Should I Consolidate My Credit Card Debts?

Unlike general debt where the answer to problems is rarely to consolidate, the consolidation of credit card debt is often worhtwhile. Credit card debt consolidation is regarded by many ias being the first step toward card debt elimination. But, before you taking the initial step towards consolidating your credit card debt, you need to understand … Continue reading Should I Consolidate My Credit Card Debts?

Unlike general debt where the answer to problems is rarely to consolidate, the consolidation of credit card debt is often worhtwhile. Credit card debt consolidation is regarded by many ias being the first step toward card debt elimination. But, before you taking the initial step towards consolidating your credit card debt, you need to understand that consolidating credit card debt (or using balance transfers) is an action that is being taken to eliminate your credit card debt. Consolidation of your credit card debt is not simply a mechanism for putting the problem away for a while.

Credit card debt consolidation is a good option for more than one reason; not only do you get relief from the increase in the amount of your credit card debt, but you may also get other benefits. Many card issuers make offers to new users who transfer in ther existing balances that can be very attractive indeed.
Almost all offers for consolidating credit card debt/transferring balances have an initial period with a low APR often as low as 0%. This is, in fact, one of the main reasons why consolidating your credit card debt is an attractive option.

As well as low APR, offers for balance transfer often include benefits such as 0% interest on any purchases made during first few months after the balance transfer. This is another thing reduces the rate at which your credit card debt increases. Of course if the purpose is reduction or elimination of debt then new purchases are not the highest priority! These are the two most significant benefits that credit card issuers offer to attract new clients into consolidating their credit card debt with them.

After these main benefits there are other benefits such as additional reward points on the issuer’s reward. These reward points can be redeemed for other attractive goods/rebates/rewards etc, but thioer purpose is to encourage you to spend more money and increase, not decrease your debt!
Sometimes, the new credit card might be one that caters better to your current spending needs both in terms of credit limit and the way that you might use your new card. For example, the new credit card might be co-branded by an airline that you frequently use. The credit card you are consolidating to might open up discount offers to you. But usually these offers all encourage additional spending.

The most important thing to remember when consolidating your credit card debts is the reason for doing it. If the purpose was to reduce debt and manage payments then you can and must ignore any offers that will increase your indebtedness. Balance transfers are not offered by card issuers to make it easy for clients reduce their debt – the opposite is true! As a credit card user you must use the tools offered by card issuers to YOUR benefit, not the bank’s!

Good luck reducing your debt through disciplined credit card consolidation and balance transfer.

The importance of raising capital

If you’re starting to run a business, then raising capital will be the most important thing on your mind. If it isn’t, it should be!

Capital it the most important thing in any business. It’s useless having a great idea if you don’t have the money to get it going. Without capital, your business can’t get off the ground. You need it to buy products or materials, pay wages, have a secure cash flow and generally run your business on a day-to-day basis.

This can often be a catch-22 situation for any new business. You can’t get money until your business is successful, but you can’t start your business without money! This is why securing finance through other sources is so important.

If you try to raise capital on your own, for example using your savings, you can quickly come unstuck. Savings will invariably run out, so you’re wise to consider seeking finance elsewhere.

Getting investment, rather than a loan, would be a very wise move. Investment means that someone else has a stake in the business and will get repaid according to profits, rather than set monthly payments with interest.

This is even more advantageous if your investor is a successful entrepreneur themselves. You’d be wise to consider business angels or venture capitalists, as they can offer the most money as well as the most expertise and support. Because they’ve got a stake in the business they’re more motivated to help make it succeed to ensure the best return on their money.

Raising capital is the most important thing to consider in any business. Without it, your business will surely fail before it’s even begun. If you raise capital from the right sources, you’re far more likely to succeed and have a profitable and successful business for years to come.

Are You Thinking About Refinancing Your Home?

When you refinance your home, you get a new loan to replace the one you already have. You might do that to:

Get a lower interest rate
Combine or pay off bills
Get money for home improvements or repairs
Things to consider before you refinance
Refinancing to get a lower interest rate will probably save you money if:

The new interest rate is 2% or more below the rate you pay now; and
You plan to stay in your home for three or more years.
If you refinance to consolidate bills and pay off debts, your total monthly payments may be less than what you pay now. However, your monthly mortgage payment will be higher. Be aware that if you get behind on your monthly mortgage payment, you can lose your home.

