High Limit Credit Cards

kenneth wade-16699

There are many high limit credit cards available right now over the net. I recently applied for a Bank of America card and was given a $5,000 limit. I was then able to consolidate my other cards into that one which brought my credit score up several points. The balances that I transferred were on an introductory offer where I wasn't even required to pay interest until next year so I saved hundreds of dollars just by doing that transaction. Then since my credit score had gone up I applied, (online again) for a one click balance increase request and was given another $5,000 that I needed to pay business expenses. The increase was given without any hassle from bank accountants and I wasn't bothered with any other offers. So now my credit score is higher than it has ever been and I have put much more experience on my history that will help when it's time to apply for a larger loan.

I say all of this to show that online banking with high interest credit cards can be very rewarding if used responsibly. Many people see credit card offers and run away not realizing that they could probably pay off all their current cards in half the time by consolidating. I actually think the low limit cards with high interest rates cause consumers to get in more trouble because they don't have time to catch up before the entire balance is exhausted.

The Bank of America card isn't the only excellent offer available online though. There are many others. One of my other favorites is the Discover more card which started me off with a $4000 limit. This card also has excellent customer service in my opinion, on and offline.

Another one of my favorites is the American Express Star wood. Here are some of the features:

10,000 Star points bonus with first purchase enough for up to three free nights
(1)Double Star points on stays at participating Star wood Hotels & Resorts and purchases at select Starwood retail outlets, such as Bliss Spa and more

(2)Automatic upgrade to Gold Preferred Guest membership status by spending $30,000 on the Card in each calendar year. Access to private sales with select Starwood retail outlets.The new Business Card incorporates all of the improved benefits of the Starwood Preferred Guest Credit Card, as well as programs and services tailored specifically to the needs of small business owners, including the OPEN Savings(SM) program which was designed specifically for small businesses and gives automatic discounts on purchases at OPEN Savings

(3) partners, such as Delta, FedEx Kinko's and JetBlue. In addition, the Business Card provides expense management reporting, an online spend tracking system and spending limits on additional cards that aid in better managing employee spending.

So don't be scared to apply for a high limit card, just be responsible. One thing I always check is the annual fee. Most of the cards that will be of benefit to you do charge an annual fee. Of course there are always exceptions to the rule. If the card has an annual fee and the interest rate is extremely low then it might actually be a better offer in disguise,but i would still read the fine print. You can check out some of the offers in the link below. I guarantee you'll save alot of money in the long run.

Kenneth Wade has written many articles on the credit industry and is the webmaster of a website offering news and information regarding credit cards.Click Here To Apply For Credit Cards

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Rental Property Tax Benefits

by Chris Castillo

People who own residential rental properties are afforded numerous tax benefits. You are allowed to offset your rental income with rental expenses. If you own rental property it is critical that you understand the tax advantages afforded to you that will enable you to protect your income and lower your tax burden.

Here are a few of the deductions the IRS grants you on your tax return if you own rental property:

Mortgage Interest - You can deduct the mortgage interest you pay on your rental property's mortgage payment.

Depreciation - You can depreciate your rental property by deducting some of the cost on your tax return each year. For residential property, the IRS states that you must depreciate the property over 27.5 years. You must EXCLUDE the value of the land from the value of your home prior to calculating depreciation.

Repairs - You can deduct the cost of repairs. Examples of repairs include repainting your property, fixing gutters or floors, fixing leaks, plastering, and replacing broken windows.

Travel Expenses - If you own a rental property the IRS allows a tax deduction when you drive anywhere for your rental activity. For example, when you drive to your rental property to deal with a tenant complaint or go to Home Depot to purchase an item for a repair, you can deduct your travel expenses.

Generally, if you use your personal vehicle for rental activities you can deduct the expenses using one of two methods; actual expenses or the standard mileage rate. For 2006, the standard mileage rate is 44.5 cents a mile for all business miles.

Home office - You may deduct expenses related to your personal residence as home office deductions. These include utilities, insurance, depreciation, and repairs allocated to the business use of your home.

Employees and Independent Contractors - Whenever you hire anyone to perform services for your rental activity, you can deduct their wages or services as a rental business expense. This is the case whether the worker is an employee (for example, a resident manager) or an independent contractor (for example, a repair person).Insurance - You can deduct the premiums you pay for almost any insurance for your rental activity. This includes fire, theft, and flood insurance for the rental property, as well as landlord liability insurance. If you pay the insurance premium for more than one year in advance, each year you can deduct the part of the premium that will apply to that year. You cannot deduct the total premium in the year you pay it.

Legal and professional services - You can deduct fees that you pay to attorneys, accountants, property management companies, real estate investment advisors, and other professionals. You can deduct these fees as operating expenses as long as the fees are paid for work related to your rental activity.

For a more in depth overview of the tax advantages of rental properties, visit http://www.real-estate-owner.com/rental-property.html. In any case, be sure to discuss all your tax issues with your CPA.

Author

Chris is a software engineer who maintains http://www.real-estate-owner.com which provides free real estate tax related information.

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Profiting From Bank Foreclosures

Most of us think of properties that have gone into foreclosure as old, beat up places that no one would want to buy.

However, the truth is that in today's unstable economy, more and more gems are going into bank foreclosure simply because the owners of these properties have fallen on hard times. While mortgage lenders work with homeowners for a while to avoid the foreclosure process, eventually those who cannot pay their home loans lose their homes.

Many people realize that they can benefit from foreclosures by buying REO foreclosure properties. REO stands for real estate owned, and these properties are usually owned by the lender that held the mortgages.

When a homeowner cannot pay the mortgage back, the bank will repossess the property, evict the homeowner, and then look to quickly unload the home before losing any more money. Because the lenders goal is to get rid of the property without losing any money, rather than make a huge profit off of it, those who purchase these REO foreclosure properties can often turn them around and sell them for a decent profit.

Is there risk involved with this process? As with any investment opportunity, there is. However, because there is almost always a demand for homes, buying bank foreclosure properties is a fairly solid investment. The trick to making it work is knowing what type of home to buy. Not all foreclosures are going to be easily sold.

If you are stuck sitting on a property for several months, paying a mortgage payment each month, you may lose money on the deal. Certainly you will put yourself in a financial bind for those few months you are holding the property. To successfully invest in bank foreclosures, you must be able to recognize the types of properties that will resell well.

Also, the amount that of equity in the mortgage is important when you are investing in foreclosures. Remember, the banks goal is to avoid losing money on the deal, not making a huge amount of money. Therefore, the bank is going to offer the property for sale at a price that is close to the amount still owed on the mortgage.

