Credit&Finance

I want to be a doctor, but let me steal your credit card first

2008-07-03T10:29:00.000-07:00

Apparently, two guys in east haven’t developed enough common sense to know that these days, if you steal a credit card and attempt to use it you’re probably going to get caught. They attempted to buy an Xbox at Wal-Mart with it, but that part isn’t anywhere near as interesting as how they attempted to get away with it.

The story goes something like this: I might have been the guy in the surveillance tape, Alexander Brothers, criminal #1 told police. Might have been? Either you went to Wal-Mart or not; either you bought an Xbox or not. Then he told the pitiful story about being at a party and a friend asking him to go to the store and buy an Xbox, handing over a credit card to use. Since when do people decide they need a game system in the middle of a party? He admitted it wasn’t true, I guess his conscience got to him, or maybe just the fact that the story wasn’t even that believable.

What makes this awful attempt at theft pretty funny is that Brothers is a premed major, and his partner in crime, Kevin Connolly, is an engineer. Have fun applying to graduate schools guys, seeing as the university could have the ability to rescind your campus privileges. I wouldn’t want my doctor to be guilty of credit card fraud.

Can You Be Jailed For Not Paying Credit Cards?

2008-07-03T10:28:00.001-07:00

We all know that life brings many stresses with it. One of those stresses is credit card payments! We are all human, and sometimes we make mistakes. Those mistakes can be as little as losing car keys, or even worse, not paying your credit card bill. Both are bad, but the credit card bill is probably a tiny but worse. So if that happens, what is the worst case scenario for you? Can you actually be jailed for not paying your credit card?

The Slammer, The Clink, The Hole, The Cell, Your Destination?

I appreciate the concern you have for not paying your credit card bill. But honestly...jail? You will not be thrown into jailed if you do not pay your credit card bills. We are not dealing with a criminal issue here. This is only a civil issue. So do not worry about the police knocking on your door dangling handcuffs. The worst thing that can happen to you is a person showing up at your door with papers telling you they will see you in court. The creditors have the right to get their money. They want to recover that money quickly. So they will just start off by mail you notices, then move up to phone notices. When that option is exhausted, then comes the lawsuit.

Let’s Not Make Lawsuits An Option

Like stated earlier, the creditors want their money. They will be kind at first, and that is the only stage you need to be concerned with. The key factor is that they are being nice to you, even though you are late on your payments. So do not make them upset, and pay those bills immediately. You have been granted leeway, and you should be thankful for that. Do not be happy there is no jail time involved, and become relaxed on payments. If this happens too much, then your credit will be so messed up that you might as well have been in jail. Because you will be getting no credit or any financial backing anyways, because of your poor credit.

Jump On Your Problems Before They Jump On You

Remember, if you take control of your financial situation before it controls you, then these things will rarely happen. I know that unforeseen things will arise, and troubles may happen. But whenever you can, make sure you are doing the right thing with your money. Pay off bills on time, or as soon as possible. Do not let these things get over 30 days, because that is when the trouble begins to mount. So just be careful, and make sure you are also acting in your best interest. These creditors will always act in their best interest, because this is how they have managed a successful company. So do the same for yourself, and make sure you do not let things get out of hand. In the end, you do not want to find yourself in a court room having to pay extra fees on top of the ones you already owe.

“Judge Not Lest Ye Be Judged for Credit Scores”

2008-06-15T02:52:00.000-07:00

One of the most bizarre politics acts of this new century has to be Labour’s removal of the 10% tax band.

Nothing highlights how removed legions of politicians are from the lives of ordinary people. When you’re earning £65,000 plus generous expense accounts, along with additional sources of employment you can’t begin to relate to the hardship felt by those on low incomes.

People on low incomes already face phenomenal hardships in simply trying to make ends meet and Labour, the party that traditionally champion the poor, has gone and made it even more difficult. After all it was Gordon Brown who gave Labour the target of having child poverty by 2010. Removing the 10% tax band will only make more difficult for low income families to work their way out of poverty without relying on state support.

Combine this with Caroline Flint’s ‘commitment contracts’ and you’d be forgiven for thinking these were Conservative policies. Core Labour voters are going to find it increasingly difficult to remain loyal to a party which seems intent on hammering vulnerable members of our society until they bleed.

And before we get sanctimonious let us be clear about what constitutes a low income. A family could have an adult earning £30,000 gross and this is still in relative terms a low income. Take away income tax and NI you’d be left with around £1650. After paying £600 mortgage, £200 council tax, £400 food and £150 utility bills, there’s only £300 left.

So life on £15,000 becomes a meagre existence. However one only needs to look in the local papers and see that you’d be lucky to see a vacancy paying as much as £15,000 as a full-time salary let alone £30,000.

Maybe these low incomes have has more of an influence on the high levels of debt in the UK. Too many people are earning too little so the credit cards become a panacea while the real cause, low pay, becomes hidden through the propagation of meritocractic values. Such is the power of ideology that normal reasoned people cast the first stone by crying “it’s their own fault”; “tell them to get a better job” and “work harder”.

But the worm soon turns and these same people, who judge others, will also be judged over the coming months. No matter how hard they work or pay rises they receive, the credit crunch will repossesses their homes, jobs and more importantly their values. The thing they once held so dear, meritocracy, will be laid bare before them.

Yet those politicians, in their ivory towers will look down upon the masses and continue to advocate meritocratic policies because they know that even on judgement they’ll receive a decent pension, can sell the second home and will have networked their way into a comfortable position.

Credit crunch: shadows who move markets

2008-05-14T23:48:00.000-07:00

Who are these enigmatic hedge fund managers now under the spotlight? Ross Clark introduces the top players

Financial crisis: A survival guide
On modern housing estates, it is safe to assume that the more agreeably pastoral the street name, the more brash and unpleasant the street. So it is with hedge funds.

Their name conjures up images of suburban respectability, of neatly trimmed gardens in Beckenham inhabited by soberly dressed bank clerks. The reality, of course, is a world of sharp deals and calculating plays on the share prices of underperforming companies.

But who are they, these hedge fund managers who have reputedly been making fortunes from economic misery while the rest of us have seen our share portfolios shrink?

Unlike the yuppies of the 1980s, "hedgies" - or "the new masters of the universe", as Tom Wolfe dubbed them - have crept up on the financial world virtually unnoticed - at least until Wednesday's raid on HBOS.

True, one hedge fund manager, Arpad Busson, chairman and founder of EIM, which is a fund of hedge funds, is dating Uma Thurman, but it hasn't exactly made him a household name.

But there is none of the swagger of the Flaming Ferraris, the vulgar band of traders at Credit Suisse First Boston who famously posed as the Reservoir Dogs for photographers as they entered a London restaurant and one of whose number, Lord Archer's son James, was banned from working in the City for life after being caught trying to manipulate the Swedish stock market.

If a hedgie owns a fast car he can't necessarily be bothered to drive it. One of the few to have obtained a public profile was Bertrand des Pallières, head of the hedge fund SPQR - less a Flaming Ferrari than a Mouldering Maserati.

Last year he baffled officers at a car pound by failing to pick up his £80,000 Maserati Cambiocorsa after it was towed away for his failure to pay 65 congestion charges. When he did eventually collect the vehicle shortly before it was to be auctioned, he said: "I drive it in summer and this summer I am too busy."

Few outsiders could name a single hedge fund, let alone explain what they do - which is, in short, form independent companies, invest the money of the super-rich and, through an alchemical process that involves calculated risk, create more money.

Unbound by the structures of banks, where a fund manager cannot take risks for fear of upsetting clients, hedgies are free to use unconventional money?making techniques, such as betting (or hedging) that a share price is going to fall. Typically, a hedgie picks up 20 per cent of the profit he makes for a client.

Robin Griffiths, who runs a £40 million hedge fund called the Worldwide Absolute Return Fund for Cazenove Capital Management, explains: "The tolerance for losing money in the hedge fund world is very small.

The clients say, 'Look, I didn't ask you to beat an index, I didn't ask you to shoot the lights out. All I asked was to make me money.' That's the main difference between hedge funds and the rest of the banking industry."

So, back to the quiz. Anyone heard of TCI, Centaurus, Toscafund? Thought not. And yet the wealth of the top hedge fund managers dwarfs that of the top brass at many City firms. Michael Hintze, the chairman of CQS Partners, has an estimated £275 million, putting him on a par with your average chief executive of a City bank.

Noam Gottesman, founder of GLG, is reputed to have earned £225 million in 2006. Louis Bacon of Moore Capital is thought to be worth £1 billion.

