Archive for March, 2010 « Previous Entries

The New Credit Card Rules

By Cassandra_BHM | March 25, 2010

If you have not yet heard, February 22 (2010) finalized the practice of the new consumer-friendly credit card rules. Actually, the first batch of changes were phased in August of 2009, giving both the credit card companies and the consumer a period of adjustment. This also allowed time for consumers to shop around for better deals in the event they disliked the new terms. The remaining credit card changes were implemented in February 2010.

You’re probably wondering what this means to you as a consumer. Whether you currently have a credit card or are thinking of getting one, shopping around is still advisable as each company and card offer different rewards or paybacks for choosing them. One of the biggest changes is the way credit card issuers’ bill, advertise and market their credit cards. However, there are more direct affects that derived from these new implementations.

First of all, credit card companies are now limited in their interest rate hikes. Any interest rate changes will only be allowed under certain conditions, such as a promotion, if the cardholder makes a late payment or if there is a variable interest rate. Also, any significant changes in the terms of the account must be given with 45 days notice and interest rate increases on new transactions can only occur after the first year.

Consumers now have the right to opt out of certain conditions and changes in terms of their account. Opting out is defined by the cardholder agreeing to close their account and pay off the balance within the allotted five years under the old terms of their account.

There is a new rule to protect the younger generation. Credit card companies will no longer be allowed to issue credit cards to anyone under the age of 21. The new rule also states they must stay at least 1,000 feet from college campuses.

You have more time to pay monthly bills. Issuers now have to provide the account holders with a reasonable amount of time to pay, which means payments are due 21 days after they have been mailed.

Finally, a little rhythm in their step. You will have the same payment due date each month. You cannot be charged over the limit fees unless you agree and you bill will now show the amount interest you will pay and how long it will take by paying only the minimum monthly payment.

The universal default of raising interest rates on customers based on previous payment records with other companies that are unrelated credit issuers would end for existing customers. If interest rate changes are to be made to your account, you must be given 45 days notice.

If a credit card is not something you feel is within your reach due to bad credit history, consider a private, secured loan. It’s a great way to begin rebuilding your much-needed

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Bad Debt Blues

By Cassandra_BHM | March 24, 2010

Let’s face it. Bad debt makes you feel bad. No matter how much you try and ignore it, pretend you don’t have it, or that some miracle is going to make it go away for you, bad debt wears you down. Make a decision today to pay those debts off. Even if they seem insurmountable, and you feel like you’ll never be able to repay those bad debts, don’t give up. With a few simple guidelines, you can pay down those debts, and start feeling a whole lot better about yourself and your life.

First, own up to your debt. How much do you really owe? Not just the credit cards. Not just the mortgage. Not just your family and friends. Figure out what you owe everybody.

Next, find out where you’re paying the highest interest. Usually that’s to your credit card. You’re credit cards may be costing you hundreds and even thousands in interest each year. That’s a huge amount of interest to pay no matter what you’re buying. So cut those credit cards up.

Figure out what you really need to make it through the month-seriously pare it down to food and bare essentials. Whatever is left over-let’s say it’s $350/month, you’re going to start paying towards your debts.

Now pay each and every month without exception. Lots of people don’t realize that just skipping a few payments, even if they’re not missed all in a row, can lower your credit rating. Creditors want you to pay every month, all the time, on time. So do it. Put payment dates on a calendar if you have to, and even contact your creditors to see if you can make your payment date coincide with when you get paid, if that helps.

Start looking at your debts as something good, not something bad. Every time you pay a debt, you’re telling creditors that you can be trusted and they can have confidence in loaning to you. So whenever you make a monthly payment, don’t see it as money out of your pocket, or a huge weight around your neck. Instead, see it as building your reputation-your good credit reputation. And you can feel good about that.

Use new credit wisely. To help you get those debts under control, and to bring up your credit score, consider a car title loan. It may seem contradictory-get a loan to pay off loans? And who’s going to loan you any money with your credit history, right? Well, car title loans are secured by your vehicle, so they’re easier to get. They’re especially designed for bad credit, no credit and bankruptcy. So, if you own your vehicle, and it’s less than eight years old, odds are that you can get as much as 40% of the wholesale value of your vehicle from a car title loan. And the extra bucks can be used to pay off those debts, and get you on the right side of life.

