intro

While we’re on the subject of health and money, let’s go a little bit laterally and talk about getting the life that you want. Of course you want to make good money, live well and have a great time. But it’s very easy to end up putting a lot of pressure on yourself — much to your detriment. You have to break out of that, but you might not know how to do that.

We decided to delve into this subject a little bit — it might be a little long, so get your cup of coffee ready.

The Way Most Young People Start Out – and Why They Fail Quickly

A lot of people push themselves way too hard, for a wide variety of reasons. They might have grown up very hard, and they feel that they must work that hard in order to get past the background that just can’t seem to stop following them.

Yet there’s a time and a place for hard work. If you study the most successful people on earth, you’ll find plenty of hard work. Yet you’ll also find laser targeted focus. It’s not just enough to work hard on anything. You have to identify the things that are really going to mace you forward.

Don’t just look at your friends. We hate to say it, but most of our friends just give the appearance of looking busy. They want people to look at them and say “Oh, look at how busy they are!”

That’s not real productivity. Like most people, you probably have Internet at your house. Do you really do anything online that helps you reach your goals? If you don’t, it’s probably likely that you’re just hanging out on Facebook with your friends. Facebook isn’t going to make you the money that you really want.

I can already hear the social media fans say that Facebook has a purpose. This is true — but I will counter simply that most people aren’t on Facebook to really build a network that gets them anywhere. They are on Facebook to forward funny pictures and get their opinion across to people that already agree with them. Anyone who disagrees with them is just spreading “drama” and that’s not fun or nice.

So really, the social media thing isn’t being used to reach your dreams. And if something isn’t getting you in the right direction, why not cut it out? Of course, if you’re addicted to Facebook like so many of us are, you might want to limit your time. Don’t use Facebook as a crutch to avoid solving deep problems. That’s what the crowd does, and you’re trying to break away from the crowd, right?

The F Word Doesn’t Have to be Bad…Unless You Make It So!

I’m going to talk about failure. Yes, that’s right, I said it — failure. SO many of us in the under-30 category are so scared of failure that we don’ do anything. That’s the real cause behind the “failure to launch” syndrome, where people never move out of their parents home. Sure, they might not want to live at home with Mom and Dad, but the reality is that at least their parents are the devils that they know. They’re more afraid of the devils that they don’t. The real world is tough, don’t get me wrong…but it’s not impossible. There are plenty of people that actually make a decent living. There are plenty of people that go out and have a good time and they move towards their goals in a timeframe that suits their needs.

You can do it too.

Failure doesn’t have to be bad unless you assign it that feeling. It’s a really neutral thing, at the end of the day. You just need to make sure that you’re thinking about what to do after you fail at something. Is it something that serves your ultimate goals? If not, don’t worry about it. If it does affect your goals, give yourself time to reflect. In my opinion, there are far too many distractions in life. You need to unplug from these things and really elevate yourself to a higher platform. That’s the best way to do it. (more…)

How good would it be to look at a list of credit cards, pick one and stick with your choice knowing that the plastic that you have chosen is the one that you will have for the rest of your lifetime?

“Wish it was that simple” I can sense what you are all thinking, because we all know it isn’t and the older and wiser that we get, the more chance there is to switch from our original credit card, in search for a better deal.

Most people when the thought of getting a credit card, usually find that they turn to their bank or building society, when a credit card is on the agenda, this means you are jumping into a credit card, that either you are buying into because you have an account with or the bank or building society offer you one because you are already a customer.

This will lead to you having a credit card that doesn’t suit your needs, with a high interest rate, this could lead to you max-in out the card if you are in a low paid job and you may turn to having the plastic of a few different card issuers in your purse/wallet.

It doesn’t have to work that way and the best thing to do if you feel that in everyday life you need a credit card, then sit down get as much information on all the credit cards that are out there and make sure that you pick the one that suits you and what you need it for in the first place and don’t take a credit card out that only suits the card issuer.

The card issuers also change little things like raise your credit limit, hoping for you to spend even more on the credit card, as you will feel that you have more spending power and giving you the thoughts that they have raised my limit, therefore they must think that I can afford to pay. Be careful as it only sucks you further into debt.

Payment protection is also advised by the card issuer to take out to protect you for illness or loss of employment, but always check out the small print on this cover, as much of it may not cover you anyway and you will be paying for an extremely expensive payment protection that cant work for you.

Credit card companies will say that they start first time credit card owners on small fixed limits (£200-£300) to try to teach them how to keep from getting to far into the debt trap, but in reality a few months down the line and a quick check of your credit card statement and you will notice a marked difference in the amount that is available to you to spend.

You may be satisfied with your current credit card company, but have you checked out some of the many offers that are being banded about by the credit card issuers right now, as there are maybe a better proposition in the offing, if you are willing to try, though there is a way you try and get your current credit card to give you a more competitive interest rate. This will be a lot easier than you can imagine, so here we will show you how to save some money on your interest rates, by giving you credit card issuer a call.