For example, if you are interested in purchasing a property that you think will bring $250,000 on the market, but the previous homeowner still owes $230,000 on the mortgage, you are not going to get the home for much less than $250,000. You will not make much money investing in this piece of real estate. However, if you can find a home worth $250,000 that is for sale for $200,000, you will make a nice profit from this sale.

In order to make bank foreclosure investing work, you must know the real estate market in your area and be able to tell the approximate value of a home.

While there is tremendous potential for those interested in investing in REO foreclosure properties, there is also a tremendous amount of competition in this field. Many investors who have a decent amount of capital to use in their investments already have relationships with mortgage lenders.

This means that the lenders alert them to properties before they hit the open market. For this reason, the average real estate investor needs to find these properties before they go into bank foreclosure in order to make a profit. These homes are called pre-foreclosure homes.

The biggest reason that pre-foreclosure homes are the best investment for the new investor is because there is less competition surrounding these homes. Also, the sellers and the bank are generally quite motivated, because selling the home before it goes into bank foreclosure saves everyone both time and money.

Investors are willing to give you their money to work with to purchase these homes because they are usually available for a deep discount.

About the Author:

Mike Kar is a real estate investor and mentor who has been helping people succeed in real estate investing and offers an infoproduct on real estate investing even if you have bad credit, no credit and no money. Visit http://www.propertyforeclosureprofits.com

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Financial Information And Financial Translations

The language of mathematics, statistics and physics, are as you would expect, universal. In a similar vein, you would probably expect the language of accounting and finance to be universal, however, this is not necessarily so; although core financial principles are the same worldwide, there are variances in how these are calculated, how they can be presented and how they are interpreted.

For a financial translator this might, as you can imagine, prove somewhat challenging, however, any translation undertaken by a good agency that offers a document translation service specifically for financial documents, will have translators who are qualified in accounting, thus helping to negate any potential misunderstandings.

What every financial translator will always be keeping in mind during his translations, are the following guiding points; the purpose of keeping financial information and who the end user is likely to be; let us consider the same.

The whole purpose of financial information is that it details where money has come from and where it has been spent; the reason that this information is useful is that:

• Accurate financial records help businesses to be run efficiently. Against a backdrop of specific timeframes, businesses must ensure the collection of money that it is owed and remit money that it owes to others. Additionally, by formally recording businesses assets, this helps to confirm a businesses worth and to keep the assets themselves secure.

• Financial information acts as a measure of performance. Because modern businesses usually have multiple owners, the owners never usually involve themselves in the running of the business; this is done by appointed managers. A company's accounts can, therefore, quantify their performance by comparison with the accounts of previous years.

• Financial records provide information about a company's recourses and activities to many groups of people who might require this data.

There are various user groups to whom a company's financial information might be of use; let us now examine some of these:

• As you might imagine, the first of these groups is the management of the company concerned; information about the company's current and possible future position will assist in making strategic planning decisions.

• The shareholders would certainly want to be aware of their company's performance; their level of dividend will rest on this information.

• Trade contacts would need a company's financial details in order to assess their creditworthiness.

• Banks or other providers of finance / loans would definitely require this information.

• The Inland Revenue would need this information in order to assess a company's tax liabilities.

By always keeping the purpose and uses of financial information firmly in mind a translator will always be assured of passing on, not only the factual information contained within a source text, but also the spirit and intention inherent in its production, thus arriving at a true rendition of the work.

Jack Waley-Cohen is the Operations Director of Lingo24 Translation Agency, a provider of high quality document translation service.

Article Source: http://EzineArticles.com/?expert=Jack_Waley-Cohen

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Profiting From Tax Liens

Tax liens are liens placed on a house or other piece of real estate because the owner owes taxes on the property that he cannot pay. There is a potential investment for real estate investors in tax liens. However, there is a lot of competition in this field, so understanding the mechanics of the process is crucial to finding success in this field.

When a homeowner does not pay the property taxes on his property, most counties will place a tax lien on the property. In many states, these tax liens can be sold at auction to investors. The winning bidder receives a state-issued tax lien certificate on the property in return for payment on the winning bid.

After the sale of the tax lien, the investor has to wait for a predetermined redemption period.During the redemption period the homeowner has the chance to repay the lien with interest. This investor that holds the tax lien makes money off of this interest.

If the redemption period ends and the homeowner or someone else has not paid off the tax liens, the lien holder can start the foreclosure process. This could end with the lien holder having the title to the home, or through a tax deed sale, which is similar to a foreclosure auction. The tax lien holder can participate in the sale, or can simply sell the property in return for the principal and interest owed on the tax lien.

Now, there are several ways that you as an average investor can benefit from tax liens. If you choose to educate yourself further about the process, you can start purchasing tax liens and earning off of the interest on them. However, each state handles its tax liens slightly differently, so it is crucial that you carefully review the rules on your state carefully before you begin buying tax liens.

Another way to benefit from tax liens is to purchase properties at tax deed sales. These properties sometimes are available at a deep discount. However, those properties with a high resale value are usually bought before they go to the tax deed sale. Often the properties available at these sales are not the best properties to invest in.

The best way to benefit from tax liens is to purchase the property from the homeowner, giving the homeowner the chance to pay off the mortgage and taxes without going into foreclosure or a tax deed sale. This is the best way to get a good discount on a property that you can then sell for profit. To do this, you will contact the property owner before the foreclosure auction or tax deed sale with an offer for the property. Often if your offer is large enough to allow the homeowner to pay what is owed, you can purchase the property directly. If there is a decent amount of equity in the property, you can then turn it around and sell it for a profit.

In this situation, both you and the homeowner benefit. You, of course, benefit from the profit you make reselling the property. The homeowner, on the other hand, benefits because he does not have to face the foreclosure or tax deed sale process, both of which can greatly damage credit ratings.

About the Author:

Mike Kar is a real estate investor and mentor who has been helping people succeed in real estate investing and offers an infoproduct on real estate investing even if you have bad credit, no credit and no money. Visit http://www.propertyforeclosureprofits.com

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Getting Yourself Into Action

So, what should you do with all these goals you have set? The typical person would get excited for awhile, then put it aside and it's all forgotten after a while and go back to living their life the way it always was.

If you want to stay focused on these goals, then you have to look at them every day. They have to be at the top of your mind! What I personally do is to pin my goals up next to my working desk. I even type them out and digitally paste them on my computer desktop so I am reminded of them whenever I turn on my computer.

What will make your goals very compelling would be to visually organize hem as a huge flow chart or a timeline where you can see your financial progression over the years. For each age milestone, list the goals that you would have achieved at that particular age. I also cut out pictures (from magazines) of stuff that I dream of buying and stick them on my flowchart.

For example, I used to paste a picture of a beautiful two-storey house next to 'Age 33'. By age 31, I achieved that goal of buying my dream house.

