A financial Statement – a simple way to keep away debt


It often happens that you do not understand how you fritter away all your money. It happened with me all the time. I kept wondering at the end of each month. Now I have learn how to get rid of this worry. Let me share the 'how' bit with you. I had mentioned about an income statement in my last post. There are a number of advantages and reasons why one should get into the habit of preparing regular personal income statement. Let us discuss them.

To track your expenses
: Maintaining a personal monthly income statement is an excellent way to track your monthly and yearly expenditure. Generally income statements consist of the following categories: gross monthly income, rent, car payment, groceries, gas/transportation, bills (which include phone, common utilities, credit card payments and student loans), groceries, entertainment, and miscellaneous items.

To draft out a Savings Plan: It is very important to make a Savings Plan at the right time. This comes handy during times of emergency or in case of a job loss. By using the personal income statement you can add more money to your savings. Your savings is not merely an emergency fund. Savings can be for anything that you might long for. In addition to emergency funds and retirement savings, you can create a saving-bucket for travel, gifts, and other social events.

To ward off money tension: Money woes lead to contention in relationships and also physical problems such as high blood pressure or depression. Experts suggest that personal income statements are a remedy to such worries. By tracking monthly expenses you can determine where you tend to spend more. Thus you can cut down expenditure in those specific areas. This way you will be able to prioritize and drop unnecessary expenditures

To increase your Income: As you track the cash flow on your personal income statement you may be encouraged to find various other forms of income. Especially if you are not able to cover your monthly expenses smoothly, you may look for a salary raise or a part-time job. In this way, you are well aware of your financial situation and you might want to do something about it.

To maintain a record: Your personal income statement is also a way to keep a good financial record. Not only will you be able to track your spending trends and savings, you can avoid any discrepancies with local and federal taxes. Maintaining accurate records can help you to file your taxes.

So, what are you waiting for? Pull up your socks and get ready to draft your first income statement.

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What is Forex Market? Some Useful Information


Foreign exchange market or Forex market is the biggest financial market of the world. It is also expressed as FX market. All the expressions are applied to delineate the business of buying and selling of different currencies of the world where over $2 trillion change owners on a daily basis. Foreign exchange market is a global market where currencies are bought and sold simultaneously without restraint. Forex trading was introduced in the 1970s. It has evolved since then and has become the largest financial market with maximum liquidity. The volume of daily trading in the Forex market is higher than 100 times that of the New York Stock Exchange (NYSE).

For making investments, Forex market is an ideal market since it is independent from any outside dominance and there is free competition. More often than not, forex trading is speculative and not similar to stock market trading. Foreign exchange trading operations are not carried out by any central exchange but an Interbank market, which is also known as an Over-the-Counter (OTC) Market. Forex trading occurs between two dealers, either on the Internet or via the telephone across the world. The important trading hubs are located at London, Sydney, Tokyo, Frankfurt and New York and this makes Forex market a 24-hour market.

For forex trading, the application of fundamental analysis and technical analysis is necessary. These analyses assist a trader to predict and ascertain the growth in the price movements of the currencies on the basis of which he tries to forecast market movements and earn profits.
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DRO is a cost-effective debt solution in USA


The Tribunals, Courts and Enforcement Act 2007 introduced another great alternative to bankruptcy in USA-Debt Relief Order . If you are struggling with several unsecured debts and have no disposable income to pay off, DRO can be the right choice. This has been in vogue since April 2009. DRO is applicable only to the residents of England and Wales.

A DRO has been granted by the Insolvency Services and is a much cheaper debt solutions as compared to bankruptcy. For applying for a DRO:
* Your total debt amount should not exceed £15,000
* Your assets must be less than £300
* You must have less than £50 spare income per month after deducting the normal household expenses
* You must not be subjected to a DRO within the last 6 years.

When it comes to a DRO, you can include almost all your debts as long as it does not exceed £15,000. DRO includes all your priority debts such as rent arrears, energy debts, council tax, VAT, income tax as well as national insurance. In a DRO you must include all your credit debts too. But there are some debts that cannot be included in a DRO such as:

  1. Magistrates court fines. 
  2. CSA payments and maintenance.
  3. Student loans
  4. Secured debts 
     
    However there are certain conditions that do not allow you to apply for a DRO. 
    1. If you are currently in a bankruptcy
    2. If you are in an IVA or have applied for an IVA
    3. If your creditors have applied for a bankruptcy against you
    4. If you are under a Bankruptcy Restrictions Order
    5. If you have petitioned for bankruptcy
    6. If you are under a Debt Relief Restriction Order or Undertaking

    If you want to apply for a DRO, then you will have to apply online through an approved intermediary or a third party. An intermediary is a well-to-do Free Debt Advise who is allowed to complete forms and give advice on DROs. You can look out for intermediaries at your local Citizens Advice Bureau or visit Insolvency website for more information. For a DRO the fee that you have to pay is £90. After making the application along with the fee, the Official Receiver makes the order. The Official Receiver makes the order once he is convinced that you have met all the conditions. Once your order is made, all your creditors will be informed about it and creditors will no longer pursue you for recovering debts. Your DRO will be recorded on the Individual Insolvency Register and will stay on for 15 months.

