Paying Off Debt By The Numbers

The Numbers. According to statistics, nearly 80 percent of adults in the United States carry some kind of consumer debt. Owing money seems to have become a way of life, though a surprising 70 percent of those in debt consider their debt load to be undesirable. The question begs to be asked, “why do people put themselves in such a situation to be in debt when they don’t want to be?”

The answer to the question isn’t simple and clear-cut. In some cases it may involve personal spending habits while in other cases it might relate to an unforeseen set of circumstances. Either way, debt can cause unhealthy stress, and people can sometimes be quick to judge. Neither being stressed nor being judged is particularly helpful and can lead to depression, feelings of failure and strained relationships among other negativity. So perhaps a better question to ask is, “what can someone in debt do to change their circumstances and dig their w

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3 Mistakes Most Investors Make

Gather, don’t scatter.

Over the years investors have been convinced that proper investing meant taking their money and spreading it out amongst several investment professionals. Over time, many investors accumulate, on average, four advisors and several accounts. From his 401(k), Roth IRA, Traditional IRA, brokerage and mutual fund accounts, to her 401(k), Traditional IRA, trust and saving accounts, a family can accumulate several accounts with several financial institutions.

This scattering of assets leads to a false sense of “diversification” by “not putting all of your eggs in one basket.” Trouble is, this strategy really hurts most investors.

Many investors have unknowingly scattered their assets, resulting in no one person managing or fully understanding their entire situation, goals or dreams. Without comprehensive planning, there actually is no plan at all.

1. Improper Asset Allocation

Most investors have

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Benefits of Tax Software

Tax software is designed to enable you to cheaply and easily prepare and file your tax returns. You are able to use a highly rated and proven program to file your business and personal taxes yourself without having to contract the services of an accountant or other tax expert. Go for an online tax software yearly update or edition which will enable you to receive automatic updates, as well as enjoy unfettered online access to your taxes. Below are some of the benefits of using tax software.

  • Maximize Your Tax Deductions – Updated tax software programs enable you to avoid missing out on all the latest deductions, thus reducing what you owe and earning you a larger refund. This way, you get to keep up with all changes in state and federal taxation laws, and avoid owing taxes that arise from these changes.
  • File Returns from Your Computer – Tax software enables you to e-file your tax returns which is much faster and more convenient than hav
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Personal Loans : Best Answer To Financial Needs When Facing Multiple Choices

A car, home, holiday to favourite destination – who doesn’t want all that! Few years back it was not so easy to plan all that especially if you did not have the necessary funds. Now it is! Personal loans are making possible for everyone to borrow money for any kind of requirement. Personal loans literally mould themselves to reconcile with the financial needs of any borrower. “Personal loans” is the generic term for loans. Personal loans are in fact a lump sum which is borrowed from a bank or building society or any other lender. Good personal loans are a rare breed. Like all better things in life it comes with tact, patience and consistent effort.

Personal loans market is huge and so competitive that everyone can now avail customized personal loans. Personal loans are considered to be both secured and unsecured; however, few lenders translate personal loans as unsecured loans. Major characteristic of unsecured personal loan is no collateral. This ensu

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The Rules and Regulations Pertaining to New York Bankruptcy Law

There are several chapters like chapter 7, 9,11,12,13 of bankruptcy code under the federal law which governs the bankruptcy laws of New York. The various chapters under the bankruptcy law cover various issues and therefore guides as to how to deal with, and decide cases falling under each chapter effectively. Chapter 7 is applicable for debtors who have no assets to repay the debts. Chapter 9 deals with cases of government municipalities. For the owners or shareholders of a company there is chapter 11. Chapter 12 deals with fishermen and farmers. For salaried individuals or families, self employed and wage earners there is Chapter 13.

As fixed under chapter 7 of the New York bankruptcy law, the income of an individual under such cases should be less than the average income. Under this chapter, the cases that are handled are almost made fully exempt from the debt, but some things like student loans, alimony, child support, fraudulently acquired debts have to be paid off. The r

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What Information Do You Need to File Bankruptcy?

