Debt Solutions – Your 12 Ways Out from Debts (Part 3)

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Dec 132023
 


Being in debt is no fun, especially if you are struggling to make ends meet. Because debt is a complex issue but there may be more than one solution. This article will outlines 12 common methods use by most of debtors to get rid of their debts. Among these 12 debt solutions, there may be one or more options which you can use to solve your financial problem.


4 of the 12 methods: Self Repayment Plan, Debt Settlement, Debt Consolidation, Debt Consolidation Loan had been discussed in part 1 and part 2. This part will focus on another 2 common debt solutions: Credit Counseling and Cash out Refinance.


Credit Counseling


If you do not have self-discipline to work out a budget plan for yourself and a repayment plan with your creditors, then stick to it to get your debt payoff; or you debt balance has reached to an unbearable level, you should consider to get service from a professional service from credit counseling agency.


Through the credit counseling, the counselor will discuss your entire financial situation with you and will advise you on how to realistically manage your money and your debts, help you develop a workable budget, and usually offer free educational materials and workshops.


Normally the credit counseling agency doesn’t consolidate your debts. They will work out payment plans with lower interest rate and fees for your outstanding debts. What you need to do is to make one monthly payment to the counseling agency, which will pay all your creditors. Credit counseling programs usually does not hamper your credit rating and if you stick to the plan, it is possible for you to get rid of debt in 3 to 6 years.


Although many credit counseling organizations are nonprofit and work with you to solve your financial problems. Be caution on the hidden fees, some credit counseling organizations charge high fees which may be hidden that can cause more debt. Hence, before you sign up any of the debt management plan offer to you by the credit counseling agency, review their fee structure and ensure the debt management plan is in line with your financial condition. Try to avoid the service which requires you to pay for an up front fee.


Cash out Refinance


If you have equity such as a home, you could refinance it to cash out money for your loan repayment. Typically you are allowed to refinance up to 75%, (sometimes 80%), of the value of the property on conforming loans. For example, if your home is now valued at $150,000 and your loan balance is $70,000, you might be able to get a new $150,000 x 75% = 112,500 mortgage. That would allow you to repay the existing $70,000 balance and use the $42,500 for your financial needs.


Comparatively, refinancing loan has lower interest compare to other personal loan and it has various repayment period which you can choose the one that meet your repayment capability.


In Summary


Credit counseling agencies have wide expertise in handling debts and they have various options for debtors which one of it may suit your financial situation. Get the service from them will help you to have clear picture on the options available for you in handling your debt issue.


If you have built your equity from the past such as bought a home, and now you have financial crisis, this equity will play an important role to save you from the crisis and pull you out from debt.


See you on part 4 for more debt solutions.

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Debt Solutions – Your 12 Ways Out from Debts (Part 4)

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Dec 122023
 


Being in debt is no fun, especially if you are struggling to make ends meet. Because debt is a complex issue but there may be more than one solution. This article will outlines 12 common methods use by most of debtors to get rid of their debts. Among these 12 debt solutions, there may be one or more options which you can use to solve your financial problem.


6 debt solutions: Self Repayment Plan, Debt Settlement, Debt Consolidation, Debt Consolidation Loan, Credit Counseling and Cash out Refinance had been discussed in the past 3 parts (Part 1, 2 & 3), this part will talk about another 3 common debt solutions.


Retirement Benefits


If you have a 401(k), plan or certain types of pension plans, most employers allow you to borrow against your retirement account. Typical plans allow you to borrow up to half your vested balance, but not more than $50,000. You usually must pay the money back, with interest, over five years. If you don’t repay the loan, you will owe income tax and a 10% early withdrawal penalty. This type of loan offers low interest rates and is much easier to handle. Hence, you can borrow against this retirement account to settle the high interest rate loan.


There are a couple of big drawbacks which you should aware of. First, you are giving up the tax-free compounding of the money you withdraw. That could lead to a significantly smaller amount on retirement day. Also, if you leave your current employer for any reason, you will probably have to pay the loan back immediately or face taxes plus a penalty.



Credit Union


Credit unions generally have lower interest rates and fees on loans. These loans normally offer to member only. If you are not a member, check with your employer, or organizations of which you are a member and find out if you are eligible to join one.


Most loans are 1, 3 or 5 years in duration. From time to time individual credit unions will offer special loan rates so it is beneficial to check in with your local credit union regularly. The type of loans available depends on your credit union.


