Wealth-Building Articles
Dangers Of Home Equity Loans
(category: Wealth-Building, Word count: 432)
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A home equity loan is very attractive to home owners since it can help increase immediate cash on hand, provide a way to fund repairs or renovations of the home, and offer an extended line of credit. A fixed rate equity loan can reduce monthly payments, and an extended line of credit can help pay down high-interest credit cards or personal debt. Still, there are some dangers of home equity loans.
Some lenders and brokers can promise a lower interest rate or lower monthly payment, but the payment can go up if the borrower's credit score decreases. Homeowners who are not able to meet the demands of the change can put their house at risk of repossession if they cannot repay the debt in time. Consolidating debts or refinancing a home in this way is not a good idea if the borrower ends up instead with a larger loan that they cannot pay off easily.
Even when money is saved on the home equity loan or line of credit itself, some borrowers may end up overspending in other areas. If credit cards are paid off, they may start buying things on credit again and end up making monthly payments beyond what is affordable. Plus what happens when the funding estimated for a project the loan was obtained for - house repairs, college expenses, unforeseen medical emergencies - exceeds the initial funding amount? Borrowers may find themselves spending more money than they sought to save.
Some mortgage companies might charge excessive fees that the homeowners don't know about until they sign the final papers. This is becoming increasingly common, and it's important to know all of the terms and final costs well before hand. Other poor lender practices include equity stripping, loan flipping, and over borrowing. Equity stripping is when a lender will inflate the income on an application to secure the loan. This results in the borrower not being able to pay back the amount. Loan flipping is when a lender increases the loan amount by increasing the current mortgage. This results in an overextended amount that the borrower cannot pay. Over borrowing involves extending a loan for more than the house is worth. This borrower cannot receive a tax deduction on this amount and may not be able to keep up with the payments.
Although there are many advantages of a home equity loan, there are some dangers and pitfalls to look out for. Sensible budgeting and financial practices are important to stay ahead of payments, no matter how small or large the amount may be.
Great Ways To Make Money On The Internet
(category: Wealth-Building, Word count: 524)
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Is your income what you expected it would be? Do you have the career you wanted? Is your bank account as full as you'd always dreamed? My cousin used to say, "I'm going to be a millionaire by the age of 21." He used to tell me he'd have his own personal airplane, live on a private island (his own), fly his own helicopter and live in a beautiful mansion, complete with an Olympic-sized pool, sauna and waterfall. As you may imagine, he's a lot older than that and none of those things have materialized. It's not his fault. He has a super job and works in a field he loves. I don't think he's alone in this scenario either. We all dream of having everything when we're kids and, even if we end up with a pretty good income, we don't end up like the millionaires we thought we would be. We may have made a million dollars in the last decade but we don't have a million dollars in the bank. We need to come up with some other action plan that provides us with the extra cash that will really take us somewhere in life. My thought is that we look a little closer at the Internet. There's a lot of money to be made on the internet and I think that, if you're looking to make extra cash, this is the way to go.
Think about all the ways you could make money on the internet. I'll bet you haven't really looked into it, thinking that no one actually makes money on the net. That is actually not true and you should consider giving it a try. Ordinary people like yourself have made tons of money on the Internet and there's no reason you can't be one of those people. The truth is that you can really make money on the web. It's a matter of finding out what you're interested in and what you think you would do a good job doing. Sometimes, the whole thing is really accidental. You'll find yourself doing something on the Internet and before you know it, you'll find that you are really making money and you're actually making a decent living. You might be one of those people you see on television advertisements, telling everyone about all the money you are making on the Internet. This kind of scenario is more common than you might think.
So think hard about any ideas you may have about making money on the Internet. Try putting your idea into action. You will probably be able to supplement your income, pay for something special or go on that vacation you've always wanted. You may not be the millionaire you thought you'd be but you'll be able to take that dream of making extra money and make it real. Imagine all of the things that are possible for you on the Internet. You could sell something, market something or pitch an idea to the millions of people that surf the net. The start up costs can be next to nothing.
Things You Must Know Before Going On An International Trip
(category: Wealth-Building, Word count: 469)
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When preparing for a trip out of the country, you will have to worry about a lot of things. Not only are there items such as your passport to be concerned with, but you also have to think about your money, which means you're going to have research exchange rates in order to make sure you bring enough money along with you on your trip.
You will find that no matter what country you travel to, their currency is remarkably different from American currency in regards to details such as style, color and texture, but even more importantly - value.
