Debt Management

A trustworthy debt relief company can only help you – Know more

Most of us won’t like to begin the New Year looking at a long list of debt relief services. However, restricting your debts is one of your primary concerns if you truly wish to improve your personal finances.

Your credit situation can certainly be improved if you follow the tips mentioned below. A majority of us don’t have the time to look after our personal finances, although it really helps when we check out our individual credit situations. That’s one reason why so many of us are now reaching out to debt relief services.

Look for an organization of good repute.

Acquiring memberships of esteemed organizations or quality accreditations demand adequate time and dedication from a service provider. A company that wants to draw quick money and make a fool of its customers won’t spend too much time into this. Inferior services don’t engage trained professionals or complete paper-works. NFCC and AFCC are amongst organizations that have websites presenting lists of renowned debt relief services. Once you go through these lists, it will be easier for you to pick the right company. Reliability of these services can be easily understood once you read through the membership criteria of these organizations.

Acquire referrals from the ones you love.

Earning referrals of quality debt relief services from your loves ones is a natural thing, since many of them may have gone through similar situations in the past. You may find effective guidance under a certain company that had helped a friend or relative in the past. At the same time, you’ll need to go through the situation experienced by your loved one and not rely too much on such referrals. A referral doesn’t guarantee an experience that will surely yield positive outcomes. Success often depends on the particular agent that handles your case and your individual financial situation. You must look for a different debt relief company in case a particular company doesn’t feel right.

Conduct your own research before arriving at a contract.

You must study the way your chosen company works, even when you’re about to work with a reputable organization. Doing your own research may bring out facts about your chosen debt relief company that you must take into account. All reputable debt relief companies reflect the true nature of their services through testimonials and reviews posted by their past customers. You may come across positive reviews or complaints filed against your chosen company while searching for accreditations offered by renowned bodies like the BBB.

Understand the law and identify your rights.

There are laws governing the operations of any debt relief company, hence you must identify your rights. Websites like FTC.gov are likely to show you through the telemarketing rules governing various sales processes. Scammers often pose as legitimate businesses and rob consumers of their hard-earned money. Promising outcomes that don’t quite seem realistic and demanding charges upfront mostly signify such scams. Rules have been imposed to protect consumers from such attempts. You’ll need to analyze the overall financial situation and trust your instincts before you pay for these debt relief attempts. Feel free to express your concerns, if you feel skeptical about something. You may choose to work with a different debt relief agency if the policies of your favorite agency don’t seem agreeable. In the end, a reliable service provider can only pull you out of your debt burden.

Investing

All you wanted to know about binary option trading withdrawal procedure

Binary option trading is easy and a simple way of earning profits within a very short time span and also by investing a low amount. But as a trader you are required to make minimum initial deposits and also withdraw the returns and profits that you have earned in a trade. This is a procedure very few traders are actually well versed in. So, we will address this topic in this article so that you have a better idea about the manner in which you can withdraw funds from the binary option trading account that you have opened with a trading platform or a binary option broker. So, read on for more information.

Easy and secured

If you are planning to withdraw funds from your trading account, it is a simple process. When you visit the website of the trading platform you have opted for, you have to look for the withdrawal box, which is present on the main page and rarely, there are websites that will require you to navigate to another web page of the website when you want to withdraw your binary option trading funds. All you have to do is select the amount that you intend to withdraw. Remember, it will essentially be currency based and you have to choose your currency.

Essential features of fund withdrawal in binary trading

Although the process takes less than even a minute, there are few important aspects that you need to know pertaining to withdrawal or deposit of funds when you are associated with a trading platform. These include the following-

ü  If you are withdrawing binary option trading funds for the first time, you will have to furnish your proof of identity. This is usually done so that there is no other individual or prospective trader that uses your name for fund withdrawal. This process makes your transactions secured and reduces the chances of fraudulence. As far as documents that you can furnish to prove your identity include recent utility bill that is in your name, photo identification, valid passport. Alternatively, you can also provide details of your credit card bills as identity proof.

