Financial Services

This personal bankruptcy story was posted on the internet in May of 2010 as a blog in a discussion on bankruptcy: “Due to loss of income (my husband is in construction and work has been very slow, even periods of no work), we have not made payments to credit cards, personal lines of credit, etc. Our total debt is $190,000. We have been issued a court summons from American Express, for $11,000 unpaid balance. Should we file bankruptcy?”

A good rule of thumb for determining if you are bankrupt is to ask yourself whether your current income is enough to pay your current living expenses, plus, is it enough to reduce all your current debts outstanding within a period of five years? If the answer is no, then you are probably bankrupt, and you need to consider looking into filing for bankruptcy protection. In the case of the this personal bankruptcy illustration, the debtor is already being sued by one of their creditors for payment of the debt. Depending on which state you are in, judgments against you can be harsh and punitive. The

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Prospective employees will always want everything to go in their favor while looking for a job.  They wouldn’t want any part and parcel of their past catching up with them or jeopardizing their employment prospects.

For some of these people their credit report is the only skeleton in their cupboards.  But unfortunately, for those who are job hunting it would be a bad time to have a poor credit and prospective employers would be looking at conducting credit checks on you.  It is especially the case if the job vacancy requires handling of money, sensitive material, and personal information.

Although it has been debated that using credit reports to take decisions while hiring employees is an unfair practice, it is still widely used by most employers, according to Chi Chi Wu, National Consumer Law Center, as it was stated in a testimony the previous year in front of the U.S. Equa

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Have you registered your business with Dun and Bradstreet?

Not sure whether your company needs to get a DUNS Number?

Well, there are four reasons why you should:

1. A DUNS number is the most widely used identifying number for companies in the U.S.
2. When applying for a DUNS number you can self-report information about your business. This gives you the opportunity to ensure that your company is viewed in the best light when potential creditors review your DNB file.
3. It’s the number used to create a business credit profile that’s separate from your personal credit file.
4. You can establish a business credit score (Paydex Score) which gives your company the ability to establish its own creditworthiness.

So what exactly are Dun and Bradstreet Numbers?

It’s known as the Data Universal Numbering System (DUNS), and it consist of a nine-digit number that is unique to each company. More than 50 global, industry, and trade associations recommend and/or require that businesses have one.

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Last month, I shared with you how to tackle airfare, which is the most expensive item in most itineraries. In my case, Vietnam and Thailand are really affordable—flights accounted for 80% of the final trip cost. With my visa, immunizations and plane tickets in tow, I could then figure out the rest. In fact, because my destination was so affordable and the US dollar went a long way, I had a new challenge: how to spend wisely so I got the most out of the trip.

Here’s some lessons on planning an itinerary so you’re satisfied at the end:

• Stick to what matters to you. Narrow down your general idea of the trip—from “outdoorsy,” “urban,” or “eco-friendly,” to specifics. In my case, I narrowed my goal from “cultural” to “see everyday life unfold.” That made me cross off luxury hotels and nightclubs, which are devoted to foreigners. Instead, I dove into the throng of locals at nighttime food festivals. Instead of spending time on souvenirs, I snapped pictures of motorbikes laden with ice delivering their melting goods to each shopkeeper throughout a day.

• Read up. Research and assign pr

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By simply applying for the federal subsidized system, you can get access to free money. Today single mothers can earn a college degree, either through a regular community college or distance-learning courses on the Internet. Most women can have a new degree and new career in just two years paid by federal grants for single mom. Take action today to see if you can be part of this financial assistance.

Would you like to learn how to earn a college degree for free? If you are a single mom who is looking for a change of lifestyle and income, it can be a very important message for you. The whole of our country, millions of people lost their jobs. Some of them have been reduced and do not earn enough to take good care of themselves or their families. Many people are interested in finding a way to improve their lifestyle.