A credit union loan has some very special features:


    Loans are insured at no direct cost to the eligible member.
    Repayment protection insurance is available as an optional extra.
    No hidden fees or transaction charges.
    Repayments calculated on the reducing balance of the loan. This means smaller interest repayments as you repay your loan.
    Repayment terms to suit your particular circumstances.
    Flexibility -you can repay the loan earlier or make larger repayments than agreed with no penalty.
    Additional lump sum repayments accepted with no penalty


Insurance


You can borrow from the life insurance policy at a very low interest rate in order to solve your debt problems. The most advantageous thing is that, you do not have to repay this loan. Your life insurance benefits will be reduced by the amount you borrow in addition to any accrued interest.


In Summary


Borrow money from your retirement account or credit union are another 2 methods to use lower interest rates loan to pay for high interest rates debts. Whereas, borrowing the money against your insurance mean that you are lowering your protection sum to pay for your debts. Anyhow, these are another 3 methods of debt solutions for your choices.


See you on part 5 for more debt solutions.

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Debt Solutions – Your 12 Ways Out from Debts (Part 5)

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Dec 112023
 


Being in debt is no fun, especially if you are struggling to make ends meet. Because debt is a complex issue but there may be more than one solution. This article will outlines 12 common methods use by most of debtors to get rid of their debts. Among these 12 debt solutions, there may be one or more options which you can use to solve your financial problem.


In the last 4 parts, we have touched on the 9 debt solutions as below:


    Self Repayment Plan
    Debt Settlement
    Debt Consolidation
    Debt Consolidation Loan
    Credit Counseling
    Cash out Refinance
    Retirement Benefits
    Credit Union
    Insurance


If have miss it, please refer back to the same title with part 1,2,3,4. This is the last part where we will touch on the rest of 3 debt solutions which are:


    Home Equity loan
    Credit Card Balance Transfer
    Bankruptcy


Home Equity Loan


Home equity loan is a type of loan where you can borrow money against the value of your equity. The equity in your property can be calculated by deducting the outstanding mortgage on your home from the market value of your home, the remaining balance is the equity, which is what you would have left over in the event that you sold your property at market value and repaid your outstanding mortgage. A home equity loan enables you to unlock that equity and get the money you need without having to actually sell your home.


In most cases these loans offer attractive rates and low payment schemes. Hence, if you have equity and because of the low interest rate, you actually can pledge your equity to get a home equity loan to payoff your debt. Some lenders will let you borrow up to certain percentage of your equity, such as 80%, but there are lenders who will allow you to borrow up to 100% of your equity value.


Credit Card Balance Transfer


If you have a good credit rating, you actually can ask for a lower interest rate from your current credit card issuers. Contact your current credit card issuers and ask for their interest rate if you transfer your other credit card balances over to theirs. You may request for a fixed rate and request them to waive any processing or transfer fees. If you can’t negotiate low interest rate with your current credit card issuers, try to get a new card which could offer what you want. Then, transfer all you credit card balances to this new card. You do consolidate this way, be sure to set up an optimal payment plan so that you can be free of debts by paying off all your debt.


Bankruptcy


Bankruptcy should only be you very last resort solution when you really can’t find other solutions. Although declaring bankruptcy is the faster debt relief to wipe off all your debts from your bill statement, bankruptcy has many undesirable consequences that will follow you for many years; it will remain on your credit report for 7-10 years.


There are two common types of bankruptcy filling: Chapter 7 and Chapter 13. Most people who file for bankruptcy choose Chapter 7 instead of Chapter 13 because it’s fast, effective, easy to file, and doesn’t require payments over time.


Seeing the consequences of bankruptcy, a debtor should always try to avoid filling bankruptcy and source for other debt relief alternatives. But if this is your last ultimate option for debt relief, with a little work, you can improve your credit and recover yourself after bankruptcy.


In Summary


Let recap, there are 12 common ways of debt solutions to get out from debts, these debt solutions include:


    Self Repayment Plan
    Debt Settlement
    Debt Consolidation
    Debt Consolidation Loan
    Credit Counseling
    Cash out Refinance
    Retirement Benefits
    Credit Union
    Insurance
    Home Equity loan
    Credit Card Balance Transfer
    Bankruptcy


Each debt solution has the pros and cons, choose the solution that best meet your financial condition. The bottom line is if you are in debt issues, you should always find a way to get out of it. The worst debt solution like bankruptcy may hurt your credit rating but keep in mind that the credit consequences of not seeking help are far worse.

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Free Money in Stock Market: Conversion

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Dec 102023
 

In stock market, option is a contract between the buyer and seller of the stock. This contract contains the agreement about the right of the buyer and the obligation of the seller. The buyer right is that he/she has the right to buy the stock at the price that had been agreed by the seller. The seller obligation is that he/she has to sell the stock to the buyer at the price that had been agreed by the buyer. Option in stock market is just a contract between stock buyer and seller about the transaction stock price within a specified period of time. Option can be used to hedge portfolio or protect position just like how the insurance does to the property. Option can be used to protect your money that has been invested in the stock market. Besides stock protection, by utilizing option, we can carry out arbitrage strategy, which can earn profit no matter the stock price is going up, down or side way. Arbitrage strategy is a risk-free strategy and it can let you earn profit without incur any loss.



