FinanceDogma – Finance, loans, creditcard and mortgages

April 19, 2010

Solve your financial problems

Filed under: Finance — Tags: , , — admin @ 11:09 am

Credit card debt can unsettle one and all if it is not managed properly. There are billions of credit card users across the globe and more often than not they fall prey to the credit burden in just about no time at all. Credit card debt along with other debt instruments can lead to financial problems. Most of the debt instruments are associated with high interest rates and lesser payment tenure periods. As a result liquidity is sucked off from their financial system and as a result credit burden piles up and reaches newer heights by the day.

Credit card debt burden can be solved in variety of ways. One of the most common ways of solving credit card debt relief is through credit card debt consolidation. It aims at consolidating all active credit and the debt should be paid off as a part of single EMI payment. Hence, payment delays and other hassles are avoided. One of the much appreciated aspects that encircle credit card debt consolidation is that the consolidated rate is competitive and friendlier payment terms are available at the disposal of the debtor.

Apart from credit card debt some of the possible avenues of credit burden include personal loans and other secured mortgage loans. These can white wash the liquidity from any financial system on the go. Credit card debt and other debt forms should be essentially eliminated from the system as these can have detrimental effects on the financial health of any debtor. Unchecked credit card debt can pile up with high interest rates. In all such situations help from credit counselors and debt consolidation companies can provide tailor made solutions depending on one’s risk and other parameters.

In quest to eliminate credit card debt one should engage reliable credit counselors and policy makers. They can offer best in class solutions which are tailor made as per the needs of the debtor. Hence scalable solutions can be attained in shorter span of time. (more…)

April 1, 2010

March 30, 2010

What is an Individual Voluntary Arrangement?

Filed under: Finance — Tags: , — admin @ 11:09 am

An Individual Voluntary Arrangement, otherwise known abbreviated as an IVA, is a formal agreement between a person and their creditors where an arrangement is made in order for the debtor to be able to afford their monthly debt repayments. By instigating an IVA, reduced payments are made towards the total balance of the debt (which is usually a percentage of the monies owed) and the term for this is often over a five year period. After this time the debt is considered settled and the balance will be zero.

Most IVA agreements are based on a single and affordable monthly repayment over a term of 60 months. However every case is handled individually depending on each person’s circumstances and finances.

An IVA should not be confused with a ‘Debt Management Plan’ which is not legally binding. Before and IVA is granted, a set figure of repayment will be agreed between both parties and the agreement is legally binding. However as long as repayments are made on time for the duration of the term, the debtor will be free from all of the combined debts after this period regardless of how much has been paid.

On application of the IVA, the court will be notified for an Interim Order which, once in place, means that no creditor can take legal action against the debtor.

IVA’s are formal in nature so they need to be set up by a licensed professional such as a debt counselor or licensed Insolvency Practitioner (IP). It is the IP that presents the agreement to the creditors who then vote on whether the arrangement is acceptable. If the IVA is accepted, it becomes the role of the IP to supervise that particular IVA arrangement to ensure that the debtor adheres to the terms and conditions set out in it.

January 17, 2010

Can internet bingo boost the economy?

Filed under: Finance — Tags: , — admin @ 1:31 pm

With more and more people playing online bingo, one might start to wonder why it is becoming so popular. Well, the reason as to why it is so popular is because people have a chance to win money by playing it. Some people take it very seriously and play to win, while others just play to have fun and maybe with something. As many people play online bingo for money, is it plausible that this could cause enough of a financial stir to boost the economy?

Well, in all honesty, it could make a difference for some people in the way that it could help them win some money that they might not otherwise get to win. Say, for example, someone who has lost their job. They might only have a little bit of money coming in, but they also don’t have anything to do. They might try to find another job, but this can be tough in a tough economy. They could use their free time and their extra money playing video games online, but if they play online bingo with their extra money instead of buying video game subscriptions with it, there is a good chance that it can pay off in a big way!

So, in this way, online bingo can boost the economy by giving people a way to win some extra money, while also giving them a fun way to spend their time.

Should casinos help gather child support?

Filed under: Finance — Tags: , — admin @ 1:23 pm

As some of you may know, there are new laws in the works that would enlist casino’s to help collect child support. A lot of people seem to be against this, but at the same time, there is one very good reason why this would be a good idea. It is actually a fact that a lot of people gamble away their money and as a result, they cannot make their child support payments. Well, this law would help to collect child support from people like this if they win.

