Finance Cloud

One of the solutions that is often advertised to help people get out of debt is the use of a debt consolidation loan. The idea behind a debt consolidation loan is that most people who are in financial trouble have several small debts that require monthly payments. These payments combined become large enough that people generally end up paying just the minimums, and never are able to chip away at their borrowed balance. A debt consolidation loan offers some advantages to other debt reduction alternatives, but also has some negative factors to be aware of. Some of the pros and cons include:

Pros of Debt Consolidation

- Payment Advantages and Simplicity: Instead of having several loans outstanding, the debtor has only one loan. This means only one payment, and the minimum payment is generally lower than if you combine the minimum payments on several outstanding debts. This significantly simplifies the borrower’s financial life. Having only one creditor expecting a monthly payment instead of several also simplifies things for the borrower.

- Lower Interest Rates: A Home Equity Loan is generally what is used to consolidate debts - proceeds from a Home Equity Loan are used to pay off all outstanding debts and then a single payment is made monthly to pay down the Home Equity loan. These loans are generally at interest rates tied to either Prime or LIBOR, and are usually much lower than most revolving lines of credit, such as credit cards.

- Tax Advantages: Payments toward home equity loans are usually tax deductible.

Cons of Debt Consolidation

- Temptation: Once your credit cards are paid off through debt consolidation, it’s tempting for many people to start using them again to add to their overall debt balance. Additionally, with a lower overall monthly payment, a borrower might feel like they have more money to spend. Paying off debt requires discipline, and a debt consolidation loan won’t help if the borrower lacks the self control to stop spending.

- Your Home is at risk: If you default on a credit card payment, you’ll pay a late fee and you may hear from a collector. If you default on a home equity loan, you could lose your home, which secures the credit you used to pay off your debt.

- Your debt will last longer: Unless you make more than the minimum payment, home equity loans are often based on a 30 year time frame. You’ll be paying down your debts longer if you only pay the minimum, and in the long run you’ll end up paying more interest overall.

If you do not own a home or you own a home with no equity, there are companies who offer debt consolidation loans. The rates maybe higher than on a typical home equity loan and will vary based on your credit history, but could still make debt problems manageable. While debt consolidation can be effective, it’s not a magic pill. The borrower will need to focus on changing the behavior that created the debt problem in the first place. Overall, however, debt consolidation is a viable option for many indebted people.

Source: Finance

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There are several sources of credit card information that you can patronize which will help you make an intelligent and informed decision to select the best credit card.

A multitude of popular credit card suppliers offer a line of credit cards that cater for different people and different needs. JP Morgan group is one of such suppliers.

This group has a credit card off shoot called chase. Chase is a credit card supplier that is skilled in providing the right credit card, for the right reason to the right person. If you are a fan of a particular retail outfit you can get a chase credit card which enables you to shop comfortably at the outfit.

These kinds of credit cards come with special features such as discounts on the purchase of certain products or cash rewards. You can also get rebates. These special features enable you to obtain certain products at less the price than they are sold for.

Chase also provides credit cards for people who are involved in the entertainment business. You can get a chase credit card to get a VIP seat in a concert or an award show.

If you are particularly fond of traveling, getting a chase credit card will be most helpful. A travel credit card can give you access to special travel offers and airfare discounts.

Also, car drivers can use chase gas credit cards to get gas products rebates and save money on gas. Some gas credit cards provide rebates on non-gas products while others provide rebates on both gas and non gas purchases.

As a student in college, your financial status can be upgraded by a chase student credit card. College and university alumni credit cards are also available via chase credit card suppliers.

These cards will be handy in donations to your alma mater when the need arises. There are also credit cards for organizations or philanthropists who are involved in charity donations to various bodies in the society. Whatever your needs are, you can be rest assured that chase will meet it.

Source: credit card

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The American population is apparently made up of only two kinds of people…savers and spenders. They marry each other. Disagreements over money and debt management are one of the leading causes of divorce in this country.

