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How to Teach Kids About Money

24 November, 2011

Parents are responsible to teach the first financial tutorial to their children. As your children learn from you, therefore guide them effectively by making your financial management as a milestone for them. Take benefit from all the situations which could be helpful to make a routine of saving money. Some of the monetary tips to guide your children are given here.

Pocket Money:

For the Age of 10 Years:

Subject to the attainment of proper age limit fix a stipend for them.

It could be their first salary. In return a five years old child could be refrained from purchasing toys. A ten years old child could be responsible for petty household tasks. Set a regular payment frequency. This will let your child be familiar with salary encashment.

For 10 to 15 Years kids:

Start transferring the expenses related to your child out of his pocket instead of your pocket. For an instance, if your child is fond of games, transfer or limit his sports expenditures, and do not forget to mention if the limit is exhausted, he would be responsible for the excess.

For 15 to 18 Years:

When they attain the age of 15, the time span of their stipend could be extend from one week to two weeks. And even after the attainment of 17, one monthly payment could be set.

Guide your youngsters their financial planning and facilitate them to spend their amounts wisely so that they could maintain their financial liquidity throughout the month. Proper training will benefit them after they start their college life.

For Age of 11 Years:

Insist them to save at least 50% out of his incomes deposit it into their bank account. Guarantee them that all the saved amounts shall belong to them however their saving targets must be achieved. It needs you to stay away and let him build a valuable saving target like a partial contribution towards his educational expenses.

For Age of 11 and above:

Look the options to link rewards on their savings. For an instance you shall add some amount in proportion to their amount of savings. It is a proven encouragement technique.

If the routine expenditures of your children are more than his fixed stipend, encourage him to make money from some suitable jobs.

Cash and Credit Management

For Age of 11 to 15 years:

Think to give stipend of your children when they become adult, a portion in cash and the remaining in kind of credit or debit card limit. This practice will let them know how manage their finances when they are not using cash. Their remaining limit may be directly transferred to their saving bank account through e-banking.

For Age of 15 to 18 years:

Guide your children to take care of their bank accounts and they shall become aware of banking transaction fees. Guide them to use their own amount instead of using drawings to avoid financial costs.

For Age of 18 and Above:

The Credit Card Act 2009 requires 21 years old persons while submitting their credit card applications needs to show that they have income stream to pay off their credit card bills or to be joint holder of a card with some one who has the income stream. When you are going to become a joint holder with your children, guide them in detail, how to use the credit cards in a sensible manner.

If they use credit card with responsibility, it will build their good credit card history. A good credit history will allow them to be eligible for better credit provisions. Keep a close watch on their credit cards and analyze the monthly bills carefully and pay regularly.

Personal Loan

by Gemma Maddock

Cheap Personal Loans

Mortgage Rates Move On Todays News

23 November, 2011

Tuesdays bond market has opened up slightly even though stocks are showing early strength. The major stock indexes are showing noticeable gains with the Dow up 81 points and the Nasdaq up 24 points. The bond market is currently up 3/32, which should improve this mornings mortgage rates by approximately .125 of a discount point.

We have a seen a sizable increase in bond yields over the past two weeks, with the benchmark 10-year Treasury Note moving from 1.63% at the beginning of this month to 1.91% this morning. Since mortgage rates tend to follow bond yields, this means we have seen a spike in interest rates also. Hopefully the lock advice has been heeded during the past couple weeks. At 1.91%, I think there is still a little room for yields and mortgage rates to move higher, but the risk is diminishing in my opinion. I still look at 2.00% as an important threshold for the 10-year, so as long as we gradually move higher and not quickly jump above that level, I may take a less conservative stance towards locking or floating a rate in the near future.

There was nothing of importance posted this morning. Aprils Producer Price Index (PPI) will be released at 8:30 AM ET tomorrow. The PPI helps us measure inflationary pressures at the producer level of the economy. If this report reveals weaker than expected readings, indicating inflation is not a concern at the producer level, we should see the bond market improve tomorrow. The overall index is expected to fall 0.5%, while the core data that excludes more volatile food and energy prices has been forecasted to rise 0.1%. A decline in the core data would be ideal for mortgage shoppers because inflation is the number one nemesis for long-term securities such as mortgage-related bonds. As inflation rises, longer-term securities be less appealing to investors since inflation erodes the value of those securities future fixed interest payment. That is why the bond market tends to thrive in weaker economic conditions with low levels of inflation.