Posted in Credit Cards, Fixing Bad Credit, Reducing Debt

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Debit Cards and Debit Card Fraud

By Cassandra_BHM | March 23, 2010

When we hear the words card fraud, rarely do we think of debit cards. Credit card fraud is consistently on the rise due to their wide use and convenience which makes them desirable targets. Obviously, it’s a smart idea to protect our credit cards.

However our debit cards require the same due care and attention. Something as simple as using an ATM machine can result in card fraud. Debit card fraud is on the rise and in its own way, is even more damaging to us personally than credit card fraud. Most credit cards carry with them a certain amount of liability. Credit card companies are constantly on the watch for abnormal account behaviour. This is not so with our debit cards. If our debit cards are compromised, we can be financially wiped out in seconds without any retribution whatsoever. Our debit cards simply don’t come with any insurance.

There are recent reports that debit card fraud is growing at more than double the rate of credit card fraud. If you are an avid debit card user, perhaps some of these tips can help keep you protected.

** Report lost or stolen cards as soon as they go missing.
** Check your receipts against your monthly statements.
** If you no longer need your ATM receipts, tear them up.
** When selecting a PIN number, do not select something that would be obvious. In the event your card compromised, you could be held liable.
** When using an ATM, ensure your privacy. Don’t be shy about protecting your PIN number.
** Use terminals that are well used, well lit and that you are familiar with, preferably terminals inside banks. If you’re using a drive-thru machine, ensure your car doors are locked.
** Keep your PIN number private. Do not write it down any place, especially on the back of your card!
** Never walk away from an ATM with cash in your hand. Put everything back in its place before leaving the machine.

Vigilance is the key to avoidance, so if you’re an avid card user it pays to be aware. In the event you’re wondering how card fraud could happen to you, here are a few of the more common thievery practices:
Stolen purse or wallet. The thief finds your PIN number written on something or figures it out from a birth date or SIN number in your identification. They now have access to your accounts.

Your card suddenly becomes jammed in the machine and a helpful stranger appears to suggest you input your PIN number a few more times. The card remains jammed and you eventually leave. There are devices that intentionally jam cards in bank machines. When you leave, they retrieve your card and access your PIN number.

Illegal machines set up at businesses. Your card is swiped through the real debit machine and a second swipe guarantees them a copy of your card. Hidden cameras record your PIN number.

These are a few of the more common methods used to scam cards. If you are suffering from bad credit due to debit card fraud, contacting the credit reporting agencies to rectify the situation is a must. Also, there are many financial lending institutions that can offer private loans to get you back on your feet and allow you to gain access to quick cash while you wait for your new credit or debit card to arrive.

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Do I look fat in this debt?

By Cassandra_BHM | March 22, 2010

For those of you who have not yet seen this, a recent German BMC Public Health study shows obesity and debt are strongly linked together. The study suggests that people who are heavily in debt are twice as likely to be more overweight than the general population and are 2.5 times as likely to be obese. The link between the two combines the psychological and social stress of being heavily in debt. People in these overly indebted situations tend to turn to comfort food and often become less physically active. Heavily indebted people are also often more likely to smoke on a daily basis.

According to a report from the Certified General Accountants Association of Canada, personal debt is on the rise, reaching a Canadian record high of $1.3 trillion dollars. More than 40% of Canadians have watched their personal debt grow over the past three years and 21% of them say they can no longer manage it.

A new study from the Canadian Community Health Survey finds 25% of Canadians as being obese compared to just 17% in 2007. This high obesity rate was once considered a problem in only the high-income countries but now, overweight and obesity are increasing in the low and middle income urban settings as well.

Another intriguing study founded examples of how stress can directly affect a person’s health. Initiated by the recession, there has been a relation found between cardiac events and the stock market. The American College of Cardiology reports that bad financial news can be a trigger for a cardiac event. Given an economic mainstream such as the Nasdaq, the health affects of this type of bad news may emerge over the course of a few weeks rather than on a single day, thus possibly resulting in cardiac events.

