An All in One Solution to Credit Card Debt

Credit cards are one of the most used and popular financial products in the market today. They are easy to use and very convenient. These cards have so many applications in modern society that they are as good as money, sometimes even better. Credit cards enable so many transactions it is not surprise that they are used more than paper money.

A credit card can be used to purchase services or products without using paper money. It can be used to make international transactions instantly without having to go to a bank. It can allow you to make large purchases and pay for them in installments. You can enroll utility expenses like bills so they are automatically debited from your account without you even noticing. This is probably the reason why people use them more than plain old currency.

The dark side of credit cards

Credit cards can be very deceiving. Since you can get away with so many things without caution or restriction, abuse and over spending is easily possible. Credit cards allow you to spend money you do not have so the danger of going beyond your limitations is highly possible. If you charge more than what you can afford, you are in danger of falling into debt because of late payment penalties. In these cases, one may opt to get unsecured credit card debt consolidation services.

Consolidation as a solution

This specific service can help you manage ballooning interest rates and increasing penalties. It works by first assessing what you owe and comparing it to what you can actually pay. Specialists will try to negotiate with the credit card companies and arrange to have certain interest rates reduced and penalties waived. Once a deal is struck then a loan is processed. A single loan than can pay for all your debt in one lump sum. Of course the loan will not go to you; instead it goes directly to your credit card company making everything square.

This leaves you with the responsibility to amortize the loan you used to pay off your debt or the unsecured credit card debt consolidation loan. In effect, you will not owe the credit card company anything but you will owe the company that provided the consolidation service. In more ways than one, the loan will be adjusted to fit your needs just to be sure that you can pay all of it off.

Unsecured credit card debt consolidation should be considered as a bail out plan and not an extension. By no means should one miss any payments or deviate from the system that the consolidation service provider outlined. If in case you neglect your responsibilities this time around, you may end up in a more compromising position than when you started out, in other words you may end up owing more than you started out with.

A final word of caution to those who want to avail of the service, make sure to check on the reputation of the service provider. Make sure it is stable and that everything is outlined and understandable in agreement documents.

By Sara Lucy Smith

Debt Consolidation Help provides comprehensive information about the options one has to deal with debt. Learn about how to deal with overwhelming debt at http://www.debtconsolidationhelp.com.

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

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Credit Hope - Tips For Credit Repair

No matter what your current credit situation, there are always things you can do to repair your credit. Even little credit repair items can make a difference to your score.

Tip #1: Review your accounts with each credit bureau. Get a free copy of your credit report from each of the 3 major reporting agencies (Equifax, Experian and TransUnion) once a year. Review the accounts with each agency to see which ones are in need of credit repair. If you notice that one or all of the agencies as left out an account that would reflect positively on your report, you can contact them to have them verify that account and add it to your credit report. You can even dispute items online.

Tip #2: Look at the balance to high credit for each account Creditors and lenders like to see variety in the type of debt you carry. If you carry most of your debt in revolving accounts, for example, consider adding a different line of credit, such as an installment account.

Tip #3: Pay all of your bills on time Did you know that your bill payment history on things like rent and utilities can affect your credit rating? One of the most important steps you can take to improve your overall financial health and credit at the same time is to create a budget you can stick to, and get your bills paid in full and on time each month.

Tip #4: Negotiate with creditors Sometimes creditors will sometimes take less than what is owed on a debt to clear it off of their books. When you negotiate a settlement make sure as part of the settlement you have the creditor put in writing that the account is paid as agreed. This single tip alone will help you along your path toward credit repair. If you've got a relatively good history with your creditors, you're in a position to negotiate for better terms. All it takes is a phone call. Tell them you want to know if you can work out a lower interest rate for your card, and that you may take your business elsewhere if they can't oblige. In conclusion, there are many steps you can take on your own to fix the bad things showing up on you credit report. All it takes is some time and persistence on your part to follow up to make sure the creditors are correcting the mistakes on your accounts.

By LeRoy Mager

LeRoy Mager has spent the last 14 years in the mortgage business helping people with damaged credit with their home financing and helping them work on their own credit repair. You can find out more information and get a free report at http://damagedcreditrepair.com

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

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Learn How to Remove Bad Credit History From Your Credit Report - Raise Your Score Past 700!

Having excellent credit has never been more important than in today's current economic conditions. Getting approved for a loan or credit card can be quite a difficult task if you have bad marks on your credit dragging down your FICO score. What many people don't know is that removing bad credit history from your credit report is quite easy if you know how.

The awful fact is that a ton of credit reporting is done in error. Sometimes it benefits you and sometimes it can drastically hurt your score. Small errors such as improper reporting, numerical errors, and other small things can bring your score down as much as 100 points!

The three companies that make determine your credit score are TransUnion, Equifax and Experian. They gather the information provided into your report and this is part of what determines your scoring. Many people have no idea that you can actually check your own report free once per year.

Attaining a free copy allows you to go over it and discover all the potential errors which may be bringing you down. If you find errors, you can submit in writing and have them disputed. They have 30 days to respond either way and you can have it off as quick as 35 or 40 days.

Many people report that having even small things corrected can raise your score to the much desired 700+ category, which gives you the ultimate buying power in today's sluggish economy. It's highly recommended you grab a free copy to ensure your score isn't being sabotaged by any unnecessary errors.

By Marc Sumner

Want to know the secrets to raising your credit score? Learn this and also see how to get a free copy of your credit report by visiting http://online-credit-report.info today!

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

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Delete a Collection Account From Your Credit Reports

A collection account can stay up to 7 years for the last date of activity on your credit reports. The last date of activity is usually the date of the missed payment that sent the account into collections. The date of last activity will update if any mutual activity occurs on the account such as a partial payment etc.

The best method for removing a collection from your life for good would be to negotiate with the collection agency or the original credit if at all possible. They have the ability to close the account for good and remove it from your credit report thus increasing your credit scores. You should try to negotiate a payment based off of the age of the account. For example if the account is a 3 year old cell phone account for $500 you might want to try to negotiate a payment of $250. Always start lower than you think they might accept knowing that you can work your way up if at all possible. Now if the account is only 1 month old then you might not be able to negotiate at all and only a payment in full would work in this case more than likely. The most important thing you can do in the negotiation process is to ensure that no matter how little you pay, the account is update to show as paid in full and closed. Even better, you should try to get the account removed from your credit reports all together. Make sure to get everything in writing before you send any payment!

If the collection is already paid but still reporting on your credit report then your next step would be to dispute the collection at the credit bureaus. It is important to remember that even though you paid the collection off, it is still legally acceptable to be reported to your credit bureaus as long as the account is 100% accurate. You should dispute something about the account as inaccurate such as the balance or the date of first reporting. Since the account is closed out at the collection agency more than likely they will not respond to a request from the credit bureaus and the account will be removed.

Hopefully, by following these simple steps you can help yourself to delete a collection account from your credit reports and improve your credit scores.

By Johnny Tebowr

For more information about how to delete a collection account on credit or for a list of the top credit repair services please visit my websites.

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

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Stop Paying Too Much For Loans - Fix Your Credit Score

In this article I will briefly go through some of the critical aspects in relation to the matter of how to raise your credit score. There can sometimes be quite a lot of uncertainty with reference to this issue. The nice thing is that there is only a small number of really critical details that you will really have to understand properly.

Not making new requests for credit is an exceptionally significant area to try to consider. These kinds of new applications will bring about quite a large amount of needless activity on your overall report. This will really mess up your credit report and score. That is why calling a halt to any new applications for loans or credit cards right away is truly important.

Checking your current credit report for any mistakes is a really significant feature to endeavor to consider. Sourcing your current credit report is clearly the first part of this process. The next step to take is to write and object to mistakes and inaccuracies you have found. The fixing of any inaccuracies is going to really aid your credit score.

Keeping good but dormant accounts you possess is a tremendously important subject to endeavor to factor in. Large numbers of people will decide to close this type of additional account. Leaving them open is a substantially better plan. This will help to lay down a steadier track record and lift your overall score at the same time.