Conversion is one of the arbitrage types option trading strategy. This strategy involves buying stock, selling call option and buying put option. These three steps are carried out simultaneously. Call and put option strike price has to be the same and the amount of the money that has been received from selling call option must be enough to buy the put option. So, in this strategy, it seem like you just buy a stock only because the amount money that has received after selling call option is more than enough to buy the put option and usually, it has extra more remaining after selling call option and buying put option. The requirement for this strategy is that the difference between call option bid price and put option ask price has to be less than the difference between current stock ask price and the option strike price. The equation that represents the requirement is as follow:



call option bid price – put option ask price > current stock ask price – option strike price



There are three ways for us to place order for this strategy. We can use collar strategy, covered call strategy by triggering one put option and combo strategy by triggering one stock. All the orders must be placed using limit. After executing this option trading strategy, what we need to do is just left these positions until expiration date. You can close all these three positions one or two days before the expiration date of the option by buying and selling to close or exercising the options.



As an example, we sell CAT company 60 may call option at USD 4.90 and we buy 60 may put option at USD 3.10 and also buy the CAT company stock at USD 61.35. The difference between the call and put option price is 4.90 – 3.10 = 1.80. The difference between the stock price and the option strike price is 61.35 – 60 = 1.35. So, the difference between the call and put option price is more than the difference between the stock price and the option strike price. The net of both differences is our profit that is 1.80 – 1.35 = 0.45. If we buy one contract, our profit is 0.45 x 100 unit = USD 45. However, the commission of the transactions for this strategy is usually USD 90, depending to which broker firm service we are using. So, we need to buy at least three contracts in order that we can earn a profit.



So, how actually this strategy works? When we buy put option, we actually protect the stock that we have bought. The purpose of selling call option is to generate money to buy put option. Seem like after selling call option and buying put option, it has extra money in the account. But, actually, we still need an amount of deposit to execute this strategy. So, after executing this strategy, if the stock price drops, we have put option protecting our stock. If the stock price really has dropped on the expiration date, we can sell or exercise the put option to recover all the loss from buying stock. If the stock price has gone up on the expiration date, we just leave both call and put option expire worthless. However, because we sell call option at 60 strike price, the buyer of the 60 may call option will come to us and ask for a stock at USD 60, even though current stock price is higher than this price. Because we sell call option at 60 strike price, we have the obligation to sell the stock to this buyer at USD 60. If we do not own any stock, we have to buy stock from the market at higher price and then sell it to the 60 may option buyer. This will cause us lost money. However, don’t worry, because we own stock, so what we need to do is that we just sell the stock at USD 60 to the 60 call option buyer. Even though the current stock price is higher, we do not lose anything from this strategy. Moreover, we still earn a small amount of profit. Why this can happen is due to the discrepancy of the stock and option price. This is because stock and option price are affected by their own supply and demand. That means the stock may have more demand but its option may have less demand.

The advantage of this option and stock trading strategy is that it is totally risk free. No matter how the stock price changes, the profit is fixed. It won’t go away. The second advantage of this strategy is that it can be multiplied by buying more contracts. If we accidentally see a penny on the road side, that all we have if we pick it up and keep it. But in stock market, when we see this discrepancy, we can multiply this small amount by buying more unit of stock. However, there are actually got a lot of disadvantages in this strategy. The first disadvantage is that the profit is very little, usually 10 to 50 cent per unit option. The second disadvantage is that only high-price stocks have this opportunity. The third disadvantage is that the commission to execute this strategy is high, usually is USD 90 for the whole transaction. However, this disadvantage can be overcome by using the broker firm that charges less commission. The fourth disadvantage is that huge capital is needed to execute this strategy. This is because a few contracts of high-price stock have to be bought in this strategy.

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Rich Quick Scams … Don’t Fall For It!

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Dec 092023
 

Any network marketer is aware that scams do exist, but newbies who are alienated to the Internet searching for a legitimate way to make income online often, feel frustrated.

Ideally, if you are looking for a home-based business should not quit your present job but instead, keep your present job and build your home-based business during your spare time until it is able to surpass your present pay, then you can seriously consider to quit your job and work full time at the comfort of your home.

It’s easier said than done. Things do not seem to be rosy all the time. Many people are unemployed and there just isn’t any opportunities out there for them to create a substantial income to replace what they are making. Some people are in a financial situation where they need to take up not only two, but three or four jobs just to make ends meet.