If you just need money for home repairs, you may qualify for a low interest government loan.

How do I find a lender?
Banks, mortgage companies and credit unions are the most common lenders. Here are some tips for finding a lender:

Contact three or more lenders. Look for a loan with the lowest interest rate, points and fees.
Be sure the lender is licensed and in good standing. Call the Department of Corporations at (800) 347-6995.
Mortgage loan brokers work with many lenders to help you find a loan. To be sure that they are licensed with the Department of Real Estate, call the local office.
How much will it cost to refinance?
Loan charges will vary from lender to lender. Loan charges include points and fees. Each point is equal to 1% of the loan and is paid to the lender or your loan broker. Be sure to shop around and negotiate for the lowest interest rate, points and fees.

What do loan fees include?
Loan costs may include the following fees:

Appraisal
Recording
Title Report

Escrow
Credit Report
Document Notary

Wire Service
Messenger Services
Document Preparation

Loan Origination

Do I have a right to cancel?
Yes. From the time you sign the loan papers, you have 3 business days to cancel. If you cancel, your credit report and appraisal fees are non-refundable. If you are refinancing a rental property, there is no right to cancel.

Before you sign
Review all loan documents.
The Truth in Lending Disclosure has the basic terms and conditions of the loan.
The Settlement or Closing Statement shows the fees you are being charged and what accounts are being paid off.
Everything you were promised should be in the loan documents. If you do not understand something, do not sign. Ask for an explanation.

Instant Approval Credit Cards Online – Compare and Contrast for

Instant Approval Credit Cards Online – Compare and Contrast for Maximum Benefit

While considering instant approval credit cards online, realize that all credit cards have stipulations. The Instant Approval feature is an effort to attract visitors with the thought of instantly available credit. Once you read the all of the card stipulations, you will learn that the instant approval applies only if you have at least good credit and most card issuers prefer excellent credit. Furthermore, regardless of the credit card applied for, fees are almost always attached.

Some of the fees might include annual fee membership, finance and interest rate charges, balance transfer charges, cash advance fees, and so forth. Some banks will include annual fees on these credit cards; however, the fees are often waived up to six months or longer. One of the cards that offers a 0% APR is Blue from American Express. This instant approval card has a limited time offer and will waive the annual fee and balance transfer for up to 15 months.

Another card that employs instant approval status is the Citi Dividend Platinum Select card, which offers 5% cash back on purchases made at supermarkets, gas stations, or drugs stores, and any other purchases earn 1% cash back. The ongoing rate of interest on this card might be considered a bit steep, but is comparable to other cards in this category.

Instant approval credit card marketing campaigns are geared toward those with excellent or good credit. If your credit is proof worthy, you will receive an approval in a short time, usually minutes, or even in seconds. If you have pending credit issues, the credit issuer will most likely need to investigate your credit-worthiness further, which means you should expect a delay in the approval process.

If you already know your credit standing, you shouldnt have any problems. But if you know credit issues exist, try to clean up your credit before applying. You should wait six months before applying for a credit card after clearing up your reports. Otherwise, you can search the Internet for credit cards for bad credit or “less than perfect” credit.

Different Types of Card Offers

Some of the banks offering instant approval cards include Chase, Citi, American Express, Visa, and MasterCard. The cards can differ slightly, or dramatically, so thoroughly researching the various offers is highly recommended when considering instant approval credit cards.

Contrast and Compare

It is important to compare and contrast all details while considering any credit card. For instance, the Citi Diamond Preferred Rewards Card is one of the instant approval cards to consider offering 0% annual fees up to one year including balance transfers. The cardholder, once accepted will receive 5,000 bonus points on the initial purchase and a gift card worth $50. Rewards include 5 points per dollar spent on any purchases made at supermarkets, drug stores or gas stations for a limited time.