With the changes to the bankruptcy code, came a whole new list of information needed to file bankruptcy. It is much easier to file Chapter 7 bankruptcy than Chapter 13 and that is why there is so much proof needed to file. To qualify to file Chapter 7 a person will have to prove their annual household income and make sure it is below the state’s median household income. This is one area where a bankruptcy attorney is a huge help.

A person filing bankruptcy will be required to come up with their last six months paycheck stubs or proof of income if they are self-employed. They will need a copy of the last two years of taxes and up to two years of bank records depending on the situation. That is the documentation they will need to prove that they qualify to file Chapter 7 bankruptcy.

After qualifying to file Chapter 7, the individual will need to supply their bankruptcy attorney with an itemized list of all their property and the valuations. This list will include f

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Business Capital Loans Info: How to Determine If Your Business Requires Working Capital Funding

Working capital loans can be used to help companies pay for their operational costs. The net capital is also defined as the difference between a business’s current assets and liabilities. It’s the amount of money the company has currently as its disposal to pay for daily and immediate expenses. If you are having trouble meeting those financial requirements, then you’ll want to look into business capital loans.

However, there are instances when an organization might have more than enough in working capital all the time, yet it still might not be a good thing. This could be a sign that the business isn’t utilizing its assets to the fullest, and you might want to look for better ways to utilize those assets.

Regardless of why you think this kind of loan might be right for you, it’s important to understand the working capital ratio to help you determine how much money you should request. In terms of financial health, you will want a ratio betw

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Advantages and Disadvantages of No Annual Fee Credit Cards

Credit cards with accompanying rewards programs often come with annual fees as well as interest-free days. This type of cards is best suited for people who use their cards frequently. However, though this card provides many advantages to cardholders, it will come with high interest rates.

Advantages

– Extremely low interest rates

– Low credit limit

– interest-free days

– Introductory promo deals

Disadvantages

– High interest rates for cash advances

– Will cost more once the introductory period is over

For this reason, this card is not recommended for people who cannot pay more than the minimum monthly balance, mostly those that do not have a stable source of income. This is why no annual fee credit cards are the natural alternative for most people. This card often comes with interest-free days, usually around 50 days on purchases.

In addition to this, no annu

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How to Pay Off Credit Card Debt Quickly

Christmas and holiday spending can be brutal on any household budget, considering most families significantly overspend during the holiday season. It is estimated that the average American household has more than $8000 in credit card debt. After all the fun and festivities are over, you should take control of your household budget and expenses. Unfortunately, one of the biggest yet most controllable expenses for most individuals or households is their revolving debt. The payments may not only handcuff your spending ability, but they can limit your financial options to purchase a car or house. In order to escape from the trap of credit card debt, you will need to determine the best way to pay down and eliminate your debt. The following is a list of suggestions on how to pay down your debt and improve your financial situation.

• Collect Your Information – Gather your last pay stub and all your latest credit card statements. Write down the name of the creditor, balance,

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Quick Personal Financial Self Assessment Checklist

Sometimes people ask me to suggest a quick approach to assess their money-handling fundamentals. Normally, they continue: “We just don’t seem to be at peace with our personal finances. Indeed, after repaying a large credit card debt, and becoming debt free, we feel burdened.” Puzzled, I ask, “Do you mean you seem to follow a pattern of acquiring, repaying, re-acquiring debt… probably over an extended period? And though your income is more, your finances now are worse than they were, say, five years ago?” Instantly, they reply, “That’s it!”

Over the years, to help understand ABCs of money handling, I developed a 100-questions questionnaire that I use as I counsel couples; however, at the first meeting, I work with this 10-question self assessment checklist to benchmark where folks are with their ideas about money management. This list is not scientific; I developed it after years dealing with couples of different races, cul

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