With all these recent studies on the effects on our health in relation to our economics and finances, it may be time to think about consolidating your debts or at least tidying things up. If you have bad credit, and are overwhelmed from multiple payments to multiple institutions, perhaps a private car title loan can help. Some lenders offer private on-line applications that can be filled out from the comfort of your home, with no application appointment necessary and some even ensure an answer within 24-hours. Your health is definitely worth more than money, so considering a private loan may be a good investment into your healthy future (and maybe even your waistline!).

Posted in Fixing Bad Credit, Reducing Debt

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Accessing the Value in Your Mobile Home

By Cassandra_BHM | March 19, 2010

Mobile homes are pretty handy spaces. They’re compact, convenient and, well, mobile. But they still need maintenance and repair, and sometimes, like any home, things can go very wrong. Or maybe, you would just like to spruce your place up, with a great new back deck, or new roof to step things up a bit. All these things cost, of course. So right now you might also be scratching your head, and saying, “Sounds nice, but how can I afford it? Especially with my lousy credit rating and maxed out credit cards?”

Consider a mobile home loan
You may not have known it before, but you can use the value of your mobile home to take out a loan to give your place a facelift or do some other maintenance, or maybe even pay down those maxed out credit cards. Even if you have a low credit rating, downright bad credit, or have declared bankruptcy recently, you may qualify for a loan. That’s because you use your mobile home as collateral against the loan.

Put a mobile home loan to work for you several ways:

So, if you own your mobile home, and want to get back onto the winning side of the credit game, fix up your place, or if you have been trying to set aside some extra cash for something special, consider a mobile home loan. The application is easier than you think.

Qualified applicants are approved, 99% of the time, so yours might well be, too, because you use your mobile home as an asset against the loan. It takes only a few minutes to apply, hassle-free, online. Most people get a response within 24 hours, sometimes sooner. And the money can even be deposited directly, straight into your account, for your convenience.

You don’t need to live without that fresh paint job, new windows, or back deck. And you sure don’t need to live worrying that your furnace is about to give out, or that your water heater is going to burst while you are mid-suds. A mobile home loan can help you to repair your home, and your credit. By this time tomorrow, your life could be better already.

Posted in Car-Title Loans, Mobile Home Loans

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Taking Care of Your Credit Rating

By Cassandra_BHM | March 18, 2010

The European Union has been making daily headlines for the past several months over their poor credit ratings. A recent combination of overspending and bad judgement has resulted in several of the EU-member nations being listed with reduced credit scores. Over the past year, Spain and Portugal in particular have been portrayed with their diminishing credit rating; however, Greece was singled out as having the worst ranking. The country is in a state of financial lock-down and needs to raise $54 billion to cover its 2010 budget shortfalls. For this reason, it has been suggested other countries think twice before doing business with Greece.

We all have some idea of how credit scores work and what they’re supposed to represent. In the event this is all new to you, the idea goes something like this. When you borrow money from a lending institution, generally a bank, you are scored or rated by how efficiently you repay the money. It’s as simple as that. The more efficient you are, in that you are always on time and pay the agreed upon sum, the higher score you will earn. High scores are the goal. It’s what lenders look for when they’re deciding to provide you with money. A high score also welcomes lower interest rates, so when it comes time for a large loan such a mortgage, having a high score will definitely pay off.

The same concept applies to countries. Standard & Poors is a principal company of financial market intelligence. They rate corporations, financial lending institutions, insurance companies, government agencies and nations for their creditworthiness. This is released public information and provides you the consumer, with the necessary tools to do a credit check on a company you may be considering business with. You can search this information on their website: http://www.standardandpoors.com/ratings

So just as a bank checks our personal credit scores, large companies and countries get their ratings monitored as well. During times of hardship, a poor credit rating is the last thing we need. Countries cannot look for assistance; companies cannot grow or expand and individuals cannot borrow.

Regardless of who you are or where you rank on the list of importance in the world, a positive credit score is essential. A credit rating is the accepted universal formula for creditworthiness. If you too, find yourself in a position of financial lockdown but are in need of money, a loan may be an alternative. If you already know you have a poor credit rating and standard banks are not an option, consider a private car title loan. These loans are tailored specifically for clients with bad credit and provide 24-hour, no obligation on-line applications and paying on time is a great way to build your credit score.