Usually, if someone wins a great deal of money at the casino, they will come back. But if they come back, they are likely to not only lose what they won before, but a lot more as well!  This is how this law would help to collect child support. The first time the person left the casino, as a winner, their owed child support would come out of their winnings. This way, if they came back, they would not be gambling away child support payments – just their own money. (more…)

January 14, 2010

Finance tip to save you money – learn to cook

Filed under: Finance — Tags: , , — admin @ 10:12 pm

More Americans spend extra money eating out than you would possibly believe!  Think about it – every time you go out to a restaurant, you order enough food for you and whoever is going with you. How much does it cost? You might be eating fast food, or you might be getting a steak dinner but whichever is the case, stop and think for a minute about how much it would cost to buy the groceries and cook the food at home? You will probably come to a realization that, with the money you spent eating out, you could have eaten three or four times with the groceries you could have bought!

If you are tired of draining your bank account every Friday when you go out for dinner, then think about buying some groceries and cooking at home. Not into cooking? Well, I’ll bet you change your mind when you see how good of a job you can do! When you taste that home cooked steak, cooked to perfection by your own hands on your own grill, you will probably wonder why you would ever pay someone to do something that you can do so well yourself!

So, next time you feel like a special meal, just run to the grocery store, get what you need, come home, and get it ready. Not only will this save you money, but it will also give you a good sense of accomplishment. Cooking at home is a challenge, but it is something that you can learn and feel good about once you start noticing improvement!

So start saving more money, and learn how to cook at home! In fact, with the money you save, you might even be able to go out for desert afterwards!

December 4, 2009

Budgeting ideas for couples

Filed under: Finance — Tags: , , — admin @ 12:17 pm

If you are a couple, and trying to figure out a system for spending your money, then here is a key piece of information for you to remember… if  you DO NOT have a system, you will come up short a lot more often then you would like. But, on the other hand, coming up with a budget and a way to distribute  your money can cause even the most mediocre of payrolls to go a lot farther than you could have anticipated… and here are some keys to making those dollars last when it really counts.

First of all, don’t calculate your budget by month, but by week. So, if rent is due on the first, start saving a little every week for it instead of using one whole paycheck. Do the same with all of your bills. Doing this may seem to cut in on your spending money every week, but this is actually the revelation of an illusion… that is all of the spending money you actually have! Paying the whole bill with your check, or paying your bills late, is actually not going to give you more spending money, but is, in fact, going to cause you to fall more behind. (more…)

November 9, 2009

Finance tips – What kind of small business to start

Filed under: Finance — Tags: , , — admin @ 1:29 pm

Determining just what kind of small business you will start is definitely a difficult decision. But to one who knows how to go about it, you can start a business with very little difficulty if you just follow a few simple steps in determining what you will do.

First on this list of steps is determining what skills you have. It would be advisable to start a small business that didn’t require any extra training. Why? Well, needing to get extra training will require both time and money… neither of which are obtained easily. In fact, odds are good that if you had the time and money to go back to school, that you would do so and get a better paying job… thereby negating the need to start a small business altogether!

So, it is best to start a business that will either utilize the skills you already have, or one that doesn’t require any specialized skills. For example, if you are a computer programmer, consider building custom websites on the side! Or, if you do not really have a specialized skill, start a hot-dog stand on the weekends? This requires only a minimal amount of knowledge, and some common sense.  There are dozens of small business opportunities that you can start without obtaining extra training. (more…)

October 6, 2009

Finance tips – Gaining capital for your new business without getting a loan

Filed under: Finance — Tags: , , , — admin @ 1:25 pm

You might think that you have to have good credit to start your small business. Actually, this is not the case. In fact, if you are willing to put in some extra time, there are several ways in which you can raise hundreds, or even thousands of dollars, in a relatively time-efficient manner.

How do you do this? Well, here is one way. First, you can simply go on a hard-core budget. Stop spending money on ANYTHING that is not necessary… crack down on the extras… stop buying soda and drink water. By enacting a very strict budget, you can easily save a hundred dollars a week. That is four hundred dollars a month, and within a year, that is $5,200! Does a year seem like a long time? Maybe… but think of it this way. You will probably make it back in the next year without budgeting! And then the next year you can simply put that money into your pocket, or use it to expand your business. (more…)

October 4, 2009

Finance tips – Starting a small business and sticking with it

Filed under: Finance — Tags: , , , — admin @ 1:23 pm

Starting a small business is an incredible way to start making more money on the side. In fact, who knows? You might end up being so successful that you end up starting another branch to your business, hiring someone else to oversee what you have already set into place. Or, you might make enough to quit your day job! This way, you could be your own boss, and finally be independent. You wouldn’t need someone else to write you a paycheck, because you would be the source of your own income!

But, just like anything worthwhile, a small business is not easy. It will take time, dedication, and hard work to develop properly. There will be times when you will find yourself very excited about it, and there will be times in which you will feel like giving up. You might wake up one day and think “wow, I am so excited about this”, and then you will wake up the next and think “why did I ever start this?”. Well, you are not along. It is frustrating, especially when it seems like you will never make any money. But remember that it takes time to succeed. (more…)

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