A family can’t exist as a dictatorship, but financial management by committee won’t work, either. There needs to be a consensus about how money is spent, but there needs to be one person in charge of seeing to it that the bills are paid and that debts are under control.

In earlier times, that person was always the head of the household…in most cases, a man. Times have changed, and women now contribute financially to a household — sometimes they contribute less money, and sometimes they contribute more. Both parties need to understand and agree to the debt management policy (think budget) that both will live by.

The traditional family (father, mother, and two and one-third children) is almost obsolete. Families come in many varieties today, but they all still have common finances. Financial decisions, financial goals, and debt management all need to be discussed by all who contribute to the household finances, and each needs to have an equal opportunity for input. But a plan does need to be made! And once the plan is made, there needs to be one person in charge of seeing that it is carried out.

Here are the guidelines that should be used:

1.  Each contributor to the household should have a portion of their salary deducted for savings for the common good.
2.  The budget should set limits even for the necessities of food, shelter, utilities, transportation and clothing. The limits should be reasonable — not too little, but not extravagant, either.
3.  Secured debt payments need to be made first…..mortgage, car payment, household appliance payment, etc.
4.  Credit card debt should be paid off at the beginning or the end of each payment cycle to avoid interest.
5.  “Impulse buying and instant gratification” should be eliminated as options for spending disposable income.

Source: Budget

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When you want to improve your home, to make some repairs, renovate, or decorate, the only thing that can stop you is if you are short on cash; the vast majority of people find the only way they can afford this is to arrange a home improvement loan. Home improvements can be costly, involving contractors, supplies, and tradesmen such as carpenters, plumbers, roofers, and electricians.

Two types of home improvement loan exist; secured loans which are based on the equity in the property and those that require no security at all. Loans that do not require security are quite flexible and even new homeowners can apply. This type of zero equity financing usually has a fixed interest rate of up to 15 years.

There are, however county limits on how much money can be borrowed when it is for no equity finance and a lower limit imposed by the lenders which takes into account the joint income of both owners. Although a number of details of the applicant are looked into, these loans are relatively easy to arrange and there is not much documentation to complete.

A secured home improvement loan allows you to access some of the equity in your home, so that you can take out a loan against your property. The upside to this type of secured loan is it’s available at more favorable rates of interest but is not arranged as a second mortgage on the property.

Obviously the amount you are able to borrow using a secured loan will depend on the value of your home. The lenders need to be assured that there is in fact equity in your property and that any loans already outstanding will not interfere with any new arrangement made by them if they agree to a loan.

After this has taken place, the lenders will put a package forward which may not necessarily be for the full amount the homeowner wanted. Although it is not set in stone, the amount they are prepared to lend will be based on a percentage of the property valuation but some lenders will actually lend as much as a quarter again as the property is worth.

Any loan secured on a property has a risk attached and that is especially true when the loan is large as payments can become difficult to make at which point the creditors can move in and take your home away. Do not arrange a home improvement loan if it is going to cause any financial strain especially if it is only for remodeling but restrict the amount to cover for important repairs or restoration only.

Source: payment

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We’re now in the last week of the year, and as we get ready to bid 2007 good-bye, there are a few smart choices that might be right for you when it comes to saving taxes. Here are four quick tips you can use this week (before December 31st) that may help lower your tax bill come April 2008:

1. Clean up your portfolio - We all should keep an eye on how our investments are doing throughout the year, but getting rid of the deadweight in your portfolio now can at least provide some tax benefits to ease the disappointment.
           
   Sell off your mutual funds and stocks that are not performing well to reduce your taxable income. Capital losses are first applied against capital gains, and then up to $3,000 in lossees can be applied to ordinary income. If you have more than $3,000 in capital losses, it will be carried forward to future years until it has been used up.
           
   Hold off until at least January, though, before selling any stocks on which you might realize a gain if you expect to be in one of the two lowest tax brackets (10% and 15%) in 2008. Next year taxpayers will pay no taxes (0%) on profits from the sale of assets they have owned for more than a year.
           
