Finance Tips » Credit Cards

Cutting Expenses to Cut Credit Card Debt

Tue, 07 Feb 2012 06:08:38 +0000

The recent recession hit many people hard. Many lost their jobs and those who managed to maintain their jobs probably had to have their pay cut significantly. My cousin Jay was not immune to the recession either. He was an accountant at a local firm. Although he did not lose his job, he felt the strain of increasing living cost due to the price hike of daily items like groceries and petrol. During a recession such as the recent one, Jay knew one of the ways that he could avoid making things worse was by managing his credit card debt. Basically he had to find ways to reduce the amount he already owed on his credit cards by paying them off and at the same time reduce the amount he spends on his cards every month.

Jay started by planning a budget of his expenses and comparing it to his expenses in the previous months. He realized that to manage his credit card debt he would have to make some changes in the way he spends his money.

Basically there would be expenses to be cut and adjustments to be made in order to reduce his monthly debts. If he was lucky, he probably could end up saving some money in the process. Jay looked at his previous bills and prepared to make sacrifices. He realized that the changes he would have to make would have to start with small steps. So he started writing down the three major ways or items that he could immediately cut back like the gold-plated cable plan he had. He changed his cable plan and reduced the number of channels he would be getting. Of course, it would probably be more effective if he simply cancelled his cable TV subscription but a gradual change would be easier to maintain than a drastic one.

Jay also thought that the recession would probably be a good time to start living healthy and at the same time avoid credit card debt.

Jay always used one of his credit cards to pay for gas even though his work place was just several blocks away. To reduce the amount he spends monthly on that particular card, he started to walk to work. Of course, he was huffing and puffing on the first few weeks but soon after his body adapted and walking to work did not turn out to be such a task after all. He even found that he liked walking to work because he would meet up with more people along the way like the cute brunette at the bakery. Jay also used to smoke. Now that cigarettes were turning out to cost almost as much as a luxurious item, he decided it was probably the best time to quit smoking. He went cold turkey and he succeeded. It also saved him about a hundred dollars a month now that he was not spending on cigarettes.

As an accountant, Jay also knew that overspending would probably end up causing him to have to enroll into a credit card debt consolidation program. So he ended up making one of the biggest changes in his life; he started living on cash. He did not cut up any of his credit cards as he knew he would have to maintain using and paying them in order to rake up a good credit score. He simply tried to live on cash for as long as he could and for as much as he could. Generally whenever he had cash in the bank he would pay for whatever he needed in cash. He also started separating the purpose of each of his credit cards. For example, one card was strictly for petrol, one card for monthly bills and one card for work related expenses. By doing so, it was easier for him to monitor his spending and also cut his credit card expenses significantly.

Staying away from using credit cards may probably be as difficult for a man as it would be for a woman. Jay also took quite some time to adapt to the new lifestyle he adopted. However, he was focused and rather persistent to avoid burying himself in debts that he managed to withstand any difficulties and continued to pursue his debt cutting methods with perseverance.

Quick Guide For Real Estate Short Sales

Sun, 20 Nov 2011 19:49:56 +0000

A short sale is a transaction that occurs when the loans against a property are greater than what the property can be sold for. It is a way for homeowners to avoid foreclosure on their homes and still be able to pay off their loan by settling with lender.
Advantages
The seller:-
In control of the sale, bank just needs to approve it.
Knows who is buying his home.
Will be away from the social stigma; foreclosure.
The home sale will be handled like any other home sale.
Exits the mortgage liability without facing bankruptcy.
On the other hand the buyer gets the home at a reduced price. And the lender accepts to a loss it considers minimal without going through a foreclosure.
Disadvantages
Short sale often lowers your credit score by as much as 200 points which can be overcome more quickly than a foreclosure, especially if you manage to retain one or two credit cards and keep them current.
The process can be complicated and can take longer than the parties would like. It is so important for a homeowner to contact a short sale expert when they are aware that they are in trouble to get the process started.
A Realtor can help homeowners by working with their lenders to negotiate a lower payoff amount in order to price their homes below competition and get it sold. Also he can market your home to attract buyers and oversee the entire sales process.
How to Find a Short Sale Specialist?
1- Search for agents with the CDPE designation on the site http://www.cdpe.com/
2- Call the local agents you find who specialize in short sales. Ask them about their strategy on setting the right price.
3- Request a list of past clients of the agent you are interviewing. Call these clients and ask them about the service they received.