    While you are in a DRO, you must cooperate with the Official Receiver and let him know about all the changes in your financial situation. If you have a DRO to yourself, you cannot obtain a credit of £500 or more. You cannot carry on a business with a different name or be involved in any kind of promotion, management or formation of any limited company or hold public offices. However, your bank account is not frozen. Credit reference agencies will keep your DRO for 6 years on your credit file. After your DRO is over after one year, you will be free from debts that are included in your DRO.

    Useful Resources:
    Bad debt protection - Debtor Insurance gives you protection against non-payment of invoices. Our services include commercial credit insurance and business credit insurance etc.
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Need multifamily apartment refinance loans, best option for you


There are many options which can help the individuals to get a refinance loan. Refinance loans are really helpful for those individuals who have an old loan and they want to replace it with a new loan. This kind of a situation arises when the individual is not able to repay his or her old loan and they there have been many over dues for their past loan. At this point of time they need help from someone who can re pay their old loan. The lender who will pay their old loan is lending his or her money to the individual so that the individual can pay him or her, back the money. With the concept of refinancing, both the new money lender and the old borrower are benefited especially those who are into the business of multifamily apartment refinance loans.

The borrower can clear of his or her old debt and the new money lender get a chance to lend money with terms and conditions that the borrower will pay back him or her, the money along with interest. The borrowers can find the refinancing options from many sectors of day to day life. For example we have television, radio, newspaper and even Internet. So if anyone is interested in refinancing their loan they can search out in the above written sections. The option of refinancing is best applicable for those business men who involve in the business of multifamily apartments.

The multifamily apartment refinance loans are provided by many lenders who are available both online and off line. We can search for the multifamily apartment refinance loan lenders in the yellow pages or consult our acquaintances if they know one. The rates for the multifamily apartment refinance loans should be decided before dealing with the multifamily apartment refinance loan lenders.
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Do you need legal assistance with debt settlement in US?


Credit card debt is a perpetual problem that is gripping the entire nation. Presently America's total debt is $13 trillion and counting.  

Did you know that almost 68% of working Americans need debt relief and the number is growing every day?

The system of credit card bills, high interest rates, medical bills etc is a nefarious trap. The money evaporates even before you realize. However, there is hope for you. The solution to all the credit card problem is a debt settlement service.


When you research on debt relief programs on the Internet, you might find many articles with the opinion that debt settlement can be done by one own self as it is a simple method and involves no costs. However, is it really that easy to handle your own debt?
It is always advisable to let a debt settlement attorney handle the entire situation. It is definitely not worthwhile for you to take any unnecessary financial risk.

If you do not have a strong financial background, it is best to let a legal consultant handle your debt account. He will be able to explain you the pros and cons of debt settlement services. He will be able to give you an idea about the criteria that you need to fulfill in order to qualify for the debt settlement services.
Here are some important reasons why you should hire a debt settlement lawyer:

In case you have an enormous debt: It is advisable to go to a lawyer. Reputed lawyers usually charge a hefty consultation fee. If your debt amount is not huge, you might end up paying more money to the lawyer than what you would have paid towards your debt.

When the debt is unsecured: If you have a secured debt, it becomes easier for the creditors to retrieve the money by claiming and forcefully acquiring your property. In case of an unsecured debt, your attorney can negotiate and settle the debts with the creditors on your behalf.

When creditors harass you with calls at home as well as at work: Many a times, the creditors resort to unfair means of collecting money. They use abusive language and damage personal properties. Once you sign up for a debt settlement service, such harassments would stop immediately.

If the collection agencies are recording your conversation: Recording telephonic conversation is illegal and violates the statutes. If a collection agency is secretly recording your conversation, they can be penalized by the law. Only a debt settlement lawyer can tackle such forms of harassment.

If your credit report is manipulated: You might not be aware that some collection agencies might alter your credit scores. It is also an illegal tactic implemented by the collection agency that may result in your falling prey to debts.

Remember, once you hit the maze, it is a down hill spiral from there. So, it is better to always measure your steps. Be careful about all the interactions that you make with the creditors and live a financially stress free life.
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