These days, excessive using of numerous credit cards and credit card debt problems are rising hand by hand. It is seen that people are using plastic money more and more. And due to this reason, they are facing credit card debt problem. If you are overburdened with your credit card debts, you can lessen it with a debt consolidation loan. Yes, you can avail a credit card debt consolidation loan for managing your credit card debts as well. With a credit card debt consolidation loan, borrowers avail the amount that is equal to their unpaid debts and repay their debts immediately. This loan facilitates borrowers to avoid paying high interest rate as well as penalties on their credit card debts. Therefore, with this loan, borrowers can save their valuable money as well. Besides, after consolidating credit card debts, borrowers can deal with one lender only. It enables them to stay away from the hassle of dealing with various lenders. The advantageous attributes of a credit card debt consolidation loan are as follows: • By opting for this loan, borrowers can avail a lower interest rate facility, instead of the high interest rate that is charged on their credit card debts. • With this loan, a borrower can avoid all penalties, which they have to give to the credit card companies for late payment. • This loan ensures borrowers to avoid the trouble of numerous credit card debts. Credit card debt consolidation loan privileges all types of borrowers to manage their credit card debts. Whether you are a homeowner or not, it will not matter if you opt for a credit card debt consolidation loan, since this loan is available both in a secured as well as in an unsecured form. Secured option is available against a security, which could be any valuable object of card holders. The presence of a security assures borrowers to avail a larger amount at a lower interest rate. Oppositely, unsecured option is available without any collateral. Not only non-homeowners, but to pay off a small amount of credit card debts, many a time homeowners also opt for the unsecured option. Availability of a credit card debt consolidation loan is not a big deal nowadays. Many traditional lenders, like banks, financial organizations, lending companies offer a credit card debt consolidation loan. Borrowers also can opt for online option as well. Many lenders offer a credit card debt consolidation loan over the internet. This process is rather easy and less time consuming. And at last, borrowers are advised to compare various loan quotes before opting for a credit card debt consolidation loan.
Spending on plastic has never been more popular as more and more rely on cards instead of cash. Indeed experts believe carrying cash could soon become a thing of the past. High Street spending on debit cards outstripped cash for the first time in 2005 according to Precious Plastic 2007, the latest study of the UK consumer credit market from accountants PricewaterhouseCoopers. Our reliance on cards comes at a price though. The PwC research also revealed that credit card firms are feeling the pinch and their profits continued to this year as the industry came under unprecedented scrutiny from watchdogs such as the Office of Fair Trading, the Competition Commission and the Financial Services Authority. Clamping down on credit card charges has got to be good news? Unfortunately the combination of falling profits for card firms, tough action by watchdogs and the soaring popularity of cards is not necessarily good news for the majority of credit card users. Experts estimate that new consumer protection rules cutting the fees charged by card firms for going over your limit and missing payments to a straight £12 could cost the firms £1 billion a year. What goes down comes up elsewhere in what experts call a ‘waterbed effect’. That means charges pushed down in one area pop up somewhere else. The credit card lenders will ultimately look to recoup these losses so you need to be aware of where these charges could come from and how to avoid them. They’re out to get you There are a variety of ways that the lenders may try and recoup costs and they include Annual fees. Keep an eye on your credit card statements for announcements on the reintroduction of the annual fee by your lender. It’s the most obvious way firms try to get their money back. Increasing interest rates. Two Bank of England interest rate rises in the last six months can mean that rates will be higher across the board. Lenders offer three different rates – one for purchases, another for cash advances, and yet another for balance transfers. The rates for cash advances and balance transfers are sometimes higher than those for purchases. The general rule is to not use your credit card for cash withdrawals as these rates are usually the highest and the way lenders tend to make most of their money back. You need to be aware of tiered APRs also as some cards have different rates to varying levels of outstanding balances for example 13.9% on balances under £3,000 and 15.9% for balances over £3,000. Some cards also have a penalty APR. This is where the APR may increase if you are late in making payments. Increased balance-transfer fees. It is common practice for credit card companies to levy a fee on balances you transfer and these are likely to increase in 