As I mentioned during the intro to the piece, this is a basic outline of a few of the the most important details with regards to the topic of how to raise your credit score. There are really just a few other entirely critical items that you really must have a grasp of.

By Alan Willis

To find out about those things right now please go to credit score advice now. For the best tips http://info.answertrain.com/fixyourcreditreport.html

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

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What to Do in a Recession? Learn What Does Well in a Recession and How to Get Rich During Recession

Is it the end of the world? Not likely, but it is a recession. So do we tuck tail and run? Again, no we Learn what does well in a recession and we find out how to get rich during one! This is capitalism folks.

So lets start out with a recession definition and I quote Wikipedia "a period of reduced economic activity". So now that we have a definition lets dive into ways to capitalise. One of the best ideas for profiting from a recession is to start a business. It is a great time to do so. Prices are low and niche markets tend to pop up during recessions.

So what is big right now in America? Well, loan modification of all the bad mortgages that got us into this mess. Debt settlement from all the people who spent too much thinking the housing market would never crash and now need to get bailed out. Finally we have an influx in the operation of home based businesses.

Now the first two niches can make you a lot of money but they often require a financial background and some startup capital. The 3rd option on the other hand is an interesting alternative.

Think about it, people want to make more money so they turn to operating a home based business on the side. So how can you profit? How about partnering with a company that empowers people to operate their own business.

There are a multitude of companies out there that incentivize their employees to have other people grow a business as well. Some companies even offer a residual override on anyone that joins the business off of your referral or under you as a sponsor.

The opportunity is real, people want to own their own business and people will do what it takes to make money. SO give them what they want, empower them to own their own business, make more money and in turn make you a load of money in the process.

Good Luck out there...

By Mathew Robar

Godspeed,

Mathew S. Robar

Mathew S. Robar Operates Endless Wealth Solutions. Find Out How He Helps People Achieve Their Dreams and Earn Money While Online in a Business Just Like The One Described In The Above Article.

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

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A Money Secret Almost Nobody Knows!

Making money is something that seems like most people have a hard time with. Sure, we can all hit the mark of making $ 30,000-$ 50,000 a year, but very few people seem to know how to make it to the six figure level or even higher. The most common assumption is that somehow these people that make this kind of money have more talent or are smarter than everyone else.

That is not true, however.

The biggest money secret that almost nobody knows is that virtually anyone can hit the six figure level and even take it beyond that. Talent is not the only thing that can get you there and when you look at some of the more famous millionaires, you can easily see that this is true. Neither does being smarter than others imply that you will have a higher earning power than other people.

Thinking that people have to be smarter or more talented to make six or even seven figures is what limits most people to settling for far less in their lives. The belief that the average guy cannot make it to this level is a common misconception that becomes true only because many people give up attempting to break that barrier.

You don't have to. You can learn how to hit the six or seven figure mark and it does not require a Harvard degree or the voice of an angel. Regular, ordinary people can and do get to this point and you can to. But first, you have to believe that you can!

By Bryan Appleton

Learn how to attract love, money, or happiness or all three in YOUR LIFE NOW! Go to http://www.successfulfather.com and SIGN up for the FREE newsletter and BOOKMARK the site and return as often as you can!

You can attract the life that you truly desire! All you have to do is learn HOW!

Law of Attraction Secrets

Bryan Appleton is an investor/entrepreneur who has dedicated himself to teaching others how to achieve their dream life. He is also a proud single father with one son.

You can publish this article as long as you leave it intact and in full as well as keeping the url link clickable.

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Become a Millionaire in Just 4 Simple Steps - Millionaires Do This Daily!

Step #1 ... As previously mentioned, the most important first step a person must do is adjust their thinking. Most people think it takes years of hard work or creating the latest greatest invention, when the real secret is ... most of the time it's a matter of being in the right place at the right time and having the ability to look at things with an open mind. The key here is having an open mind. All millionaires are very open minded, that is usually how they made their millions.

Step #2 ... The best time to become a millionaire is in a struggling economy. It is a well known fact that more millionaires are created in economic tough times than when the economy is going strong. The timing for becoming a millionaire in today's economy could not be any easier or any better. Your key here is realizing the state of the economy - which I'm sure most people do.

Step #3 ... Millionaires look at something and are quick to make a decision and take action. They do not ask their spouses if they should do this or do that. Millionaires do not sit for days wondering, thinking about something that just caught their interest. They look at something and quickly seize the opportunity, while other people sit on the sidelines. By the time most people actually decide they should do something, the opportunity is long gone. The key for you to follow here is not letting that happen to you, do not let an opportunity pass you by.

Step #4 ... Millionaires know it only takes one good idea to become a millionaire. Then they are continuously on the lookout for more ways to make even more money. Millionaires know sometimes they lose a little and sometimes they gain a little but the important thing is they are always in the game. Millionaires read daily - looking and searching for new ideas all the time. Millionaires don't wait for something to come their way, they are always in search of the next way to make a million.

By Bill H Carson

And your key here is to put your new-found millionaire wisdom into good use. Start checking out opportunities like this one that recently made headline news. Most people do not have a clue it even exists. Yet it has the possibility of creating millionaires in just minutes. This Internet millionaire information can be accessed by going to http://MoneyMakingAlerts.com

Professional Business Reviews: Bill H Carson

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

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10 Investment Mistakes to Avoid

We are always in pursuit of perfect investment tips so that our money is safe ,secured and earns us above average returns. While this is desirable by everyone,not all manage to make perfect investments. There are quite a few who have made one or more investment mistakes that they should have avoided. Here let me state 10 such very obvious mistakes that you must guard against at all times:-

1. Buying any insurance plan other than pure Term Plan

I am of the firm opinion that we all must have life insurance for self and family members,but, I strongly recommend you to buy only Term insurance and not any other plan like endowment,money back etc. The reason is very simple.In term plan the companies charge you premium only to cover the mortality charges while in endowment plan they charge you huge charges like admin charge etc over and above mortality charges. In traditional endowment plans as much as 40-50% of the premium paid might just go in servicing the charges for first few years thereby severely impacting the returns that you get. Hence, look at insurance plans as pure insurance and not investment tool. Buy only pure term plan from any insurer.

2. Falling for "New Fund Offer" in Mutual Funds

Another big scam out there is the "New Fund Offer" bait that mutual fund companies use to lure customers. New Fund offer basically sells on the premise that you get units at lesser value of Rs 10 while older funds might have NAV much higher than that. Hence in new fund offer you get more units. But this argument is big fallacy since there is basic difference in the way mutual fund and normal stock/equities work. In equities there is difference in the intrinsic value of the stock and market value, while in mutual funds the intrinsic value and market value are same. Hence more units at lower NAV does not mean better deal for mutual funds. Also in new fund you don't know the track record of the fund and the performance of fund manager. Hence, its like taking a shot in the dark not knowing the target and hoping for the best. My advice: Stay out of New Fund Offer, always invest in funds with proven track record over 5-10 year time frame.

3. Investing in equity /mutual funds only on the agents recommendation

Lot of people put their hard earned money in funds only on the basis of their agents recommendation without doing even basic research on the fund quality,its performance track record,fund manager and his credentials etc. While doing research may not be easy or tenable for all, it certainly does not mean that one should put money where agent tells us. Agent mostly have their own interest to take care of first before they take care of yours and hence their advice may not be best for you.They may be guided by the motive of making commission and hence might advice you accordingly. My advice :Do some preliminary research yourself before investing;if you cant do it then take a certified financial planners view.

4.Not investing in Health/Mediclaim Plans

Another mistake that people do is to never think about the medical contingencies and the effect it could have on ones mental,physical and financial health. It can wreak havoc on your finances at times. Hence, its almost a necessity to have medical/health plans for the whole family so that you are well prepared to meet any such eventuality should it arise.My advice:Buy a floater plan of at least Rs 5 lakhs for the family from a good general insurance firm.