Travel Money Belt

admin — Sat, 12 Nov 2011 00:25:23 +0000

If you are like most people, you lose stuff. And if you are like me, you lose stuff at the worst possible moment. That is why I bought a travel money belt when I recently when on vacation because I knew if anyone would lose their valuables, I would be the one.

I want to show you some of the best deals I found on money belts while I was looking on Amazon.com.

The most popular travel money belt anywhere online is this Rick Steves Silk Money Belt. Of course, Rick Steves is the host of the widely watched television series Rick Steves’ Europe. Rick has written more than 30 renowned books about European travel, so if he comes out with a travel item, you would do well to pay attention.

One of the things he stresses on his series is to always pack light. That is why this travel belt is made of light yet very durable spun silk. This particular belt can be worn around your waist (under your shirt or pants for even more ant-theft protection) or around your neck. The elastic strap and the neck cord adjust very well to your body type, and it is very easy to clip on and off. It is moisture proof so that your contents stay protected if you get wet, and it is has two highly concealed zipper compartments for your valuables.

As I mentioned earlier, this Rick Steves travel money belt is the most popular one online. On Amazon, it has more than 130 customer reviews, and they average out to give this product a 4-star rating. Customers say that the silk is much more comfortable than the polyester so many manufacturers use. And this will actually fit people of all sizes whether small or large. One customer wore this during their entire vacation to Costa Rica during the rainy season, and they just raved about how dry it kept the valuables. Whether you need a secure place to keep cash, credit cards, or passports, this travel money belt serves the purpose extremely well.

Oh, yeah. Let’s talk about the price a little bit. You can purchase this product online for around $10. That’s right! Just $10! Now tell me, how much hassle would it be to lose your most valuable possessions in a foreign country? I can’t imagine it would be quite distressing, and you certainly don’t want to find out the hard way. So don’t take a chance. Get a travel belt that can keep you and your possessions safe and secure.

Another great travel money belt you should look at is this Eagle Creek Deluxe Security Belt. Now this travel belt is a bit larger and heavy-duty than the Rick Steves’ product, but it serves its function very well. It uses Softseam Construction which makes it very comfortable against the skin, and it has a moisture barrier to keep your valuables dry. It also comes with two concealed pockets, and the elastic waist band allows it to fit snugly and securely around your body.

Customers write about how comfortable this travel money belt is. One person said they wore it 24 hours a day for more than 2 months during their European vacation. You know it has to comfortable if someone is going to wear it that long!

Why Go Dedicated When You Can Share an IP Address?

admin — Wed, 02 Nov 2011 17:03:11 +0000

Overwhelmed by hosting options? No need to worry! Even if you have web hosting experience, you still may wonder about the advantages and disadvantages of certain hosting options. For instance, it used to be common for every web site address to have its own, dedicated IP address. With the plethora of web sites being produced, dedicated IP addresses are no longer the norm and now hosting providers not only offer the option, but usually charge more for this option.

IP Address Basics: Each computer has its own numeric address. You may have noticed this, but dismissed it as computer “mumbo-jumbo.” The IP address looks somewhat like a social security number, but with dots separating the number sets, for example 201.167.0.142. Before deciding to choose a dedicated or shared IP address for your website, it’s important to understand the difference.

Shared IP Address: When you sign-up with a web host, your website will most likely be hosted on a shared IP address. Multiple websites can be hosted on one IP address and it costs hosting companies less to run business this way. But just because it is cost effective for hosting companies does not mean that it is disadvantageous for the customer.

Dedicated IP Address: The dedicated IP address is also called a static IP. What this means is that a website domain is hosted on its own IP address, no sharing. There are advantages to having an IP address for each domain that you have, but these advantages are not necessarily a requirement for everyone.

