Sunday, September 30, 2012

Advice For a Person Looking to Avoid Bankruptcy in Their Lives

As we get older and older, the need for financial security becomes increasingly important. The money we make while we are young, the less we will have to work as we transition into old age. Try to follow these money saving tips and tricks to avoid any possibility of bankruptcy.

Try to avoid taking out high interest loans while you are young. The more interest you rack up in your younger years, the more interest you will have to pay back later on. The same goes for credit card debt. If possible, pay for everything in cash and avoid putting things on credit. Credit card companies make all of their money from people who try to make impulse buys, so make sure you only buy things that you actually need.

Avoiding things you buy on impulse is an extremely concept when trying to be thrifty. You may think you need that four hundred dollar accordion, but most of the time, when people buy expensive instruments like that they usually sit in the corner collecting dust. A good rule to abide by is the thirty day rule. Wait thirty days before buying any luxury items to see if you really want them. That way, you can deduce whether or not you actually really want an item. You will also have time doing research so you will be able to get the best price available on it.

Try not to buy so many new items. There are plenty of discount clothes store that you can get pretty nice items at. There are also lots of second hand book stores, movie stores, and music stores. If possible, never buy things like books, DVDs, or CDs at retail price, because most of the time you are just getting ripped off. The best place to buy these products is online.

If you are able, try to get a job while you are studying in college. That way, you can reduce the amount of student loans you take out. Getting twenty thousand dollars now may seem like a great proposition, but paying back thirty thousand ten years down the line will be rather frustrating.

The best way to save money is to prepare meals for yourself instead of actually going out to eat. Lots of people do not realize that eating out is one of biggest reasons why they don't have any money saved in the bank. Restaurants need to charge high prices to make a profit. So instead of letting other people profit off your eating habits, learn to cook for yourself instead.

Avoid buying a house unless you can absolutely afford it. When the economy is poor, people who bought homes when they were at their most expensive usually regret it. Unless you have a lot of money saved in the bank, try to live as cheaply as you can when it comes to rent.

There are many ways that you can save money, and you should try as hard as you can to utilize all of them. Every dollar counts when thinking about your future. Follow these tips and you will avoid bankruptcy completely in your life.

Friday, September 28, 2012

The Benefits And Potential Pitfalls Of A Car Lease Takeover

In any kind of transaction, there are advantages and disadvantages, benefits and detriments. However, despite the negative points, a good transaction is a good transaction. This is how a car lease takeover works. Looking at it carefully, it has a number of good points and potential problem areasbut, if done properly, it can be a very sweet deal. Nonetheless, in order to understand the process of a car lease takeover, it is best to see the whole picture. So what are the benefits of putting a car on a lease transfer, and what can be the potential problems?


A lease takeover mainly gives a person more than one options for car financing. For instance, if one sells his car under a lease takeover program, he can avoid having to pay a penalty for lease cancellation. Canceling a lease can be a very big burden on a car owner, especially with the exorbitant cancellation fees. Lease takeovers are the most practical way to get rid of a lease, whether because the owner is having difficulties paying for the car or because he decided to buy a new car, hence the need to make someone pay for the lease. The transaction becomes flexible and negotiable, with the payments and the transfer done according to the terms of the buyer and the seller. With this, the seller can minimize his monetary expenses, follow the latest trends when it comes to cars, and ultimately control his finances. The best part here is the seller is not violation any contracts; lease takeovers are legal, relieving the seller of any legal responsibility.

Minor setbacks

There are a few minor considerations for anyone who would want to get rid of a loan. For one, most leasing companies consider the seller's credit rating. In short, they will assess the seller's paying capability; if the credit rating is low, the lease takeover would not be approved. This shouldn't be a problem for any with a decent credit rating; after all, how were they able to buy a car on loan with a bad credit rating in the first place? The condition of the car is also a prime consideration when getting rid of car leases or selling a car on a lease takeover procedure. Leasing companies would have to see if the car would still appeal to the market. If not, then it will not be part of a leasing transfer program.