You have a few options to choose from when you are traveling, in which to exchange your money. The exchange rate changes daily because it is based off the markets of every county, so what you might have received for $20 yesterday, may not be the same today (and as a side note, don't be shocked when you find that your American money is worth far less in other countries, the strength of the American dollar is greatly diminished in today's market).
For this reason, you are going to want to research ahead before flying to make sure you bring enough money. You can also keep things simple by using travel checks, but this is not always feasible for everyone. Also, don't forget to account for the fee you will have to pay when exchanging currency, especially if you do it at a bank. This fee alone can be a little exorbitant which is why more and more people are opting to use travelers checks or credit cards when traveling; if you opt to use credit cards make sure you carry the big three: Visa, MasterCard and American Express. By doing this you won't have to worry about any restaurants or stores not accepting your cards.
Aside from knowing the exchange rate, it is also important you understand the currency of the country in which you are visiting. You may become very confused when shopping in a foreign country. Make it a point to know the country's money system and be able to read price tags.
International travel is a big undertaking, as well as a big responsibility. This type of travel can be great fun and a wonderful life experience, but it is important that you go into it prepared, both with common sense and plenty of money. If it is your first time traveling out of the country, you are going to find this task a bit awkward and frustrating at first, but it gets easier and easier, and eventually becomes a task you never forget how to do properly. Stay informed for the sake of your money and the unique experience your trip will provide you.
How To Understand Credit Card Processing
(category: Wealth-Building, Word count: 558)
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Many people are aware that after they fill out a credit card application, it has to go through a few considerations on behalf of the credit card company, and that this is known as credit card processing. This process may seem to be a vague technicality for individuals who apply for a credit card, through which they will eventually learn if their application for the credit card will be approved or denied. By understanding specifically what happens during the credit card processing procedure, an individual can make sure that their information will be applied to a card that they will be more likely to get accepted when it comes to their application. If a person tries to apply for too many cards at once, they may be denied only on the basis that too many people or companies are accessing their credit file at that point in time. A person that applies to a bunch of credit cards all at once may be desperate about their financial situation and will apply for any and every credit card just to help ensure that they will be able to get some help. However, this approach may end up hurting the individual more than helping, and they may not be able to get any help from any of the credit card companies for which they apply. By understanding what is being looked at in the credit card processing state, an individual can more accurately ensure that they will be able to get a credit card by making sure that their personal information falls in line with what the credit card company is looking for in their candidates.
A credit score is a person's rating based on the credit that they have accumulated over the years. The higher a person's score is, the more likely they are to be considered a successful candidate for the credit card company and in return be issued a card. There are a number of things that will influence a person's credit rating and even if a person does not know their exact credit score, they can generate a fairly accurate idea of what it would be by looking at the different things that generate the score. For example, making timely payments for other credit cards and bills will increase the rating. Missing payments will likely detract from the rating. Having more bills and credit cards and loans will make a person less likely to get another credit card, and this is especially the case when the individual has missed payments on any of these things within the last 12-24 months. There is one instance in the United States in which a person's credit will not be affected. This is if a person misses a medical bill payment or has outstanding debt with a physician, hospital or other medical company.
The social security number will be needed as well. This is required to be valid and will be used in order to check the credit of the individual. Because of this, it is very important that the person be able to supply the correct and accurate social security number. If the name and social security number do not match up, the individual will not be able to get approved since the company will not be able to accurately research the individual.
When Is The Best Time To Refinance
(category: Wealth-Building, Word count: 415)
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It can be difficult to determine when you should refinance your home loan. There are many factors that might have a bearing on this decision. Depending on what factors affect you, now could be the best time to refinance, or it might be better to wait.
Economic conditions are the chief factor in determining the prevailing interest rate. The government often uses higher interest rates to level inflation out, and to direct consumer spending. When consumers are spending more than they should, prices will rise. Interest rates grow correspondingly higher, and then spending slows down once more. Conversely, a slower economy favors low interest rates to encourage consumers to resume spending. The best time to refinance a home loan is when the economy is slower, with correspondingly low interest rates.
Despite your existing loan and intention to refinance, a good credit rating is still required to obtain the lowest possible interest rate. How good a deal you can acquire will depend heavily on your credit score. It is best to get your credit report from one of the three major credit rate reporting burears before you apply for your refinancing. This allows you to see if there are any errors in this report, have them corrected, and get an accurate idea of your credit score.