If you are happy with your credit card issuer and are happy with they’re level of service, changing credit cards might not be an option, but read on to stay with the same credit card and save some cash in the meantime. But if you are not so happy with your credit card, then the best thing tat you can do is to go for another credit card that will give you that feeling of loyalty, through giving you the services that you require.

The ones that are satisfied with their credit card issuers are now about to try and save themselves some cash, by following these simple steps.


1.    Make sure that your account is up to date and you haven’t missed any payments. A good payment history is also an advantage; this will give you a good starting base in which to start to ask for your interest rates to be reduced. If you don’t any of these aces, then try and build up your payment history, before approaching your credit card issuer.

2.    Once you have gathered the information on your payment history, you then call the credit card company. When you call be determined that when you come off the phone you will have a reduction in your interest payments, this can be done with letting the credit card issuer that you will not be with them much longer, if you don’t get the desired response. This can only be done if you are holding the right cards to del with and having a good payment history is the ace up your sleeve, you are the type of customer that credit card companies want and have to wish to loose.

3.    Write down a few of the things that you have got in your mind that you want to tell them and practice them before you call, adding comments such as letting them know of other offers that you have on the table from other credit card companies, also state how long you have been with them and how they have never had any problems with you making your payments and if there is in anyway that they can come close or better these other credit card offers to keep you as a customer, blackmail may sound a bit strong, but you have to get the best deal for you, not them.

4.    Don’t start the phone call with a cheeky attitude, you wouldn’t want somebody to speak to you in this way, so proceed with a polite and courteous manner, but if you have caught someone who is having not the best of days, then simply ask politely to speak to the customer service supervisor.

What ever you do try and not to go into it thinking that you will get what you want, as it is simply not the case that your credit card issuer will fold to your demands, as they may not, so having that list of other credit card offers can then be put into plan, because if your credit card has no sense of loyalty, then why should you.

Debt consolidation, credit counseling and debt settlements are all options for paying off your debt. Yet, not all of these options are the best choice for everyone. When it comes to how you got to this position, little matters. What does matter is how you will get out. Without becoming overwhelmed and confused, you need to take a serious look at what your options are. To help you, there are several things that you should consider and that’s what is pointed out here.

Debt consolidation vs Credit Counseling

Debt consolidation facts:

·         This is a loan that you will take out that will be used to pay down your credit card debt or other debts that you have.

·         Your debt is restructured so that you get to start over with this new lender.

·         Your credit cards are paid off and you can begin to start rebuilding your credit rating.  You can also rebuild your credit by using a debt consolidation loan that is paid off timely.

·         The best interest rates that are offered on these debt consolidation loans come from those that use secured loans.  These are secured through the equity in your home (although you can secure them with other types of assets as well.)

·         You may not qualify for a debt consolidation loan if your credit score is very poor or you do not have a steady flow of income.

·         If you qualify for a personal debt consolidation loan, you are likely to pay high interest rates.

Credit counseling facts:

·         You will work with a counseling company to determine what your monthly budget should be.

·         Your counselor will work with your lenders to help get your interest rate lowered on your loans and other debts.

·         The credit counseling company will be paid one monthly payment to pay off your creditors. Generally, this amount will have to be automatically withdrawn from your account each month.

·         Some creditors will lower fees, will reduce charges and will lower your balance for the time period that you are working with the counseling agency.

·         You will not be erasing your debt, but working on paying it down.

·         For some, credit counseling can have a bad effect on their credit especially if they do not continue to pay it down on a timely basis.

Debt consolidation? Credit Counseling? What is the right choice for your specific needs?  Look at the options that you have and compare how they affect your needs. In the end, you want to determine which options work the best for you, not the lenders and not the companies. You can then pull yourself out of debt.

To read more great financial articles, check out financial blogger.

Looking for something that’s really going to set off the holiday season properly? Then look no further than logbook loans. What is a logbook Loan? It’s something that’s going to definitely make it easier for you to make ends meet, all without really losing anything at all. As long as you take care of your obligation, you will not be putting your car at risk in any way.

So why do people give logbook loans such a hard time? The truth is that they really go on more myth than truth when it comes to these loans. They are a bit higher in terms of interest than other loans, but they can be picked up very quickly. That’s part of the premium that you’re going to have to expect when it comes to getting this type of loan.

The other part that makes logbook loans so much of a premium is that they are truly open to everyone. It’s no secret that not everyone has a clean financial record. This means that you’ve made some mistakes along the way, but why should those mistakes keep you from really leading the life that you were meant to lead? Why should those mistakes keep you from doing a little extra this holiday season to show friends and family that you care?

Once you get the money covered by your loan, the sky is the limit in terms of what you do with it. You don’t have to disclose to anyone what you do with the money that you borrow. It’s designed to make your life easier. So if you need to borrow money to pay some bills so you have a little breathing room, you can do that. If you have an idea to purchase some stuff on deep discount before the holidays really get off the ground, well, you can do that too.