Posted in Fixing Bad Credit

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Save your Dog Despite the Cost of Veterinary Bills

By Cassandra_BHM | March 17, 2010

There cannot be anything worse than getting news from your vet that your dog, your cat, or whatever you keep as a family pet, is ill and needs expensive surgery. Vet bills can mount into the thousands pretty quickly, and not many of us carry pet insurance. That means paying your vet bill in cash, or with a credit card. Worst of all, big vet bills often have to have a chunk paid up front-$500 or more for operations-with the balance due and payable in full before you can get your pet back.

The cost of keeping and raising a pet can get really expensive, really fast, and it always happens when you least expect it. In fact, caring for pets has gotten so expensive that some states have passed legislation that allows pet health bills to be deducted at income tax time. But that might not help you if the pet you love is sick now, and you need some fast cash to pay for the operation or medication your pet has to have today.

If you love your pet (and we know you do because we love ours, too) and find yourself staring at the hard decision of whether or not you can afford surgery, meds, or whatever your family pet needs, consider a car title loan to help you over the hump-and swallow the lump in your throat. A car title loan may save your pet from a lot of suffering, and save you and your family from a heartbreaking-and unnecessary-decision.

You may think that a car title loan is only for people with bad credit, recent bankruptcies, or poor credit ratings. And it is true that a car title loan can really help people in those situations, and for sure, if you’re in that position, a car title loan can almost certainly bail you out. But there are times when anyone, even someone with great credit, can get caught short of cash in an emergency. And car title loans can help in those times, too. Like when you need a bundle of cash for a family pet emergency in a hurry.

All you need to do to get cash fast is go online, fill out an easy form, and click. If you own your car, and it’s less than eight years old, that loan can be processed and the cash deposited directly to your account sometimes in just a few hours; in time to keep your pet alive, healthy, and happy for a long time to come.

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The Effects of The Climbing Loonie

By Cassandra_BHM | March 15, 2010

For the past year the Canadian dollar has been slowly climbing as economists predicted it would. The addition of 60,200 Canadian jobs in the latest strong jobs report has been the cause for the recent surge resulting in the loonie closing at 98.24 over the March 14 weekend. Many of its effects sit in the shadows. On the positive side, now is a great time to take that US vacation or buy that high-end item you’ve had your eye on. It is also a great time to look at getting a loan.

The impact that the 98-cent loonie will have on us as consumers is obvious in some aspects. With 85% of Canadians living within 150 km of the American border, cross border shopping becomes very economical. Purchasing everything from clothes to groceries will save a lot of money. Whether you’re a student or an avid reader, buying new books for $17.95 that would otherwise cost $22 makes the trip practical.

US destined travel is also something many people will be considering now that the loonie is almost at par with its greenback neighbour. An otherwise unobtainable week in sunny Florida or a family weekend in California spent wandering around Disneyland is a sudden possibility.

As good as this loonie news is for most Canadians, this swift surge is not good news for our largest export buyer, the US. The cost of doing business with us is not as feasible as they would like and inevitably, this could reintroduce strain to our ever-recovering economy.

For this reason, the banks may not be thinking about interest rate increases, so if you are in need of some extra money or think now is the best time to take that vacation, a loan may be an idea worth investigating. Many great travel deals can be found by doing a little on-line homework. If you find a deal now that is too good to pass up, but now is not an ideal time financially, consider getting a small loan.

There are many financial institutions that are willing to help even if your credit is less than stellar. If you’re thinking of purchasing a large ticket item, a small loan could offer a solution as well as improve your credit rating. It’s not necessary to take out a loan for the full amount of your trip or large-ticket item. If you take only what you need, your monthly payments will be much lower and allow for more financial freedom while improving your credit rating for the next loan.

Posted in Economy

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Take a Vacation without Taking on Debt

By Cassandra_BHM | March 10, 2010

Winter most certainly started early this year and by now most of us are in need of a holiday. Being as this is one of the most expensive times of the year for travel, it’s advisable to sit and consider a few options before booking.

Chose a destination.

Contrary to popular belief, traveling to common destinations like the Caribbean during high season can be the best time to go. Many airlines will provide several daily direct flights. Due to the frequency, they want to fly full so getting a good deals is common.

Are you open to staying at a hostel?