5.Too much or too little exposure in equities

Equity markets have always evoked extreme reactions which also reflects in the investing habits of people. The mistake with equity investment that most people do is to have either too much or too little exposure. Both are not desirable. Too much exposure means you are exposed to the vagaries of markets beyond manageable limits and too little exposure limits the upside gains opportunity that these markets provide. So how much equity exposure is right for you? The thumb rule is to subtract your age from 100 to arrive at the equity portion of your investible corpus. For example if your age is 30 , then you should have 70%(100-30) of your portfolio invested inequities. My advice:Stick to 100-Age rule for equity investments.

6. Concentrated portfolio

As the old adage goes"Never put all your eggs in one basket" we should always look to have a diversified portfolio. Concentrated portfolio's are much more risky than a well diversified one and hence can cause severe damage in difficult times. My advice: Have a well diversified portfolio comprising of investments in gold, equity, debt, bonds, mutual funds, FD etc. The proportion of each of these components will depend on your risk appetite and financial goals.

7.Not monitoring your portfolio

Another mistake that people tend to make is to stop monitoring their portfolio's after they make their investment. It is very important to keep reviewing ones portfolio at regular intervals to find out which portion or fund is under performing and whether there is any need to change asset allocation. Remedial measures must be taken periodically be weeding out bad performers from time to time.My Advice:Never underestimate the power of reviewing portfolio regularly. It can help you grow your money faster.

8.Splurging on credit cards

Lot of people fall prey to this one. Credit card being such a convenient product makes splurging very easy for us . We all need to stay out of it because it can put severe strain on your savings and investments. My advice: Use credit card wisely. Never buy luxury for self on credit.

9. Taking Loans to invest in IPO/stocks

I know that there are quite a few people out there who don't mind taking loan and investing it in IPO(Initial Public offering ) of companies hoping to make a quick kill on listing day. They hope to return the loan and pocket the profit made. While this may work at times, it is not a very smart thing to do since we don't know for sure whether we would certainly make a profit on listing. Also as a thumb rule never borrow money to invest in stock market hoping to cash in on bull market or someone told you that this stock will do well or your friend made decent money that way. My Advice:Never borrow to invest. invest only when you have surplus saved out of your earnings.

10. Starting too late

This is the classic one. most of us do regret not having started early on investment. Very few of us do manage to start investing right from their first salary. The power of compounding works wonder when someone starts early.So friends, if there is one mistake you don't want to commit, it should be this one. My advice: The best time to invest is today. Remember its the early bird which catches the worm.

Stay wise n Stay Wealthy....

By Rajeev Ranbir Singh

Please visit http://moneyforinvestment.blogspot.com

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

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How to Become Rich - Start Now!

Becoming rich is not just about having a lot of money to spend on things. It is about being able to build financial security so that even in the harder economic times, you will know that you are taken care of and that you have the money available to make investments when they become available. There are always going to be cycles to the economy and if you can make yourself rich, you will not have to worry about the downsides as much.

Most people would like to be wealthy. Who would not want to have the comfort of knowing that they no longer had to worry about their monthly bills or whether or not their jobs were safe? It would not matter as much if you had a financial windfall to fall back on.

CAN YOU BECOME RICH?

The question then becomes, can YOU become rich? The answer to that question all begins with whether or not you are fully committed to the goal of building wealth or if you are just dreaming about having more money. If you are just dreaming, then it probably will not happen. But, if you want something more, if you want real results, yes, you can become wealthy and you can start right now.

The main thing is to learn how to attract money into your life. You want to be able to have more opportunities than what you are currently used to. Learn this technique and you will be on your way to becoming rich!

By Bryan Appleton

Learn how to attract love, money, or happiness or all three in YOUR LIFE NOW! Go to http://www.successfulfather.com and SIGN up for the FREE newsletter and BOOKMARK the site and return as often as you can! You can attract the life that you truly desire! All you have to do is learn HOW!

Law of Attraction Secrets

Bryan Appleton is an investor/entrepreneuer who has dedicated himself to teaching others how to achieve their dream life. He is also a proud single father with one son. You can publish this article as long as you leave it intact and in full as well as keeping the url link clickable.

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How to Calculate a Cost of Living Allowance

A Cost of Living Allowance (COLA) is a salary supplement paid to employees to cover differences in the cost of living, particularly as a result of an international assignment. The amount of COLA should enable an expatriate to be able to purchase the same basket of goods and services in the host location as they could in their home country. The basis for calculating a COLA is the Cost of Living Index (COLI) which indexes the costs of the same basket of goods and services in different geographic locations. COLA is a simple accurate method of measuring fluctuating salary purchasing power and ensuring parity.

Cost of Living Index

Our cost of Living Indexes measure the cost of 230 products and services across 13 different basket groups in 276 cities across the globe. The data is gathered by a team of research analysts who survey comparable items that are available internationally. A minimum of 3 prices for the same brand/size/volume of product is used to determine the average price for each item in each location. The items are priced on a quarterly basis and tend to rise and fall with inflation. The 13 different basket categories are as follows:

Alcohol & Tobacco: Alcoholic beverages and tobacco products

• Alcohol at Bar

• Beer

• Cigarettes

• Locally Produced Spirit

• Whiskey

• Wine

Clothing: Clothing and footwear products

• Business Suits

• Casual Clothing

• Children's Clothing and footwear

• Coats and hats

• Evening Wear

• Shoe Repairs

• Underwear

Communication

• Home Telephone Rental and Call Charges

• Internet Connection and service provider fees

• Mobile / Cellular Phone Contract and Calls

Education

• Crèche / Pre-School Fees

• High School / College Fees

• Primary School Fees

• Tertiary Study Fees

Furniture & Appliances: Furniture, household equipment and household appliances

• DVD Player

• Fridge Freezer

• Iron

• Kettle, Toaster, Microwave

• Light Bulbs

• Television

• Vacuum Cleaner

• Washing Machine

Groceries: Food, non-alcoholic beverages and cleaning material

• Baby Consumables

• Baked Goods

• Baking

• Canned Foods

• Cheese

• Cleaning Products

• Dairy

• Fresh Fruits

• Fresh Vegetables

• Fruit Juices

• Frozen

• Meat

• Oil & Vinegars

• Pet Food

• Pre-Prepared Meals

• Sauces

• Seafood

• Snacks

• Soft Drinks

• Spices & Herbs

Healthcare: General Healthcare, Medical and Medical Insurance

• General Practitioner Consultation rates

• Hospital Private Ward Daily Rate

• Non-Prescription Medicine

• Private Medical Insurance / Medical Aid Contributions

Household: Housing, water, electricity, household gas, household fuels, local rates and residential taxes

• House / Flat Mortgage

• House / Flat Rental

• Household Electricity Consumption

• Household Gas / Fuel Consumption

• Household Water Consumption

• Local Property Rates / Taxes / Levies

Miscellaneous: Stationary, Linen and general goods and services

• Domestic Help

• Dry Cleaning

• Linen

• Office Supplies

• Newspapers and Magazines

• Postage Stamps

Personal Care: Personal Care products and services

• Cosmetics

• Haircare

• Moisturiser / Sun Block

• Nappies

• Pain Relief Tablets

• Toilet Paper

• Toothpaste

• Soap / Shampoo / Conditioner

Recreation and Culture

• Books

• Camera Film

• Cinema Ticket

• DVD and CD's

• Sports goods

• Theatre Ticket

Restaurants, Meals Out and Hotels

• Business Dinner

• Dinner at Restaurant (non fast food)

• Hotel Rates

• Take Away Drinks & Snacks (fast Food)

Transport: Public Transport, Vehicle Costs, Vehicle Fuel, Vehicle Insurance and Vehicle Maintenance

• Hire Purchase / Lease of Vehicle

• Petrol / Diesel

• Public Transport

• Service Maintenance

• Tyres

• Vehicle Insurance

• Vehicle Purchase

Each basket category does not count equally and are weighted in the final calculation based on expatriate spending patterns.

In order to calculate an accurate cost of living index for a specific individual the basket items that are not relevant to the individual should be excluded from the calculation. For example if education and housing is provided by the employer these basket categories would be excluded from the cost of living index calculation. This increases the accuracy of the cost of living index and makes it possible for each individual to have their own customized cost of living index based on their specific arrangements rather than using an overall "generic" index which is likely to contains costs that are not relevant to the individual.