One of the key challenges you will face is to stay motivated over the long-term. Many people know what to do and even how to do it but they just don't do it! They procrastinate. Procrastination is usually the number one killer of success. Learning how to overcome procrastination and re-wiring your neurology for success is beyond the scope of this book.

In 'Master Your Mind, Design Your Destiny', my earlier best-selling book, I teach how to take charge of one's mental and emotional states so fear can be turned into power and procrastination into enthusiasm. However, there are three powerful strategies you can use to get yourself to overcome procrastination and take action now!

a. Make a Public Commitment

As mentioned earlier, when you share your dreams and goals with friends, family members and colleagues, you put yourself on the line to make it happen. When you make your goals known, some friends will never let you forget it!

b. Have a 36-hour Action Plan

The most difficult thing to do is to take the first few steps towards a goal. All of us have experienced an internal 'inertia' that stops us from getting started. However, you will find that the moment you take the few steps and start seeing progress, you will gain the momentum to continue until the goal is accomplished.

I suggest that for each of the goals set, you write down three action steps that you must take within thirty-six hours of setting them. If you take those three action steps, it is highly likely you will continue taking action.

For example, if your goal is to start an Internet business selling specialized cookbooks, what are three steps you could take immediately to get you committed?

Well, you could 1) register a domain name, 2) write up a business plan and 3) Pay $200 to register your business. I guarantee you that by taking these three steps immediately, your brain is going to take you seriously and get you to take even more action.

c. Find a Support Group

I cannot emphasize how important it is to find a supportive group of friends. I have found that the number one reason for people losing their direction and motivation is because of the kind of people they hang

around with everyday. You can get really inspired from this book and all the goals you've set but if you keep mixing around with and talking to friends who waste their time with idle chit chat and spend their free time clubbing, then you are going to lose the success battle.

On the other hand, if the people you mix around with constantly talk about the stock market, bounce ideas about new business opportunities and spend their time analyzing investments then trust me, you will stay on track to make your millions. It is a common saying that 'friends make you or they break you'. The people you spend time with will greatly influence your dominant beliefs, values, thoughts and aspirations.

So, do whatever it takes to find a group of friends who share the same financial dreams as you and make it a commitment to support and push each other on. In fact, many participants who have attended my live Wealth Academy seminars have told me that one of the greatest benefits they gained was the people they met there! Many of the friends they met have been a great factor in their success after the program.

Adam Khoo is an entrepreneur, best-selling author and a self-made millionaire by the age of 26. Discover his million dollar secrets and claim your FREE bonus report 'Get Out Of The Rat Race Now' at Secrets Of Self-Made Millionaires.

Article Source: http://EzineArticles.com/?expert=Adam_Khoo

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How Much Do You Know About Corporate Credit?

Corporate credit is important, even for a small business. It offers a way to get the supplies you need and to allow your business to expand. However, there are some very common mistakes with corporate credit that you want to avoid. Some of them can cause such financial strain that your won't be able to enjoy a successful business that is profitable.

You need to make sure all of the corporate credit you have in place is detached from your own personal credit. Don't get loans or credit cards for the business that are attached to your own accounts. You don't want to jeopardize your credit history or lose your home because of it should any issues come up with your business. Make sure you never use corporate credit for personal expenses and don't use your own credit cards to buy something for the business.

If you have employees you will likely need to offer them the use of corporate credit from time to time. This is very common if they will be traveling to promote your business. Makes sure you have a clear policy in place relating to how this corporate credit is to be used. Question transactions that don't appear to be right so you can take care of any problems immediately.

There are so many types of corporate credit out there that you need to familiarize yourself with. Some of them cater specifically to small businesses and others are for large corporations. Before you apply for any type of corporate credit you need to have a good idea of what is a good match for your particular business needs. Pay close attention to the rates of interest as well as this is going to affect your bottom line.

Not all types of corporate credit are legitimate so the more you know about the issue the more you can protect your business. It seems like those that are desperate to establish corporate credit get caught up in this very easily. They need the corporate credit so they are easily lead down the wrong path. If an offer sounds too good to be true then it probably is.

Just as you should with your personal credit, use it wisely. Don't spend what you have available frivolously because then you won't have the corporate credit available when you really need it. You will also be paying interest on items instead of making profits, and that gets you into a vicious cycle of needing credit cal the time became you aren't making enough profit to sustain the needs of your business.

You also don't want to wait for corporate credit until you need it. The process is often long and time consuming so make sure you have it in place as a safety net. If a major piece of equipment should have to be replaced you could lose your business if you have to wait for the corporate funding to be approved. You can also lose large business deals that would net you plenty of profits because you aren't able to commit to them until you know the status of your corporate credit.

There is a great deal about corporate credit that a wise business owner learns about before they jump in. You can learn plenty from what others already know instead of having to learn a very hard lesson that can cause your business to be a burden instead of a profitable entity.

Robert Bain writes all about small business. Discover the difference between small business credit and true corporate credit that the banks are hoping you don't discover.

Article Source: http://www.eArticlesOnline.com

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How to Stop an IRS Wage Garnishment

By Becky Schmitz

Maybe you haven't paid taxes in years, perhaps you were busy and simply forgot one year, possibly you avoided paying taxes for financial or emotional reasons. Whatever the reason, you are now threatened with an Internal Revenue Service (IRS) wage garnishment. Wage garnishment requires an employer to withhold part of a person's earning for the purpose of the person to pay off a debt. In addition to the IRS, wage garnishment can also be issued by courts and federal agencies. Wages garnished can include salaries, wages, bonuses and commissions as well as retirement or pension earnings.

How Wage Garnishment Works

• First, the IRS will send a Notice and Demand for Payment.
• If the taxpayer does not pay the tax or ignores the notice, the IRS will send a Final Notice at least 30 days before the wage garnishment.
• The Final Notice may be served by the IRS in person, at the taxpayer's home or usual place of business, or the taxpayer's last known address by certified or registered mail. The IRS is only required to send the notice to the last address it knows for the recipient; the taxpayer does not need to receive the notice in order for it to be valid. Because the IRS may not have a current address for some taxpayers (such as those who have not paid their taxes in a while), many taxpayers see their wages garnished without receiving a notice. The notice will be on intent to garnish wages and the recipient's right to a hearing.
• By federal law, wage garnishments are restricted to 25% of an employee's disposable income if employee disposable earnings are more than 30 times the federal minimum wage. Several states, however, have a maximum garnishment level that is lower than 25%.