Anonymity has brought its rewards. Few, until this week, have been aware of the more dubious practices employed by hedge funds to generate large profits even when the markets are on a downer.

Yet there is nothing new about what happened to HBOS on Wednesday. Everyone has heard of Nick Leeson, and many recall that James Archer was sacked from his City job. But how many people know the name Philippe Jabre?

He has the distinction of earning the biggest fine handed down by the FSA - £750 thousand - after he was found guilty of "market abuse" while taking a punt on the share prices of Japanese banks.

Whispered rumours have long been a feature of the dubious hedge fund operators and were responsible for sharp falls in the share prices of Barclays and the Royal Bank of Scotland last autumn.

Insiders speak of "men in dark glasses" with mobile phones who will deliberately spread news of an emergency loan or some other piece of news calculated to drive a share price down.

But if hedgies have a reputation as clever, manipulative and slightly shady traders, they haven't managed to impress all insiders. This week's raid on HBOS is not so much a sign of intelligence as a sign of an industry in dire straits, says Tim Price of the wealth management group PFP.

"There is more confidence, more of a swagger to hedge fund managers than to other City workers," he says. "But it isn't a case of them having more intelligence. In the words of Warren Buffett, the tide has gone out and an awful lot of them have been caught swimming with no clothes on.

"It is an open secret that a lot of the leveraged funds will collapse or wind themselves up over the next six months. It is a bit like 1999 when a lot of City people left to set up dot-coms and were then left trying to work themselves back into their old jobs."

Hedge funds may represent new money but they are on the traditional side when it comes to their tastes. Not for them the glass towers of the City: they tend to be based in the West End and are responsible for a recent surge in rents in St James's.

Hedgies are not ones to buy glass penthouses, says Ed Mead of the estate agent Douglas and Gordon: they quietly buy houses in traditional parts of Chelsea or Kensington.

In June 2006, the hedge fund industry hired Knebworth, the stately home outside Stevenage, and staged a rock festival dubbed "Hedgestock". There, they quaffed champagne, took parachute jumps and listened to the Who.

They even persuaded Roger Daltrey et al to play for free, on the understanding that hedgies would donate generously to Daltrey's chosen charity, the Teenage Cancer Trust.

One purpose of Hedgestock was to portray the hedge fund industry as socially responsible. Their growth was partly a response to regulation in banking - they are a vehicle for keeping secrets that public companies would have to divulge.

According to Hugh Adlington of Rathbone Brothers, fewer than one in 20 hedge funds would meet the basic requirements of due diligence and competence that are required of pension fund managers.

But then, the term "hedge fund" covers a multitude of different organisations, he says. There are 11,000 of them, though many are "two men and a dog" operations. It is among these, rather than the larger funds, that the culprits for this week's attack on HBOS are likely to be found.

Credit Card Skins - Credit Cards As A Fashion Statement

2008-05-14T23:47:00.001-07:00

I have always viewed credit cards as a financial tool. So it came as a bit of surprise when I realized that for many people credit cards are just as much a fashion statement as they are a financial tool. This truly hit home this weekend.

I was talking with a lady who has 17 different credit cards. When I asked why she had so many different credit cards, she replied that she “got bored with the design” on them and so she needed to get new cards to get new designs.

Her words left me speechless, but they really shouldn’t have. All you have to do is look at how credit cards are marketed to realize that there are a huge number of people who choose their credit card for the fashion statement it makes and not the financial advantages (or disadvantages) it may have.

The more I thought about it, I realized that credit cards as a fashion statement even occurs in my own household. My wife applied for her credit card for the sole reason of obtaining a credit card with the animation character she wanted on it. The interest rate made littel difference to her. She wanted a card that looked a certain way and that is the one she applied for and received.

Since we pay off our credit cards in full each month, my wife getting her card as a fashion statement has little negative effect on us. For someone that has 17 different credit cards, however, it could make a huge imapact, especially if the interest rates vary by quite a bit and the person doesn’t pay off their cards in full each month.

While I certainly don’t believe that people should pick their credit cards for the fashion statement it makes, I also know that for some like my wife, no reasoning is going to convince them otherwise. That being said, there may be a better way to pimp your credit card than to apply for a new one each time you’re ready for a new design.

There is a company that will actually let you buy credit card skins which you can place on your credit card to give it a new look whenever you want. While my wife described their offering as “unimaginative and boring” when I showed her the site, I’m sure that you will see more companies offering credit card skins with a wider variety of designs in the future. If your credit card has to make a fashion statement, these seem like a much better alternative than to get a new credit card every time you get bored with the design.

EXTRA CREDIT

2008-05-03T11:44:00.000-07:00

Thanks to an innovative program, engineering students get a look at state-of-the-art facilities.

the drilling rig stands tall amid the hills of western Oklahoma. There's serious business going on here: Skilled workers are tending the machinery, pulling up long pipes that are stacked neady at the base of the rig and threading them deftly into the ever-deepening shaft. The sound of the operation is deafening, mixing the whine of three electrical generators and the occasional squeal of metal rubbing against metal.

You can tell who does what by the color of the hardhat. The white hardhats work for Marathon Oil, which owns this site. The 30-some green hardhats are visitors-green means greenhorn-part of a delegation of students and professors from the University of Texas Department of Petroleum and Geosystems Engineering. They are here as part of Camp Bevo,la weeklong program intended to give second-year students a feel for what it's really like to work in the oil business. For most of them, it's the first time they've been so close to an oil rig going full tilt.

The half-dozen men in the red hardhats work for Halliburton, the international oil services company. Halliburton is hosting the students, showing them various facilities around its hometown of Duncan, Okla. By the end of the week, the company will have led tours of its enormous manufacturing facility and its research and development labs. The students will have met dozens of Halliburton executives, some flown in from the company's corporate headquarters in Houston.

As the students crawl over the rig, watching the metal go into the hole and rock-laced mud being pumped out, it's easy to grasp what the university is getting out of the deal. The students are alive with questions, and aware of the power and potential that the rig represents. Such demonstrations are part of a concerted effort to retrain more students in the petroleum engineering department in order to meet a growing demand for engineers in the on industry.

Halliburton is getting something out of this, too, but not what one might think at first glance. Though it's a dominant player in the oil industry, Halliburton itself is more likely to hire mechanical engineers than any other type.

What Halliburton sees in the students it's hosting isn't potential employees, but future clients. Thanks to demographic pressures, in 10 years' time, these petroleum engineering students-the ones wearing the green hatswill be handed the keys to the oil industry.

Youth Movement

The petroleum industry is on the cusp of an incredible youth movement. Part of that is because of the steep run-up in oil prices in the past few years, which has created a demand for engineers who can tap into the increasingly hard-to-reach fields.

Unfortunately, during the late 1980s and 1990s, the industry was beset by a glut of skilled workers due to a collapse in the price of oil. "There was a huge round of mergers and consolidation that put people out of work," said Tim Taylor, who worked in the industry for more than three decades. "The people who were laid off didn't come back to the industry. As a result, the average age of petroleum engineers is over 50."

When Taylor retired in 2000, he returned to Austin, where he had earned his Ph.D. in petroleum engineering, to become a professor in the petroleum engineering department. The Texas program regularly ranks in the top two in the country, but when Taylor arrived, the department was having problems retaining students. As many as 40 percent of the freshmen class switched majors before the end of the sophomore year. "The students didn't know what they wanted to do," Taylor said. "We were losing them in that first year."

Across the country, petroleum engineering programs were feeling a similar pinch. From a peak of around 11,000 in the early 1980s, enrollments declined dramatically, bottoming out at just 1,300 in the late 1990s. And while that level was sufficient for the industry during the oil bust, oil companies have begun a new burst of exploration and production now that tight supplies have become a permanent fixture. Taylor and his colleagues at Texas realized that they had to increase the number of students in the department substantially if they were going to meet the demands of industry for new engineers.

The first step was a concerted recruitment program. "We've doubled enrollment," Taylor said, adding that the department was now at the saturation point in terms of students. But it wasn't enough just to recruit more bodies; they had to retain them. Part of the effort involved a substantial increase in financial aid for students in the program, with the money coming from companies in the form of sponsored scholarships.

But one of the dissatisfactions the engineering students had with the program, Taylor said, was that there wasn't enough hands-on activity. In a sense, that's understandable: Oil facilities are, by necessity, remote and hazardous workplaces, and hard to get to during a school year crammed with courses. And while that's part of the romance that draws people into the field, the potential liability makes companies reluctant to invite students for a look around.