ü  Time limits apply when you withdraw your funds from the binary option trading account. While wire transfers and bank transfers take longer, you can opt for E-wallets, debit as well as credit cards for withdrawing your profit funds. Also the time taken for accessing your funds will depend on the mode of withdrawal that you go for. The time limit for the fund withdrawal will vary from one trading platform to another. Also do not forget to take into account the processing fee of the broker.

ü  You will be required to shell out the so called withdrawal fees when you want to avail the returns from binary option trading that you have earned. This fee also differs from one broker to another and also on the mode of withdrawal of funds that you have opted for.

Regardless of the trading platform you have opted for, it is best to find out the details about deposit as well as withdrawal even before you sign up for the services of a binary option trading broker. In this way, you know what you can expect. 

Investing

The perfect way to save your investment in Forex market

In any kind of business, investments are needed. For the main process of a business, a person has to keep some of the total investment. There will be spending after all the other things necessary for your business. If you have a business which is related to products, most of the inventory will be needed for the production line and the raw materials. Who knows, you may have to spend most of your own money on those. There are ways to get the loan from banks for you’re the money. But there are other businesses too which does not have any kind of chances for getting a loan from a financial institution. We are talking about the trading business here. It is a good business if you can run yours properly. But, it takes time to get good in your trading business. Until then a trader should think about saving the investment of his or her business. In this article, we are going to talk about it and make your concept clear about saving your trading capital.

Secure the whole account balance

Starting of the money management of any trader should be with the whole trading money. When you are investing into your trading account it will only use for trades. This is a good side of the trading business where you don’t have to spend too much on inventory. The trades themselves can make you lose a lot from daily participation. For that, you have to start from the beginning of the trading business. When a certain amount of money is put into the trading account, it should come into your conscious. For safety, you should be keeping some for backup. This is because the initial trades will never be good for a trader and you will lose money in them. For that traders would spend less money overall on regular trading.

Trade with a well-regulated broker

All the pro traders in the United Kingdom always chose brokers like ETX Capital. If you trade with the low-end broker there is a high chance you might get scammed or experience heavy slippage in live trade execution. You invest a big sum of money, test the spread betting demo account. If you feel satisfied with demo trading performance, invest a small amount of money and assess the condition of their real trading environment. No matter what happens, never trade with an unregulated broker.

The risks are waiting for attention

From the whole trading amount reductions, the risks should come into your perspective. Like using a big trading capital, taking small risks and embracing small loss is acceptable. For that, you have to move from big level control to the micro level. There is no need to be too much conservative as you will be just fine by using the controls over the trading risks. Because they should be defined for a decent level of trading. If your performance is good, the risks can be big. Traders who know their business process can make profit form most of their trades. Novice traders though, will not often be like that. So, you should be thinking about risk reward ratios and good management of them for your own business.

Follow your risk to profit margins

We have talked about money management to the level of risks per trade. It should be fixed according to your trading quality. But, how will a trader know about his or her performance? A good tool which can help any trader with that is called the risk to profit margin. It is the ratio which shows the trading risks and profits in each trades. By analyzing the risk to profit margins of multiple trades, you can easily understand how good or bad your trading approaches are.

Debt Management

Will Too Many Credit Cards Mean A Bad Credit Score?

With the holidays recently passed, it’s a fair guess that you were overrun with offers to sign up for credit cards, whether you’re at the cash register or checking your mail at home. Let’s take a look at two offers that always seem to make an appearance on a regular basis.

  • Clerk: “Hi, Would you like to open a credit card with Best Buy to save 15% today?”
  • Commercial Mail Offer: “Get 30,000 American Airlines Miles by signing up for the Citi AAdvantage Credit Card!”

We’re going to discuss how to make sense of choices like those above. What effect does opening a new credit card have on your credit rating? And what does it mean for your wallet when your credit score sags?