What Employers Should Know About Wage Garnishment

• A notice is sent to the taxpayer's employer, telling the employer to withhold a certain amount of the taxpayer's wages and pay it directly to the IRS.
• The employer is not allowed to refuse the wage garnishment. Should an employer refuse in garnishing an employee's wages, the employer can be held personally liable for money that was not received by the IRS.
• Wage garnishments are taken out of payroll. There is a particular order garnishments are taken out: first federal tax, then local tax, last other garnishments like from credit cards.
• An IRS wage garnishment will continue until the entire tax debt is paid or other arrangement is made to pay off the tax debt.

How to Avoid Wage Garnishment

• Be sure to contact the IRS as soon as an Intent to Levy or Notice of Levy letter is received.
• Make an appointment with the IRS. Setting up an agreement with the IRS right away will most likely be easier than dealing with the embarrassment of having your employer receive an "Order to Withhold Taxes" letter from your wages. The financial burden placed upon you with a wage garnishment may also be greater than if you just entered into an agreement with the IRS to begin with.
• Get a tax specialist involved. Tax professionals can contact the IRS to negotiate stopping a wage garnishment. The next steps after getting a wage garnishment is released is setting up a repayment plan or getting an offer in compromise settlement.

The best solution to avoiding the problems of wage garnishment is to pay taxes in full, on time and not have to worry about it in the first place. If you find yourself facing wage garnishment, keep working until taxes are paid so you can sleep sound or seek the counsel of a tax specialist who may be able to help with getting the wage garnishment released and negotiating a repayment plan or getting an offer in compromise settlement.

Becky Schmitz is a certified tax resolution specialist and enrolled agent. Named 2006 Top Practitioner by the American Society of Tax Problem Solvers, she is the owner of Centsable Accounting, a tax problem resolution company serving Montana, Wyoming, North Dakota and South Dakota. Centsable Accounting offers many resources for dealing with wage garnishment assistance including information on offers in compromise and installment agreements Read more information on wage garnishment at http://www.centsableaccounting.com/wage-garnishments

Article Source: http://EzineArticles.com/?expert=Becky_Schmitz

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Repaying Your Mortgage or Rent With Your Credit Card? - If So, Then Read This

By Liam Gerken

More than a million UK residents have used their credit cards to cover their mortgage repayments or their rent in the past year, according to a recent survey by the polling organisation YouGov.

This equates to approximately 6% of the 17m residents across the UK who pay either a mortgage or rent, with 7.5% of 18 to 24-year-olds admitting to using their credit cards this way.

The figures suggest that first-time buyers and young homeowners are the most likely to reach for the plastic in a "desperate attempt" to maintain their place on the property ladder.

According to Adam Sampson, chief executive of the housing charity Shelter, which commissioned the poll, the number of UK residents being forced to use "short-term, high cost borrowing" methods to keep up with repayments is "rapidly rising".

Shelter links this problem to the recent global credit crunch, which has pushed up interest rates for many borrowers.

The survey found that men were more likely to use their credit card in this way compared to women, with 7% of males admitting to it compared to 6% of women.

It also found that residents in the Midlands and Wales were more likely to take such measures to keep a roof over their heads, with 9% doing so, compared to just 3% of Scottish residents.

The reason that such practices can be so risky is that credit card interest rates are often much higher than those attached to mortgages.

On average, most credit card companies charge between 15% and 18% annual interest, almost double that the cost of even the most expensive mortgages, with some bad credit applicants paying as much as 40%!

Even more alarming, the study found that most people were withdrawing the rent or mortgage payments from their credit card accounts, as apposed to paying housing associations directly.

Shelter adds that this is a "huge problem" which is likely to continue as long as housing prices keep on rising.

Liam is a UK based financial author currently focusing on secured loans & mortgages and in particular the effects of paying off a mortgage with a credit card.

Article Source: http://EzineArticles.com/?expert=Liam_Gerken

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How To Pay Less Tax By Claiming Mileage Allowance Expenses

First examine the facts as they exist in the current financial year 2007-08. The current approved mileage allowances were set five years ago in the financial year 2002-03 and while the current rates in no way reflect the increases in fuel costs in recent years that all businesses including small business. The Inland Revenue is actually considering a revised scale of tax allowances that may even lower the overall amount that can be claimed which will be detrimental to small business.

The approved mileage allowance for cars and vans is 40p per mile for the first 10,000 business miles and 25p per mile for each business mile over 10,000 miles in each tax year. The approved mileage allowance for motor cycles is 24p per mile for the first 10,000 business miles and 24p per mile for each business mile over 10,000 miles in each tax year. The approved mileage allowance for bicycles is 20p per mile for the first 10,000 business miles and 20p per mile for each business mile over 10,000 miles in each tax year.

These approved mileage allowances demonstrate complete irrelevance to the actual costs incurred in performing the business journey. The purchase price of a new motor vehicle would not be unusually 100 times the price of a bicycle, plus vehicle maintenance costs, vehicle insurance, licence fees and substantial fuel charges in operating the motor vehicle compared with zero costs for a bicycle. Few small businesses claim tax allowances for bicycle business journeys in their small business accounts.

The startling anomaly is that vehicle allowances are only twice the bicycle rate on the first 10,000 miles and only 25% more over 10,000 miles. Not that many people are likely to use a bicycle and cover in excess of 10,000 business miles in a single tax year.

In addition to the approved mileage allowances an additional 5p per business mile may also be claimed as a tax free expense if a fellow passenger is also carried on the business journey in the small business accounting records. That fellow passenger must also be on a work journey to enable the mileage allowance to be claimed in the small business accounts

Generally there are specific rules on justifying a business journey and the information that must be supplied to support the claim for a tax free mileage allowance. In practise the Inland Revenue often take a reasonable view of any claims provided the information provided in the small business accounts indicates that the claim is valid and has been incurred for real business journeys as opposed to an invention by the claimant.

When claiming a mileage allowance the essential information to provide is the date of the journey, the reason for that journey, the place visited and the actual mileage covered. Small businesses who claim this tax free allowance should maintain detailed records as part of the small business accounting to substantiate their expense claim should it later be challenged by the tax authority. Devising an expense sheet and submitting this sheet to the business is one way of ensuring sufficient documentation exists within the small business accounts.

Another way a small business can substantiate a mileage allowance expense claim is to enter each journey directly into the accounts for small businesses, perhaps recording the mileage against either sales invoices to customers or against purchase invoices from suppliers. With these transactions having already been recorded in the small business accounting records with a date, the location also stated on the invoice and the purpose of the journey being obvious the rules on supporting information are covered.

That is the easy part of making a valid claim but for many small businesses making such claims would seriously understate the true level of business journeys. Therefore also include in the small business accounts all other business journeys undertaken which may or may not have resulted in a specific purchase or a specific sale.

So what other journeys can the small business accounting system claim as a deductible expense against the taxable profit. The answer is basically any business journey and that should include all incidental journeys, perhaps visiting a supplier or a customer, visiting customers to quote for work, attending a business meeting, taking money to the bank.