One of those ways is to get a college degree. Single mothers who are facing financial difficulties now have the opportunity to win a free education grant. You can tap into this federal money and start improving your lifestyle today. Read more…

This personal bankruptcy story was posted on the internet in December of 2009 as a comment in a discussion on bankruptcy: “Back in August of 2007, we came across a foreclosed condo in awful condition purchased it for $90,000 renovations [of $12k] were on creditI got pregnant, and we looked forward to starting our family in a home of our own. However, my sons delivery cost us over $4k with insurance in January of 2009, at 8 weeks old, my son developed RSV with bronchiolitis and had to be hospitalized for three days. It cost us $4k the hospital  sent us to collections same for the physicians. In February 2009, my husband was laid off ..unemployment was only $275 per week, and we again had to put groceries and other necessities like pediatrician co-pays on credit. Then two things happenedour son had to go into daycare at $235 per week and every single one of our cards doubled or tripled their interest ratein August, I was laid off. Although we do not pay daycare as I am now home, we are running at a deficit of $1700 per month. We

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Close to 80% of the 400 richest Americans told Forbes that the biggest key to becoming wealthy is staying debt-free. This statistic was provided via a survey conducting by Forbes of the Forbes 400. Despite the beliefs and teachings of some “experts” in the financial industry, unsecured debt is not a tool designed to build wealth. Debt is actually a hindrance to your wealth building goals. You probably have seen many debt consolidation commercials lately. These programs can be as dangerous as carrying debt because they can ruin your credit rating. When you settle a debt for less than what is owed to a credit card company or a personal loan company your credit report will show the debt as negotiated instead of being paid in full.

There are a variety of other options to consider. One of the first things you should do is create a written, structured budget and stick to it. You should also list out the minimum payments on each debt and make sure those can be paid based on your current income. Then you can send in any extra money to the smallest debt. Read more…

If you have fallen into a financial rut, digging yourself out can be challenging. Ideally, you should improve your credit score by paying off outstanding debts and establishing new credit accounts. Sounds easy, right? Wrong. The reality is, you may have difficulty getting approved for new credit with a low score. In a shaky economic climate, lenders are becoming more selective about who they work with, especially when it comes to mortgages. Many lenders require a 20 percent down-payment in order to guarantee a mortgage. However, take a second look before assuming home ownership isnt for you. Whether you are simply looking to improve your credit score or rebuild credit altogether, investing in real estate may be a suitable option. Below are a few avenues of financing (depending on your current credit score):

FHA Loans

Secure loans are a safer way to improve credit and establish a solid track record in real estate debt. If you have decent credit, a Federal Housing Administration (FHA) loan could be the best option. Read more…

Last weekend, I went to my local mattress store to look for a new bed. And after a little negotiation, I ended up with a middle-of-the-road model for a pretty good price. At check out, the sales rep offered me a $100 extended warranty on my new bed for “added peace of mind.” I was paying with my credit card—so was peace of mind already covered? Did I really need an extended warranty? You’ve probably found yourself in the same situation. Before your next big purchase, here are a few things to consider:

1. Your card provisions. Most major credit card providers offer an extended warranty on purchases, so it’s a good idea to know what your provider covers. If your card has you covered, there’s no need to shell out cash for the same, or similar, protection.

2. Product quality. Most new furniture and electronics are in good condition, and work as they are supposed to. If you’ve done your research and you feel pretty confident that the product you’re buying is good, dropping $100 or more on an extended warranty might be overkill.

3. The store retur

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This personal bankruptcy story was posted on the internet in November of 2010 as a comment in a discussion on bankruptcy: “I am considering filing bk [bankruptcy]. Can I keep my home? I [have] been laid off from work and have $25,000 in debt raising my two grandchildren. I dont want to, but I see I have no choice, no money, just enough to pay my mortgage.”

Filing for bankruptcy is a legal proceeding that is designed to protect both creditor and debtor and to allow the honest person or business to work their way out of a bad financial situation, or in some cases, to completely start fresh. In the case of the grandparent in this personal bankruptcy illustration, he or she wants to know if they can keep their home if they file for bankruptcy. The answer depends on what state they live, how much they owe on the house if any, and what type of bankruptcy they planned to file.

There are two types of bankruptcies most individuals can file- a Chapter 7 or a Chapter 13. A C

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