Jo Ann LeQuang asked:


Most people facing growing debt and limited resources have probably looked around for financial solutions and heard a little bit about debt consolidation. Debt consolidation is a great financial option to overcome overwhelming debt, but it is not right for everyone. But before you can figure out if it is right for you, you have to realize that some of what you may have thought about debt consolidation … is wrong.

Of all the financial plans available for people dealing with overwhelming debt, debt consolidation is probably the most valuable and the least understood. In fact, you may already believe some of these common myths about debt consolidation. Find out the truth!

Myth #1 Debt consolidation is the same or similar to debt management, debt settlement, and bankruptcy.

Truth Debt consolidation is nothing like those other programs. In truth, it is not so much a “program” (you can even do it on your own, if you know enough) but more of a strategic approach.

In debt consolidation, you lump all of your debts together and repackage them. Debt settlement and debt management typically involve dealing with a company or counselor and the object is to reduce the amount you owe. Bankruptcy is a legal proceeding that involves a date with a judge.

Myth #2 Debt consolidation reduces your debt.

Truth No, it doesn’t. If you owe a total of $80,000 on several credit cards and loans and you consolidate that debt, you still owe $80,000.

Debt consolidation does not re-negotiate, settle, write off, or reduce any of your debt. What possible advantage is re-organizing your debt like that?

If you have a lot of loans at high interest rates, repackaging those higher-interest debts into one larger loan at a lower rate reduces your interest and the amount you have to pay. This means you can either pay less a month or (even better) pay the same amount but get the debt paid off sooner.

Myth #3 Debt consolidation will hurt my credit score.

Truth Done properly, debt consolidation will not impact your credit score or credit report negatively. In fact, debt consolidation may even improve your credit score! That’s because you’ll be paying off a bunch of smaller loans and any time a loan is paid in full, that helps your credit score.

Myth #4 Debt consolidation requires getting help from an outside agency or a lawyer.

Truth While there are companies that specialize in debt consolidation programs, you do not have to use them to consolidate your debt.

Of course, if you want to consolidate your debt on your own, you have to know a bit about how to do it and what the options are. But it can definitely be a do-it-yourself project for people good with money (or who are willing to learn enough to get good with money).

Debt consolidation is also not necessarily visible to outsiders. Your bank, the credit bureau, and other parties may not even be aware that you have consolidated debt.

Myth #5 Debt consolidation is something for financial losers and lightweights, not for people who know how to manage money.

Truth This is the most far-out myth about debt consolidation. Debt consolidation is a principle that is used in business and by the super-wealthy all of the time. It is a way of organizing and structuring your debts in a way that is most advantageous to you.

Myth #6 Debt consolidation is just robbing Peter to pay Paul; you’re just getting more debt!

Truth Debt consolidation is indeed a way for you to pay off one debt by getting another debt. But not all debts are equal.

As an example, let’s say that you owe $10,000 and the loan is set up so that you have to pay 22% interest. For example, let’s suppose that I go to my credit union and work out a deal to borrow $10,000 at 12% interest. While both debts are still in the amount of $10,000, the debt at 12% interest is a better deal for me. I won’t have to pay as much per month or, if I make the biggest payments I can, I can pay it off sooner.

Myth #7 Debt consolidation requires you to be a homeowner.

Truth There is a grain of truth to this, in that owning a home definitely offers an advantage to anyone who wants to consolidate debt. (It doesn’t matter if your home is paid for or not, but you do need some home equity.) However, you can consolidate debt without owning a home, too.

Myth #8 Debt consolidation will make it harder for me to get future loans.

Truth In most cases, it is unlikely that anyone but a forensic accountant could figure out that you consolidated your debt (unless you go through a debt consolidation companythat might leave a paper trail).

If you borrow money in one loan and then take out another, more advantageous loan to pay off the first one, you’re more likely to leave a paper trail of somebody who pays off debt responsibly. It is more likely to make you a desirable creditor.

Myth #9 People who consolidate debt just wind up digging themselves in deeper in debt!

Truth It is absolutely possible to consolidate your debt and then keep spending and get yourself in a big mess. That’s why you need good information and a plan to pay off your existing debt, manage your finances now, and start planning for your financial future.

There is no reason that debt consolidation cannot work to get you out of debt for good, but you have to have a plan.

Myth #10 Debt consolidation will allow me to write off some of my debts and it will stop bill collectors from calling.

Truth Let’s take these one at a time.

Unlike bankruptcy, debt consolidation will not allow you to write off any of your debtnot a penny of it. Whatever you owed as a debt before debt consolidation is the amount you’ll owe after debt consolidation.