Overall evaluation

Nonetheless, it is obvious that a car lease takeover procedure is the best way to get rid of a lease. These setbacks should not worry anyoneor at least those with a decent credit rating. If the seller and the car are still eligible, there are no reasons why one shouldn't transfer his lease to someone. It offers the flexibility no other method or option can provide. It also gives one the freedom to choose and not be trapped in unfavorable choices. A car lease takeover may have a few limitations, but these asides it is the most practical way to achieve financial freedom.

Sunday, September 23, 2012

Wholesale and lease option as exit strategies

When it comes to making a profit from real estate, there are a number of different deals you can pursue. Of course, each of these deals comes with its own advantages and disadvantages. But, if you follow some simple rules, no matter what kind of deal you pursue, chances are you can make a substantial profit.

In a wholesale situation, you create a contract and then assign the contract to another real estate investor who has the cash. With a wholesale deal, you often fund it with a private lender. For the most part, my company does not do many wholesale deals since we have the money to rehabilitate a property. Of course, even with a wholesale deal, you are still going to borrow money for the down payment and the holding cost. The goal is to make at least ,000 on wholesale deals.

With a lease option, you're looking for a down payment from your buyer along with a monthly payment. In essence, you are establishing a 12-month lease-to-own. The potential buyer pays rent monthly for 12 months and he or she has the option to purchase the home at any time during the 12-month agreement.

At the end of the 12 months, if the buyer has not been able to get his or her credit repaired so that financing can be secured, you can decide whether you want to extend the lease option for an additional time period. When you establish lease agreements for a second year term, you would raise the price of the property and the monthly payment in order to safeguard your investment. Of course, your goal is for the individual leasing the house to buy it. You don't want to become a perennial landlord, since you're in the business of buying and selling houses.

At the beginning of the process, the company decides if it wants to focus on land contracts or cash sales. Of course, the methods of advertising used will differ between the two strategies. Also, with a cash sale, you will need to set a time limit for how long you're willing to wait for the buyer to close the deal.

No matter what kind of real estate deal you pursue, you will need to pay close attention to the details. If you don't, you could end up earning less money on a property than you would otherwise.

Thursday, September 20, 2012

How Does Floor Plan Financing Work For Car Dealerships

Floor plan financing is a key element of the auto industry in both Canada and the United States . Exactly what is floor plan financing and how does it work?

This type of financing is in effect a short term inventory financing for both new and used car dealerships . Traditionally the floor plan industry was geared towards what we know as franchise dealers, i.e those dealers representing product for the likes of GM, CHRYSLER, FORD, etc .

The financing allows the dealers to carry sufficient inventory to satisfy customer needs and demands re model types, accessories, options, etc . It is an extremely large market in what is of course a multi billion dollar industry .

When floor planning financing works properly it is effective, has a reasonable cost attached to the financing, and is totally transparent to the consumer . As consumers when we drive past auto dealerships, either new or used, we don't care how the inventory got there, we just know its there for us to examine and purchase .

Floor plan financing is executed on both a small and large basis . It is not unusual for finance firms to use more esoteric finance vehicles such as asset backed commercial paper, Special Investment Vehicles ( commonly called SIV's ) etc. to finance the billions of dollars of inventory that the industry needs to move product through .

Naturally, whether we are talking about the largest GM dealer in town, or a small used car dealership with multi lines of vehicles there has to be a finance program that can grow and backstop that inventory .

In the Canadian marketplace as an example, with which this writer is more familiar , the independent dealers have as much need as franchise dealers for this valuable type of financing .

We have all read recently that many of the tier one floor plan firms such as GMAC and CHRYSLER CREDIT have withdrawn substantially from the market . This has allowed a number of private firms to enter the market and capitalize on the withdrawal of the ' big boys ' . Additionally, as the banks perceived the auto market as significantly more risky in the current 2008-2010 economic turmoil they also have scaled bank in their previous focus on floor plan financing for car dealerships .