Mileage allowances cannot be claimed for a business vehicle where the running costs of that vehicle are being claimed as a deduction from net taxable profits. Vehicle running costs include the capital tax allowances, licence fees, insurance, repairs and maintenance, membership of breakdown services and fuel costs.

Many small businesses may find that more than one vehicle is used for business journeys. The business vehicle running costs may be claimed for a specific business vehicle on which mileage allowances are not claimed this tax allowances may be claimed for the use of a private vehicle in the small business accounts.

Perhaps the small business runs a van for its main business and the running costs exceed the potential mileage allowance in which case the business should claim the vehicle running costs. If a different private vehicle is also used for some business journeys, perhaps even a spouse taking cheques to the bank, then mileage allowances could be claimed for that journey.

Each business should examine their tax allowance practises to ensure the maximum tax free allowance is claimed and supported with the required documentation to lower the tax burden when preparing the small business accounts.

About the Author:

Terry Cartwright, qualified accountant in the UK designs Accounting Software providing complete Small Business Accounting solutions for small business including automated mileage allowance software and specialist Taxi Driver packages

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Open Your Doors To Flexible Bank Accounts

by: Ajeet Khurana

To get a bank account in your personal name is a big step forward. When I got my first account, I knew I had arrived. Along with a bank account comes the feeling of being rich. At least, after one has acquired a bank account of one's own, one can become more independent. This is your own money.

For many, it does not even matter whether they have access to it or not. However, before one opens a bank account, one must take certain precautions and steps to ensure he is approaching the right bank. The services and benefits offered must suit their needs; else they will end up locking up their finances and will be unable to enjoy the benefits of having one's own money. Research and checks are always required. For everything you get. Certainly for something as important as a bank account.

It is not really that one bank is bad and another good. It is more that one bank might be good for you. You can go always along with the choice of a friend or who already has a functioning bank account. You need to take some time, and understand that opening a bank account is a big step. It will involve a lot of paper work. There will be paperwork and some checks before the account is finally opened.

Here are some pointers on how you could go about opening a bank account:

1. Who to bank with? What type of account to get? - When choosing a bank you could go along with the general market standards. Alternatively, you could take the advice of people who you value. You should be looking at identifying a bank that you would like to be associated with. Having done this, you would need to decide what kind of an account you would like to open. The basic choices are between a general savings account and a current account. If you have an idea of how much money you will transact in the bank account and whether it will primarily be about deposits or withdrawals, then you should know what account to get.

2. Make a visit - Make a visit to the bank, and approach the front desk to learn about whom you should approach to open an account. Once you do this, meet the person in charge to learn more about the different kinds of accounts that the bank offers. Opening an account can be all about documentation. Make sure you know what it will take.

3. The steps to actually getting the account going - Once you have gathered all the necessary documents, such as photographs, address proof (your telephone bill or social security card) and identity proof (driver's license or passport) , you can walk into the branch of the bank closest to your residence or into some other bank that suits your convenience.

You will then have to fill out the various forms that are mentioned by the executive, giving accurate information pertaining to your age, address, employment or educational details, and your social security number so that you comply with the regulations. At your mailing address, you will get some preliminary documents. From that point on, you are free to operate your bank account.

About the Author:

Get a Bank Account! Get a Saving Account and Current Accounts

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Credit Cards At College Campuses

If you currently attend a college or university, you probably have noticed credit card companies that will attend your campus handing out free items such as t-shirts, mugs, etc. What makes these set-ups so popular is that most college students love free things and will sign up for just about anything for a free item they will never use.

What students don't realize is that they are most likely signing up for their first credit card. When signing up for your first credit card, it's important that you research what you're getting yourself into. Even though a credit card requires no money to sign up, it can cause you a world of hurt in the future if you don't use them properly.

Like any purchase you make in your life, it always involves comparison shopping. It shouldn't make a difference with credit cards. Every credit card is unique in a way ranging from its interest rate to reward points. This is something you should really research before signing your name on the dot for a t-shirt that's too large.

Now we're not saying that the companies setting up these kiosks at your school are bad, in fact they are usually from major companies such as VISA and MasterCard. All of these companies are legit and offer great credit cards. The fact we are trying to push is that they may be pushing a card to you that you might not benefit from.

There are a lot of different types of student credit cards. Everything from gas rewards to cash rewards, they have something for you. It's pointless nowadays to apply for a credit card that offers no rewards at all. The only time you may find that a credit card offers no rewards is if you're applying for a bad credit credit card.

The best way to usually look for a credit card for you is to either do your research online or ask around. If your friends already have a credit card, ask them a few questions about it and ask them what it has to offer. You won't get all the answers you're looking for but you'll get a decent idea. The best way besides asking around is browsing around on the internet. Many websites such as VISA have a very informative website that tells you exactly what the card has to offer and what benefits you're going to have when you receive your card in the mail.

The next time you see a tent at your school; don't be afraid to stop by. In fact, it might be best to stop by and ask the people behind the booth a few questions. If you don't like what you hear from them, walk away. It's not going to hurt anything. If you really want that free item, you can get it in many other ways. It's best that your first credit card is built for you. You shouldn't let a free item influence your decision toward a credit card that may not benefit you.

About the Author:
Tom Tessin runs and operates FINDcollegecards that is designed for college students looking for a student credit card

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Instant Cash Loans: A Stitch in Time Saves Nine

There are times when you are passing through a phase of severe cash crisis and suddenly you encounter an emergency seeking your urgent financial attention. Your pockets are already perforated, so you rush to search for the financial resources. But you face the major difficulty when you find that the traditional lenders usually do not approve the loan amount instantly. They inquire long about your financial status and then your loan is approved. If you depend on them you may have to incur a huge loss that you may not heal in future. Here instant cash loans prove to be the life savior for you.

Characteristics
For a generation solely based on technology, instant decision, instant processing, instant services are an inevitable requirement. Instant Loans have been conceived with the fundamental ideal of reducing the time lapse usually associated with loan borrowing and lending procedures. Achieving in minimum time frame and making instant transference of funds possible is the primary driving force behind these loans. With them better interest rates is offered and hold a sympathetic understanding towards your limitations and financial demands. You may, therefore, think of these loans as the best option for meeting any urgent financial requirements.

The figures

You can apply for an amount of £500 to £5000 under these loans. The APR is around 9% to 12%. Moreover, there are so many flexibilities you are offered if you prove to be regular in repayment of installments.

Application and approval

As these loans are provisioned to meet your emergencies so, all the procedures are online. Thousands of lenders are available on the web with their attractive offers. You have to select one of them suitable for you and apply to him. Once the amount has been approved it is instantly transferred to your personal account. The point to consider is that you must stick to the scheduled repayment in order to avoid any further intricacies.