If you are planning to host a large or a secure e-commerce web site you will want a dedicated IP address. But what if this doesn’t describe you? How do you decide?

Benefits of a Dedicated IP Address: If you want your own SSL certificate, you will need a dedicated IP address. A SSL certificate will let you accept credit cards online. Some hosting providers offer an SSL certificate that is shared with other IP addresses, which will allow you to accept credit cards online. If you choose to use the provided SSL certificate, there is no need to have a dedicated IP address. Now, whether you decide to have your own SSL certificate or use one provided by the hosting company is a decision you will need to make.

If you plan to use Anonymous FTP, it may be required to have a dedicated IP address. Anonymous FTP is when a computer allows anyone using the FTP software permission to access a designated directory for files. It is called Anonymous FTP since the user signs in under the name “anonymous” You will need to check with your hosting company if you plan to use this service since some providers require a dedicated IP address in order to run the software.

All hosting companies have a domain name server. But, if you are considering becoming a hosting reseller or wish to have your own name server, you will need a dedicated IP address.

If you are realizing that you need a dedicated IP address and already have your site hosted on a shared IP address, you are not necessarily “stuck.” Many hosting companies offer the option to upgrade or move to a dedicated IP. Most companies will charge extra for this service, but not necessarily all. Your site may be down and unavailable while the changes take place, but this will vary by hosting company and should not be too inconvenient.

If you have yet to contract with a hosting provider, it may be best to look not just at what services you need now, but will need for the future. Hopefully your business or service will become tremendously successful! But with success, comes the need to expand and upgrade. When you first started your site, a shared IP address may have been ample, but now that the visitors are coming in droves, you may need to upgrade to a dedicated IP.

There are criteria to consider before you decide to whether to choose a shared or dedicated IP address. For most web masters, a shared IP address is good enough. But, if you plan to host an e-commerce site or want your own SSL certificate and more hosting control, it is worth looking into a dedicated IP.

How To Protect Your Vacation Money Against Your Travel Agent Going Bust

admin — Tue, 06 Sep 2011 20:06:54 +0000

1. Pay by Credit Card if Possible

Most credit card companies do, by convention, shoulder the responsibility if the travel agent you book with goes out of business. In the United Kingdom, under section 75 of the Consumer Credit Act, the credit card issuer and trader are equally liable for purchases of £100 – £30, 000.

Some companies, though, because of the location where they operate, are not able to process credit cards. They may be an excellent, reliable company but merely by the fact of being based in Peru, are unable to take payments by credit card.

In this case, what do you do?

2. Take out Travel Insurance

Everyone should take out travel insurance in addition to that offered by their credit card company. For emergency health care, theft and unexpected events of all kind, it always makes sense to take out travel insurance. Most policies offer cover against ‘financial default’ ie if your travel agent goes bankrupt or stops trading in any way. In order to be covered for this, however, you should take out your policy at the time you pay your vacation deposit. Often, you will only be covered for financial default if you take out your insurance within 15-30 days of paying your vacation deposit. Certainly you should get your insurance BEFORE you make your final payment.

3. Check where the company is registered

Who would you rather book with? A travel agency with offices in Ecuador but registered somewhere in Central America, or one registered in the USA?

Best of all, is a company based in the United Kingdom. All UK travel agents have to take out insurance protecting customers if the company has financial difficulties.

4. Check what the travel association memberships mean

Travel Agencies are very keen to show you what associations they are members of. But what to those memberships actually mean?

ASTA: Members adhere to a code of conduct. Members do not need to show any financial information or pay bonding to ensure security for travelers. If your travel agency goes out of business, there is little ASTA can do besides cancel the agency’s membership of ASTA.

ABTA: Members have to adhere to a code of conduct. Financial information of the agency has to be disclosed and / or members are required to have bonding as security to passengers in case the agency gets into difficulties.

ATOL: For travel agencies who sell airline tickets. Also requires members to submit to certain financial criteria covering passengers if the agency or ticket issuer gets into financial difficulties.

There are plenty of excellent agencies operating on the ground, in the places you want to visit; and it makes good sense to use their local contact and knowledge – just make sure that when you do, you are money smart and keep your vacation money safe!