Also consider the Blue Cash from American Express instant approval card, offering 5% cash back rebates, no annual fees up to six months, and an extremely competitive ongoing APR. You pay a bit more in interest for the Citi Diamond Preferred card, but you’ll receive additional benefits compare to the Blue Cash card.

As you can see, taking the time to thoroughly compare and contrast will help you to see the pros and cons of each instant approval credit card and assist you in making the right card choice. As with any credit card offer, however, you will always need to read the terms & conditions, being mindful of credit stipulations and hidden fees.

Business Banking Explained

No matter where you are within your business, just beginning or have been in business for many years, one thing remains the same; your business needs a banking institution that is solid and great for businesses. Within this article, we will look at some of the main items you should consider when looking for a bank account for your business. There are many things you should think about when opening a new bank account for your business, each one of them should work to benefit your company in all ways necessary.

For starters you should look at some of the basics, first consider what type of company you are, limited or sole trader. For a limited business, you will be required to obtain a business bank account, while a sole trader has the ability to use their personal bank accounts for any activity within their business. For those who insist or are required to have a business bank account, you should consider a institution that has a team in place specifically for businesses.

Consider any fees that are associated with the bank account for example, overdraft fees or transaction feeds. Also, consider if the bank offers a period of time that is fee free for new accounts, if they offer this it is wise to take advantage of this offer. You should also look at any incentive offers that the bank gives you, for example, charge cards, free statements, or credit cards. Always check the interest rates offered on these account and consider if the chosen bank has internet banking, this is important because it allows you to have up to the minute information regarding various aspects of your account. Businesses will benefit from internet banking because it allows you to do your banking at your convenience, which we know that many busy business owners frequently do not have the time to visit the bank.

When you have finally sorted out the proper banking institution for your business it is time to open your account. There are many things you will have to bring to the bank when you go, this documentation could include your business plan or other various details in regard to your business. Additionally, you will have to take along your incorporation certificate, any items necessary to prove your identity (Photo ID, utility bills, and perhaps your passport), and a list of those who are authorized to sign any company checks.

How To Save Money On Your Mortgage

Understandably, when most home buyers look for a mortgage, their top priority is to get the lowest monthly payment. But its a better idea to look at how much its going to cost you over the long term, in both interest payments and fees. By looking at these costs, you can save a significant amount over the years.

Even if you already have a mortgage, there are still a number of strategies you can use to reduce the total amount of interest youll pay. Most of these accelerate the speed with which you repay the loan, and that reduces your long-term interest costs.

Here are some ways to reduce the long-term cost of your mortgage:

Compare offers
It always pays to get offers from several lenders when youre shopping for a mortgage. Offers can vary substantially. Especially if your credit is considered sub-prime, you shouldnt accept a high-interest rate mortgage without looking for a better offer.

Consider fees
One factor that increases the cost of your mortgage is the fees or points lenders add onto the deal. Look at these carefully, and dont be reluctant to challenge fees that seem too high. Compare offers using the annual percentage rate (APR), which includes both the interest rate and the fees.

Shorten the term
If you intend to be in the house for some time, you can lower your interest costs substantially by choosing a shorter mortgage term. This will increase your monthly payment but enable you to save significantly over the life of the loan. It may also enable you to get a reduced rate on the mortgage. For example, you can save $66,364 over the life of a $100,000 mortgage by choosing a 15-year term at 5.75 percent versus a 30-year term at 6 percent.

Pay bi-weekly
Consider paying your mortgage every two weeks instead of monthly. The difference is hardly noticeable, but this can cut the amount of interest you pay since your principal decreases more steadily. And, since there are 26 two-week periods in the year, you actually make an extra monthly payment each year, further shrinking the principal.

Cut the PMI
If your down payment is less than 20 percent of the house price, you may be required to take out private mortgage insurance (PMI). However, once your mortgage principal decreases to 80 percent of the homes value, you can petition your lender to cancel the insurance. This may happen after youve repaid some of the principal, or if the homes value rises quickly. You may have to have the house reappraised, but the savings should make the expense worthwhile.

For more ways to save money on your mortgage, visit