The formula for calculating the specific cost of living index for an international assignment is as follows:

Cost of Living Index = Customized Cost of Living Index for Host City / Customized Cost of Living Index for Home City

When moving to a higher cost of living host city, the index will be greater than 1 (positive). When moving to a lower cost of living host city the index will be less than 1 (negative). Where the index is negative it means that in real terms the cost of living in the host city is lower than the home city. This means that if the negative index where to be applied to the employee's salary, they would actually be paid proportionately less spendable salary in the host city. It is important to note that the majority of organizations do not apply a negative cost of living index because it makes it difficult to persuade an employee to take up an assignment as they tend to see it as a reduction in salary.

Examples of Cost of Living Index Calculations using our data:

Example 1) An Australian employee moving from Perth to London where healthcare and communication will be provided by the employer

More Expensive in London:

• Alcohol & Tobacco +4.77%

• Clothing +21.85%

• Education +31.53%

• Furniture & Appliances +16.03%

• Groceries +16.35%

• Household +50.72%

• Miscellaneous +137.47%

• Personal Care +11.18%

• Recreation & Culture -6.82%

• Restaurants Meals Out and Hotels +34.99%

• Transport +19.80%

The overall difference in cost of living moving from Perth and London is +28.06%.

In this case the cost of living index is positive and would be applied as it is.

Example 2) A British employee moving from London to Mumbai where the employer will provide housing and education

More Expensive in Mumbai:

• Alcohol & Tobacco -37.53%

• Clothing -9.58%

• Communication -44.92%

• Furniture & Appliances -19.31%

• Groceries -24.03%

• Healthcare -31.24%

• Miscellaneous -72.43%

• Personal Care -24.94%

• Recreation & Culture -35.73%

• Restaurants Meals Out and Hotels -33.11%

• Transport is -27.99%

The overall difference in cost of living moving from London Mumbai is -30.53%.

In this case the cost of living index is negative and would not be applied.

Net Spendable Salary

Differences in cost of living only impact the portion of the salary that is spendable in the host country. Items in the home country such as retirement funding, medical insurance and other home based costs are not impacted by the cost of living in the host country.

To determine the Net Spendable Salary establish what amount / portion of the current salary (in home currency) is spent in maintaining the employee's current standard of living / lifestyle. What will the expatriate need to spend their salary on in the host country? For example will accommodation be provided or will the employee pay rent, will healthcare be provided etc. Deduct all items that are either provided in kind or are spendable in the home country. Deduct the hypothetical amount of tax, social contributions and any other statutory deductions applicable in the home country from the Spendable Salary. What is left is the Net Spendable Salary.

Cost of Living Allowance (COLA)

The formula for calculating the cost of living allowance using the above inputs is as follows:

(Net Spendable Salary X Cost of Living Index X Hardship Index X Exchange Rate) less (Net Spendable Salary X Exchange Rate) = COLA

Examples of COLA Calculations using our data

Example 1) An Australian employee with a net spendable salary of AUD$100,000 moving from Perth to London where healthcare and communication will be provided by the employer

($100,000.00 X 1.2806 X 1 X 0.4768) less ($100,000.00 X 0.4768) = COLA of £13,379.44 (GBP)

Based on all the above factors a person would require a Cost of Living Allowance of £13,379.44 (GBP), in addition to their current salary of 100,000.00 Australian Dollar (AUD) to compensate for relocating from Perth to London. This Cost of Living Allowance compensates for the overall cost of living difference of +28.06% and the relative difference in hardship of 0%.

Example 2) A British employee with a net spendable salary of £18,000 moving from London to Mumbai where the employer will provide housing and education

Note: Because the Cost of Living Index is negative it is not applied.

(£18,000.00 X 1 X 1.3 X 67.2852) less (£18,000.00 X67.2852) = COLA of 363,340.32 Indian Rupee

Based on all the above factors a person would require a Cost of Living Allowance of 363,340.32 (INR ), in addition to their current salary of £18,000.00 British Pound (GBP ) to compensate for relocating from London to Mumbai. This Cost of Living Allowance compensates for the overall cost of living difference of [-30.53%] and the relative difference in hardship of 30%.

COLA Payment

The COLA is paid as a salary supplement (i.e. as an additional allowance) net of tax in the host country. If the COLA is a taxable allowance in the host country it should be grossed up in order that the full amount of calculated COLA is paid net of tax given that the basis of the calculation is Net Spendable Salary. The COLA is often accompanied by other allowances and benefits such as flights home, relocation / settling in allowance, and furnishing allowance.

Exchange Rate Fluctuations

Significant changes in the exchange rate can make a considerable difference in the COLA calculation. In 2008 some of the major global exchange rates changed by as much as 30-40%.

The cost of living index reflects the changes caused by inflation and exchange rates. In the short-term there may be disequilibrium between inflation and the exchange rate (the one pushes the other), however over time the cost of living index provides the most accurate view of the cost of living.

It is important to remind expatriates that when the cost of living difference is negative, and the negative value has not been applied, they have higher purchasing power in the host country than they would at home.

Where a negative cost of living index has not been applied (our recommended approach), and a change in the exchange rate indicates an upward adjustment in COLA may be required, it is recommended that the COLA should not be adjusted upward until the cost of living index becomes positive i.e. the cost of living reflects that there is a "real" increase in cost of living between home and host countries. This may mean that their would be no increase in the COLA as a result of exchange rate fluctuations for some considerable time. During this time the employee's purchasing power decreases. But it is important to remember that until the cost of living difference becomes positive, the individual will still have a higher purchasing power than they do in their home country.

It is advisable to stipulate a currency protection rule, rather than reacting to every fluctuation in the exchange rate. For example the rule may state that COLA will be reviewed if exchange rates or local inflation move by more than +10% during a year. It is important to keep in mind that the prices of goods and services are unlikely to drop in local currency. This would only occur in a period of deflation (negative inflation). Therefore the currency protection rule would normally make provision for upward adjustments in COLA and not downward adjustments during an employee's assignment. Downward adjustments to an existing COLA due to exchange rate fluctuations without a corresponding drop in the prices of local goods and services puts immense pressure on an employee's host currency budget commitments and can lead to the employee experiencing financial difficulty.

Using an independent service provider provides an independent, objective basis for determining an employee's COLA.

We recommend therefore that a COLA is calculated by applying the specific (customized) cost of living index to the net spendable salary at the beginning of the assignment and monitoring exchange rate fluctuations thereafter in addition to the annual salary review.

By Steven Coleman

Steven Coleman runs the most comprehensive international cost of living website available Xpatulator.com an internet service that provides free cost of living and hardship information for 276 global locations to registered users. The premium content calculators allow you to customise your own cost of living index by choosing your own basket groups and includes a COLA calculator.

http://twitter.com/steveninseattle

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Save Money While Grocery Shopping

Are you looking to cut your spending? Many of our daily costs are impossible to actually cut, but food is one area where nearly everyone spends too much. This article will take you through some quick methods to chop your grocery bill down to size.

Brands

The first thing you need to do is look at the brand names that you are choosing to buy. Do you buy the top brands because that's what you're used to? Often store or no-name brands can be up to half the price of a big popular name. Try buying the cheaper version of what you like and see if it really makes a difference.

In some cases, you will never notice...margarine, sugar, and cornflakes, for example, are all pretty much the same, no matter what the box looks like.

Price Compare

If you always shop at the same store because it's convenient, you may need to think about checking out other grocery stores in the area. Sometimes the same product will be drastically cheaper at another store. Find out if you could be saving money by driving a few blocks over. It probably won't be worth it for just one item, but you might be surprised and discover that everything in the store is a dollar or so less, in which case, it's well worth the extra trip.

Make a List

Having a plan for your meals will help you create a shopping list that only includes things you actually need. If you plan to have chicken this week, for example, you don't need to pick up roast beef.

Once you make your shopping list, stick to it. Even if something is on sale or catches your eye, don't stray from the list.