The advantage is just that you structure it in a more favorable loan. You do not get existing debts cancelled or decreased! Now it’s true you can work that out in other debt management solutions (debt settlement lets you reduce debt, bankruptcy will let you write some debt off) but they come at a very high price. Both of these approaches will have a negative impact on your credit score, will make it hard for you to get future loans, and stay on your record for quite a while. Bankruptcy, in particular, is an extreme solution that involves an actual court proceeding and a judge who has the authority to make certain decisions about your financial situation (including forcing you to sell some items to pay off debts).

Debt consolidation can only stop bill collectors indirectly. Here’s how: let’s say you have six debts and you’re getting calls all of the time. If you consolidate your six debts into one large debt consolidation loan at more favorable terms, you’ll pay off all of those debts. Bye-bye, bill collectors!

However, if you don’t pay off your new debt consolidaiton loan on time, the bill collectors will start calling again.



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Roxel Pudol asked:


Money talks, they say. Maybe! For most of the time it’s true knowing that we are living in a material world. People do anything that they can to save money, because obviously, you cannot have it in just a snap of the finger.

For most people, car insurance is the single largest Insurance expense after health insurance. It seems that its rates are high and are forever climbing. So if you want to save money, here are some tips to lower your car insurance.

It pays to shop and compare. Regulatory changes at the state level may have encouraged new companies to jump into the market, thereby increasing competition and reducing rates per consumers.

Another way to reduce the rates is to increase your deductibles. A 200-dollar deductible sounds wise until you learn that the cost for having a deductible at this threshold can drive your rates through the roof. Considering a deductible of $1000 to save on premiums, you can fix minor mishaps on your own.

Consider dropping collision if your automobile is worth less than two or three thousand dollars. if your car is totaled, you assure that you will get nothing from your insurer. But the savings you realize by dropping collision coverage can be used as a down payment for your nest car.

Most companies give discounts if your car has safety features like airbags and anti-theft immobilizers. Older cars, for the most part, do not have airbags, but if you have a model that has airbags, you will save money on your insurance.

If you drive your car for business, a portion of your insurance costs may be deductible. On the other way around, you rates may be increased if your insurer knows that you use car more for business than pleasure.

Another one is to combine policies. Purchase your homeowners, auto and life insurance policies from the same broker and you may save on your premiums. Sam insurance companies reward policy holder if they “one shop” purchase all of their insurance needs through one company.

Consider the car before you buy it. Maybe a less sporty model car would be ideal than a Porsche Boxster that could sharply raise your insurance rates.

Driver’s Education course is also a factor in determining you premium. Let your insurance company know that you are a safe driver.

If you had moving violations that were reported to you insurance company, make sure that your insurer adjusts your premium downward if several years have gone by since the occurrence. You could be paying a higher premium that you actually don’t deserve.

It is also a must to check you policy if the insurer has the wrong address, town or zip code on your policy, you could find yourself paying more than you should.

Reducing your car insurance costs should not be an impossible feat. These few tips can help you realize how much savings you can get the next time your policy comes up for review.



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Alien asked:


Teeth whitening is the most commonly requested cosmetic dentistry procedure. Teeth whitening falls into the cosmetic dentistry category because it is designed to enhance your appearance by reducing tooth discoloration and staining to elicit a brighter, whiter smile.

Many people are satisfied with the sparkle they get from brushing twice daily with a fluoride-containing toothpaste, cleaning between their teeth once a day and the regular cleanings at your dentist’s office. If you decide you would like to go beyond this to make your smile look brighter, you should investigate all of your options.

As white teeth are subconsciously associated with youth, they have become desirable. This has been made more apparent with the spread of American culture worldwide,[citation needed] where an especially white smile is coined a “Hollywood smile”. The procedure to bleach teeth uses oxidising agents such as hydrogen peroxide or carbamide peroxide to lighten the shade of the tooth. The oxidising agent penetrates the porosities in the rod-like crystal structure of enamel and oxidises interprismatic stain deposits; over a period of time, the dentine layer, lying underneath the enamel, is also bleached. Tooth bleaching will generally last from 5 to 7 years, with variations from factors such as cigarette smoking, and tea and coffee consumption.

But first, what causes tooth discoloration? Remember that aging, chemical damage and staining are factors that contribute to discoloration as are medications, tea, coffee, cola soft drinks and cigarette.

There are also other factors that affect the color of teeth like genetics and disease. Some people have naturally whiter teeth enamel and their children can acquire this gene trait. But if you suspect that there’s a physiological factor behind the color of your teeth, it is best to consult your physician too so you can better inform your dentist

Teeth whitening corrects the discoloration in your teeth by removing the staining on your teeth. And there are a number of methods or techniques that can be used to achieve this such as the following: mild acid whitening, chemical whitening, abrasive teeth whitening and the latest one: laser teeth whitening.