Hostels are not only for backpackers. Most hostels offer both dorm-style accommodations as well as private rooms. You can easily get a private room (with television and bath) for $20 per/person per/night. That adds up to a massive savings over the course of a one or two week holiday. Due to their rising popularity, many hostels now have pools. As well, they offer kitchens (cooking utensils included) where their guests can cook and mingle. The difference in price between a hostel and a hotel could easily be enough to pay for your entire airfare.

The all-inclusive - is it worth it?

You need to ask yourself if you will you actually use it? All-inclusives are a great way to go if you are not on a budget, consume a lot of food, want your activities planned or need child care. If, however, you are a single person or a couple just needing a break away from it all, you may want to reconsider this option. The difference in cost between an all-inclusive and going your own way is substantial. Hotels charge for everything whether you use it or not. So, if you prefer to make your own way, eat local and tour yourself, you can easily save thousands of dollars per person by not doing an all-inclusive.

Staying central as opposed to staying beachside.

This is a big one. Hotels charge for their amenities, their location and their view. So if you are of the independent type and don’t require satellite television and heated towels, I would seriously consider staying central in your chosen destination. Central hotels are usually located along main throughways in cities, meaning you can walk pretty much anywhere you need to go and local transportation is convenient. These hotels always offer great deals.

Taking local transportation…it’s fun.

Consider an additional adventure by learning to take local transportation. Buses go directly to tourist destinations. If you know where you would like to go but are unsure how to get there, it’s easy enough to do a little on-line homework before leaving home. Print your findings and take them with you. You will be surprised at how easy it is. If worse comes to worse, keep your hotel address on your person and take a taxi if you get lost. Local buses will cost between $1 and $3 dollars to get you around with almost door-to-door service. A local map…free.

Being flexible with travel dates.

This too can be the make-or-break of your trip. Weekend departures are the most sought-after days so flying on a Friday or Saturday generally ensures the most expensive seat. Mondays and Tuesdays are significantly less expensive.

Found a great deal on travel that you can’t pass up?

Fantastic travel deals don’t always happen at the most financially opportune times. So when you find a great deal that you can’t refuse, a loan might be an option to consider. But remember, when you get back from paradise, there will be payments to make, so weigh the pros and cons and decide whether escaping a long, bleak winter is a good enough reason to increase your debt load.

If you consider some of these travel suggestions, there is a very good chance you will be able to afford your vacation with ease and return home happy, relaxed and possibly even debt-free!

Posted in Being Frugal, Financial Dreams

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Let your Car Buy you a House

By Cassandra_BHM | March 9, 2010

Does that sound a bit crazy to you? Have you thought about buying a home for your family, but are you having a tough time setting aside those extra dollars for a down payment? Think about using the cash value you have already invested in your vehicle to help you secure that down payment. It isn’t as crazy an idea as you might think.

Lots of people are not aware that you can use your vehicle as collateral to get a loan-if you own it, and it is not more than eight years old-and those dollars may be just the cushion you need to buy that new home, or for other extras you may have thought you just cannot afford right now, and thought you would have to live without.

Or, perhaps you just need a little boost to your finances-borrow against your vehicle to help you get a handle on them. Maybe your credit isn’t all you would like it to be-borrow against your vehicle to pay down those debts, give you a little wiggle room, and improve your credit rating at the same time.

Borrowing against your vehicle, known as a car title loan, is a little known way that people with bankruptcies, bad credit, poor credit-or people who just need a little extra cash for something special-can find a pool of money they might not have realized is available to them. A car title loan is often easier to get, too, because your vehicle acts as your security against the loan.

There are a lot of advantages to this kind of loan, too. For example, it is often approved in just 24 hours, you do not have to make an appointment to go into the bank, there are not endless forms to fill out, and you can complete your application from home, online.

If this sounds appealing to you, then think about the ways you could use that extra infusion of cash-for a new home, a fresh start, a few extras you’ve really been wanting to buy for your family-or maybe to just help smooth the way for you through some rough financial times.

Let your car buy you a house? Why not. Let the assets you have now help you build a better future for you and your family. The next time you jump in and start your vehicle, think of how many ways a car title loan can help you jump start your way to a better financial future.

Posted in Financial Dreams

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