It’s completely up to you to figure out what you’re going to do, how you’re going to do it, and when you would like to get started.

Don’t just buy into what people say about logbook loans until you figure it out for yourself. If you just buy into what people are saying, you’re going to be counting yourself out of a lot of good stuff without realizing it.

The best thing that you really can do right here, right now is think about your own options. If you need money quickly and you’re tired of being blown off by banks, you just might find that logbook loans are exactly what you’ve been looking for.

When you are researching a lender for your bad credit loans online, you can make the process go quicker and smoother if you follow some specific guidelines. One of the things that you absolutely do not want to do is rush through the process without having any idea what you should seek and what questions you should either ask or to which you should seek answers.

Make a List of Questions to Ask

Even if you are conducting your research online for a bad credit loan, the most efficient method, you still need to compile a list of questions to which you need answers. These are questions to which you will seek answers either on the lender’s website or by direct contact with the lender via email or telephone. It’s important to make sure you receive answers to all of your questions, and if you cannot do so, you may want to reconsider applying for a loan with that lender. Online research is the better alternative as you can obtain more information in a shorter time than you can if you attempt to make telephone calls or visit local lenders.

Compare Information of at Least Ten Lenders

When you are conducting researching for a lender for your bad credit loan, research at least ten lenders. You need to allow yourself enough information so that you can choose those lenders that look the most promising. You also want to make certain you have enough information on those lenders to allow you to make an informed decision. By starting with ten lenders, it is easier to begin to eliminate some that either don’t meet your criteria or whose qualifying criteria is more stringent than you possess.

Take Your Time Choosing the Right Lender

After you have conducted your research and you have information to review, do not rush to make a decision about a lender. When you rush to make a decision, you risk making the wrong decision which can hurt you in the long term. You should never put yourself in the position where you need a bad credit loan too quickly and don’t have the time to research lenders. Choosing the right lender for your loan is too important of a decision for you to put a time frame on it. If you have a tendency to need a loan quickly, take some time to research lenders so that when you need a loan in a hurry you already have the information available.

Make a Decision Based on Facts Not Feelings

Sometimes we have a tendency to think we know what is a good decision based on a “gut feeling.” Choosing a lender is not the place to use this strategy—base your decision sole on facts and don’t attempt to “feel out” the lender when you are researching online. Even people who insist on using local lenders should do attempt to do that. Choosing a lender based on feelings is both dangerous and lacking in proper technique.

Many people out there have always been a little fearful of applying for a credit card, as they have probably only really listened to the scare stories regarding having one. With people being left with massive debts, families breaking up and people loosing everything that they have. These are quite extreme, though it can happen things are being done to try and make credit cards more transparent to the consumer, so that choosing the right credit cards for their needs and it suits them, will mean a better understanding of credit cards, leading to less consumers getting into financial trouble.

If you are wishing to buy into a credit card and are not sure which way to turn or who to turn too, then the best place to go to compare credit cards has got to be the Internet. As here you will get the best offers and it will be a lot easier to sit in the comfort of your own home, in front of the computer to check out the deals that the credit card issuers have got to give. There is also no selling pressure put on you from an agent trying to receive commission on every card that they sell.


Once you have decided on the credit card that you wish to have, being able to make an application for that credit card online, couldn’t be easier and less stressful than applying, say over the phone. Though always check that the gold lock is on the bottom of the page, this will mean that the information that you are sending will only be seen by the recipient of the application that you sending.

There are so many to choose from and most of the major credit card issuers will be found on the Internet and they will have a wide array of credit cards to suit everyone’s needs, from low interest credit cards, student credit cards, business credit cards and bad credit-credit cards, it may take a bit of time to get to the card you want, but picking the right credit card will save you from making a costly mistake.

It’s a route into bankruptcy for Scottish residents. If you don’t qualify for bankruptcy because your lenders haven’t started legal action against you, LILA could give you another way in.

LILA stands for Low Income, Low Assets – because it’s only available to people who are on a low income and have few assets to put towards their debts.

Do I qualify for LILA bankruptcy?

To qualify, you must meet the following criteria:

  • You must earn no more per week than the standard national minimum wage for a forty-hour working week – currently £237.20.
  • You must have no assets worth more than £1,000 individually, and combined assets worth no more than £10,000.

If you receive income-based jobseekers’ allowance, income support or working tax credits, these won’t be included in the assessment of your weekly income, even if you’re actually earning more than £237.20 a week in total.

Is it right for me?

It all depends on your circumstances. Bankruptcy can be the best option for some people, but it’s often considered a last resort for struggling borrowers. There may be other solutions available that are more appropriate for your situation.

Final points

Although LILA could really help if you don’t qualify for bankruptcy by normal means, you must remember that bankruptcy will have a significant impact on your credit rating. This could make borrowing money very difficult for six years after your bankruptcy order is issued.