Shop the Sales

There's a good reason to look at the sales flyers for the local supermarkets. You never know when they might have a really great sale that will help you save money and stock up on food that you want. While I did just say that you shouldn't buy stuff not on your list even if it's on sale, this would be considered planning ahead and you would base your list and possibly your meal plan around these sales.

Groceries are the ideal place to start saving money. If you are looking for a way to cut costs, but don't know how . . . look at your grocery habits first.

By Genesis Davies

Looking for ways to save money? The Gourmet Mama can help with economical meals, shopping tips and ideas for keeping food costs down.

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

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How to Survive a Depression and Thrive During Tough Economic Times

People all over the world are wondering how to survive a depression. They realize that we are all going through some tough economic times right now. Still, it's not yet as bad as it was when the Great Depression was going on. The stock market has been dropping for several months now and that is bad news for those who invest in stocks. At some point, I'm sure things will get back on track again, but who really knows for sure how long that could take?

During this rough time, we all need to sit down and figure out how to survive a depression. Discuss these tough times with your family to see how you can save money or spend less on the things you need and want. You would be surprised at the ideas the kids can come up with, so you will want to include them as well.

Learning how to survive a depression can be a struggle at first, but if you work together as a family, you can do it. If you ever studied the great depression in school, you know that they did what they had to do to survive during that time. We may have to do the same thing during this tough time. People that didn't have jobs before may have to get one so they have enough money to support their families. Businesses are laying people off because income is down. This makes it hard on families as well.

There are a number of things you can do to teach your family how to survive a depression before it happens. For starters, you should save money while you can. There are many ways you can save money here and there. Drive the car instead of the truck on the weekends when you go to different places as a family. Walk if you can rather than drive. Go out to dinner less and cook at home more. Purchase less expensive foods and skip the more expensive ones such as crab, shrimp, and steak.

Still needs more ideas on how to survive a depression? Why not have the kids walk to school rather than going out of your way to take them or pick them up. If walking is not an option, have them ride a bus instead. Use public transportation instead of your own vehicles.

Call your creditors to see if there is a way to lower your interest rates. This would help with your mortgage, car loans, and credit cards. Call your insurance agent and ask if there are any discounts that you can take advantage of. Call the bank and ask about refinancing your mortgage or car loans for lower payments. Review your bills to see if there are any you can eliminate. You might be able to lower your cable bill if you get rid of channels you don't watch. Call the phone company to see if you can remove features that you don't use.

The time to start considering how to survive a depression is now. Get together as a family and take a close look at all your options. Figuring out how to survive a depression and taking preventive steps to minimize financial loss is much easier to do when you are not struggling. Struggling to keep your head above water is very stressful when you have bills to pay and a family to feed.
Surviving the hard times may not be easy, but it can be done.

By Darlyn Burkle

Darlyn Burkle of http://www.I-Choose-Us.com, offers resources to show women how to survive a depression and thrive through the financial crisis. The 52-week Money Saving Toolkit helps women save and earn extra money. It covers practical money saving tips for saving on food, utilities, mortgage, gasoline, entertainment, college education, travel, gift-giving, and more.

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

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Understanding Bank Charges to Protect Your Money

Bank charges can be difficult to understand and seem to sneak up on you when you aren't looking, but with a little understanding you can watch for any bank charge and learn how to claim bank charges in the correct way. PPI (Payment Protection Insurance) may not be a charge you even think about, but you pay it and if you never use it the bank is just making money off of you, instead of the other way around. You can reclaim your PPI payments and reclaim other bank funds, even if you have gone over the limits of your account and had to pay for those mistakes. Banks don't want you to know you can reclaim PPI payments or other bank charges because that is less for them and more for you.

Before you can start the process of reclaiming your bank charges you should understand what bank charges are standard and which can be reclaimed. Your account is usually set up with a set of standard bank charges designed to help you be a responsible financial customer and learn how to manage your money. These include overdraft fees, balance minimums and PPI fees. These fees are all paid almost without your knowledge as they are often small, but over time can add up and if you are hit with multiple overdraft fees at a time can be devastating.

Though you pay a PPI charge to protect your account, if you never need the protection you should be able to get that amount back, right? When you file a PPI claim you should consider the length of your account, the number of PPI payments you've made and the lack of mistakes you have made that the coverage didn't need to cover. This is all how you prove to the bank that you should receive that money back and how as a responsible financial account holder, you are entitled to receive a refund on the money you have invested into having an account with them.

Bank charges can be a fickle and strange world to navigate, but with a basic understanding of the charges you pay each month, you can get back some of the hard earned money you spend to keep your accounts active and in good standing. When looking for a way to save on the fees and expenses you have just to get through the normal standings in life, look for the little things like refunds on bank charges.

By Vince Samios

Vince Samios writes about Bank Charges including PPI claim, Reclaim Bank Charges and repossession

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

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Paying College Tuition Bills on Time, Every Time

Students often struggle with the prospect of facing financial difficulties and going to school at the same time. Students are fearful of what the real world may hold for them, as they have heard horror stories about students struggling with bills while in school and finding it tough to balance their studies, a job and keeping up with a personal life. Students should consider all their options before making a decision about how to pay for school, but what some students may not realize is that a college internship or part-time job may be one of the best options for them despite their already busy schedules.

When dealing with the prospect of paying college tuition bills late, students may become frightened as to how their school will choose to deal with their late payment. Worrying themselves over this night after night, students find college much more stressful than it should be. While students should strive to make the best of their experience and work hard at achieving their degree with the highest honor possible, stressing over college tuition is something that is not necessary. Stressing over tests, quizzes and homework is normal, but when a student is forced to occupy their mind with financial difficulties, things can start to get a tad too chaotic inside of their head. Finding a reasonable way of dealing with these worries is important if the student wishes to move forward with their college education and get the degree they have always dreamed of earning.

When students find a way to pay for their college tuition each and every month, it is like a huge burden has been lifted off their shoulders. They may be able to concentrate in class better, pay better attention to the professor and focus more on their studies without their mind wandering. Nobody likes writing a paper with their mind full of other topics, especially financial woes. Dealing with stress is something that everybody will have to face at some point, but when the source of the stress is avoidable, students would be silly not to do everything they can to get rid of this burden. Finding a reliable college internship is an excellent way to pay the bills on time each month and ensure that the bills do not pile up.

With a college internship, students will find paying their college tuition bills much easier. When that same internship offers them the opportunity to learn a bit about the real world at the same time, it becomes a very valuable tool at both putting the student through college and ensuring they get some real world experience in the process. Finding a way to deal with financial troubles and make themselves more attractive job candidates later in life, students with a college internship under their belt will hold an advantage over students that did not take advantage of these internship programs.

With an internship, students will be able to convey their qualifications to job interviewers and employers with confidence. Explaining their experiences in leadership roles and in a capacity unfamiliar to their peers, these students will surely prove they are ready to enter the real world and make a difference in whichever field they choose to enter.

By Nicole Martello

More information on College Works Painting is just a click away.

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

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Now You Can Learn to Trade Like a Pro

Everyone has the potential to learn to trade. But learning to trade has many traps that turn intelligent, successful people into willing losers is familiarity. For example, with commodities, you're just trading things that you grew up with like gold, silver, wheat, soybeans, cattle, and sugar.

Or futures contracts, where it's simple enough to understand how to control contracts with only a marginal investment. It's all quite familiar. Trying to learn commodity and futures trading does not seem such an uphill task.

So you find a broker and open an account. As you go through the disclosure documents, you acknowledge the risk involved, you're warned to only trade with money you can afford to lose, not to use borrowed money or money that, if lost, would affect your livelihood or ability to provide for your family. Yadda, yadda, yadda. The NFA is looking out for you so you send in your money and fund your account.

And there you are, money in hand with big dreams and high expectations because your broker has just shared a particular strategy, complete with charts, recommendations, and the markets that he's watching.

Side note: if you went straight to electronic trading, then you've had to learn trading without broker assistance, and that can amplify the effect of the trap. Keep reading.

So, you've acknowledged the risk and digested as much information as you can in a short period of time. Now you're ready to place your first trade.