It took some work, but Taylor was able to arrange for Shell to host a group of students at its offshore training facility in Louisiana during winter break and for Halliburton to host a contingent over two different weeks in the summer.

And thus Camp Bevo-named for the University of Texas longhorn mascot-was born.

Inside the Yellow Lines

One morning in late May, as the second day of a new session of Camp Bevo began, Taylor chewed out the assembled students, who were expected to be in attendance a full 15 minutes before the scheduled start time of 8 o'clock. Most of the students seemed too groggy to do more than absorb the lecture, elbows on tables, heads on hands. Then the group was bundled into vans and driven to the other end of Halliburton's 320-acre campus, where the company's large manufacturing plant was located.

Halliburton prides itself on manufacturing most of its own heavy machinery, and the Duncan plant is the core of that operation. As the students stood in the lobby of the plant, the leader of the tour, Gary Strong, a mechanical engineer who serves as senior technical professional in the manufacturing center, provided the ground rules. "Don't touch anything," Strong warned. "Don't touch anything."

Staying inside the yellow lines on the floor, the small groups wandered through acres of pumps and engines and trailers, all painted Halliburton red. "We build our equipment from the ground up," Strong said over the din of the factory floor. "We build 40,000 hydraulic horsepower a month in pumps."

Maybe it was too loud or maybe it was too noisy, but hardly anyone asked questions. A quality control engineer talking about Six Sigma practices had to use M&Ms to bribe responses from the tour group. One demonstration did get the students' attention-inertial welding, in which a pipe was spun up to some 3,000 revolutions per minute and then jammed into a fixture. As the pipe glowed red, Strong proudly reported that Halliburton had never had an inertial weld fail.

For many of the students, the factory was a new experience. Many of the petroleum engineering students come from families with ties to the energy industry in Houston or Dallas. The manufacturing center, on the other hand, was the domain of mechanical engineers. There were two to three times as many MEs as any other specialty, Strong estimated.

To student Malek Lemkecher, the manufacturing center tour was a glimpse into another world. Lemkecher had chosen petroleum engineering over computer engineering because he was drawn to the skill set the oil industry demands.

After the factory tour, the students returned to the training campus for lunch. To a person, the students marveled at the facilities. Once the afternoon sessions concluded, the students took up golf on the nine-hole course or played pickup basketball until late into the evening.

The lush facility is evidence of the role that training has at Halliburton. There's a constant need for developing new skills, said J.J.Jennings, who is in charge of training operations in the Western Hemisphere for Halliburton. "We've found that the half-fife for training is just five years," Jennings said. Consequently, Jennings oversees a continual stream of workers taking refresher courses or getting acquainted with new technology. Though he is now based in Houston, he is the former head of the Duncan facility and returned to the campus for Camp Bevo. He is something of a throwback, with his hair in a flattop, and was dressed in Halliburton red coveralls as he drove a vanload of students to the Apache drilling site.

Much like Taylor, Jennings sees the industry made of two distinct generations. "There's a big gap between the Baby Boomers and the engineers with 10 years' experience or less," he said. Difference isn't just in age, but also in temperament. While Baby Boomers "have a tendency to try to teach everything you have to know all at once," the younger generation is geared to learning in a just-in-time, just-as-you-need-it manner, he said. "If we don't understand how they process data," Jennings said, "we'll never get through to them."

Classrooms Are Too Small

To that end, Halliburton has invested in simulator training facilities and creating a space on the Internet for workers in the field to share best practices. The goal is to have a consistent level of quality through the organization. "One Halliburton" is the phrase that kept being repeated during the tours. But the generational difference is also one of the underlying factors in the establishment of Camp Bevo: The classroom is becoming too small, too linear to hold the attention of students today.

Though Texas's Taylor boasts that Halliburton hired four of his program's graduates last year, the company has relatively few petroleum engineers on its payroll. Jennings said the company generally hires mechanical engineers or other specialists. Jennings himself isn't an engineer at all and got his start at Halliburton sweeping floors during summer break from college.

So what, exactly, is in it for Halliburton to host 30some petroleum engineering students for a week?

"Dr. Taylor wants to broaden his students' horizon of the oil business," Jennings said. "They get a pretty good understanding of the producers' end, but they didn't have a feel for the service end. When he approached us, we realized petroleum engineers are our customers. We didn't look at this as a recruiting effort as much as it was an effort to introduce ourselves to our customers before they graduate from college."

Positive Impressions

Indeed, with the average petroleum engineer closing in on retirement age, the students in Camp Bevo are going to be decision makers very early in their careers. Forming a positive impression now could reap enormous benefits for Halliburton down the line. It's a strategy that consumer products companies have long known-early brand associations can be the most enduring.

"By the time they graduate, it's too late," Jennings continued. "And besides, we really enjoy putting this on, going out in the field with these youngsters and answering the questions they have."

Unlike the morning tour at the manufacturing center, when the students seemed disengaged, there was an air of excitement at the drilling rig that afternoon. The students were asking sharp questions, and leaned in close to hear the answers over the din of the generators. How much do the drilling bits cost? What's the diameter of the hole? Stacked around the towering rig is a million dollars of steel pipe, waiting to be pushed into the ground.

Maybe Halliburton's strategy of showing off what a top-flight services company can do will pay off in the next decade. But on the van ride back, it's too early to say just what these students will be doing then. Sitting in the back of the van, Edward Aviles, a sophomore from a suburb of Houston, ventures that he might want an office job. Ian Magin, also from outside Houston, thinks working in the field might be fun, but he's a recent transfer into the program and is still getting up to speed. The hard career choices-working for a major or an independent, abroad or stateside-are still years away.

The hot Oklahoma sun sinks toward the horizon. The students relax, but their minds are still active. Some spend the hour talking about Euler series and computer modeling, and which professors are the most engaging lecturers.

By Jeffrey Winters, Associate Editor

Copyright American Society of Mechanical Engineers Nov 2007
Provided by ProQuest Information and Learning Company. All rights Reserved

Tax credits

2008-05-03T11:43:00.000-07:00

I generally agree with Dr. Wilbur Rich's well-detailed recipe ("St. Louis Blues," features, Winter 2008) for legislative failure regarding the 2005 and 2006 tax credit proposals in Missouri. Like any good connoisseur of school politics, Rich pays close attention to inputs and outcomes. In his article, race, partisanship, and cartel politics represent the major ingredients in this recipe. As Rich adopted "the blues" as a working metaphor to explain the defeat of tax credit bills in Missouri, I have chosen "soul food" as the metaphor for my response.

Soul food is only as good as the cook and the ingredients used in its preparation. Too many cooks in the kitchen contributed to the failure of the tax credit proposals. Republican Jane Cunningham and black state representatives Ted Hoskins and Rodney Hubbard, both Democrats, were the original cooks. Missouri Democrats watered down the tax credit bills with "killer amendments," while the state teachers union and the AFL-CIO added extra helpings of sour cream and vinegar. By the time this motley crew turned off the stove, the tax credit bill had lost its flavor and its soul.

Taste determines the authenticity of soul food. In the Missouri legislative battle, no matter how many times the sponsors called their bill a tax credit, opponents convinced diners that the bills smelled like, and had the consistency of, "school vouchers." Because of the opponents' successful this-bill-will-leave-a-bad-taste-in-your-mouth campaign, few people had the stomach to support it.

Parental choice supporters nationwide should study Rich's recipe before attempting to enact a school reform law. Since I was on the frontline of a similar legislative battle in 2006, I will offer two suggestions: First, cooks and ingredients needed for this battle are not found solely on the Hill; they also must be gathered in the 'hood. Second, soul food cannot exist without intense heat. It is needed to break down ingredients to create a jazzlike harmony of taste. Similarly, parental choice coalitions must bring together a proper blend of ingredients at the right temperature to achieve success in the legislative arena. These ingredients at minimum include an adult-size serving of money, a healthy dose of bipartisanship, and organic community ownership. To win a legislative battle for parental choice, bring the fire next time.

GERARD ROBINSON

President

Black Alliance for Educational Options

COPYRIGHT 2008 Hoover Institution Press
COPYRIGHT 2008 Gale, Cengage Learning

Your Money: CREDIT CRISIS

2008-05-03T11:42:00.000-07:00

FEARS of a recession still won't go away and soon only borrowers with good credit histories will get top deals.

Even though interest rates were held at 5.25pc on Thursday, some lenders and credit card firms are UPPING their rates due to the global credit crunch.

Only last week a City financial watchdog warned that the days of cheap credit are well and truly over.

So if your credit history is a bit dodgy, you are going to find it harder to get a loan or mortgage. Every one of us has a credit rating based on how we've dealt with debts in the past.