Stop worrying now!
So just brush off the unnecessary tension due to the sudden financial emergencies as the instant cash loans are there to sort your problems out. Just be a bit clicking conscious and have the magic sticks in your own hands.

Summary
Instant cash loans are meant to provide monetary assistance in cases when their requirement is immediate. Persons can avail sufficient amount though the rate is a bit high owing to their momentary availability.

About the author:
Richard Pasic has been associated with Instant Loans UK. He is offering loan advice for quite some time. He writes on various types of loans. To know more about Instant loans, Instant personal loans, instant cash loans, instant Loans UK visit http://www.instantloansuk.co.uk

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What is happening in the Non - Conforming mortgage market?

By:freedomloan

In America there are many homeloans products like here in Australia. They have the traditional Prime products (like the products offered by the major lending institutions i.e . CBA, ANZ, and NAB etc) and they also have loan providers that cater for people that fit outside the traditional lending square i.e. customers with previous credit defaults, a history of poor loan repayments or non traditional income methods. The latter is the Sub-prime mortgage market.



The subprime mortgage market in Australia is called the non-conforming market and is made up of a handful of specialty lenders that cater for the non-traditional borrower as in the US.



The funders in these subprime marketplaces raise their funding from the same place i.e. capital markets………..they do this through a process of securitisation where the mortgage backed securities are packaged up and sold to investors for an agreed rate of return.



In the USA there has been a great deal of demand for Subprime mortgages due to the fact that these home loans in the main require less documentary evidence (income evidence etc) to support an application that a prime loan would demand…..in return for less documentary evidence the lender will charge a premium interest rate for the funds.



To cater for the great demand and intercompetition amongst lenders credit underwriting standards have been fairly slack and some of the products offered have been extremely risky………the riskier the loans the greater the perceived rate of return for the lenders and the investors. Some of these lenders have been offering 125% of the cost of a property to borrowers that have not demonstrated any evidence or capacity to repay the loan as well as previous credit issues………they have also been offering products to borrowers called ARM (automatic reset mortgages). These products start at an interest rate that is better than the standard rates in the first year and then increase over the next few years to around double the rate . In a large majority of cases the borrower is unable to afford the repayments in the second year onwards and eventually the property is repossessed.



In the US at the moment there are record foreclosures of properties around the country that have these Sub prime products with ARM. Billions of dollars have been wiped of the value of the bonds issued by the Lenders that have been purchased by investors. One of the biggest losers has been Merrill Lynch (large investment group) with current written off losses of $7.9 Billion.



The irresponsibility of the lending practices in the US has led to a lack of appetite in the capital markets for the bonds issued by our Non-conforming lenders here in Australia. This has led to rate increases and contingency plans being put in place by funders to safeguard their short term operations while normal capital market conditions are returned.



The important thing to remember for consumers here in Australia is that there are very prudent credit procedures in place here to guard against the same issues arising. Lenders are regulated by the Uniform Consumer Credit Code (UCCC) this places strict responsibility on lenders to assess their customers with diligence and conscionability.

Over time I believe that investors in the capital markets will begin to recover confidence in the infrastructure of the Australian Non-conforming marketplace and return to support all non-conforming lenders.

Source: http://www.articlealley.com/article_251738_19.html

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Bank Account Perks Do Not Come Free

By: Ajeet Khurana

Bank charges are those little black box charges that few people understand. These bank charges are levied for those services offered by our banks which are separate from the regular services. This might come as a surprise to many. After all, most of us take it for granted that since we have an account with Bank X, we are eligible for a number of miscellaneous services.

So it is always better to find out in advance what the free services offered are and what extra services can be availed at a cost. Make sure you actually used those services that you paid for. These include, using of the ATM card beyond a certain limit, issuing more than the allocated number of check books, or availing of bank statements in between quarters.

All these are activities that may invite additional bank charges. These little little amounts of monies could all add up.

Overdrawing is the situation where you borrow more than you were supposed to. In a case of overdrawing, a fee is levied by the bank on the extra amount that has been withdrawn. This is merely because the bank has done you a favor by providing you with funds when you did not have enough. Another example that we can look at is that of issuing a check to a third party while being unaware of insufficient funds.

In such a case, the check will not be cleared. Instead, it will have to be presented once again after we have made arrangements for the necessary funds to be deposited. A charge will be levied on the cheque that has bounced and additional fees will be levied for representing the same. Little drops make the ocean, they say, likewise these little bank charges can all add up.

Similarly, if we have secured a loan and issued a post-dated check, it may be bad news if we are unable to fund it. In a case like this, we will have to pay the bank a certain amount to hold the cheque till we deposit sufficient funds into it. Any service carried out by the bank for our benefit will be outside of what we are eligible for. After all there is no such thing as a free lunch.

Be ready to occasionally use ATM machines of banks other than your own. However, a certain amount will also be debited from our account for the same purpose. The ATM card sure is a blessing in disguise, but it did not come free of charge.

The point that we must note is that every bank has a number of paid and unpaid services. Make sure that you do not take any service for granted.

Do not bear bank charges. Get bank charges refund at http://www.thriftyscot.co.uk/.

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How To Refinance Even After Bankruptcy

By: Jon M Arnold

If you have filed for bankruptcy in the past, then you already know how difficult it can be to get a refinance loan or a home equity loan. But if you are willing to take the time to dig a little deeper into the topic, you may be surprised at the number of very viable and downright attractive offers and options. The fact that you have a bankruptcy on your credit report or a past or existing debt consolidation loan does not seem to deter many lenders from various sources in the same way that it may cause traditional lenders to run for the hills.

In fact, many of these lenders are more than willing to offer you an attractive program or rate for a home equity loan or a refinance loan. The reason for this is that they have looked at the bankruptcy statistics and realize that the majority of people who filed bankruptcy did not do so out of their personal financial mismanagement, but more often due to an unexpected financial setback which was totally out of their control, such as a job layoff or huge and unexpected medical bills that your health insurance did not cover.

If your bankruptcy was in the very recent past, even with Chapter 7 or Chapter 13 bankruptcy filings, you may have to wait six months after you have filed to be eligible for all the programs that a potential lender may have to offer you.

Whether or not you have filed bankruptcy, you must realize that in most cases you are able to retain your home, where that is typically not one of the assets that needs to be liquidated to satisfy a bankruptcy judgment. In that light, you almost certainly have some equity in your home, so lenders will look at it as a loan they are making that already has a substantial piece of collateral on it, in the form of your home. In other words, when a lender makes a loan offer, one of the major factors that determines the program or rate they will offer you is their risk factor. That risk factor is partially determined by the applicant's credit score, but it is also heavily influenced by the collateral that is used to secure the loan, so in the case of having your home equity loan or refinance loan secured by your house, the lender's risk is minimal.