2007. At present this is likely to be between 2% and 3% and not many firms at present cap these fees so transferring a large balance can be very expensive. No more long interest free periods – With the rise of so called ‘rate tarts’ who move credit cards regularly to get the best deals many of the lenders may start to reduce the length of their interest-free periods. Usually you do not pay any interest if you clear your card debt every month. That may change. Increased interest rates for going over your limit. Lenders could introduce much stricter penalties if you go over your credit limit such as increasing your rate or cutting your credit limit. A savvy credit card user is a happy one! If you are aware of all the possible penalties when you take out a credit card and keep an eye on any changes to your statements you can avoid paying more for your credit card usage. Common sense tells us that the less you have on a credit card and the more you pay off each month the less you will be penalised but as we know this may not always be possible. This is why we look at all the credit card offers for you to ensure you get a deal which matches your spending habits without costly penalties. What Next? We compare all credit card providers to find you the best deal for your circumstances. Find your perfect credit card below and compare providers in our best buy tables
Are you considering a consolidated loan? What are your options when considering a consolidated loan? What types of loans are there? How will you pay off your consolidated loan? Is there anything wrong with taking out loans? Can you use your home to repay your debts at a lower rate of interest than a consolidated loan? What is negative equity? Jimmy Scarff answers these questions.
There must be a lot many people in this world that must be suffering the burden of the loans they have taken over the course of their lives. Intrinsically taking a strategic loan doesn’t cause any problem at all, but not paying them on time surely does. This is because the loan becomes a bad debt when you are not able to pay it on time. Bad debts are surely a headache, and are a cause for depreciating your credibility i.e. the credit score.
When one is under such circumstances, he tries to go for Consolidation Loans; which is although helpful. But one needs to be aware about various things regarding the loan i.e. the rate of interest, terms and conditions etc. so there’s no kind of fraud. But, if one gets a Consolidation Loan, it would be better that he pays it on time. Or else, the same situation will arise which he had been dealing with.
Consolidation loan is considered one of the most preferable methods for paying off the debts. This is because of its lower interest rate. One doesn’t need to remember the amount of debt and the interest for each of the loan.
The whole of the loan amount is covered under the Consolidation Loan, which charges just a single and static rate of interest unlike different loans.
There are many ways through which one can avail the Consolidation Loan, such as the Home Equity, Balance Transfer in Credit Card, Personal Loan etc.
Loan on Home Equity:
Before you go for the home equity loan, it is better to know all about it. The home equity is the amount of debt that you have compared to the value of your home. If the value of your home is higher as compared to your debt amount, than it’s better to take it; whereas, if the amount of debt is greater than the value of your home, it would even more burden your head. This kind of situation is called ‘Negative Equity’. It quite happens sometimes depending on the area, where the prices might not be stable.
If you have availed the Equity Loan on your Home, than it would be considered to pay it off as soon possible, because mortgaging your home could lead to losing it if everything doesn’t go as expected by you. To pay off the consolidation loan as availed over the home equity in shorter time span, one should choose a higher EMI (monthly repayment) per month, so that he doesn’t have to pay a greater amount of interest unnecessarily.
Balance Transfer in Credit Card:
Whenever the credit card debt increases, the people with the debt usually go for a balance transfer of their credit cards. Balance Transfer in Card Cards means that one transfers his credit card debt to a new credit card. It is mostly done because of the reason that the new card provider might be charging a lower rate of interest as compared to the older ones. The remedy to pay off the debt of credit cards, one should go for an higher amount of EMI per month, because this is one of the most effective way to pay off the debts easily in shorter duration.
Many people even opt out for the personal loan as a consolidation loan to pay off the bed debts. It’s not necessary that one acquires a personal loan for sure, as it is dependent on your circumstances. It depends on the credibility of the person, and the credibility depends on the amount of credit he has accumulated. This is inherent if the credit used by the person is closer to the limit of amount given by the card company/ Bank. The same remedy will be provided that go for a higher amount of EMI per month. And if your credit score is not good, than don’t go for a personal loan as it will end up getting the loan on a higher interest rate.