The length of time you have had your loan will be important to your lender. It is considered a poor idea to refinance shortly after getting your initial loan. Lenders prefer that you wait at least four to seven years before you consider refinancing your mortgage.
When the market value of housing increases, it can be an excellent time to refinance your mortgage. This is especially true if you are planning to consolidate debt or use some of your home equity. If you have improved your income or increased your credit score, refinancing can allow you to secure a much lower interest rate. Refinancing can also allow you to renegotiate the terms of your home loan.
When refinancing your home loan, be sure to make certain the prevailing interest rate lower than 2% of your current payments. Calculate the costs of refinancing carefully, remembering to add in any penalties or charges that may be accrued in the process. It is important to shop for the best deal when refinancing your home loan, making certain to compare the interest rates, terms, and conditions of the offer before accepting a particular refinancing plan.
The Essential Benefits Of A Lower Debt Consolidation Loan Rate
(category: Wealth-Building, Word count: 415)
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Shopping around for a debt consolidation loan can be a confusing and oftentimes downright frustrating experience. In this regard, many people who are on the market for a debt consolidation loan are quick to find a lender and sign a debt consolidation loan agreement on the bottom line. Many consumers actually pay little attention to the debt consolidation loan rate, assuming (and wrongly so) that all debt consolidation loan lenders are charging the same debt consolidation loan rate.
In the alternative, even if a consumer understands that different lenders use slightly different debt consolidation loan rate scales, the variations from one lender to another does not amount to anything meaningful. Once again, this is an incorrect assumption that is made by many, many consumers in this day and age when it comes to a debt consolidation loan rate.
If you are shopping around for a debt consolidation loan, you need to fully understand that even a minimal or slight variation in the debt consolidation loan rate from one lender to another can have a tremendous impact on the amount of money you will pay for the debt consolidation loan over the lifetime of that loan. Even a very small adjustment downward in the debt consolidation loan rate can end up resulting in hundreds if not thousands of dollars saved and put back into your pocket during the lifetime of the loan.
The savings you can realize from a lower debt consolidation loan rate is even more starkly illustrated when you consider how much you'd been spending historically on higher interest rates, penalties and late fees that otherwise were associated with the credit accounts that you consolidated with the debt consolidation loan. In point of fact, the savings all around can be so very significant, the debt consolidation loan can be the most useful vehicle for you to use when it comes to taking a positive and affirmative step towards getting your financial house back in good order.
If you want more information about a debt consolidation loan and the tremendous impact of a lower debt consolidation loan rate, you will be able to find some solid, independent and unbiased resources for such information at a number of websites on the Net. In addition, there are a couple of governmental agencies - the FTC amongst them - that can provide you with some basic information about your debt consolidation loan rate alternatives in the 21st century.
Find A Cheap Secured Consolidation Loan Online
(category: Wealth-Building, Word count: 335)
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If you have several loans and credit cards then it could be worthwhile to consider combining them all together and just making one monthly repayment. If this works out to your advantage then taking out a secured consolidation loan could be your best bet, with a consolidation loan you will pay off all your other loans and credit cards which means that you don't have to worry about paying different companies, different times of the month. The cheapest secured consolidation loan can be found by looking and applying online.
There are different types of consolidation loan and the cheapest rates of interest, the best deals and the easiest form of loan to get is the secured consolidation loan. A secured loan simply means that in return for the best deals and low rates of interest you put up your home as collateral against you defaulting on the loan. In simple terms this means that should you find you cannot keep up with the repayments for the loan then the lender can seek repossession of your property.
With this in mind it is essential that you make sure that you are able to keep up the repayments, several factors have to be taken into account when deciding if the secured consolidation loan is the best for your circumstances. The consolidation loan is supposed to make life easier for you, for example not only will you not have to worry about different repayments going out at different times, but it could mean a lower monthly repayment.
When deciding if the repayments will be cheaper you should give some consideration to how long the terms of the loan last and how much interest you will pay over that time. You should also shop around for the cheapest rate of interest and best deal for the secured consolidation loan, all companies vary slightly in what they offer and of course you should choose wisely as you home depends on it.
What Is Forex Trading Is It Right For Me
(category: Wealth-Building, Word count: 534)
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Foreign Currency Exchange (FOREX) Trading is an exhilarating way to trade foreign currency in a market that runs 24 hours a day, five days a week. The Forex market is also the most volatile financial market in the world. It doesn't have a physical location, trading floor or central exchange like the NYSE or futures market does, but instead it functions and operates amid a global network of banks with trades taking place over an electronic network or by phone. With its nearly nonstop currency market where Forex brokers trade in the currencies of the world, profits are made or lost depending on how various nations' currencies increase or decrease relative to each other. Current, real time events can influence currency prices and thus Forex trading brokers typically keep track of worldwide events on a minute by minute, hour by hour basis each day.