The second report of the day will be Aprils Industrial Production at 9:15 AM ET tomorrow. It measures manufacturing sector strength by tracking output at U.S. factories, mines and utilities. It is expected to show a 0.2% decline in production, indicating that manufacturing activity is growing. A larger than expected decrease in output would be good news for the bond market and mortgage rates because it would indicate that the manufacturing sector is not as strong as thought. This report is considered to be moderately important, so it will likely need to show unexpected strength or weakness to cause movement in mortgage rates. The PPI report will probably be the biggest influence on bond trading and mortgage rates tomorrow.

If I were considering financing/refinancing a home, I would…. Lock if my closing was taking place within 7 days… Lock if my closing was taking place between 8 and 20 days… Lock if my closing was taking place between 21 and 60 days… Float if my closing was taking place over 60 days from now.

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by Ethan Leak

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Six Most Common Myths About Credit Card Debt

22 November, 2011

These days a significant number of myths about the credit card debt are in circulation among people. This article will cover the most common myths about credit card debt to which people are familiar, as well, but in reality these myths are not true. The only effective way to get out of credit card debt is to understand its complications. You must have enough knowledge what is true or what isn’t about credit card debt.

Without much ado, following are the six commonest myths and facts about credit card debt, here you go:

1: Your credit record will affect the credit score of other people living with you.

Usually people think that if they miss any credit card payment then it will affect the credit report of the people living with them. That’s not always true because your credit report will only be affected by your own actions and anything you do against your debt agreement will affect your credit report. However, if you have a joint account or property or any other financial connections with other people living with you then it may harm your credit report.

2: You will be imprisoned if you don’t pay the money that you owe to a credit card company.

This is another myth about credit card debt that is totally untrue. That’s because the owed money to a credit card company is a civil debt that will not lead you to jail in any case even if you don’t pay it off. The worst that could happen to you if you don’t pay back the owe amount will be charge that will be imposed on you. As a result, you will be deprived of the possession of some of your assets.

3: your family will pay the entire amount of debt in case if you die.

This myth is also not true in normal conditions. This rule contains certain exceptions. For instance, if any of your family members guaranteed your debt then you they would automatically become liable for your debt and they will have to pay that debt. Other exception is for joint debt.

4: Pay off the minimum monthly payments for your credit card debt is fine.

It is another untrue myth about credit card debt. Paying off minimum monthly payments means you are paying off only the interest on the amount that you have taken out. By doing so, your credit report will also be affected. Your credit rating is calculated on the basis of the total amount of debt that you owe and your total current income. In other words, owning higher amount of debt than your income will affect your credit rating negatively.

5: Creation of credit card debt and paying it off will raise your credit score.

This is wrong. The only way to raise your credit score is to pay off your due payments on time along with certain other factors. So try not to get carried away by such things and don’t put on further debts on you. First try to pay the already owed amount persistently.

6: You can save money by creating credit card debt and using your credit card.

Since the credit card debt is considered as the unsecured loan so this myth is also wrong. Due to the credit card loan being unsecured, interest rates are high on it that nullifies the number six myth on this list. You should also bear in mind that the lucrative offers that are offered on credit cards are just to lure the customers.

Personal Loan

by Gemma Maddock

Cheap Personal Loans

In the News Private Student Loans

21 November, 2011

Greetings financial aid seekers and enthusiasts! We just wanted to keep you updated on the happenings in the world of private student loans. So read on to learn about loan news and whats in season!

PrivateStudentLoans is excited to announce a recent update from our partner, Wells Fargo bank! Wells Fargo now offers a fixed rate student loan, the first major bank to do so since the credit crisis. Unlike most other student loans, which offer variable rates that are tied to a benchmark rate, this new fixed rate loan would prevent future spikes in interest, ensuring one rate for the term of the loan. The exact rate is determined by the applicant and co-cosigners credit score and history. Students can expect to see more banks offering better terms on student loans within the next year, including lower interest rates, and more fixed rate options.

In similar news, we have recently added a new lender to the mix! In addition to the loan options we already shared with you, students may now be eligible to find loans from our newest partner, US Bank! Additionally, we are launching yet another partner, First Marblehead bank. With these new additions, students will have more choices than ever in their student loan search!

And in other news, we recently posted about a pending change to the bankruptcy rules regarding private loans. If the current bills are approved, private loans would once again be able to be discharged when a person files for bankruptcy. To learn more, read Private Loan Bankruptcy Protection.

Now that youre updated on the recent news, what should you be thinking about during the summer months? At this point, students should have received their federal aid award and now must start looking into other student loans to fill the gap. For some students this can mean deciding between a private loan or a parent PLUS loan. Luckily, were here to help guide you. To better understand the differences between the two, and to help you choose a loan, read Choosing a Student Loan: Parent PLUS vs. Private.