Finance firms that execute well on floor plan financing initiatives are those that of course properly funded ; they also know how to collateralize the inventory through proper legal documentation and registration. The average term for a car being on the auto lot tends to be within 30-90 days . The floor plan financier registers liens on the vehicle, and when the vehicle is sold that lien is removed . The finance firm of course profits from the ability to charge the dealership interest over that 30-90 day period . Naturally this process repeats itself continuously . Lenders must have reasonable confidence in the financial viability of the dealer, more experienced and financially solvent dealers can naturally command larger floor planning facilities . Dealers also are subject to rigorous audits of the inventory . The lender wants to know the car is still there and hasn't been sold and not paid for of course! Therefore VIN ( vehicle identification numbers ) are checked regularly by finance company personnel , insurance is validated, and random inspections are common

Overall the auto floor plan facility is a key aspect of the automotive market , and is a significant benefit to both new an car dealers alike .

Wednesday, September 12, 2012

Payday Loans: The fastest way to get emergency money

The cost of living is more today than it was last year, or even last month. It is on rise and it tends to rise faster than salaries. Many people can manage to get by with a combination of careful thrift and a little luck. But no one saves for an emergency (it's hard enough to save for retirement) so when disaster suddenly strikes, and money is needed to solve a problem quickly, payday loans are a useful financial tool.

Emergencies strike anywhere, at any time, and could be anything from a plumbing disaster, to a new wardrobe needed for a job interview, to a visit to the dentist for emergency surgery. Whatever the situation, cash may not be readily available and payday loans are one of the fastest, easiest solutions!

Payday loans are simple, short-term loans that are borrowed (sometimes instantly) and paid back on your next payday. As a financial tool, they are a useful way to bridge a financial emergency when the cash you have is not enough to cover the situation. The money goes into your account straight away, the emergency is dealt with, and the payday loan is paid back on your next pay day. Simple and convenient the emergency is behind you. And all you need to qualify for payday loans is a job. Payday loans are so convenient that some consumers prefer the simplicity of payday loans to the high fees of credit cards!

Consider this example of a typical situation where Payday loans helped out in a financial emergency:

Paul loaded the tradeshow boxes into his dented, rusty car and headed out. As a new employee, fresh out of school, Paul had offered to take on the company's tradeshow responsibilities himself so he could impress the manager. Unfortunately, Paul's car didn't share his aspirations and not far down the road, the car coughed and died. Then the diagnosis came back: A part was needed. It was small; it was in-stock; it was a quick repair; but it was expensive. Paul could have turned around and driven back to the office, but that would have been failure! Instead, Paul called a payday loans office and the money was quickly deposited into his bank account. He paid for the repair and was back on the road and at the tradeshow in time for the opening. Crisis averted and Problem solved!

Emergency situations aren't the only place where payday loans are useful. Payday loans are also useful just to cover bills until payday bridge financing as it is sometimes called by financiers. These loans are a great source of cash for those occasional extravagant nights out on the town, or even a last minute weekend away!

No one saves for emergencies. Thank goodness that there are payday loans to help cover those unexpected situations when the money in the bank just is not quite enough.

For more information about Payday Loans please visit:

Friday, September 7, 2012

The Benefits Of Going To Cosmetology School

The secret to eternal beauty has been a dream that has eluded the human species since the dawn of time. While it may be source of constant torment for most, it can be incredibly lucrative for someone who happens to be in the business of cosmetology.

The fact of the matter is people will always want to look their best. In fact, the field of cosmetology is one of the few professions that haven't taken a significant turn for the worse during these struggling economy times.

If you're truly interested in this career, but don't want to pay for a full 4 years of education, there are quite a few program-focused beauty schools in the United States that will help you to reach your goals quickly and efficiently.