If you have been late with payments or defaulted on a loan, you're seen as a high risk and lenders will refuse credit - or make you pay more interest.

But there are lots if things you can do to clean up your rating. First, you need to look at your credit report to find out if there are any problems.

Checking online is easiest. The Credit Expert service run by Experian is free for the first 30 days, then pounds 6.99 a month. It gives unlimited access to your credit report and alerts you by text or email if it changes. This is very useful in preventing identity fraud, as you will spot any new arrangements taken out in your name.

My Callcredit gives unlimited access to your credit report for three months with an pounds 8.95 quarterly subscription. Or you can get a one-off online report from www.equifax.co.uk for pounds 11.95. For pounds 2 all three agencies will post you a Statutory Credit Report.

To stop your rating getting any worse, set up direct debits for existing loans so you don't miss payments. To improve it, close any old credit card accounts, even those with a zero balance, as lenders take these into consideration when working out how much credit to give you.

James Jones, of Experian, said: "If you have moved recently, make sure you are on the electoral roll. Lenders are likely to refuse you credit if not.

"Also, if you have missed payments, you can add an explanatory note of up to 200 words to your credit report which lenders will look at."

Be aware if you're shopping around for credit that simply making multiple searches can affect your rating if you give your name each time. And check any joint arrangements with a friend or partner. If they have a particularly bad rating, it affects yours too. It might be wise to put any future deals in your name only.

Copyright 2008 MGN LTD
Provided by ProQuest Information and Learning Company. All rights Reserved.

Why Banks Are Your Best Partner In Business

2008-04-19T12:20:00.000-07:00

Most businesses have a need for a line of credit or other financing with a bank. Especially when business is slow or the company is in some way struggling, relations with your banker can become strained. When the banker is worried, he may start asking hard questions. Here are some ideas on how to deal with this situation and on how to make your banker a partner all the time, not just when things are going well.

The key to excellent relations with your banker is having excellent communications. To have him on your side, he needs to understand what you are doing and to be confident of what to expect in the future. You must reach the point in your dealings with him that you tell him what is happening before it happens. The better able you are to project, the more confidence he will have.

It should be self evident that the banker's main concern is being repaid. The objective here is to inspire genuine, earned confidence, not to pull the wool over the eyes of an unsuspecting lender. Be informed, do what is right, and communicate. Since your banker expects you to know your business much better than he does, communicate on an ongoing basis the following elements of your business.

1. What happened during the period? 2. What is going to happen in the next reporting period? 3. What are the main issues facing the business and what you are doing about them?

The assumption here is that you have an ongoing relationship with your banker that you want to improve by building his confidence in you. When appropriate communication is in place you will face fewer questions, in fact you will be the one posing as well as answering most of the questions.

The first thing you have to do is to report to him on time. Do not make him wait, or remind you. In the event cannot meet the dead line tell him before you are late and tell him when you will deliver your report.

Starting with your next submission write a one- page situation assessment describing what he will be see in your financial statements. Briefly, tell him what is going on that causes the numbers to be what they are. Tell him what you are doing and what you genuinely expect to see in your next report. You might even consider calculating some of the ratios for him that he uses to monitor your company. (If you do not know what these are, ask him). If you have a problem that you do not know how to handle, seek qualified help and tell him you are doing so. He may even suggest a trusted resource.

If there are problems evident in your statement be up front about what you are doing. Do not minimize the significance of items that you do not yet have under control.

This should serve as the basis for your discussion of the period.

Do the same thing next reporting period except now you add information relative to how good, or poor your projections were. If you were close, good, if you were not, you have to discuss why you were off and what you are doing to get better. You might think this is a chance to look bad. Maybe so, but if you cannot project for your banker, how good are the projections you are using for yourself? If you are not making projections, it is difficult to understand how it is that you think you are in control of your business.

Your banker will be pleased to be your partner, once you have exhibited that you are in fact in control of your business and that you know what is going on. Remember it is hard to say 'I told you so," unless you told him so.

About the Author
Jon Caldwell is an experienced financial professional. His credentials can be checked out at http://www.bankers-choice.com/bankers-choicecat/bankerslist.php

What is a Debt Consolidation Loan?

2008-04-19T12:19:00.003-07:00

Do you sit down at the end of the month only to stress about the shear number of bills you have? Are most of your bills in the form of credit card payments or other debt obligations? Are you noticing that your interest rates vary for each different debt.? Would you like to potentially save money? Would you benefit by having all of your debt on one single account and by having only one bill to pay? If you answered, yes, to any of these questions, then a debt consolidation loan might be for you. Find out exactly what a debt consolidation loan is in this article.

A debt consolidation loan is a type of loan that takes all of your debt and consolidates it into a single loan. The main advantage is that you have only a single payment to make towards your debt each month. If you've had student loans and have consolidated them into a single consolidation loan, then you know the benefit already. However, there are a couple different types of consolidation loans that you need to consider. These are secured and unsecured consolidation loans.

Secured consolidation loans are loans that you put up collateral for such as real estate. There are several advantages of a secured consolidation loan over an unsecured consolidation loan. The main advantages include having generally lower interest rates, lower monthly payments and overall better loan terms. The major disadvantage is that if you default on your loan, you will lose whatever you put up as collateral.

The second type of debt consolidation loan is an unsecured loan that puts all of your debt into a single loan. While these generally have higher interest rates and less favorable loan terms than a secured loan, if you have no assets or are afraid of losing your real property, then the unsecured loan might be for you.

Remember, taking out a debt consolidation loan should not be a used to overcome poor debt management skills. If you are having serious financial trouble because of your debt, then you need to seek professional debt counseling in order to find more long-term solutions such as learning how to manage your money and your credit. If you don't learn to manage your credit and money and minimize your debt, a consolidation loan will not help you in the long run. In fact, a consolidation loan has the potential to make your debt situation worse if you are not practicing good management skills.

About the Author
For more ways on how to save money and manage your debt, go to http://www.creditmanagement101.com The author runs http://www.creditmanagement101.com - a website dedicated to issues concerning debt and credit management. Learn about responsible credit management, your credit score, debt management plans and credit counseling. Also find ways to save your money by maintaining a livable budget that reflects your means.

What is a Debt Consolidation Loan?

2008-04-19T12:19:00.001-07:00

Instant No Fax Payday Loans - Cash When Its Necessary

2008-04-19T12:18:00.002-07:00

Instant no fax payday loans are a great way to secure quick cash advance. The need for some quick cash may arise at any point of time. Financial uncertainties may hit anyone, irrespective of the preparations made by a person. To help to overcome such unwanted financial conditions, instant no faxing cash advance plays a very important role. The faxless payday loan, in comparison with other loans may look the same. The only difference between the two is the time period within which you can secure the cash advance. No fax payday loans offer you the best service in providing you quick cash in no time.

How Do Instant Cash Loans Help Borrowers

The best thing about instant quick cash advances is that you don't have to wait for a long period of time for your loan application to be processed. Moreover, there is no need to go through a lot of paper work and making rounds of the banks. It is because of their quick disbursement that instant approval no fax payday loan is gaining so much of popularity.

You Can Easily Obtain No Faxing Paycheck Advances

One of the reasons why the Instant approval cash loans are so quick to secure is that they don't require checking of the borrowers' credit history. Though the approval of such payday loans are subject to some conditions and requirements, the formalities are minimal. Some of the conditions are proof of the job from your current employer and minimum salary as per the conditions of the loan provider, a checking account where the loan amount would get deposited directly after the approval of the loan application, and the borrower must be an adult, that is older than 18 years.

The best thing about these instant no faxing payday loans is that they offer you a quick loan which can be repaid to the lender conveniently at the time of next payday. Here, you can also select an option where the loan amount will be directly deducted from your checking account. Such Instant no fax payday loans are best for short-term liabilities and should be taken unhesitatingly to meet the unwanted financial expenses, but beware not for personal use.

About the Author
Instant no fax payday loans refer to small cash advances offered to borrowers, targeted at helping them to tide over financial exigencies. A no fax payday loan is a short-term loan, allowing the borrower credit till his next payday. Be careful that instant

How Low Rate Secured Loans Can Ease Your Financial Burden

2008-04-19T12:18:00.001-07:00

Nobody has it easy today when it comes to being able to afford to live. The cost of living has risen dramatically in the last few years, and this was no more apparent than when the price of unleaded petrol rose to over £1 a gallon for the first time ever in November 2007. This is just one example of how inflation and rising taxes are beginning to affect every individual living up and down the country. However, what if an unexpected expense comes up? What if your car breaks down and cannot be fixed or a tree crashes through your roof? What happens if your kitchen is flooded? None of the previous examples would be covered by your car or home insurance company. You would therefore be responsible for footing the bill yourself. This is where low rate secured loans can really help you out.