It might come as a shock, but to our mind the most important variable for the next year is your own readiness to take on loans. Below, we’ll go into why.

What is calculated in a FICO score calculation?

FICO uses a credit scoring system, which operates on a spectrum between 300 and 850 points. The exact calculation is not available for public knowledge, but there has been some information made available. This is the set of weighted factors that determine your FICO score:

Factor Weighting
Past Payment History 35%
Credit Utilization 30%
Length of Credit History 15%
Type of Credit Used 10%
Recent Credit Inquiries 10%

FICO focuses more on the recent past than the distant past

While the table above provides the basic picture of what goes into your FICO score, it’s also important to consider that your score is weighted towards your recent history overall, rather than the more distant past. If you’ve been making on-time payments on your credit cards for the last year or so, this can help minimize damage caused by past delinquencies. In the same vein, a pile of credit card payment notices that are a year old or more will do less harm today, but just a couple in recent months can be a big problem.

What is the impact of a new credit card on your credit?

A new credit card benefits your credit utilization since it lowers your total debt in proportion to available credit lines. On the other hand, it can decrease the duration of your credit history and increase your number of new credit inquiries. While it’s not fully clear how much each aspect of this choice will impact your score, its our opinion that this generally points to a small negative effect in the short term, while its long term effects have strong positive potential. In sum, opening a new credit card won’t have too much of an effect at all if you’ve got a score of 800 or more, but if you have a more limited credit history, this could push your score from the mid-range into “poor” and make it harder to obtain credit in the future.

What are the benefits of opening a card account?

Exercise careful judgment in how you use your credit card applications. Each airline mile is typically worth about a penny, so getting 30,000 of them by signing up for a new credit card means about $300 in real dollars. At the same time, the Best Buy 15% discount requires some very distinct math because the 15% savings probably won’t come out to be more than $300 unless you’re spending well over a thousand dollars on electronics.

Turn down all rewards credit cards that don’t offer some kind of immediate reward. The market is flooded with cards, like the Chase Freedom, that pay $100 or more for signing up, so unless you’re going to be getting some kind of incentive it’s not worth applying.

And how about the drawbacks of a lower credit score?

While most conversations about credit center around APRs and interest rates, the loan rate that a good FICO score can make available isn’t the most important thing to consider when thinking about the benefits of good credit. Even more important is how much money you plan on borrowing in the next year or so.

That is to say, if you’re going to be seeking a $45,000 home equity loan in the near future, having a good FICO score will be a much more significant factor than if you’re going to be looking for a $5,000 loan for your car. That’s because getting stuck with a higher interest rate on a smaller loan translates to a difference in interest payments that’s small enough to be negligible.

Input 1: Your FICO score and your interest rate

When seeking out a loan, your loan officer will base your interest rate off of a combination of criteria. A shorter loan duration and putting up collateral, as with a mortgage, can lower your rate. But the factor most within your control is your FICO score.

For instance, take a look at the table below, based on information from LendingClub’s average rates for a 36-month “debt consolidation” loan (note: these are not LendingClub’s actual rates, but our own estimates for illustration purposes only).

Credit Score Fico Score Interest Rate
Awesome 780+ 5.98%
Excellent 750-779 6.36%
Really Good 714-749 9.25%
Good 679-713 12.41%
Average 660-678 16.32%

Input 2: Loan Size

In terms of actual money that you’ll be paying, the most important factor is the amount you’re seeking to borrow. In the next table, you can see how a smaller loan minimizes the overall impact your FICO score has on how much your loan will cost you.

Loan Size Fico Score Interest Payment per Year FICO Score is 30 Points Higher FICO Score is 30 Points  Lower
$5,000 730 $483 Save $155/yr Pay extra $223/yr
$10,000 730 $965 Save $654/yr Pay extra $446/yr
$25,000 730 $2,413 Save $777/yr Pay extra $1,114/yr

Go for that new card if you’re not going to be seeking out any big loans in the near-to-middle future

In our opinion, opening 1-2 credit cards each year won’t have much impact on your credit score over the forthcoming year. In fact, it may raise your long-term credit score if you don’t have a very long credit history and keep the amount of credit you use at a low level.