Personal Loan

by Gemma Maddock

Cheap Personal Loans

Take a Semester Off the Right Way

20 November, 2011

Taking a semester off from school can sometimes get a bad rap. Ive often been told not to take a semester off, because you might not go back. While this can certainly be the case, taking a semester off can also have many benefits. It can help you to save money in the long run or give you a needed rest. Whatever your reason, theres a right way and wrong way to take a semester off. Read on for tips on how to make the most of your semester off.

Reasons to Consider Taking a Semester Off

There are many different reasons for taking a semester off. The first step to deciding whether or not to take a semester off is deciding why you want to do it. Somemon reasons for taking time off are:

  • Family Troubles: If your parents are separating or going through a divorce, it can be hard on a student. If this is starting to affect your grades, consider taking the semester off. Just make sure you decide before the withdrawal period, otherwise it could have negative effects. This could save you money in the long run as you will not have to retake any failed classes.
  • Illness: This one seems obvious, but if youe down with an illness that prevents you from going to class or doing your work, taking the semester off could help. Take time to recover both physically and mentally before heading back to start a new semester.
  • Financial Issues: Didnt get the loan you needed to cover tuition? This is amon problem, especially with rising tuition costs. Consider taking some time off to work full-time. While not everyones first option, its sometimes a necessity for paying for school. Before considering this, make sure youve exhausted all other loan options.
  • Need a Break: You might find that after a few semesters, you are burnt out, or that you need a change of scenery. Taking a semester off can allow you to rest and clear your head, hopefully allowing you to start your next semester reinvigorated.

What to Do Instead

  • Apply for an Internship: While school may not be on your radar for this semester, taking on an internship could prove beneficial. Building your resume is an important part of the college experience and internships are a great way to learn about your potential job field. Youll gain hands-on experience while staying active during your time off. If a full-time internship is too time-consuming, consider a part-time one. If youre lucky, you may even be able to find a paid internship. Some internships require that you get course credit, but not all, so make sure to put some time in researching. Tip: Interships has a database full of different internships and is a great place to start.
  • Travel: Taking time off to travel isnt possible for everyone, as it usually requires more funding than available. However, there are some ways to see the world, cheap. Volunteer programs often offer scholarships or grants. So you can take a semester to volunteer in another country for practically nothing. You usually get housing, meals, and potentially a small stipend. If volunteering isnt your thing, in many countries you can work at resorts or vacation spots. They provide housing and a salary for your work, and you have your off hours to do a bit of traveling.
  • Volunteering is a great way to make the most of your semester off. Rather than sitting on your couch at home, you could be interacting with people in yourmunity. Food pantries and homeless shelters are great local options for volunteering and are always looking for help. There are also programs you can sign up for to volunteer in other places in the US or abroad. These can be particularly great options because they allow you to see another part of the world while still working for a cause. Like internships,munity service can be used as a resume builder, which is an additional bonus.

Why Taking a Semester Off Could Be Problematic

Before taking a semester off, make sure that you not only plan your time well, but also consider some of the cons. Here are just a few:

  • You Dont Go Back: This is seen as the biggest issue when a student takes the semester off. Students might get into a routine, maybe get a full-time job and be stuck. The key to this is knowing yourself, and whether or not you are motivated enough to finish school.
  • Youll Graduate Later: Unless you overload on credits for a couple semesters, you will most likely be graduating later than you had planned. This could be negative in that maybe friends will have graduated, leaving you with a semester left of school.
  • Loan Payments Could Kick In: If you have taken out loans for previous semesters, taking a semester off might be an issue. You have a 6 month grace period from the time you stop attending school until you begin to repay your loans, so make sure you are re-enrolled and notify your lender before the 6 month mark.

Though taking a semester off is not for everyone, it can prove beneficial in the right situations. When deciding whether it is for you, consider why you want to take time off and think about the best ways to use it to your advantage.

Personal Loan

by Gemma Maddock

Cheap Personal Loans

Loans for Unemployed Americans

19 November, 2011

Unemployed Americans cannot be prevented from loans just because they are unemployed. The era has gone when it used to happen. These days even those people are lent loans who are unemployed more over they do not have home to place as collateral. But, in this case this becomes very risky for the borrower to lend Loans for Unemployed Americans. To lessen their risk lenders charge high interest rates from the borrowers. Borrowers should not think that now every thing has got over if they do not repay the unemployed loan they are not in loss. They are in loss because this will lessen their credit score and they will have to suffer later. It is very difficult to get a loan in spite of bad credit score. Lender can also go to court and when proved guilty he is punished.