As long as you own your own home, you can find low rate secured loans that you can apply for in an emergency. Most providers will actively work to get the money to you as soon as possible when taking out a loan if you have a pressing need for it and the money could hit your account within just a few days. This makes a secured loan a more viable option than a further advance or a remortgage because that can actually take weeks to complete. If it is a large loan for something like the scenarios outlined above, then it would be a more viable proposition to take out low rate secured loans over unsecured loans too because you can pay back the loan over a much longer basis if you so wish.

Low rate secured loans can actually cost you a reasonable amount over the term of the loan. Low rates are widely available because the bank is assured that they will get a viable return on their investment in the form of your home if you do not keep up repayments. You must thinklow rate secured loans through carefully if you are to commit to one because failing to make a payment may lead to your home being sold in order to cover the entire debt. However, if you need the money for an emergency that you just cannot cover immediately then the likelihood is that you can tailor your repayments to suit your own household budget over a number of years.

Low rate secured loans actually go as low as 6% in the market, although some do go up to 10%. However, a quick look at the market will give you a good idea of the interest rates that you would expect to pay given your credit score, the amount of the loan and the term over which it will be repaid. You can obtain quotes and compare products before deciding on the best one for you, but regardless of the one you choose, it is comforting to know that there are low rate secured loans out there that you can turn to when your financial back is against the wall.

About the Author

Jason Hulott is Business Development Director at Secured Loans service, PolarLoans. Visit Polar Loans now for more information about Homeowner and Secured Loans.

Unsecured Small Business Loans: Easy Financing without Collateral

2008-04-19T12:16:00.001-07:00

Statistics prove that the demand for unsecured small business loans have been rapidly increasing over the past few years. The idea of an unsecured loan creates new financial horizons for individuals that may not have collateral. This is also of special interest to new business owners that are interested in entering a new business venture. Potential business owners are always interested in a business loan to provide working capital for their new endeavor. The paradox when applying for most unsecured small business loan programs is that a new business owner does not yet have any collateral. This can quickly shatter a business dream. The only other consideration such an individual can have is to use his or her personal assets to secure a loan. But new business ventures have a risk associated with them, once that many people are not willing to transfer to their hard earned assets. Collateral is often the biggest obstacle to the prospective business owner. Not only does a new business not yet have any commercial collateral to provide; but it is asking a lot for an entrepreneur to put his hard earned personal assets at risk in order to start a new business venture. Yet, without collateral, getting a business financing can sometimes seem impossible. Small entrepreneurs, who do not have collateral to offer, find unsecured small business loans as an alternative, which help them expand their business to new horizons. They are only required to make regular repayments to the creditor without any apprehension of their business assets being repossessed by the lender in case of defaults. At the same time, small businessmen who opt for unsecured small business loans should be prepared to pay a little higher interest as compared to other credit options. However, interest rates may vary depending upon the credit history of the businessmen. No collateral unsecured small business loan products are now available through select lenders, although they can still be relatively difficult to find among traditional banks and lenders. The revolutionizing force is coming from a plethora of web based lenders that are offering innovative new financial solutions, including no collateral loans. A variety of unsecured loan products for business and personal needs can be found via web based financial companies. Applying for unsecured small business loans is easy, all the business owner need to do is just go on line and submit their loan details. Then the lenders will refer back to you with the loan decision in a few days. Wardell Brooks is a current unsecured small business loans analyst for America Funding Network at http://www.venturecapital.20m.com He has been working in the financial sector for several years. His experience includes banking, mortgages, and sub prime lending.

Kingdom Finances for Kingdom Building - Review

2008-04-19T12:15:00.002-07:00

Kingdom Finances for Kingdom building was birthed in Royal Life International Ministries in 2005. It began as a seven-week financial empowerment course, as a result of the people of God crying out for help with their finances. It is funny how God will use the very thing that you struggle with and turn it around to bless you. The author (manuscript and one day she plans to publish this as a book) shares it was if God was warning her, "The days of Joseph shall come again. There will be seven years of prosperity, which is the season to save and store up for the seven years of famine." The most amazing story the author (native born in Tennessee) have to share is when her local church paid off a three million dollar ($3,000,000) mortgage in three years. When she first began to establish a relationship with Jesus; there were things in her life that she knew she could no longer hold onto, like cursing. She asked the Lord to give her a scripture that dealt with cursing. Well, she opened her Bible and it fell on Chapter 3, "Taming the Tongue." She was amazed because God had answered her prayer. The Lord quickly reminded her of a song she love on the Shekinah Glory Live CD by Kingdom Valley Ministries. She shares by the way if you are a fan of worship music, and want to go to the next dimension of God, this would be the CD to get. She began to pay tithes and she saw God do some crazy, unattainable things with her finances. She always live beyond what she make. She shares "Kingdom economy does not work like the world's economy." The world tells you two plus two equals four, but the Kingdom might say two plus two equals a hundredfold or a thousand. What works for someone else might not work for you. God may have told them to clean out the closet to get a promotion, but HE might tell you rack the yard. She was watching Bishop Eddie Long on TV. During the service a young lady laid her credit cards at the altar. Bishop Long, asked, "Who laid the cards at the altar?" When the girl came forth, He paid the entire balance to get her out of debt. Many people were freed from debt because Bishop followed the Spirit and because others, who could help, sowed to release others into financial freedom. The author was the saver and her brother was the spender. Whatever he wanted, he bought it. When he didn't have enough money, he would borrow it or find some other means to getting what he wanted. He would talk her into helping him. If she would have had a financial vision, she would be telling a different story. Write the Vision (Hab. 2:2-4) One thing she knows when her Pastor gets a vision in his heart, nothing can stop him from fulfilling it. On Friday, March 31, 2006 the vision was fulfilled. The Antioch location was paid in full. And they celebrated. This experience changed her life in a way that is immeasurable because it changed her perception and thinking about her financial situation. She said to herself, "If her church can pay a three million dollar debt in three years, then she can pay off her debt too. She asked the Lord to help her with her finances. She had about fourteen thousand dollars ($14,000) in student loan debt and six thousand dollars ($6,000) in credit card debt. She started with the student loan debt because two of the loans were in her mother's name and the other two loans in her name. When she feels discouraged about not having the funds-money she wants, her motto is Philippians 4:19. God gives us blessings according to our ability to handle them. When we look at Matthew 25:15, we see after the man left, the one with five talents knew exactly what to do with the talets he had been given. The amazing thing about the servant with the two talents is he did not complain about receiving two talents. God is no respector of persons, what HE does for one, HE will do for another. They both reaped the same reward by following the principles of God and doing what they knew how to do. Your relationship with Jesus Christ is very important. It is through HIS Word, praying, communion and just plain talking to HIM that you will come to know what HE likes and dislikes. Don't Block Your Blessings .... Malachi 3:10 Would you want to be in a relationship where the person does not ever put you first, but the focus is always about them? She says the answer is "No." Then why do we do God this way? God's Word tells us if you want to know where a man's heart is, look and see where he puts his treasure. His treasure is his money. The Lord tells us, "HE will bless us in all the work of our hands that we do when we take care of HIS servants and people (Deuteronomy 14:29). You Reap What You Sow .... Haggai 1:5-6 One of the most miraculous time of worship in the church has become one of the most depressing times in the church, offering time. Why? Because we are in financial bondage. The Ant Mentality ... Proverbs 6:8 Who would have thought a little old ant could teach us a financial lesson about storing up provision in the summer to gather food at harvest? She shares she don't care if you only have two extra dollars, use it to get out of debt and find a way to save something. She shares she has seen God do things with her finances that she had never seen before. What is impossible with men is possible with God. Work the vision because faith without works is dead. If God has told you to give something, and the leaders do something crazy with the money, they will be accountable to God. HE will handle them. You just do what you are commanded to do. One thing the author wants to make clear is we do not do anything for the Lord to reap HIS blessings. She shares she have honestly seen God's miraculous work in her finances. It seemed like water turned into wine. Based upon the author's budget, she will officially become debt free February 2008, and she praise the Lord in advance. Call unto HIM for HE will tell you great and mighty things that you do not know, but you have to trust HIM, believe HIM and rest in HIM. Isaiah 59:19 says, "When the enemy rises up against you, like a flood God will lift up a standard against him, "Like a flood, God gave the author a determination to get this manuscript - book done. It was by any means necessary, whether it meant she had to write it by hand, or go out and buy another computer in the midst of trying to get out of debt. Kellie Morgan of Tennessee is the author of this manuscript which she plans to publish as a book. She attends church with one of my cousins, Sharon. (My cousin and me as little girls use to play together and her grandmother and my grandmother were sisters which are both are deceased) Angela Watkins, http://www.e-angelaswidsom.com , Book Reviewer, Public Relations, Mgmt, Consulting, Christian Life Coach - Biblical Coaching

Six Questions on Credit Card Application

2008-04-19T12:15:00.001-07:00

Today the choice of credit cards is so wide that choosing only one can be really challenging. The one deal, appropriate for you, can differ a lot from the rest. We would like to offer you six questions which will help you to determine the right credit deal to save your money.