When a good one comes along, you jump in. You're excited. You're watching that trade, the markets, and the news with great anticipation. You're watching and you're learning. But as time goes on it begins to dawn on you that there's a whole lot more to this trading business than you first thought.

Actually, there's a lot more.

But it's too late. You're hooked. And now it doesn't matter what happens on this first trade because you've seen the potential and you know the money's there for the taking.

But, before long, you experience some or all of the events that inevitably occur to new traders:

• you get stopped out then watch the market run the direction you predicted--except you're out.
• you hesitate to enter a trade, and miss out altogether, or miss out on the profits.
• you hang onto a trade too long and watch your profits disappear
• you continue to hang onto a trade until it becomes a large loss
• you sit on the sidelines and see other markets running, knowing the huge money that's being made during this time.

A torrent of emotions may come into play: anticipation, excitement, anxiety, greed (my mouth actually watered the first time I saw my contracts doubling), fear, regret, anger, blame, elation, shame. The list is long, the emotions are powerful, and they pull you further into the trap.

Very soon, you've had several trades lose money. You're frustrated, things aren't working out like you expected. The chart patterns are confusing and the indicators have let you down. You start to lose the desire for learning trading. But hold on, you're competitive. You know you're smart enough. And you want to win!

You look around for new indicators. You begin to deviate from your system. You're searching the Internet and bookstores for a system or strategy that will give you the edge to beat the markets. And at this point, unless you have ice in your veins, the trap has been set. You're caught.

Okay, I've laid out the typical progression in the life of a new trader. Does any of it sound familiar? I've mentioned several components that, working together, empty the accounts of hundreds of thousands of astute, intelligent people every year.

The trap is right in front of you. I'll spell it out. Lodge into your mind these 5 components of the subtle (mental) trap of trading and learn to trade like a superstar.

1. Familiarity with what's being traded.
2. Risk disclosures and a focus on risk.
3. The implied simplicity of trading.
4. The implied notion that trading is investing.
5. The fact that you can begin trading without any training. (Very few traders are taught how to plan a trade before entering their first trade.)

Avoid these components and you'll be well on your challenging way to learn to trade.

By B. McAboy and David Jenyns

Learn Proven Strategies From The Cutting Edge Of Trading Psychology

Visit http://www.tradingpsychology.net/

Article Source: http://EzineArticles.com/?expert=B._McAboy

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Easy Ways to Make Extra Money - For Teachers

No matter where you live teachers never seem to make enough money to support a decent lifestyle. At the same time they do not have the time it takes to get a second job because they also have homes and families that need their help and support. Now things are changing and the internet provides easy ways to make extra money for teachers. The choices from which to choose are enormous and they can make their own decision about how much or how little time they wish to spend online using their skills and education to help others.

One way to make extra money for teachers is through tutoring. There are many tutoring sites already set up or you can choose to offer your services and set your own rates. There are also a number of sites set up for students who need help with homework and though some of them do not have a fee, there are others that do charge for the services. You certainly have the option to work with a website that is already set up for tutoring services or to set up your own website with a price structure that fits your budgetary requirements.

Another way for teachers to make extra money is by setting up or participating in online classes. Now that the internet is so much a part of many homes more students are opting to take classes in their privacy of their homes rather than having to get up early every day to go to school. This is also the case with many college students who are working full-time jobs and taking distance learning classes online. In both instances the teacher has the option to work with an educational facility or set up classes on his or her own. With the latter it is important the teacher be certified to teach the class so that the student doesn't waste money taking a class that will not provide any credits.

In addition to classes that are taught in high school or college teachers are beginning to offer their services by teaching other classes as well such as office skills and advanced coursework in subjects such as creative writing, typing, accounting and other individual courses. Sometimes students may take a course just because they want to learn more about a topic rather than to pursue a degree. Being able to do it online makes it easier for the student who is working full-time, taking care of a family or just doesn't have the time to take courses at the local college. With students choosing more online courses it opens a world of opportunity and choices in how to make extra money for teachers. With the internet being a global community of many different languages, teachers are also needed to teach and translate other languages and there is no better place to do that than online where the student can see and visualize what the teacher is saying without any pressure.

By Dustin Heath

Dustin Heath recommends that you visit http://www.CjandMerly-2.com

to learn how you can start your own home-based business earning multiple streams of income with a Plug-In Profit Site - Complete Money Making Site Setup FREE!

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Beginning Stock Trading Online

That said, there are investments that are not as risky than others, and may be well worth the effort to find them. If you are new to the stock trading online or even if you've have traded before, it is wise to keep a few things in mind for your own protection. Ask questions and research before purchasing any investment software. Knowing what your tolerance for losses are before proceeding. Everything involves a risk.

Working with a broker can make your trading activity easier- they can guide you to a block of stocks that are giving fair returns for a minimum investment, which is exactly what you want to start with. Nobody dives into the stock market and makes a killing on their first trade, what you want to aim for is slow and steady, consistent performance. Stocks that blow up all of a sudden also have the potential to tank just as fast.

You do not have to work with a stock broker that pressures you into stocks or other tools that sound risky, no matter how unqualified you think that you are. If you just heard mention of trouble with a stock or a company and that is what you are being pushed to buy, that is a serious problem. Do not get tied into thinking that you have to work with just a broker.

To begin learning on online you can purchase an automated system which will help guide you in trading stocks and is more effective than a broker. Once you mastered the monitoring of trading, you can begin to select some of your own. These proven systems are guaranteed if followed correctly. You will soon being to draw monetary benefits of beginner stock trading online. These benefits can be used to reinvest.

Education is key to solid trading. Know a little bit about the types of trades that you would like to invest in. There are some that will be solid performers no matter what the economy looks like, and there are those that are folding left and right. Keep your head up and do not be afraid to put your foot down if you feel uncomfortable with a recommendation from anyone.

By Kim Bronson

The Internet is the primary engine for anyone wanting to Begin Stock Trading Online. Remember, Ask questions and research.

Begin Trading Now

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

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Here's How to Make Money in the Stock Market With Penny Stocks

Penny stocks are organization share offerings available to investors by companies that are just too new or small to have a listing with the bigger share exchanges. Many investors are attracted to these investments since they only need a minor initial cash outlay, however it's important to keep in mind that you encounter the risk of the share value falling to zilch. Investors are attracted to these types of stocks due to the fact that even though there are risks there can also be large payoffs.

When trying to select a penny stock to put money in in you're going to want to know a few details about the business. Similar to buying shares of any other type of publicly traded organization, it's a good idea to read up on everything about the business. This means knowing what the company do, the product they make, which products are offered, how their business model works and who else is involved in their industry.

It's rare that the businesses that offer these kinds of stocks have complex companies - usually they are easy to understand and look into. One common kind of penny share is a resource company that benefits when the price of the resource it extracts goes above a certain price. There are some oil exploration stocks that are valued in the same way.

As you likely have already guessed, penny stocks are thought to be to be investments with high risk. The risks you might have with these stocks include improper of financial information, low liquidity and even fraud.

Reporting rules on penny stocks are not as strict as they are for stocks listed on the national stock exchanges. One of the sorts of penny stocks is known as a "pink sheet" and has almost no regulation when it comes to their reporting and accounting standards.

Since there's very little or even no regulation or standards, this renders this type of stock open to fraud and market manipulation. One of the most common schemes is called referred to as a "pump and dump" - this refers to people manipulating the price of stocks to increase and then sell all of their shares immediately and leave other people out big money.

However, even with that said it doesn't necessarily mean you should be scared off of these shares entirely. There are scores of real, sound start up companies, and they have tons of potential. Tons of organizations that are classified as penny stocks are headed to be a success in the future. If you're able to choose one of these companies, your profits on your purchase of shares will be huge.

If you are able to pick out companies that have potential, your payoff will be massive. You might end up losing money on many stocks, however the one winning selection will offer such a big return that any previous losses won't be an issue.

By Grant Dougan

Finding best penny stocks isn't rocket science - you just need to understand what to look for.

Click here to see a penny stock system that has been generating massive profits for it's users.