Teeth Whitening Strips — Teeth whitening strips are popping up in every drug store across the nation. These whitening strips sold over the counter are fairly inexpensive, easy to use and most of them really work. Teeth whitening strips may take take longer to produce the desired results depending on the strength of peroxide that they contain. Good Housekeeping recently did an interesting study about which whitening strips work the best.

Teeth bleaching is a chemical process that a dentist can use to lighten up the color of the teeth of his patient. The process can be administered right in the dentist’s clinic, at the patient’s home or a combination of clinic first-finish at home. Home teeth bleaching procedures are more common nowadays these afford patients the convenience of their own homes.

Dental Supervision Gel Treatment

One of the most popular methods of teeth whitening, dental supervision gel treatments gives you a little break in the cost department but you still get the guidance of a professional. You will get a tooth tray that is custom-made for you which helps to get every area of your teeth as white as possible.



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Abhishek Agarwal asked:


It would be wise for you if you form an LLC or limited liability company if you are interested in doing business. You may save some of your business money if you know how to make proper use of LLC tax savings which come in various forms.

LLC companies should “pass through taxation” laws. In other words, LLC company proprietor shoudl report their profits or share of losses in their company on individual tax returns. That is, the company cannot be taxed as an individual. Unlike C corporations, in which company profits or losses are considered in tax at corporate level, these LLC companies and its shareholders are also taxed upon their individual dividends. Therefore, if your LLC company is small, and has only a few shareholders, then you can save significantly by LLC tax savings whether you are an owner or a shareholder.

You would be taxed individually by the government as a sole proprietor if you are an individual owner of LLC. But if there are more than one owners, then IRS would tax you as per the partnership. However, even if an LLC is owned only by a few people and the company is really the owner then you can avail LLC tax savings because the government policies would not tax both at the corporate level and the personal level.

Moreover, the chances of audit by the IRS are also minimal if you form your company in this way along with LLC tax savings. Statistics obtained by studies depicts that non incorporated tax payers who files Schedule C due to their businesses often run between two to three percent chances of being audited by IRS. However, it has been observed that LLC’s run about 0.33% chances of being audited. It would not be wrong to say that you can avail various other benefits along with LLC tax savings, by forming your company in this way. Most of us always survive to avoid an audit in our company!

You should talk with your attorney and your tax advisor whenever you plan to convert your business into LLC company. You need an attorney to help you with LLC regulations as they differ by state and only an expertise of your state’s laws can deal with this easily. It would be better to confirm with your tax advisor what would be the exact implications as opposed to sole proprietorship ora partnership if you convert your business into an LLC. Once you have gone through all the facts, its time to decide about the right kind of entity for business.

It can be difficult to understand all of the tax implications you would have to incurr of owning a business. Remember that it is always beneficial to stay informed as the way your business would be set up or runs could have a big financial impact on your personal finances and your business too.



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Nocita Carter asked:


Save money by saving your change can add up to thousands of dollars for your nest egg! That’s right, by taking the change you have in your pockets, purse, vehicle or anywhere you keep change, can help you to start saving money. Think about it, you can start saving your change today and you are guaranteed if you continue to save your change every day, that you will save a significant amount of money over time.

You’ve been saying, that it’s hard for you to save, and you just don’t make enough money to be able to do this. Well, you can start slow by just taking that spare change you have laying around and putting it in a jar and just let it grow over time. It won’t take long before your change jar starts growing and you now have money saved.

Imagine when you count the amount of change you’ve saved, after six months of dropping your change in your jar, you are astounded at how much money you have collected in just a short period of time. You can do it, just start saving your change today! Don’t wait to save, it doesn’t matter that you’re starting out small by saving your change. It only matters that you just start saving!

These five tips should help you when you start saving your change:

1) Get yourself a jar to put your change in. Nothing fancy needed, the idea is get yourself a jar so you can start saving your change now!

2) Make it a goal to collect all your change and put it in a jar on a daily basis from either your purse, wallet, clothing, vehicle or any other place you may have your change.

3) Put your change jar in a special place in your home where it is not tempting for you or anyone else in your home to remove change from your savings jar.

4) Make it habit to keep all the change you receive when making purchases so you can place this change in your change jar.

5) Plan to count your change every six months and deposit your change into a special savings account at your bank. This will assist you in keeping track on how well you’re saving money by saving your change!