Are you a student?

If you are a high school or a college student, you may apply for a student credit card. Most probably your credit card application will be approved, no matter what your credit score is. However, you'd better contact the issuing bank for the information before applying.

Do you need to transfer your balance from one card to another?

If you do, you should search for a special balance transfer card. These cards offer lower APR (Annual Percentage Rate is the total cost of your loan expressed as interest rate) for balance transfers. Credit cards with low APR on balance transfers are a great idea, although they are a good base for fraudsters. Are you going to make large purchases?

You are a shopping lover, so you will like the deals with low APR on purchases. If you really intend to make large purchases, you will love to get bonus points for these purchases. By the way, consider the grace period, which is different for every card. Grace period is a period during which you can pay off your debt without any extra charges, or you do not have to pay at all, if you can't. Usually grace period lasts for 10-28 days.

Do you pay off your debt in full every month?

If you have enough money or your credit card is only for an emergency, you can pay off a bill in full every time you get it. In this case, chose the deals with introductory zero APR or grace period. You will be able to pay off your balance and not to worry about rates. Do you mind to pay fees?

Very often the issuers charge various fees. And sometimes they can be really high. There are enough of them: annual fees, cash advance fees, balance transfer fees, foreign exchange fees, setup fees, penalty fees... Of course, not all of them are charged, but some (for example, cash advance fee) are charged always. Moreover, some issuers can charge a fee no matter whether you use your plastic or not.

Do you require a good Customer Service?

Sometimes this can be quite an important issue. In some cases, for example, in case of loss of your card or if there is any charge you would like to dispute, etc. you may need such a service. By the way, you probably need a friendly and competent service. So, search for the right bank with great reputation and with really helpful customer service.

Secured Loans: Common Questions, Answered

2008-04-19T12:14:00.003-07:00

Secured loans can be an efficient short or long-term funding solution for UK homeowners. If you are in need of money and have equity in your property, you are eligible to apply for a secured loan. Secured loans are sometimes called “second mortgages” as they rank after your mortgage as security to the lender. Secured loans must be registered as a Charge on your property title at the Land Registry. Why seek a secured loan rather than an unsecured loan? The strong growth in UK house prices over recent years has meant that many homeowners have built up substantial equity in their properties. Secured loans are simply a flexible way for homeowners to release some of this equity. Compared with an unsecured loan, a secured loan has a lower interest rate as you are putting your home up as security. The lender will be very confident that the loan will be repaid. Another advantage is that secured loans offer more flexible terms of repayment than unsecured loans. For example, the loan term can be for a longer time period enabling your monthly repayments to be kept down. Secured loan terms can be from 3 to 25 years – it can sit alongside your mortgage if you wish or you can pay it off sooner. If you're in need of a large sum of money, a secured homeowner loan can range from £5,000 up to £1 million. Unsecured loans are normally capped at £25,000. What can I use a secured loan for? A secured loan can be used for any purpose. A secured debt consolidation loan can help you refinance expensive debt, such as credit cards or bank overdrafts, on to a much lower interest rate. A secured home loan can be used to finance substantial home improvements to add value to your property, such as an extension or a new kitchen. Why choose a homeowner loan rather than a remortgage? A mortgage is your cheapest form of borrowing and if you want to raise a significant amount of money it is therefore logical that you should first consider a remortgage. However, your current mortgage may be arranged on advantageous terms or have an onerous early redemption fee. Redeeming your mortgage may just not make financial sense. In these circumstances it may be wise to leave your mortgage alone and use the flexibility of a secured loan, especially if the interest rate is only a little higher than your mortgage rate. Finally, a secured loan can be completed in less than 20 days – somewhat faster than a remortgage – and at a lower cost. Remortgaging normally requires that you pay certain fees, such as a discharge fee, a valuation fee, a title insurance fee or an administration fee. Can I safeguard my loan or mortgage payments against unforeseen events? You can take out payment protection against specific events, such as unemployment, sickness or disability through Payment Protection Insurance (PPI). Remember that PPI is not always suitable for your individual circumstances and independent advice should always be sought before buying this product. Should the insured event take place, the policy will cover your payments for a fixed period of time, such as 12 months. You should also consider buying sufficient life assurance such that in the event of the death of the household’s main bread-winner, the loan or mortgage will be paid off by the insurance company. How can I apply for a secured loan? You have the choice of going direct to the lender or going to an intermediary, usually a finance broker. If you have shopped around and know what you want, you can apply direct to the lender via phone, internet, post or walk into their branch office. If you prefer to seek the advice of a finance broker you may benefit from their expertise in deciding what product and which lender is most suitable for you. This will be particularly true if your circumstances are unusual and you require a specialist product. It is also possible that a finance broker can find you a better deal as some products are only available through intermediaries. How long does the secured loan application process take? Depending on circumstances and personal needs, you may obtain a secured loan within 2-4 weeks. But, of course, each case is different. Normally, the consent of the first mortgage lender is required to register the secured loan on your property title and so the lender is unlikely to proceed before consent is obtained. What factors may negatively influence the secured loan application? When you apply for a loan it is normal that you will be asked to consent to a search at a Credit Reference Agency, such as Experian or Equifax. The purpose is to avoid fraud and for the lender to assess your credit worthiness. Some factors may have an adverse effect on the secured loan application, such as: - Bankruptcy or Individual Voluntary Arrangement - Low income or self-certification of income - Mortgage or rental arrears - Frequent job changes - Frequent address changes - High indebtedness - Court judgments But even with a poor credit record, you have a good chance of obtaining a secured loan providing you have plenty of equity in your property. However, you may be asked to pay a higher interest rate if your credit score is low. Is it important to seek independent, impartial advice? There are literally thousands of loan and mortgage products available. As we only tend to purchase financial products infrequently, you will not know which products are available or suitable without a serious research effort. For this reason, we believe that most people should seek independent, impartial advice, especially as mortgages and secured loans normally represent a substantial commitment. This should not cost you any more as the advisor is normally paid directly by the lender. What are the drawbacks of a secured loan? Although there are many benefits of a secured loan, there are some drawbacks that should be mentioned. In cases where a borrower fails to repay a loan, the property could be taken into possession and sold. Borrowers can also be tempted to borrow large sums for long periods without appreciating the commitment to repay a significant amount of interest, even when interest rates are low. About the Company Burtplan Personal Finance is a leading UK loan and mortgage broker. With 50 years experience, the company acts as both a lender and broker for personal loans and secured loans, and as an introducer for mortgages. Burtplan Personal Finance works with secured homeowner loan brokers who are qualified to give advice under the Consumer Credit Act and will search the market to obtain the best deals for clients. For more information, please visit http://www.burtplan.co.uk

Bad Credit Auto Loans - Are You Ready To Take The Leap?

2008-04-19T12:14:00.001-07:00

Bad credit auto loans can be the answer to your prayers when you want to buy a car. Lousy credit can stand in the way of a lot of things and buying a car is one of them. But with the right kind of loan, you can get yourself behind the wheel sooner than you think. The tricky part is finding the right kind of loan.

Big, Bad Credit

A bad credit rating can be a difficult thing to deal with. Not only is it embarrassing, it makes the process of getting loans a lot tougher. Most lenders are wary of giving loans to people with weak credit and if they do, it's often at exorbitant interest rates. But there is a way to get financial assistance even if your credit is bad.

Before even looking into bad credit auto loans, you need to be aware of the scenario. Loans are available for people with bad credit but the terms will be different. Make sure that you are in a position to meet these kinds of terms. If you already have bad credit and are paying off debts, make sure you can handle the payments for a car loan as well. It's a good idea to become familiar with how loans work so you'll be able to discuss the particulars with potential lenders. When a lender sees that you are knowledgeable and serious about your loan proposition, they will probably view your case more positively.