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5 Easy Steps to Get Negative Items Removed From Your Credit Report

If you are like 80% of Americans you probably have seen at least one mistake on your credit report. It is not very often that someone goes through life without someone somewhere messing up an account that is on your credit report. Even if you have never done anything wrong that doesn't mean that no one else has. But if you are like myself, I was dumb and young when I messed up my credit but it was horrible, then you might want to fix your credit using these 5 easy steps.

1 - Get a copy of your credit report. You can not fix your credit if you do not have the details of what needs to be fixed.

2 - Know what's on your credit report - you need to go through your credit report and slowly read every detail. Make sure to notate everything that is wrong on it because you will be using it in step 3. If you have collection accounts make sure to circle them. If you have late payments you need to mark that account so that you know it needs to be fixed.

3 - Write a letter to the credit reporting agencies requesting that all the negative information be removed from your credit report.

4 - Contact your individual creditors if the credit reporting agency was unable to remove your negative items. You need to request making payments with them or settling your accounts. You can also request that they remove the account completely if you pay them in full right then and there.

5 - Re-establish your credit profile. Once you get everything removed it's time to start re-establishing yourself so that you can get further credit in the future. It doesn't do any good to delete things if you don't take the time to build up afterwards.

By Chrystal Fite

For more in depth instructions on how to fix your credit visit my web site All The Financial Information You Want To Know.

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

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Repair Your Credit Fast - The 7 Worst Things to Have on Your Credit Report

Most of us know that Bankruptcy or a Foreclosure on a credit report would cause your credit scores to plummet. I am going to show you five other items that you may or may not even know about. Since lending institutions and credit issuing banks use your FICO credit scores to evaluate you and your creditworthiness, you want to make sure that these entries don't appear in your credit report.

Now, if you have 1 or more of these negative items in your Trans Union, Equifax, or Experian report, worry not. By subscribing to my newsletter and blogs, you will learn tips, tactics, and insider methods to handle these situations.

The Sinister 7

1. Debt Collections

Attorney debt collectors or debt collection companies listed on your reports are a huge negative. I have seen the impact from a collection agency on credit scores range from a drop of 30 points up to 85 points! Sometimes you get a "double whammy" effect because the original creditor will mark you account as a charge off and then you get the entry from the collection agency. Ouch!

2. Charge-offs

When you don't pay on a credit account for 3-6 months, your creditors will deem your account "in default" or noncollectable. When this takes place, the creditor will report to the bureaus the account as "charged-off". This information can remain on your report for up to 7 years. With identity theft being such a huge problem in this country, many innocent victims will find charge off accounts in their credit reports that they had no idea existed. You must take steps to protect your credit. You can do this by signing up for a monitoring service that will alert you whenever there is a change in your scores.

3. Foreclosure

Having gone through this process personally, I can tell you that there is hope when you think the world has crumbled around you. When you default on your mortgage, most lenders will take back possession of your home and depending on your state laws, auction it off within a certain time line. If there is any deficiency between what you owed and what they sell it for, then technically they can come after you for the rest or report the credit to the IRS. With all of the Foreclosure mess that is taking place right now in the marketplace, more and more banks are trying to work out arrangements with homeowners. The fact remains though, that they will have no choice but to report your late payment and the foreclosure process even if you work out a deal with them and stay in the home. This too will remain on your credit reports for 7 years.

4. Bankruptcy

Depending on the state you live in and which type of bankruptcy you file, you may be able to legally remove the financial liability for some or all of your debts. Child support payments and IRS monies, however are NOT part of the deal. No surprise there! I am all for some deadbeat dad who doesn't pay child support for his children not being able to wipe them out with bankruptcy, but Uncle Sam...well that is another story. Bankruptcies will remain on your credit report for up to 10 years.

5. Tax Liens - State or Federal

When you owe the IRS or State income taxes and don't pay them or set up a payment arrangement, they will file a tax lien against you. When you try and buy a piece of property, until these liens are satisfied, you won't be able to close.

If you don't pay property taxes on your home or another piece of property, the government can seize it and auction it off for the unpaid taxes. One way or another, they will get their money. Unpaid tax liens can stay on your credit report for up to 15 years. Even if you pay them, they still report the lien for 10 years and it will impact your FICO credit scores immensely.

6. Judgments

Some creditors, businesses, or individuals can sue you through the courts for a debt. If other collections fail and they get a judgment against you, this will report to the bureaus and stay on your record for seven years. You must be cautious here, because even if you pay or satisfy the judgment, the clock will begin again if you satisfy the judgment. I always instruct my clients and students to check their states statue of limitations.

7. Lack Of Credit or a "Thin Credit File"

While any of the first six negative items above can impact your scores tremendously, there is also a not often discussed negative in not having enough credit. If you pay for things cash and don't carry a small balance on your credit cards, you can and will be penalized by the bureaus. Conversely, if you paid cash for your automobile, you might also be penalized. My point is - whether or not you believe in applying for credit or using credit wisely, we are all judged to some degree by how we manage credit and that info is maintained by the big three credit bureaus. Would it surprise you to now that someone with a thin credit file can actually have lower credit scores than someone with a few negative items in their file?

If you are looking to function inside the credit matrix (which by the way is becoming more and more invasive to our everyday life) you must learn how the game works and protect this aspect of your financial life.

By Mark J Garcia

© 2008, http://www.crushingthecreditbureaus.com

Author: Mark J. Garcia Mark is the author of "Crushing The Credit Bureaus" a do it yourself credit repair encyclopedia that focuses on repairing negative information on your credit report and increasing your credit scores.

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Remove Credit

If you have ever been turned down for a car loan, a credit card, a home mortgage, or even a job, you know how important your credit score is to functioning in this world. One of the best ways to improve your credit score is to remove credit reports that damage your score. In order to remove credit that damages your score, you need to request reports from the three major credit-reporting agencies (Experian, TransUnion, and Equifax).

You can request copies of these reports online; if you've been denied credit for any reason, you are allowed to obtain a free copy of the credit report from the agency used in making the decision. Once you have access to all of your reports, review the reports line by line. Once you've reviewed your report, you should request, in writing, that the agencies remove credit reports that are inaccurate or too old.

Inaccuracies on your credit report are common. Those people with the best credit ratings are often not the people who are more diligent about paying their bills on time but those who are most diligent about reviewing their credit reports on a regular basis and removing credit reporting information that is derogatory.

In order to remove credit scores from your report, you may have to deal directly with the financial company from whom you obtained credit. If you have a charge off or a judgment, you may have to satisfy the judgment (pay back what you owe) in order to have it removed. However, working with a good credit counselor/consumer advocate can be beneficial.

If there are inaccuracies on your report, you can write each of the agencies and provide proof of the inaccuracy. The reporting agencies have a given amount of time to research and respond. If they cannot resolve the issue and remove credit scores from your report, they are required by law to allow you to write a short statement explaining the score. In some instances, depending on how you've been affected, legal action may be warranted (particularly in the case of stolen identity issues).

You can often improve your credit score by 100-300 points simply by being more involved in the credit reporting process. Once you have repaired your credit, stay vigilant. It is very inexpensive (and often offered free by your credit card company) to monitor your credit rating. At the first sign of trouble, review a current report and ask the agency to remove credit scores that are inaccurate.

By Shayne Sherman

Learn how to remove credit from your credit reports by visiting my Lexington Law review website.

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Start Cleaning & Clearing Your Credit History Now - Fix Your Credit Report Yourself!

You need to start cleaning and clearing your credit report. It may seem like a giant confusing puzzle and that is exactly how the credit card companies want you to feel. Rest assured that you are not the only one dealing with this credit problem. Too many of us have made a mess of our credit history but the good news is that you can start fixing your credit issues yourself. And these tips can help you on the path to good credit health!

First, take a good long look at your outstanding credit cards and choose the one with the lowest balance to start paying off. Every time a payment is due, add a bit extra each time. Even twenty dollars more will help clear this card quickly. And as you are paying this card off by applying extra on every payment you are avoiding paying towards the interest. Once this card is done being paid off, apply this same method to the next card with the next lowest payment. This debt elimination system will help you reduce your credit debt much faster.

