Personal loan, debt consolidation, refinancing

Why Is Saving Money So Important

 Jobs, Loans, Money, Planing, Savings  Comments Off
Nov 132012
 

Saving money is so important for many reasons. Some of the reasons that saving money is so important have to do with security and safety,

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while other important reasons for saving money have more to do just with the practical aspect of trying to plan ahead for major expenses. In terms of emergencies, it is so important to be saving money. While no one likes to think about the possibility that they will lose their job, become disabled, or have some other sort of disastrous financial crisis, the fact of the matter is that it happens to people all of the time. Even much smaller emergencies, such as needing car repairs, are better handled by having saved money along the way, as opposed to having to scrape money together during a crisis. Saving money is so important for these types of situations. If at all possible, you should have a savings of three months worth of your expenses to help in case of emergencies saving money is important for planning ahead, too. Almost every parent would like to see their children’s go to college, for example. However, many children will not be able to go to college on scholarships. Those that do not will either have to find a way to pay for college or to take out student loans. Student loans may not even cover all of their expenses. Saving money is an important part of providing for your child or children’s education. This is not the only area that parents should save for, in regard to their children. For example, in the same way that parents save money as an important part of education, they may also save money for their children’s weddings, or to help there child buy their first car, or even their first home. Finally, saving money can be an important part of our life!!!!

5 Rights You Have When Working with Debt Collectors

 Debt, Financial, Jobs, Legal  Comments Off
Nov 122012
 

Many of us have been in collections at some point in our lives. Jobs cuts, decreased hours, or unexpected bills are enough to put many people behind. And according to the Huffington Post, around 30 million Americans are currently dealing with debt collections.

When it comes to dealing with debt collectors, it is important to know what is acceptable and what is not. The Fair Debt Collections Practices Act was put into place to protect you from abusive debt collectors and provide rights to guard you against dishonest acts. There are some rights that are not written that should be provided to everyone.

Right to Privacy

If a debt collector has ever called your job and advised they were calling about a bill or informed somebody at your home that you were past due on an account, they have violated your rights.

You have the right to privacy when it comes to your debt. Debt collectors cannot release information regarding your debt to neighbors, family members, or coworkers. In fact, they are prohibited from speaking to anybody but you or your attorney, unless you have given them permission otherwise.

Protection Regarding Communications

You can avoid being contacted at your job. If you have notified a debt collector you are not allowed to be contacted at your place of employment they can no longer contact you there. To avoid phone calls completely, notify the debt collector in writing.

Mail sent by a debt collector cannot give the impression they are from a federal or state agency. It also cannot be sent by postcard, allowing others to see your personal information.

Freedom from Harassment and Abuse

Having your phone ring continuously can be annoying, especially when the call comes from the same person repeatedly. What’s worse is speaking to a debt collector who is abusive and threatening. The FDCPA was created to protect you from mistreatment at the hands of debt collectors.

Any intent to annoy or harass you by telephone is strictly prohibited. Accusations of harassment are taken very seriously; debt collectors are required to keep detailed records as to when, where, and at what time you were contacted in the event they are accused of harassment.

Right to the Truth

There are many ploys that corrupt debt collectors will use to coerce you into making a payment. They may tell you the amount of your debt has increased but are willing to accept a lesser amount. They sometimes try to threaten you with legal actions they have no intention of taking.

You are entitled to accurate information. You cannot be mislead as to the legal status of any debt or told your violation of any law that is not true. The actual amount owed must be disclosed. Any deceptive act take in an attempt to collect your debt is forbidden.

Right to be Treated Fairly

Unfortunately, there are no laws that require debt collectors to be civil; however, there are some rights that should be provided to you because you are human being. Regardless of your income or paying habits, you should be treated fairly and equally. You should have the right to work with somebody who is willing to work with you.

I have spent years working in the collections industry and can tell you that the most effective debt collectors are the ones that treat people with respect and know how to compromise. If the person that you’re dealing with is not willing to work with you, call back and get somebody else.

Explore Your Rights

The Consumer Financial Protection Bureau recently announced they will begin to regulate debt collectors more closely; however, many of the regulations are similar to those provided in the Fair Debt Collection Practices Act. You will see more oversight into their action, though.

Being in collections is bad enough without having to deal with unreasonable and abusive debt collectors. Credit Repair firm Lexington Law says that knowing your rights from the beginning can empower you to stand up for yourself and avoid being pressured to make quick decisions regarding your finances.

The information provided only includes pieces of the FDCPA. If you do feel that your rights have been violated contact your state’s Attorney General to file a complaint.

This article was written by author and blogger Chase Sagum. Chase covers Financial and Economic topics from a political perspective around the web.