Work Harder

The bottom line is that people with bad credit need to work a little harder to get good bad credit auto loans. Remember that having a bad credit rating does not mean you have to go with the first lender that comes your way - in fact, you should be extra-careful about the lender you choose to work with. Make sure that the lender is reputed and legitimate and do not commit to anything until you are perfectly satisfied with the way they operate.

Interact with your lender in a positive manner. Most lenders will be open to negotiating payment terms and might even extend your term. Take a copy of your credit report with you and if your credit rating was due to circumstances beyond your control, then say so. A lender could be more understanding if they see your bad credit was brought on by a medical emergency or a death in the family. All these factors can help you get favorable bad credit auto loans.

Last but definitely not least, be realistic. Just because you're going to buy a car doesn't mean that you need to start looking at Ferrari models. If you have poor credit, it makes far more sense to invest in a used vehicle. These are far economical and you'll probably find one that suits your needs and budget better. Do a little groundwork, be realistic and you'll find a number of promising bad credit auto loans to choose from.

Alternatives For Investing For Your Child’s Higher Education Costs

2008-04-19T12:13:00.001-07:00

With higher education tuition increasing at double digit year over year percentages an effective saving plan for your kid’s education is becoming much more important than it has been before. Most families will discover that their future higher education costs will be much more than they have saved for their kid’s education. This leaves many kids to be faced with obtaining financial aid to pay for a portion of their college education. The goal of this article is to explore the pros and cons of 4 common investment options when saving for college. This article will also explore why some of these options are better than other when considering a portion of your kid’s education may be funded by financial aid. 529 College Savings Plan: - A 529 college savings plan is a fairly new investment option for college saving. It allows just about anyone to save for college. There is a long list of benefits of a 529 college savings plan, but perhaps the most important is that your earnings grow tax free if you use it for qualified education expenses. Additionally, the maximum amount you can contribute to a 529 plan can go as high as several hundred thousand dollars depending on your State. In the event you do not use the funds for college, you can still withdrawal your earnings, but you will have to pay taxes and a 10% penalty. The penalty will be waived if your child receives a scholarship, or your child becomes disabling or dies. 529 plans can typically be purchased through a broker or mutual fund company, but a disadvantage is that investment choices can sometimes be limited. Since qualifying for financial aid is based on a calculation that considers your kids assets, another big benefit of a 529 college savings plan is that the money in the plan is classified as a parents assets so less that 6% of the value counts against your kid’s financial aid eligibility. Uniform Gifts to Minors Act/Uniform Transfers to Minors Act (UGMA/UTA Custodial Account): - The benefit of a UMGA/UTA Custodial Account is that there is no limit on the contribution and it is easy to set up at most financial institutions. However, the limitations far outweigh the benefits. The first limitation of a UMGA/UTA Custodial Account is that these types of accounts offer very little tax advantage. If your child is under 14, only the first $800 of income is tax free, the next $800 is taxed at your child’s tax rate and after that there is no tax benefit at all. The other big limitation is that the account has to be set up in your child’s name. As a result, if your child needs financial aid all of the assets will be reviewed at a 35% rate. Therefore, this type of account is not advisable for those who may need financial aid. Coverdell Education Savings Account (CESA): - A Coverdell Education Savings Account is very similar to a 529 college savings plan. The main difference is that with a Coverdell Education Savings Account you can only contribute $2000 per child and to qualify your adjusted gross income must be less than $110,000 if single and less than $220,000 if married filing jointly. The account is classified as a parent’s asset so less that 6% of the value counts against your kid’s financial aid eligibility. In the end, parents should consider planning for college to be a highly important process. The above 3 alternatives can make this process much more easy and financially sound. Copyright (c) 2005, by Jay Fran. This article may be freely distributed as long as the copyright, author's information and the below active live link is published with the article.

Automotive and Diagnostic Equipment Financing

2008-04-19T12:10:00.000-07:00

Automotive tools are highly specialized in nature. Many a time a particular automotive tool serves only a single purpose. Therefore it is essential to have a set of automotive tools in order to avoid any interruptions in the business. However the automotive tool set is extremely expensive. At times, the cost of the tool is more than the cost of vehicle that needs repair. Sometimes the cost of tool set may be more than the vehicle needs to be repaired. Hence automotive tool financing is becoming essential nowadays. There are some legitimate financing companies have an expertise in financing automotive tools. You can seek their help by submitting an online application provided by them. They ensure fast approval of the amount required to acquire automotive tool set. Automotive tools financing is normally available under various options. Automotive Air compressor is one among them which helps in acquiring the equipment which costs thousands of dollars. There are various types of compressors like compact air compressor, piston compressor, single stage compressor, two stage compressor and so on. Due to automotive tool financing it is possible for almost all companies to acquire any of the aforementioned types of air compressors. Automotive hand tool financing is required to keep ready a well-equipped set of hand tools like wrenches, screwdrivers, clamps, sockets, installer or remover equipments etc. These tools are indispensable for running an automotive repairing business. Acquiring any one of them is affordable to all. But keeping a set of such tools is really expensive and hence the need for automotive hand tool financing is essential. Welder financing is yet another category of automotive tool financing. A high quality welder is important for the automotive business. There are some precise welders like arc welder, stick welder, TIG welder, and MIG welder and so on. They are essential to apply heat in a given area. The sophisticated nature of the welders raises their price tags and that’s why automotive repair business people go for automotive tool financing to acquire them. Automotive waste and recycling equipment are required by certain companies for disposing the hazardous wastes in a safer way. In fact many shops find it profitable to recycle the wastes. Therefore such equipments are becoming essential in an automotive repair shops. They are highly expensive and as a result of which automotive tool financing is required to acquire these equipments. Brake lathe is yet important equipment in any automotive repair shops. They allow you to work on all types of brakes. You may need a combination of brake lathe, heavy duty brake lathe or car brake lathe depending upon the type of your business. However any type of brake lathe is expensive and not possible within the reach of all. Hence brake lathe financing is essential. The automotive industry has undergone several changes in the past hundred years. Keeping yourself updated of the changes and using the latest equipment can help increase your revenues. Though essential, this equipment is very expensive and so seeking the help of a financing company is required. Some genuine financing companies offer assistance to acquire automotive tools without any frustrating procedures. Chris Fletcher is an Account Executive at a national equipment finance company providing new and used Automative and Diagnostic Equipment Financing at http://www.crestcapital.com/Catalog/Automotive_and_Diagnostic_Equipment_Financing_Automotive_Tool_Financing as well as financing for many other equipment types and industry verticals.

Benefits of Outsourcing Accounts Payable in small and lager Business

2008-04-19T12:09:00.000-07:00

Every individual running a company wants to be free of encumber of paying money which they owe to anyone as soon as possible. Accounts payable accurately means the money which a company owes to sellers for products and services which have been bought from them on credit. If you are result it complicated to keep a follow of the amount of your accounts payable. This is just right way to contract with this condition. When you are management a company, keeping track and managing of things like accounts payable, can become very difficult and wild. We provide Accounts Payable Services to clients all over the world. However this is a significant feature of any company process and has to done and done in time. Accounts payable outsourcing services are presented by many businesses which deal with finance and accounting outsourcing. The accounts payable processes have important contact on the earnings of a company. Companies use up enormous amounts of money every year to process invoices, implement get order matching, address deficiency and respond to dealer inquiries. If the accounts payable system is not efficient, a company has to allow the additional cost of late payment consequence, missed discounts, reproduction payments and rewrite. With an enlarged focus on cost reduction and enhanced fiscal management, executive management teams are realizing the profit of a successful accounts payable process. Accounts Payable outsourcing services at India are paying attention at convert our customers entire payment movement by successfully automating the processes of transaction management, documents management, elimination of duplication, exception resolution and disbursement-related services. Our Accounts Payable Outsourcing Services at India offer our worldwide customers the suppleness to outsource all or part of their accounts payable business purposes. Accounts payable solutions superior workflow and imaging technology, best practices, and high levels of superiority make certain that we process the client’s Accounts Payable proficiently and exactly. Accounts payable outsourcing has many advantages. One of the major advantages is that you can save enormous amounts of income through the outsourcing work. Work is outsourced generally to increasing countries where there is great quantity of manpower. This automatically means that your accounts payable outsourcing work will be handled by trained professionals at a very cheap rate. The profits which you will save in this approach the profit for your business.

Credit Cards and Secured Credit Cards

2008-04-19T11:59:00.002-07:00

a href="http://creditcard.christianet.com/">Credit cards are of everyday use for a lot of Americans. Even people with bad credit are getting secured credit cards so they can build their credit. The use of credit cards is not necessarily bad, but needs to be done responsibly. This means it is important to have a firm grasp on your finances and budget before using credit cards. Using secured credit cards is the safest way to learn to use credit cards in general.