For those planning on following this career, there are many benefits that can come from attending a cosmetology school. Obviously, choosing one of these specialty schools over a 4-year degree will save you thousands of dollars in student loans. As an added bonus, most accredited cosmetology schools even offer financial aid, including grant, scholarships and even student loans. There are also a few non-accredited cosmetology schools that offer similar grants and scholarships as well.

For students with an eagerness to learn, these school offer an incredibly hands-on approach to learning, allowing you to acquire the real-world experience you'll need before heading out on your own.

If you're young and love to stay on top of the trends, these schools will offer an incredibly rewarding experience, allowing you to delve into today's hottest fashions, and helping you learn how to pull off the looks that define today's culture. Plus, the boredom factor is relatively low. In fact, this industry will quickly teach you that every day is a new learning experience, which is a lesson which will carry over quite extensively into your entire career.

Remember, you don't have to be young to start your career in the world of cosmetology, as these courses naturally attract beauty-lovers of all ages. There are specialty schools and courses all over the country that will help you learn the trade, so feel free to take the time to seek out the program that's right for you.

Thursday, September 6, 2012

The Definitive Guide To The Fair Credit Reporting Act

For better or worse, your credit is extremely important in 21st century America, and it can be a tricky thing to negotiate. Because it is largely policed by faceless bureaucratic organizations called consumer reporting agencies, it can be hard to get a handle on the state of your own credit report. Fortunately, the Fair Credit Reporting Act is a law that protects consumers from getting swept up in the credit system and provides base-level rights to credit consumers like you throughout the country.

A Short History

The foundation of consumer credit rights in America, the Fair Credit Reporting Act was originally passed in 1970 and has been amended several times throughout the last three decades. The act is enforced primarily by the Federal Trade Commission (FTC). Prior to this act, consumers did not have the right to know what information was on their credit reports, which meant that people had no way to determine whether or not credit information was accurate and no clear system for disputing inaccurate listings. Fortunately, the FCRA has helped clean up some of the practices of the credit reporting system and helped make it much simpler to ensure that your credit history is accurate and up-to-date.

The Act

Under the Fair Credit Reporting Act (FCRA), consumer reporting agencies have a number of responsibilities to consumers. First, they must provide a consumer access to his or her credit information and they must take steps to verify information that has been disputed by a consumer. In addition, a 2003 amendment to FCRA gives consumers the right to one free credit report a year. FCRA also limits the amount of time under which a consumer reporting agency can retain negative credit information. Things like late payments and tax liens may typically only stay on a consumer's credit report for seven years.

The FCRA also establishes a class of information tech companies as "nationwide specialty consumer reporting agencies," on which it then places regulation. FCRA classifies these agencies as any company that keeps records relating to medical records and payments, residential history, personal check history, employment, or insurance claims. Thanks to this bill, these agencies are required to provide yearly disclosures of their files to any consumers who request it.

FCRA establishes a class of agencies known as "information furnishers," which are usually creditors including credit card companies, auto finance companies, and mortgage banking institutions. FCRA compels these lenders to provide complete and accurate information to credit reporting agencies. They are also saddled with the added responsibility of investigating disputed information from consumers, including cases of errors and fraud. They are obligated to correct a credit report within 30 days of a dispute. Finally, they must inform you of any negative listings which are about to be placed on your credit report within 30 days.

Under FCRA, potential users of credit information, whether for credit, insurance, or employment purposes, have several responsibilities. They are obligated to notify you when negative information causes an adverse action to be taken. Further, they must identify the company that provided the report, so that the report's accuracy may be verified by the customer. Willful noncompliance of the Federal Credit Reporting Act on the part of any of these agencies may result in your ability to seek punitive damages, where appropriate.

The Fair Credit Reporting Act can seem complicated, however its bottom line is quite simple. It provides consumers with a right to easy and full disclosure of their credit history and forces credit companies to take reasonable steps to ensure the accuracy of their records. In spite of this, FCRA only provides you with the tools to protect your credit. It's still up to you to take advantage of the opportunities that FCRA provides you in order to ensure that your credit information is as accurate as possible.