I am a very experienced life coach, practicing in London as a mentor and coach since 2001. My coaching talents have evolved from the confluence of two life journeys, being both a dynamic entrepreneur as well as a highly attuned intuitive. I draw on both of these sources when working with my coaching clients and people tell me that I am highly effective. Today, based in central London, I am running a thriving Life Coaching practice that was established to provide you a premium life coaching service. With alacrity, I partner with intelligent, successful people who want to excel at their passion, gifts and unique talents. My clients include CEOs, entrepreneurs, executives, lawyers, directors, managers, professionals, freelancers, creative people and people who are not aware of what they are here for. What people say!
Entrepreneur – Leader, Marketeer and Technologist
Experience, Enthusiasm, Energy, Excellence – The first journey, that of a multifaceted entrepreneur, started at an early age and resulted in my creating and growing several exciting technology and media companies. I spent extensive time in both the United States and the UK wielding my leadership skills, creativity, passion, pioneering spirit and a razor mind. I have been involved in many internet and interactive publishing initiatives that have sought to create wealth in an eclectic array of subject domains and industry sectors, including movies, edutainment, stock option trading, medical, software, health, security, books, construction, adventure games, personal finance, insurance and virtual reality. During the dotcom moment, I built an e-commerce solutions company over 20 months to become one of Europe’s leading Internet integrators which resulted in a significant stock exchange floatation. I continue to be active with several entrepreneurial driven companies.
professional life coach
The second path has been there for me all my life and is the journey of discovery of the intuitive self. Over the past several years significant shifts and chapter changes in my own life required that I dig deep for consummate self belief and follow through. Taking cues from daring, inspiring and insightful people and texts, I discovered a Lee deep inside me who appeared to have uncanny insight into my reality, an innate purpose and answers to all my questions. What an awesome feeling. Developing this skilful art of perception and attaining a certain trust has taken time. Now, with resolve, I see that if we live in alignment with our inner truths, life is higher quality, more harmonious with one and all and quite simply happier. My journey continues…
For me Life coaching is not a job, but a fulfilling way of self-expression that allows me to manifest the love I feel for who I am.
Lee has synthesized the best from entrepreneurship, human development, business, communications, mentoring, spirituality, yoga and coaching to help individuals and organizations find and live their passion. Using a safe and supportive foundation of trust, freedom of expression and commitment, I always work to help you explore your inner being, to regain balance in your personal and working life and to align with your true values and fullest potential. Using a stimulating face-to-face, phone support and email program customised to fit your current intuitive development needs, my coaching focuses on your inner guidance, purpose, skills, beliefs, techniques and processes necessary to become utterly aware of the authentic You..
The UK housing market is in a curious state in many ways. After years of high inflation driven by a strong economy and a shortfall in demand, the market has seen a slowdown since the base rate hit 5.75 per cent and the credit crunch introduced a wave of economic uncertainty.
Evidence of the slowdown in the housing market has moved from a trickle to a flood, with predictions of low, zero or even negative growth next year, while property website Hometrack recorded a 0.1 per cent fall in prices across England and Wales in October.
This month’s Hometrack figures doubled that fall, with the midlands, the weakest growth area for many months, seeing the highest regional fall at 0.3 per cent. But London, for so long the blazing inferno at the heart of a hot market, is also seeing notable falls. Greater London in its entirety saw a 0.2 per cent fall, while central London was down 0.5 per cent, the last of these figures being seen as a direct result of the stock market turbulence caused by the credit crunch. Savills predicted earlier this month that City workers would only invest £2 billion in real estate next year, compared to £5.5 billion in this, Bloomberg reported.