Even though Forex trading is volatile, there are many things to like about it. Since the Forex Trading System is open 24 hours a day, the majority of each week, it allows for ample time and numerous trading opportunities around the clock. This means Forex Brokers are not under as much pressure to initiate a trade as quickly as if they were playing the stock market. Also, since world government currencies are very liquid, they are much easier to trade than other securities. As with the stock and option markets, profits can be made either way, whether in a rising or falling market. And since Foreign Currency Trading is volatile by nature, it can afford even more profit opportunities than other markets.
Of course a person's Forex Trading Strategy should be to profit from the movement in currency values. As with any financial market, the more times a person "gets it right", the more money they will make. In Forex or FX Trading, currency pairs are always used. FX Traders will try to determine, for instance, if the U.S. Dollar will rise in value over the British Pound, or vice versa. This is called a Currency Pair. Another trader may have some Forex information that informs them that the Euro will increase in value against the Dollar. They would then pay X amount of Dollars for X amount of Euros. As time went on and the Euro did strengthen against the Dollar then they could sell the Euros for even more Dollars than they had invested originally. Foreign Currency Exchange is essentially the simultaneous buying of one currency and the selling of another.
There is no doubt that the Forex Currency Trading System is unique. It has its own set of rules and opportunities. It can be as fast moving or slow as a trader would like. A big advantage is the number of hours in a week that a trader can place and execute trades. It can be volatile just as with any market. If a person studies their options and does their homework, a great deal of profit making opportunities exists in Foreign Currency Trading. As with any financial markets, a good Forex Trading Strategy will go a long way in determining what kind of profits you will make.
Should You Sign The Back Of Your Credit Card
(category: Wealth-Building, Word count: 613)
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Many savvy credit card users have adopted a new stance in recent years. In an effort to reduce the chance they will become a victim of credit card fraud, they refuse to sign their credit cards. Some will leave the signature line blank altogether, while others will write "see ID" on the signature line.
The theory here is that criminals with an eye toward your credit card will be less able to either use your card (without a signature and a matching ID) or won't be able to falsify your signature if not given an example on the back of the card.
This can be a tough decision for many of us when we get a new credit card - do we sign it or not?
Here's the thinking on not signing your credit card. If you sign the card, it would be very easy for someone to get a hold of your credit card and use it for a variety of reasons. True, if they purchase things online or by phone, your signature is not necessary but if they purchase something in a store, they can easily forge your signature on the receipt with your sample as reference.
In addition, if you sign the credit card, there is always the minor possibility that criminals could use your signature (and any other information they are able to glean about you) to acquire more credit.
If you don't sign your credit card, you can write "see ID" on the back, which has become a popular option for some credit card users. In this case, then, the store clerk will ask to see your ID (likely a driver's license) and they can compare your driver's license signature with the signature you provide on the charge receipt.
You can also choose to leave the signature line blank, which might also prompt store clerks to ask for your ID.
So, what's best? Among credit users, there doesn't seem to be a solid consensus about how to handle the "do you or don't you?" question about credit cards. Many argue they would never sign a credit card, and will always ask the store clerk to ask for their ID. But here's a consideration - many store clerks don't ask to see ID. Many don't turn the card over. Sure, they are supposed to, but many don't. Are you protected then?
The credit card companies advise consumers to always sign their credit card. In fact, they say that store clerks are not authorized to accept credit cards that are not signed and if they aren't signed, they are supposed to require you, the consumer, to sign the card in their presence before they finish the transaction. They also have the authority to deny you the purchase if you provide an unsigned credit card.
But honestly, how often do store clerks check your signature? If clerks don't check the back of your credit card as a rule, then you are not protected, whether you sign it or not.
Perhaps the best rule to follow, then, is the rule of careful. That is, sign your card just to be safe and to follow the credit card company's recommendations, and then don't lose your credit card or wallet. Certainly if you lose your wallet, you'll be concerned about the effect that will have on you and your credit, and whether or not you signed your credit cards won't be the major issue.
Creditors also say consider getting a card with your picture on it. These credit cards give you additional protection since it's unlikely you and your credit card criminal will look alike.
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