You may think this idea of saving money by saving your change may not work. I’m here to tell you that it will! Over the years I have used this method to save money and it has worked very well for me. In fact, I have several change jars around my home that I always use for my change. I have been able to save lots of money by doing this. It is easy and I have trained myself just to drop my change in my jars, which helps me to continuing saving money on an ongoing basis. So, if I can do it, I know you can.

So, save money by saving your change today, so you can help yourself to improve your finances today and for your future.



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Maurice asked:


Welcome to the First of Seven Property Tax Saving Strategies brought to you by Homes Seekers on behalf of Amer Siddiq.

We know it is rather long – 3 pages – however reading this may well save you money so we feel it is well worth the read.

Strategy 1 – Property Partnerships

A great way to boost your annual income and have an annual holiday courtesy of the taxman!

When I learned of the benefits of partnerships, you can bet your bottom dollar that I quickly changed my investments into joint ownership, just so I could really PAY LESS TAX!

‘Partnerships – Simple, but very tax effective!’

One of the simplest and yet most effective property tax strategies is to/www.homes-seekers.net“> buy a property with multiple owners in the form of a partnership.

The number of partners is irrelevant, but the two most important considerations are that

a) your partners must not be higher-rate taxpayers (by this I mean that they must not be taxed at 40%);

b) they MUST be trustworthy.

If you buy in a partnership, then you MUST make sure that the partners with whom you are purchasing are people that you implicitly trust, i.e., a spouse, your mother or father, etc.

This is not just for tax reasons but is just simply good BUSINESS PRACTICE.

As a golden rule, if you are a higher-rate taxpayer, i.e., YOU pay tax at 40%, then ALWAYS try to purchase with either a lower-rate taxpayer or, even better, with

someone who pays no tax at all.

‘How are partnerships split?’

All property owned jointly between husband and wife is treated as an equal 50:50 split as default by the Inland Revenue.

However, this is not the case for property owned between non-husband and wife. This is because the property ownership must be based on fact, e.g., Jo has funded 10% of the deposit, and Jack has funded 90% of the deposit.

In this case the property would be treated as a 90:10 split in Jack’s favour.

‘Do you have a non-income-generating partner?’

If your partner does not work, then the first £4,745 that your partner earns through property income will be exempt from tax! In addition, the next £2,020 will only be taxed

=========================================

The next Tax Strategy – in Seven days’ time!

=========================================

You may be thinking,

‘But what if I can’t purchase in a partnership as I have no trustworthy partner?’

OR

‘Both my partner and I are higher-rate taxpayers, so how can we get a tax saving?’

Well. if you are, then this is great as it means YOU ARE thinking about saving on property taxes!



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Apurva Shree asked:


Obtaining car loans may sound like an easy process, but by following some basic rules, you can be sure of a good deal.

Car loans come right after you have agreed on the car price. Selecting the right car loan can be a very cumbersome process, especially if you are unaware of the loan application and approval procedures. Lack of knowledge about car loans and improper planning can cost you a lot of money in the car buying process.

Below Are Four Tips To Help You Get The Right Car Loan.

Research Before You Buy

Do a thorough research on the cars, which can fit your budget and requirements. A good research will enable you to make a better financial decision.Saving on car loans is much easier if you have a set budget for the car. You can always get on to the internet and compare rates and schemes of different car dealers.

Refer To Your Credit Record

Many people generally go for new car loans referring to finance magazines or news. These references will do no good if they do not stress on the importance of knowledge of your own credit record. You can get a copy of your record by contacting your credit bureau. You must not apply for car title loans if you are not aware of your credit record. Remember that any issue in your credit record is directly proportional to the interest rate of your car loan. Credit record is a document that has the basic information about an individual like name, security number, residence address, payment history and debts etc. potential employers or lenders.

Talk Like A Car Junkie

Sales representatives can go a little over the top if you are not able to understand the industry basics. However, if you know what your dealer is talking about, then the decision making will be far more accurate and thus, will enable you avail the right car loan.

Negotiate With The Dealer

Once you have followed all the above tips, you are prepared to negotiate the best interest rate on car loans available in the market. But before you finalize your loan, it is better to compare car loans provided by other lending institutions. A good market study will give you a good deal.

So before you actually decide to get one of these car loans for yourself, do your groundwork carefully to get the best deal on new car loans.



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Jim Brown asked:


As people begin to make preparations for travel by automobile, they must take into account how much money they can save by renting automobiles instead of using a personal automobile. The automotive online savings with car rentals can be realized when the car is returned to the car rental company.

Car rental companies usually offer the latest models of automobiles for their clients to use for as long as they like. These automobiles are generally equipped with the latest safety features and have low miles on them. The automotive online saving with car rentals provides short term ownership responsibilities and the opportunity to enjoy the latest and greatest automobiles for sale in a geographical setting.