While the central London trend may be disproportionately affected by dwindling City bonuses, a wider trend could be developing that sees the expectation of a market slump actually leading into one, Global Insight economist Howard Archer told the news agency, saying: “Growing speculation that the housing market could see a sharp correction over the coming months may also increasingly deter potential house buyers.”
Hometrack’s own view, expressed by director of research Richard Donnell, was that: “It is hard to see the catalyst for any short-term turnaround in market confidence other than interest- rate-cuts early in the new year.”
Those rate cuts, of course, are widely expected, with the Bank of England’s hint to that effect coming in this month’s inflation report. Nationwide has predicted as many as three by October 2008, which could re-ignite the market. As such, it could be that the slowdown is a short-term feature, whether one regards this as a necessary correction or the consequence of misfortune.
It is in the context of long-term expectations that issues such as supply remain. If the housing market will start picking up again in time, those issues will return. For those looking to meet the challenge of ensuring government targets for house building are met by 2020, the current dip in demand, which has led to less houses being built, means little in the light of the bigger picture.
“The current decline in construction orders will not necessarily affect the housing targets for 2020 at all,” said John Slaughter, director of external affairs for the Home Builders Federation. He stated that the market was a cyclical entity.
Given the significance of the state of the housing market in the fortunes of residential buyers and property investors alike, this point is important. Any cut in housing targets could mean an even greater shortfall than might otherwise be the case once the factors which have caused the slowdown in the market cease to have an impact. Instead, therefore, one may expect that there will be no change in the task given to builders, which will ensure both the residential and buy-to-let markets are well supplied in the future.
As a result, Mr Slaughter commented: “The long-term market fundamentals, which is what we primarily look at, would certainly not suggest that there’s any case for reducing the government’s housing targets at all.”
Surviving in a modern economy requires planning. While most individuals have some rough idea that they will not work forever, most fail to realize that the bulk of the money that they make can be put to work in their stead. If you wish to find a way to put your money to work, you should always consider making use of financial planning.
Fortunately, the process should be relatively easy and can allow you to make major life changes so long as you are willing to go past the basics.
Pushing Past the Basics
If you have ever heard of financial planning, you already know the basics of the concept. Unfortunately, far too many individuals stop with those basics. While it is lovely to set up an account for your later years, there is far more that you can do to maximize the efficacy of your money. If you are willing to look at your future wealth as more than just a retirement account, you will have the chance to invest and save in a manner that can truly improve your quality of life.
Business Issues and Profits
While many who seek out financial services are worried about their future as pensioners, it is important to note that financial planning is quite important for those who are still involved in the business world. Even if you have few concerns about your long-term future, you should still take the time to consider your financial needs throughout each fiscal year. A good financial advisor will help you with issues as varied as tax planning and compliance, and should be able to guide you in such a manner that your business can grow throughout your active lifetime.
Planning for Long-Term Wealth
Even if you are not a business owner, you should still work on planning for your own long-term wealth. While the end of your working days should be viewed with a great deal of joy, you should be just as studious in your planning for your working years as you are for your retirement. For most, this will mean find ways to ensure that wealth is both maximized and protected. This might require that one make use of financial planning to minimize tax consequences (usually through stringent tax planning) and learn how to control one’s own personal finances. If you can control finances today, after all, you can make use of that money tomorrow.
Though most do plan for their golden years, it is important to note that financial planning also offers you the chance to decide what to do with your money after you pass on. If you have successfully accumulated any degree of wealth while alive, you should move to protect that wealth in the future. You will need to work with a planner to determine not only what form of estate to leave behind, but also how to leave your money in such a manner that your heirs will receive the maximum amount possible. Careful tax planning and estate work are a necessity, but the benefits may be astounding.
There is nothing wrong with basic financial planning. However, those who look for something a bit more advanced might be able to change the business of their day-to-day lives. Always make sure to look into planning for your business life, for growing your wealth and for the disposition of your assets after death. If you do, you might be able to great a financial structure for yourself that will allow you to generate real wealth and pass it on to future generations. If you can do that, you will have truly mastered your own personal finance.
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