Even with the loan secured by your home, the fact that you did file bankruptcy will not go unnoticed by the lender. The worst thing you could possibly do is to try to cover it up, because that fact is highlighted in your credit report and is virtually impossible to hide. Based on your filing, you will likely need to pay a slightly higher interest rate that somebody else with perfect credit and no bankruptcy on their credit history, but even so, this could reduce your payments and give you a bit of financial breathing room as you are getting your financial act back in order.

Finding a lender who will consider you with a bankruptcy on your credit report is not hard, but you will need to look beyond the traditional lenders. There are actually companies who specialize in loans such as this. A bit of searching can yield just the right lender as you work towards rebuilding your excellent credit history and putting the bankruptcy behind you.

For more insights and additional information about a Refinance Loan Home Equity Loan After Bankruptcy as well as getting a free online loan quote with no obligations, please visit our web site at http://www.personalloantips.com

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Converting IRA to Roth IRA- Make a decision and reap the benefits

By: Frank Vanderlugt

Converting IRA to Roth IRA is a financial decision that requires a careful assessment of your financial state and tax implications of the move. If you hold an existing Individual Retirement Account or IRA in short, it makes sense for you to convert the account to Roth in a number of cases.

Roth IRA is different from the traditional IRA in the sense that you have to pay taxes at the time of making contribution and not at the time you decide to make a withdrawal subject to fulfillment of certain conditions. Thus in a Roth IRA, you pay income tax as you make contribution to the account and not at the time of your retirement when you need the money most.

Whether or not to convert your traditional IRA to Roth requires careful analysis of your financial status and tax effects of the move. This is because the normal IRA contributions are tax exempt to certain extent and if you want to convert, you have to pay taxes on the corpus of your IRA.

The tax liability has to be met at the time of conversion itself and can not be deferred. Moreover it makes more sense that you have cash with you at the time of conversion rather than eating into the corpus of your IRA funds to pay taxes. If you do not have enough funds to pay the taxes, you can also opt for partial conversion of IRA to Roth IRA.

One more factor worth considering at the time of converting IRA to Roth IRA is that you can not avoid taxes simply by converting non tax deductible contributions to IRA and keeping your tax deductible contribution intact. As per rules, the entire IRA corpus is divided proportionately on deductible and non deductible at the time of conversion and tax liability is computed accordingly.

Converting IRA to Roth IRA is a big decision and you may consult a tax or financial expert to further gain guidance on the issue. This is because the implications are many and sometimes quite complex and may need to be assessed in light of the complicated procedures and set of rules framed by IRS to discourage unfair practices and rogue Roth schemes.

Your income levels also constitute a deciding factor as you can convert only in case your adjusted Gross Income is less than or equal to 100,000 US $ during the year of converting IRA.

If you try to claim deductions from your income which are disallowed later by IRS, you may have to shell out heavy penalties and costs for illegitimate conversion. So make a careful assessment. Converting IRA to Roth IRA has done wonders to the financial position of a large number of investors. Try to figure out where you stand.

Frank j Vanderlugt owns and operates http://www.roth-ira-2007.com Roth Ira

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Signs That A Loan Site Is Trustworthy

Thousands of people apply online for loans every day, and the commissions loan brokers receive for successful applications mean that it's big business with plenty of money involved. Unfortunately, as in any area where there's potential profit to be made, not everyone you'll come across is totally scrupulous about how they try to make money.

Taking out a loan is a serious commitment with long term consequences, especially if you choose a secured loan deal, and so it's important that you only deal with reputable loan providers and brokers. But how can you tell if a particular site is trustworthy? While it's impossible to be 100% sure, the following pointers will give you a very good idea of whether you should proceed with an application or look elsewhere.

Firstly, you should never be asked to pay a fee up front, merely for making an application. These kind of loan sites are often scams, promising more than they can deliver, and you may well find that you pay the fee and get either nothing in return, or an offer of a loan that's so expensive that it's pointless taking it out. You might however be charged an arrangement fee once your loan has been agreed and you've signed on the dotted line - this is perfectly okay and normal, especially where there's an element of bad credit or self certification involved.

You should also avoid dealing with sites who insist on you telephoning a premium rate number as part of the application process. In these cases, it's very likely that you'll be kept hanging around listening to pointless but official sounding messages, all the while racking up a hefty bill. If you need to phone the loan arranger, it should ideally be on a freephone number, or at least a standard rate one.

Most of us find it easier and quicker to apply for finance online, and there are countless numbers of sites that allow this. However, not all of them feature a secure application form. It's not just credit card details that need to be protected online - the personal details asked for on the average loan application form would also be very useful to criminals engaged in identity theft, and so you should only offer information to a site with proper security and a valid certificate to prove it.

On a related note, you should check whether the site is registered under the Data Protection Act, which reassures you that the information you're parting with will be used correctly and ethically.

Finally, are the loan providers or brokers licensed credit brokers? It is a condition of providing credit or advising on it that the agent holds a valid consumer credit license issued by the Office of Fair Trading. This license can be withdrawn if the holder is found to be acting improperly, such as providing loans under false pretenses, or giving misleading information or advice. Thus, holders of a credit license are likely to be more trustworthy than some anonymous site that is unregulated and may not even be based in the same country as you.

Even if you follow all this advice, you could still come up against a lender who is more interested in their own profit than conducting business fairly. Remember though that you should never be under any pressure to take out the loan, and you can cancel the whole process without charge at any point up to signing the loan agreement.

Martin writes for ADM Online who supply personal bad credit loans for debt consolidation or any other personal use.

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Traditional Bank Loans

By: Diana1

Banks are what come to mind when people think of applying for a loan. Banks offer a variety of services including checking and savings services. However, just about every bank offers the same sort of small business loan products. Recipients apply for a small business loan, if they meet the bank's criteria. They receive the funds and they pay a set amount back plus interest on a monthly basis. There are often penalties if a customer wishes to pay the balance off sooner than the scheduled date.

Some finance companies offer products that work quite differently from traditional bank loans. Customers are not required to pay back a set amount each month like they would with a traditional bank loan. Customers receive the working capital they need. A small percentage is taken from the customers monthly credit card transaction volumes. When their business cycles slow, so does the total amount that the customer is required to pay. During slower months, less of the balance is received from the customer, and during more profitable months, pays more toward the borrowed capital. The amounts the finance company recovers exactly match the business' credit card volumes fluctuations. Furthermore, unlike a bank, we the customer is not 0070enalized if the working capital we enhances the business' performance such that the business is able to satisfy the funding obligation even sooner. The finance company does not charge any early payoff penalties.