2. Buy what your business needs now - If there is any software or equipment you know your business will be needing soon, buy it before New Years hits, even if you have to put it on a credit card. Also, if you have any unpaid business bills, pay them off before December 31st. You can claim the expense on your 2007 tax return to help reduce your income tax bill. If you are a sole proprietor (filing a Schedule C), this strategy does double duty because it will help to reduce the big bite self-employment taxes takes out of your bank account too.
        
3. Pay State and Local Estimated Taxes - If you’ve been paying quarterly estimated taxes to your state and/or local taxing authorities, and you itemize on your individual tax return (file a Schedule A), then you should consider paying the 4th quarter payment before the end of the year, instead of waiting for the January 15th due date. State and local income taxes are deductible in the year they are actually paid. By making your last payment by the end of this year, you will get that much more to deduct for 2007.
         
4. Remember To Take Your Required Minimum Distribution (RMD) - If you are over 70 1/2 years old and have an IRA account (including SEP IRAs), be sure to take your RMD by December 31st or you may be subject to a nasty penalty.

As always, be sure to consult your tax professional before doing anything you are not absolutely sure will bring you maximum tax benefit. Everyone’s tax situation is different. In fact, contacting your tax person before year end is itself a smart choice, since s/he may be able to suggest other tax-savings strategies that are perfect for your situation.

Source: tax savings

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Now is the time to consolidate student loans. Time is running out for you to get some of the lowest rates available, because on July 1, 2008, the interest rate may jump two percentage points or more.

Waiting until June 30th is not going to help you, the time to act is NOW.

If you are still in school or are within the six-month grace period after your graduation, you are eligible to consolidate at a low rate of 2.875 percent.

This is a last chance opportunity for in-school students to consolidate loans, as the legislation is changing come July 1st.

If you have been out of school for some time, you might be able to consolidate for an interest rate of 3.37 percent, which is not too bad either.

Married couples have been enjoying spousal consolidation student loans. If you are married and have not considered consolidating your loans, you still can until the July 1st deadline.

Some lenders are offering a large carrot, if you agree to let them take your payment via your checking account (direct deposit transaction) on a monthly basis. That carrot could be a discount of up to 1.25 percentage points. The problem is you have to act now. If you are not motivated to move now and wait until June 30th or after the 1st of July, your rates will go up.

How much is up? Well the exact amount will not be known until sometime in June, but if you consider the price of everything else we are currently paying, expect it to be a good-sized jump.

Rumor has it that the in school/grace period rate will jump up to approximately 4.5 percent and the out-of-school rate will be as high as 5.2 percent and possibly higher.

What are you waiting for? Remember the lower rates will be for the life of your loan.

The Department of Education says that it is totally okay for students with loans from financial institutions, who are still in school to consolidate their loans before the July 1st deadline. In order to do that, you will have to ask your financial institution to put your loan into repayment and from there, you can consolidate. Once that is all done, you can then put in a request for an in-school deferment, this way you will not have to start making payments until after graduation.

If you have a direct loan from the Department of Education, you have always had the right to consolidate your loans while in school.

The upside to this is, you will have a much lower interest rate to pay back, and the down side is you will have to start making payments right after graduation, rather than having the six-month grace period.

This situation is good for juniors and seniors, as you have to have at least $7,500 in school loans in order to qualify for this program.

The important thing to do now is to check with your current lenders to see what loan options are available. If you have more than one lender, try shopping around for the best deal possible to consolidate your loans.

After July 1st you will be stuck with your current lender and will not have an opportunity to go to a different lender, unless your current lender does not off a consolidation loan with income sensitive repayment terms.

The time to act is now, and yes, it will take some effort, but the money you will save in the long run is worth the effort.

Remember “a bird in hand is worth two in the bush,” as my grandmother used to say.

Refinancing before July 1st gives you, the student, one last chance to lock in low interest rates and take advantage of other soon-to-be cut money saving opportunities and programs.

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