If your future need for loans ranges from small to nonexistent, you should give some serious thought to the merits of an airline miles card. It’s likely that signing up for this type of card will net you a 30,000 mile reward, which translates to about $300 and thus ultimately cancels out much of the cost that comes from borrowing, according to our calculations. There are many rewards cards that have comparable deals.

But, if there is going to be a larger loan in your future, you should hold off on applying for a card or any other loan for around a year previous. In the context of taking out a loan over $25,000, its quite possible that whatever rewards your potential card offers to incentivize signing up will be outweighed by the increased interest rate that can come with a lower FICO score.

This post comes from the NerdWallet.com team of personal finance bloggers and experts in helping consumers find the best low APR credit cards.

Do you have too many cards?

Passion

Get Your Rant On

ranting

Rant (Verb)

1: to talk in a noisy, excited, or declamatory manner

2: to scold vehemently

Every now and then something can really get on your nerves and you just want to yell. I’ve had many of those moment but too many times choose to hold it in.

Apparently it’s not the best thing to do. I’m sure a lot of people have this same issue, so I’m here to help. Let out your anger and frustration below. Don’t hold back on anything.

This may get family unfriendly quickly but that’s ok because some people may highly dislike kids anyway. If you don’t want to read my rants but you want to start ranting right away then just skip to the Your Turn section at the bottom.

Rant 1

Let me start it off. I hate that our government isn’t stepping up for the people and is instead standing up for corporations that will do anything to make a quick buck because the people that make decisions don’t have to live in the same world that they affect. You don’t see a rich neighborhood next to factories do you?

That’s what I have a problem with. It’s not that they are rich, it’s that they get their money by making part of the world worst off than when they started. Is that every rich person? No and I don’t have a problem with them. But if a company gives my representative money to help vote to make my neighborhood worse off just so they can make more money to give that same representative then I have a problem with that.

Rant 2

Oil companies! Can you please allow us to have clean energy? I know it doesn’t make you as much money as you would like but I promise you won’t be broke….unless you choose not to embrace it. It’s the same with industries throughout time. If you don’t innovate then you will die off.

Embrace change and make the world better….it’s not that hard I promise. Just put some more of those oil profits into it and you’ll have it in no time. You’re Welcome!

Rant 3

The Economy! I know there are a lot of people without jobs right now. Whose fault is that? Ours! We created a world that we can not support. We over created way too many of the same thing (houses) that we could not afford to keep up with. We put all of our eggs in 1 basket. Obviously that was a bad call. Manufacturing isn’t where we need to be. People overseas make it a lot cheaper and will eventually make it just as good if not better than we can. What’s going to happen then? Even more job losses. We need to get people away from that and into jobs that actually have a future. The internet is like a whole new world that we should start working more towards. It allows us to barter a lot more effectively and can help bring in a lot of money. So why aren’t more people doing it?

Partly because they don’t know what they can do to make money because they haven’t learned it in school. We should teach more entrepreneurism in the school and stop making our kids less creative by teaching them with standardized tests. That just created standardized people. We need to evolve but we’re still stuck in the past.

Your Turn

Well that was my rants for the day. That felt really good. I’m probably going to do this again.

Get your rant on in the comments below. Do you hate that I wrote this post, hate my site, hate your boss, hate that the work week is so long, are you annoyed by your kids, or a significant other that hides money from you. Whatever it is let it out into the world. Maybe someone can help you if you need it. If you don’t want people to know who you are then by all means get creative with your name.

What won’t be allowed: Any Racism, Sexism, Slurs….you get the pictures, but feel free to use some cursing if need be.

Now Get Your Rant On!