The newer models of rental car also provide better gas mileage which is one feature that travelers are very conscious about. The automotive online saving with car rentals will be realized every time the car is refueled on a long trip. A traveler will especially notice the difference in gas usage if they travel by rental car several times a year. A newer rental car can reduce travel costs by as much as a tank and a half on every trip that they take.

Other automotive online savings with car rentals will be realized during the check-out process. Many car rental companies participate in online coupon programs that are sponsored by the major credit card companies. Some savings can be achieved through car upgrades, or for specific rental periods that are focused to entice people to rent a rental car during a weekend.

With continued patronage with a specific car rental company, there are opportunities for further discounts. There are many car rental companies that give discounts for several memberships that the renter might have and these discounts can earn the renter automotive online savings with car rentals that provide up to 10% off the car rental total.

Travelers are able to judge the automotive online savings with car rentals by using the cost comparison charts that are included in many car rental company websites. Travelers can adjust their travel dates to find the best discounted rates available for the period of travel that they are planning to use, and they can also adjust the pick-up times and the return times to see if the price is reduced before using the various discount codes that they have at their disposal.

Many travelers can realize significant automotive online savings with car rentals if they are willing to reduce the size of the automobile they choose to rent. Many people become accustomed to a full-size automobile, but the difference in rental rates between a full-size automobile and one that is compact is quite significant. The gas mileage for a larger car will also be significantly more.



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Larry John asked:


You can’t drive a car without having it insured from a car insurance company, and car insurance protects your car from occurring inconvenience after accident.Finding car insurance on internet is not difficult but finding a cheap car insurance quote is! A little research on internet not only helps you to get best car insurance quote but also helps you to save a handsome amount on it, (read on you will get to know how to save on car insurance).

How you can save on Car Insurance?

1. Try to use less low profile cars

Try to use low profile car instead of sport cars and other high-performance vehicle because these cars are common targets for thieves and vandals. People who own expensive cars likely to drive recklessly and which ultimately cause them to pay higher premium than low-risk vehicle.

2. Drive Safely

If you maintain a clean driving record for a good period (usually 3 years) it may help you to eligible for a price break in your car insurance policy.

3. Drive Less

Drive only when required, try to limit your driving as much as possible which can help you to get low-mileage discount if insurance company offers.

4. Keep your car in a garage.

Always park you car in garage because there are less chances of thief and using a garage to store your car may entitle you to a slight premium reduction.

5. Insure Multiple Cars

You are also entitled for discount if you buy more than one type of insurance and discount may also apply on your car insurance if you insure multiple cars under the same policy.

For more information about Car Insurance visit http://www.carinsurancegroup.info



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Delray Credit Counseling asked:


Some credit tips for college students

 

How we handle our credit determines to a large extent how secure we feel in our lives. College students are no exception to this rule. A large part of our financial lives depends on how good our credit ratings are. However, if students follow the credit tips mentioned below, they are less likely to face any serious problems.

 

1.      Follow a budget

 

Living on a budget is perhaps one of the most important credit tips for college students. . When a month begins, note down all your monthly expenses in the order of what you will need to pay first. Once you have fixed your priorities, pay the items from your income accordingly. Make sure that you do not spend any money on anything outside these categories till you have paid all your expenses first. Budgeting in this way serves another purpose. It increases your understanding of your own financial condition and dissuades you from spending money on unnecessary items. In this way, it reduces the possibility of a credit problem in the future.

 

2.      Begin a credit history

 

In order to begin your credit history, open your savings and checking accounts. In the next step, try using a student credit card – but only to make those purchases that you’d make anyway and then make full payments on time every month with the funds from your checking account. Daily transactions will gradually play a key role in your credit worthiness.

 

3.      One credit card only

 

Using only one credit card is also one of the most important credit tips for students. In fact, more than one credit is not required at all if you use it to make only planned purchases and pay it off every month. Although the limits start off quite low, they go up as you buy things and pay your bills on time. It has been observed over the years that a college student using more than one credit card is more likely to face credit troubles.

 

4.      Be responsible

 

It is also imperative that you act responsibly and pay your credit card bills on time. Remember that any failure to pay your bills on time will damage your credit for several years. So pay earlier if possible, but never late. Try to remain within the limits of your credit card as well.

 

5.      Check credit reports regularly

 

Remember that unscrupulous elements of this world won’t spare you just because you are a student. So make it a point to check your credit report regularly for any irregularities. You are entitled to check your credit report for free every year.

 

So these credit tips should be followed by every student if credit problems are to be avoided in the future.



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