With such financial services and solutions businesses can remain ahead of the competition without the pressure of the monthly payments associated with a traditional bank loan.


Business cash advance or business working capital loan is easy way to get loan for your small or big size business.

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Take Care When Buying Cheap Deals On House Insurance

With the recent flooding that occurred in the UK and the cost of insurance rising along with consumers being warned to take extra care with fireworks on 5th November and Christmas and New Years' celebrations being just around the corner it is imperative that while you do have home insurance to guard against the unexpected you do not take the first cheap policy that is offered by panic buying to save money.

A specialist broker will be able to search online on your behalf and find you the cheapest deal, they know what to look for whereas if you take cheap cover yourself you might find you aren't fully covered. Insurance is not one of the easiest things to understand which could mean that you are paying out for insurance with the understanding that everything is covered, when in fact you could be leaving yourself wide open and uninsured.

Going with a specialist broker for your cover means that the cover and quotes for the cover you are offered includes everything you need as the broker will first ask you what type of cover you need and be able to inform and advise you if what you think you need is what you should take out. It is no good taking the lowest quote for home insurance that you can find yourself only to find at the time of trying to claim that you cannot make a claim, not only will you have wasted money on taking out the insurance in the first place but have to stand for the replacement or repair costs yourself.

The problem with taking out cheap insurance is that accidental cover and personal cover for possessions which are some of the most essential additional benefits usually are not included; however the consumer is blinded by the low cost and so look no further until it is too late.

It is important to read the terms and conditions of any policy so you are able to determine if you have adequate cover and make sure when applying that you tick any boxes related to the cover that you wish to take out. However this is where the broker will help enormously because they will makes sure of what you want before searching for the cheapest premiums for the insurance for your home.

There are many types of cover and before applying you need to determine exactly what needs to covered and how much cover needs to be taken. If you are looking at contents insurance then it is imperative that you go around and make a detailed list of your possessions because it can be surprising how much they add up to, also do not just assume that any items which are particularly expensive such as paintings, jewellery or collections will be included in the cover. Some policies offer more than other as standard but items of extreme value will probably need extra insurance taking out on them, always ensure you have the correct amount of house insurance so that you will not be faced with unpleasant surprises and stick with the specialist broker to find you the cheapest quotes available for adequate cover.

About the Author:
David Thomson is Chief Executive of BestDealInsurance an independent specialist broker dedicated to providing their clients with the best insurance deal on their home insurance, car and life insurance.

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Start Limiting Your Credit Card Use

Many consumers are discovering that their credit card payments are all but eating up every penny of disposable income that they have at the end of the month. What may be a surprise to some is that this cash crunch is no longer a problem only for those with lower incomes. Consumers of all income levels are struggling to make ends meet. If you happen to be one of those consumers, here are some tips that might help.

For many consumers who are having trouble meeting their bills at the end of month because they have too many credit card payments to make, one answer is to freeze some or all of the cards. Freezing a card begins by putting the card away somewhere and not using it for additional purchases and especially not using it for cash advances. If your credit cards are not in your wallet or in your purse you cannot use them. It is that simple.

If you find that you simply have to use the card then make sure that it is used only for those items that are essential for living, such as food. Even so, there is really no way to bring your expenses down per month until you begin to eliminate future purchases placed on your credit cards.

If your credit card payments are really high and you feel you may be at risk of not being able to pay them on time, you may need to consider a bill consolidation plan. A bill consolidation plan is a program that is worked out with a third-party. The third-party agrees to pay off your credit card balances and then invoice you once a month for a single payment. In almost all cases, this single payment made to the third-party agency will be less than what you have been paying in the past for the credit card payments.

In other words, if you have been paying, say, $500 a month to the various credit card companies, you may be able to make a deal with a consolidation agency that requires you to pay only $300 per month. This allows you to keep extra cash in the household budget each month.

These consolidation loans are not without some drawbacks, however. The first is that you will probably have to pay longer in order to get the balance owed to them down to zero. Second, most of these transactions end up on your credit report. They may not cause your credit score to drop by much but they are entered onto the reports and some future lender may not approve a loan because of it.

For many of today's consumers, issues with future credit are not as important as taking care of today's problems. Being late on your credit card payments will certainly hurt your credit history and bankruptcy is also a major blow. With that being the case for many people, bill consolidation programs are a good idea as it beats the alternatives.

Even with a bill consolidation loan, it is imperative that the consumer not get any further into debt. This happens more often than you might imagine. A family suddenly discovers they have more money at the end of the month after they have taken out a bill consolidation loan and the first thing they do is use it to get right back into trouble. Do not let that happen to you.

About the Author:

Peter Kenny is a writer for The Thrifty Scot, please visit us at Cash Back Credit Cards and Compare Credit Cards

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The Right Moment to Refinance

You've heard that interest rates are at an "all time low" and you figure that's a good indication that you should refinance your existing mortgage. You may be right, but there are some things you need to consider before you decide to start the refinance process.

The first thing you need to know is the interest rate on your existing mortgage. Then, make a comparison between that rate and the one you might be offered in case you should opt to refinance. If the current interest on your mortgage is not at least one and a half or two percentage points higher than the present market rate, then, refinancing won't be an excellent opportunity for you. Besides, in a refinance you'll face closing costs that might include an appraisal and fees meant to pay off your existent loan in advance. In case your new interest rate should be hardly better, a long time will pass before you
had paid the amount of your new loan.

Another thing to consider before you decide that it's time to refinance is your future plans. If you are considering to move house in less than two years, a new loan is not worth the
costs. If, for example, you expect your job to require a move or you plan to sell your house soon for the equity you've accrued, you won't likely recoup the cost of closing a new loan.

Does this mean that there's never a time when refinancing is a good option? Not at all. In fact, there are some times when a refinance loan is an excellent financial move. Maybe you took out your original loan when your credit score was low and the only way you could get a loan was to accept a high interest rate. That's sometimes the case with first time buyers, but you might have increased your credit score if you've made regular payments for a couple of years. In that case, it could very well be time to refinance. You could take advantage of low interest rates and be increasing equity in a shorter time than with your existing mortgage.

It can also be that you had requested a loan at a time when credit and market conditions were adverse, and now it is a burden for your financial position. If you are currently financed at a variable interest rate, you may simply want the security of knowing the exact amount your mortgage payments will be each month. In these last cases refinancing could certainly be advisable.

Debbie Groves is the owner of Mortgage Refinancing People mortgage refinancing which is a premier resource for refinancing information. For more information, please visit http://www.mortgagerefinancingpeople.com

Article Source: http://www.eArticlesOnline.com

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