Secured credit cards are not just for people that need to repair their credit. On the contrary, secured credit cards are a half step between a bank account and a credit card. With secured credit cards you have lower balances than with regular credit cards and the bank helps you out by holding you responsible for keeping enough money in your bank account to pay the balance on your secured credit cards every month. So, unlike regular credit cards you have someone to help you and keep you accountable for your actions.

History and economics show that credit cards can get you in a lot of trouble if not handled correctly. It is important to understand the terms of service with your credit cards. Some credit cards offer 0% interest, but only if you pay it off every month. Other credit cards give you cash back for purchases, but their interest rates are really high. These two examples don't represent all credit cards, but do represent that you must read the fine print before signing up with any credit cards.

Secured credit cards may offer you the added security of a lower amount you can spend and some help with having money available, but there is still plenty of trouble to get into with secured credit cards. God has a lot to say about credit and paying bank debts. He is very clear that all debts must be repaid. Knowing this you want to make sure that the system you set in place to pay your bills gets followed. Having a budget will not restrict your finances, but rather give you the financial freedom to save for things you really want to do and not have your life run by credit card payments or overdue bills.

Remember that God gives you the resources that He knows you can handle. If He has only granted you $15,000 a year, then there is a way to live a good life on $15000 a year. God would never make us suffer any further than He knows we can handle. If you are having a hard time understanding this idea, seek Godly counsel about your finances and any other area of you life you think needs fixing up.

For more information about credit cards and secured credit cards, visit: http://creditcard.chris tianet.com http://cred itcard.christianet.com/articles.htm http://www.christianet.com

About the author: Christian N, http://www.ChristiaNet.com http://blogs.christianet.com Featuring numerous life application articles and tips.

Credit Cards - Friend Or Foe?

2008-04-19T11:59:00.001-07:00

At one time or another most all of us apply for and get more credit cards than we need. We feel like we have to be able to purchase almost any type of item at anytime, whether we can really afford it or not. Having several credit cards allows one to buy products and services at will. Is that a good thing or bad?

There are many companies offering credit cards and loans online, but all may not fit everyone's needs. A credit card is a great financial tool that needs to be used wisely and cautiously. Never allow yourself to get so far behind on your creditcard balance totals that you can only afford to pay the minimum payment amount or small amounts each month towards the reduction of your debt. That is the interest rate trap. Once your cornered on paying minimum amounts, you will most likely be stuck there for years if not for a lifetime.

However, having credit cards can be a positive, productive personal finance tool and does not have to be a negative to your credit status or your lifestyle. A couple of key points:

* Convenient to use and carry * Offers valuable consumer protections * Use it with caution and good judgement * Pay off your monthly bill in full each month, * which eliminates interest charges

Having credit cards is a priviledge and huge personal responsibility. You must utilize and manage your credit rating wisely and carefully at all times. The saying ' if you can't afford to pay cash, then you can't afford it ' is a true statement and we should all take heed to its warning. Using creditcards in this manner makes them your friend and not your foe. Having credit cards in your name is not bad just take care not to go into debt for more than can repay. Doing so will only serve to damage your credit rating and it can and will create larger credit problems for yourself into the future that may be difficult or impossible to repair.

When shopping for a new credit card, comparison shopping is important, because it can save you money. Be sure to consider all of the costs and terms of each of the credit offers. These can make a real difference in how much in fees and interest charges you will possibly be paying each month. Be sure to compare these costs with any of your existing financial instruments, cards, loans, mortgages, etc. You may be able to replace some of your current debt with less expensive options. Some of the costs and terms to consider are the annual percentage rate (APR) for goods and services as well as for any cash advances you may request, the annual fee, and the grace period. Also compare other fees, late-payment charges, and over-the-limit spending fees.

About the author: Greg Smith publishes timely information on Credit Card issues. For more information please visit: http://www.apply-credit-cards.com/ . This article may be freely reprinted as long as the author's resource box and URL links remain intact.

Credit Cards For People With Bad Credit - A Financial Resource For Credit Improvement

2008-04-19T11:58:00.000-07:00

A credit card is almost a vital necessity in today's marketplace. Almost everyone uses a credit card for purchases where the funds are not yet available but which are expected in the near future. In addition, more and more people are using the Internet for various financial interactions, and in order to make these purchases, whether for business or for pleasure, a card is needed.

It is therefore very difficult for an individual who is experiencing problems due to bad credit to further their financial interests, as many cards generally will not approve applications for people in these circumstances.

There are cards out there, however, for people who have a credit history that is less than stellar. These cards are referred to as credit cards for people with bad credit. These cards are specially designed for people with a negative score on their credit. They offer all of the benefits of a regular credit card as well as the special offers that regualar credit cards bring to the table.

The basic reason for applying for a card such as this is to take care of financial needs. These credit cards go further, in that they offer the individual customer the chance to improve or rebuild credit scores. This is possible as the companies that offer these types of cards report to the three major American credit bureaus (Experian, Equifax, and TransUnion) on a monthly basis.

These companies have been set up to assess the finances of individuals and provide other corporations with updates as far as credit scores. Thus, a good history with the use of bad credit credit cards give individuals the opportunity to regain a positive credit score, opening the doors for more credit opportunities.

People interested in applying for credit cards for people with bad credit should keep in mind that these are cards designed for individuals in need of credit repair, they are also meant to protect the company that issue them. Therefore, unlike regular credit cards, there is no introductory fee for new users. Instead, cardholders must begin to pay interest immediately upon using these cards.

Usually interest rates for these types of credit cards are usally higher than regular credit cards. Additionally, credit cards for bad credit usually charge annual fees for thier use.

These cards are generally issued by recognised credit card industry leaders and holders of these cards are allowed to take advantage of all the membership benefits that these companies offer. Bad credit credit cards are recognized internationally among financial institutions and businesses alike, so members can expect a certain amount of prestige. There are also several offers in the form of discounts available to businesses in partnership with the issuers of these cards.

Finally, users of bad credit credit cards can expect several customer service related benefits. Holders can avail themselves of the online services provided 24 hours a day, seven days a week, in order to view accounts and to pay bills. Live customer service lines are also made available by the credit card issuers for individuals in case of emergencies or for questions regarding their bills.

About the Author
Apply for the Orchard Bank Secured Credit Card or review and compare many more Credit Cards For People With Bad Credit at http://www.apply-for-a-credit-card-now.com

The Cost Of Credit Card Debt

2008-04-19T11:57:00.000-07:00

Although some choose to rush into getting a credit card, they normally do so without being aware of the costs. A lot of credit cards out there come with hidden costs and charges, and you should always be aware of this before you apply. In most cases, these fees and charges won't get noticed by the user until it is too late.

Credit card holders who aren't aware of any hidden costs could easily end up paying possibly thousands of dollars at the end of the year - and not even realize it. If you have a reward credit card, your rewards could easily be destroyed by these hidden costs. Although some credit card users may realize it, there are many out there who aren't aware of these costs at all.

The first factor for hidden costs is found in the grace period. The grace period is the extra time you have to pay your bill without having extra fees added to your bill. Even though this can be great for paying your bill, it can quickly lead to a pitfall if you let it. To avoid any type of costs or hidden fees, you should pay your bill as soon as it arrives. This way, you won't have to worry about your grace period or the interest that can accrue from letting your bill get later and later.

Credit card late fee is another factor that is often overlooked by credit card users. Late fees are common with credit cards, although their potential for costs is often overlooked. Some people choose to pay it and be done with it, unaware of the fact that these costs can indeed add up in no time at all. To be on the safe side, you should always know what the late charges are and how fast they can add up.

The easiest way to avoid any type of hidden fees or costs is to pay your bill on time - as soon as you receive your bill. You should also pay more than the minimum, as this helps to pay your bill off faster and ensure that you pay the bill and not just the interest. Paying your bill late is never a good thing, as it can easily destroy your credit report. If you continue to make late payments, your company or bank can increase your interest rates.

No matter what you do, you should always pay your credit card bill on time. Hidden fees and costs are out there - it's up to you to avoid them. Credit card companies and banks won't tell you what the hidden fees are, unless you ask them. To protect yourself and your credit - you should always be aware of the costs - and how to prevent them from happening to you.

About the Author
Article by CreditCardManual.com Visit http://www.creditcardmanual.com/creditcard/ for more credit card articles, over 100 loan-credit management tips, and more!