After your debt is paid off you are going to need to order your credit report and take a good look at it. You would be surprised at the mistakes the thee largest credit reporting companies can make. You want to catch this quickly.

These are steps that you can do yourself. You may be intimidated by tackling these credit problems, but that is because the credit card companies are doing their best to keep you paying more than you should. Arm yourself with the knowledge that you need to beat your credit problems now!

By Dean Olmstead

Click here now to discover the best way to clear your credit history quickly.

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

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Tips For Cleaning Up Bad Credit

The first thing that you will want to do is to obtain a free copy of you credit report. You can get this online, and it only takes a few moments. You are eligible to receive one free copy of your credit report annually. Pulling your credit multiple times in a year can actually hurt your score, but once a year will not hurt it.

Take a look at your credit report. You will want to check your credit report for any errors, as creditors are human and can make mistakes. If you find any errors on your credit report you will want to contact the credit reporting agency and creditor via mail to dispute the error. Include a letter discussing the error, as well as any documentation to back your case. They will review it within thirty days.

Take a look at the loans and credit card debt you have. Close any cards that you may not need, as several cards on your credit report can actually be a bad thing and hurt your score. Transfer balances to lower interest rate cards, as this may save you money in the long run. If there are any small balances on your credit report, try to pay them off first before you work on the larger ones.

Work with creditors that you may have past due accounts with to try to get back on track with your payments. Chances are that if you are willing to work on paying off the amount past due, they will be willing to work with you in a payment plan. Any plan you may get worked out with them you will want to get in writing for your reference.

It can take some time to repair your bad credit, but it is something you want to stay on top of if you ever want to obtain a line of credit in the future. Start with some of the smaller debt, and once they are paid off you can use the extra money to pay off some of the larger debts and get yourself back on track to a better credit life.

By Mishaun Taylor

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How to Find Financial Freedom

Before you can find anything you must first know what you are looking for, and finding financial freedom is no different. When I was in college, many years ago now, I received a free membership to a video rental store. A friend and I took off in the direction that we "thought" we should go. We knew where we wanted to go, but didn't know where the store was. We drove, and drove, and drove but we never found the place.

Finding financial freedom is much like that; you must know what it is in order to know if you have found it. So what is financial freedom? A street reporter asking that question would get many different answers. Therefore, lets start with just the concept of freedom. William Wallace from the movie Braveheart would say that freedom is giving up your life for something or someone else. Others would say that freedom is living a life not needing anyone or anything. And still others would say that freedom is living free from oppression and communism.

As you can see there are many different definitions - and you must find your own. Most would agree that finding financial freedom can be defined as, "Being free from financial bondage and being able to pay all the monthly bills while at the same time saving something for the future."

The Five phases of Finding Financial Freedom

Discovery Phase

The first step in the discovery phase is setting financial goals. This is discovering what you want to accomplish - your road map. Once again, if you don't know where you are going then how will you know when you get there? The second step is to begin seeing the real issues. In other words, discovering what is happening in your financial life right now. To do this you should make a list of your: assets, current household expenses, and current short-term and long-term debts. Knowing where you are will help you get to where you want to be.

Tracking Phase

In the tracking phase you begin to do just that - track what you are spending. Actually, you begin tracking all income and spending - this will tell you just what is happening, no lying to yourself here. You do this by developing a spending plan. This may sound to basic but I will assure you that if you begin tracking your income and spending you will be well on the road to finding financial freedom.

Adjusting Phase

Develop a financial blueprint is critical in the adjusting phase. This is a more detailed roadmap. A map that will help you focus in with laser-like precision on your financial goals. During the adjusting phase you lay out a plan of action that is detailed enough to get you where you want to go.

This could be compared to a builder building a house. Doing so without a blueprint would get the house built, but what would it look like and how long would it stand when the storms of life come? That reminds me of a 3 Stooges show I saw years ago. The three friends (Moe, Larry, and Curley) set out to build a home for their three new wives. The fact that they didn't have a blueprint didn't decrease their determination. The end result was odd shaped doors, a roof that allowed the light of day and the rain of night in, and a bathtub nicely installed in the bathroom - but it was on its side.

Systems Phase

Systems are what you need to make sure you stay on track. Many have tried to find financial freedom but have come up short because they didn't have a good set of systems in place. One very easy system is the Envelope System. What you must realize is that temptation is a very strong force to fight. Many times you may feel like you are in the ring with the heavy-weight champion of the world and its name is "temptation." Having "cash money" set aside for each category in your spending plan will keep you in line and make you a financial champion.

Another system you need is a group of professionals that will help assist you on your financial journey. You must realize that you can't do it alone.

Future Planning Phase - this is why we started the entire process

During this phase you look out into the future and begin to organize your estate, plan for retirement, and put things in place for your children.

Many families have been devastated by the death of a loved one only to find more turmoil because a good plan was not laid out and financial records were not able to be found.

In order to find financial freedom you must take a deep look inside yourself and determine what you want your future to be like. Then...

• Discover very practical and logical steps to get there.

• Track your progress along way.

• Make the necessary adjustments to keep you on track to your preferred future.

• And realize that you can't do it alone and that you need the help of others to get there.

By Jeff Earlywine

You can find more information about Finding Financial Freedom at http://www.FINDINGfinancialFREEDOM.ORG.

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Saving Money - Five Ways to Save Faster

Many things are starting to bite as the global economic recession sets in. In these times of economic difficulties, it pays to be vigilant about your finances. The best way to get a grip on your finances and start saving money is to know what you're doing with it.

1. Draw up a budget:

You will need to pin down the amount of money coming in and money going out. It should be easy to figure out how much money is coming in. You're likely to have more difficulty with the outgoings.

The main aim of creating a budget is to ensure you have a monthly surplus that you can use for saving. In other words, you should be spending less than you are earning. Unless you generate a surplus each month, it will be difficult to get ahead financially. Any small amount will help: saving money as little as $10 a day on lunch at work gives you $50 a week which mushrooms into $2,400 over a 48-week working year.

You will need to know where you are actually spending your money to have an idea of cost items you can cut down or cut out altogether. List down everything; hide nothing; and be ruthless in cost-cutting.

2. Save:

If you normally spend less than your monthly income, saving money would just come naturally. The rule of thumb is to target saving at least one-tenth of your monthly earnings. Assuming you are able to do that, it will not be enough to just place the money in your transaction savings account. Do some research and compare a number of savings accounts to find the ones offering the best interest rates.

3. Reduce energy consumption:

Energy bills amount to approximately $1,500 a year for the typical household. Energy for heating your home can easily account for one-half of your power bills during winter, while hot water costs constitute about one-fourth.

Saving money on energy is not difficult to achieve. Appliances using energy-efficient technology will pare down power consumption. But there are small corrections you can do that add up to big savings.

You can easily save around one hundred dollars per year just by fully unlugging electricals such as your TV and computer while they are not being used. It is not enough to put them on standby power mode, since this still consumes a significant amount of electricity (about ten per cent of average consumption).

You'll be saving money if you find ways to trap heat inside the house in winter. For instance, making sure doors get shut, windows are properly sealed, and bare floors are covered can help. You could save as much as $200 a year by ensuring proper insulation on your ceilings, walls, and floors.

4. Compare energy costs:

While reducing energy consumption is important, do not forget to shop around for the most favourable electricity and gas plans. Comparison websites can help you evaluate plans and prices, while electricity retailers publish online guides on energy consumption and estimated running costs of various appliances.

You need some patience in comparing prices because many variables are involved. The comparison websites provide many tools to assist you in this regard. It is useful to remember that the most expensive rate in your area is likely to be the default tariff.

5. Avoid unnecessary fees:

It is a good idea to use tools such as online banking. An overdraft on your accounts will automatically cost you $30 in over-limit fees per transaction; sometimes, a penalty fee is charged. You can avoid these charges by making sure you have enough funds in your accounts. Look around for low-fee or no-fee accounts on offer from some banks.

By Rich Greenwood

Savings account article by Richard Greenwood. Richard founded the Click 4 Group in early 2007 to help consumers easily compare finance products online. The group also help consumers compare other products such as managing debt with debt consolidation loans.

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

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