  1. The amount which borrower gets depends on his credit score for Loans for Unemployed Americans. These loans are basically lent under two categories called secured and unsecured loans. Unsecured unemployed loans are lent even to the people who are tenant. People who apply for secured loans get some benefits over unsecured like the lender is always lenient on them. They are lent loan with lower interest rates as compared to unsecured ones as well as they are lend more money by the lender. Unemployed people can find Loans for Unemployed Americans on internet. Internet is flooded with websites offering these loans with different terms and conditions. Unemployed people can make most of it and they can choose a suitable lender for them. You can use Loans for Unemployed Americans for various purpose like life like depositing electricity bill, paying rent of home, for medical bills, repairing of car or bike, to gift someone special, paying grocery bill, depositing tuition or college fees etc.

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by Admin

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Foreclosure Filings Down 26 Percent From Last Year

18 November, 2011

Housing market fundamentals showed more strength in May, according to foreclosure data firm RealtyTrac, as mortgage foreclosure filings fell significantly from the previous year.

In its U.S. Foreclosure Market Report, RealtyTrac found that U.S. foreclosure filings – including default notices, scheduled auctions and bank repossessions – fell to 109,824 in May, down 5 percent from April and down 26 percent from the year before. It is now at the lowest level in over seven years, since December 2006 and the national foreclosure rate has fallen to one in every 1,199 households.

Of course, the improvements were not uniform across the country. In fact 21 states even saw increases in their monthly foreclosure filings and 11 experienced yearly jumps. Most of those states are so-called judicial states, where all foreclosures must be reviewed by a judge before completion.

Its not surprising that some of the states with the longest foreclosure timelines are those with markets still dealing with increasing foreclosure activity even as the country as a whole continues to hit new lows, said Daren Blomquist, vice president at RealtyTrac in a statement. On the other hand, the increase in bank repossessions in some states with shorter foreclosure timelines like California and Oregon demonstrates there is still some pent-up foreclosure activity in those states as well.

Among those with the biggest yearly increases in foreclosure filings were Massachusetts with a 58 percent jump from May 2013 levels, New Jersey with a 37 percent increase, New York with an 18 percent rise and Indiana with a 12 percent leap.

Interestingly though, only two of those states (New Jersey and Indiana) ended up on May’s top ten list of foreclosure rates. Florida had the country’s highest foreclosure rate at one in every 436 housing units, despite have seen foreclosure activity drop 30 percent in the past year. Number two was Maryland with one in every 621 housing units receiving some type of foreclosure action. Next was Nevada with one out of every 717 households, then Illinois with one in every 790, followed by Ohio with one out of every 805 housing units. The rest of the top ten was filled out by New Jersey, Delaware, Indiana, Connecticut and South Carolina.

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by Ethan Leak

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Personal Loans Personal Loans Blog

17 November, 2011

The average amount owed by every UK adult is £30,266 including mortgages, according to the debt charity Credit Action. That’s an incredible 133% of average earnings.

Even if you ignore mortgage debt, we still owe an average of £4,708 through credit cards, motor and retail deals, overdrafts and unsecured personal loans.

So we may all have an opinion on how the government should fix the country’s gaping chasm of debt, but it’s important for individuals to get on top of their personal borrowing too. So how do you go about it?

Face the facts
Do you know how much debt you have? This isn’t as flippant as it sounds; many of us hopelessly underestimate the amount of money we owe.

Begin budgeting
Whether you just want to rein in your spending or you’re tackling a mountain of debt, getting a clearer idea of your day-to-day costs is essential.

Avoid living from pay cheque to pay cheque and instead set out an amount you’re allowed to spend each week, then stick to it.

Pay the priorities
Hopefully your debt levels are manageable and you’ll be able to cut back on some unnecessary spending and repay it all quickly.

If you’re struggling to meet all your repayments, though, you’ll need to work out which are the priority debts.

Some debts are more important than others, namely the ones that could cause you to lose your home, have your energy or water disconnected or even go to prison.

Sort some savings
Are you spending more than you need to on household bills? By using a comparison site, the average car insurance customer can save £180 a year, while you could save as much as £325 a year through switching energy providers.

Cut credit costs
If your credit score is reasonably good (and it’s worth getting hold of a copy of your file to see exactly what it contains), then you could potentially move lenders and find a better rate of interest.

Don’t despair
Whatever your circumstances, it’s never too late to take action, so don’t despair.

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