What to Expect When Taking Out a Loan

 Debt, Financial, Jobs, Loans  Comments Off
Nov 112012
 

If you have never applied for a loan before, whether it is a personal loan, a home loan, a car loan, or a student loan, the process can be a little scary as you first go into the application process because you do not know what to expect.

In addition to not knowing what is expected of you, taking out a loan can be intimidating because you are incurring a high amount of debt that you need to be sure you will be able to pay off.  For example, if you apply for a student loan, you are expecting to have a job upon graduation from college that will help you be able to pay off the monthly payments in a reasonable amount of time.  But what if, especially in today’s economy and job market, you are unable to find gainful employment upon or shortly after graduation?  You risk being unable to pay off your student loan, getting into further debt with rising interest, and then having the debt hanging over your head for years to come.  This is why it is extremely important to plan far in advance when it comes to applying for any kind of loan.  You need to be sure you are ready for this huge line of credit and that you are prepared to pay it off with each monthly bill.

Here are some things you can expect to happen when you go to your bank or lender to apply for any kind of loan.

Preparing to Apply for a Loan

Before applying for a loan from a lending institution, be sure you have all the important information you will need to share about yourself on hand.  This includes your contact information, as well as personal information, including your date of birth, mother’s maiden name, etc.  You will also need to share information regarding your income and current and former employers, as well as information on any loans you currently have.

Next, you will need to tell the lender what type of loan you are applying for, how much money you need, how much you would prefer your monthly payments to be, and other information the lender may need to determine the best loan for your situation.

The financial institution will most likely then ask for more information to verify your identity and address, such as your driver’s license and a recent bill that was sent to your home, such as an energy bill.  And you will need to show your income tax returns, pay stubs, etc. to verify your income.

Applying for the Loan

When it comes to applying for a loan, it is quite flexible today.  You can apply online, in person, or over the phone with many lenders.  These professionals will help you determine what the best loan rate would be for you, and once you provide all of the information and paperwork they need to process your request, you will know very quickly if you qualify for the loan or not.

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You may need information on how to strengthen your credit rating, but there are many professional websites and services out there that you can find and ask for assistance.  If you are looking to get a loan or a mortgage, it is very important to increase your credit score from now.

Savings Accounts that Work for You

 Business, Credit, Credit Cards, Debt, Financial, Investing, Jobs, Money, Savings  Comments Off
Nov 112012
 

Savings accounts are vital, especially in today’s world where unemployment is on the rise and employees as well as business owners face uncertain futures.  If you lose your job tomorrow, how will you pay your bills?  Do you have a safety net in place that will allow you to cover your monthly living expenses, your home, your healthcare, etc.?  If you do not have any savings in place to last you at least a few months if you end up losing your job and your income, you will face being foreclosed, being evicted, and getting into credit card debt.  Savings accounts are also necessary in the event that your checking account runs of out of enough funds and you need to transfer money from one account to another in order to pay off your credit card bills.

Standard Savings Accounts

Standard savings accounts are available at every bank, whether it is a brick and mortar bank or a strictly online bank.  Interest rates often accompany savings accounts, which means that, each month, you will earn a percentage of earnings on the amount of money you have invested into that savings account.

Most basic savings accounts do not offer very high interest rates, especially these days when interest rates have sunk so low that many banks do not even offer a full 1% on regular savings accounts.  You may, however, find a bank, such as a community bank rather than a big bank, which is able to provide you with higher interest earnings.

Also, some banks offer interest rates that go up as the balance in the account increases.  In this way, you are rewarded for investing in that bank, and as you continue adding to savings, you are increasing your interest rate at the same time, which means more monthly earnings.  This translates to your money growing with ease.

Certificates of Deposit

Certificates of deposit, or “CDs” for short, are able to offer you higher interest rates than standard savings accounts, but you need to be prepared to lock your money into that account for a specified amount of time, such as 3 months, 6 months, 9 months, or even a year or more.  Depending on how long you lock in your money, you will earn different interest rates, so it is entirely up to you to decide what you feel comfortable with.  If you feel that you will not need to access the money for a long time, then go for a longer term plan if it offers a higher interest rate that makes sense to you.  If, however, you are worried that you may need to access that money at some point, and you want to rest assured that it will be available to you sooner than later, go for the shortest possible term.  The reason for this is because you will pay a penalty fee if you need to take out the money before the CD has expired, or come to term.

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When you are ready to get a credit card, just remember that a line of credit comes with a lot of responsibility, so be sure to save up enough money in an emergency savings account, budget appropriately so that you do not end up overspending and so you do not end up in debt because you are unable to pay off those credit card bills.

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