So what happens when these ‘desperados’ cannot even live from hand to mouth? In a state of desperation and anxiety, they dive into the Internet, hoping to find their goldmine. Yes, there are many claims that people are earning tons of money on the net and how easy it is to do it. It is as simple as pushing a few buttons and is hassle-free. No computer knowledge! No experience required!

Are all these claims true, or fraud? If it sounds so good, why are there still reports on people losing hundreds or even thousands of dollars buying and joining these so-called ‘Get Rich Quick’ programs. The fact is, everyone who has access to the Internet has given ‘scammers’ the opportunities to make a fortune. They are the ones that are making money, NOT YOU!

These scammers, also known as ‘Bank Robbers’ are stealing identities of account holders and draining money from their accounts. Their target is not only your credit cards, but also your bank accounts. To protect yourself from this kind of identity fraud, make sure that you keep a close watch on your bank account. If you happen to spot any shortfall in your account, even if it is just a few dollars, report to the relevant department immediately. Another advice is to change your password frequently to these accounts so that it is harder for ‘scammers’ to access the information.

Many ‘Get Rich Quick’ scams often promise you that you can create GUARANTEED (their most enticing word) income online for only a minimal fee. Sometimes, I feel these ‘scammers’ are professional psychologists. They are able to read people’s mind. They understand that people who are in desperation will fall prey to these ‘once-in-a-lifetime’ deals to get their fast cash. That’s why these unscrupulous ‘money-suckers’ are getting richer by the day.

Remember, in order to make REAL money on the Internet, you have to pay a price. Prior to your hard-earned cash, you also need to put in your time and effort. If you’re unable to commit about 15-20 hours a week growing your online business, then my advice is, “DON’T DO IT!”

There are many articles and forums where you can post any question concerning ‘Get Rich Quick Scams’. Do some research and take advantage of these resources. With a little research and sheer determination, you can make a legitimate income on the Internet.

Written by:
Jeffrey Chia

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Empower Your Corporate Web Site with Bitrix Site Manager CMS

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Dec 082023
 

In a typical Web setup, simply adding a new page or category leads to manual, time-consuming re-linking of the entire site structure. Analyzing which channels bring the most visitors who ultimately become paying customers takes a great deal of time of a high-tech employee. When your company’s Web site grows to a certain size, or the number of visitors reaches levels that are too high to analyze with a free system that comes with your current Web setup, one almost inevitably starts thinking about automating things.



The solution is to use a content management system (also known as a CMS.) It’s practically the only way to go if you want to get full control over a complex Web site and its visitors. Setting up a modern CMS, such as Bitrix Site Manager, is an easy and intuitive process.



Choosing the right CMS, though, is a completely different matter. Modern programs have so many features that it gets hard not to drown in the huge multi-page listings that just name the features, let alone describe them. It’s easy to become lost in the technical jargon and pay more for features one might not even need right away.



Recognizing the complexity and responsibility that comes with such a decision, Bitrix makes the process of choosing the right CMS much easier by offering an easy upgrade path among all five editions of its renowned CMS system, the Bitrix Site Manager.



With Bitrix Site Manager, one can start small with the Start Edition. When the business outgrows basic needs, a seamless upgrade can empower the Web site with Standard, Professional, Small Business, or Enterprise editions, depending on the complexity of your Web site and your company’s need for e-commerce and interactive features such as customer surveys, blogs or forums.



Today’s content management systems are evolving rapidly, making use of modern technologies to further empower and simplify the process of managing a Web site’s content. When selecting a CMS, it’s very important to choose a vendor that updates their CMS on a regular basis. Bitrix developed the unique SiteUpdate Technology that greatly simplifies the process of downloading and installing new and updated modules. Updating is now a seamless and transparent process that does not interrupt the work of the company’s Web sites.



Recently, as an update to the Site Manager system, Bitrix released a new e-Learning module that enables users of certain editions to create online training courses that can also be used for testing and certifying specialists. Visitors to an e-Learning empowered Web site can take a course, verify their knowledge by passing self-tests, then take an exam and receive a certificate. For each user, the system maintains a grade book.



A comprehensive comparison between the different editions of Bitrix Site Manager is located at: http://www.bitrixsoft.com/editions/comparison.php



Bitrix, Inc. fully stands behind its products and offers a free, fully functional, time-limited trial download at: http://www.bitrixsoft.com/download/. Try Bitrix Site Manager, and you’ll have no need to look any further!

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How to convert your dvd videos into other video formats and enjoy life?

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Dec 072023
 

One of the things that the majority of folks find most challenging about dvd conversion is the high learning curve that they need to go through before they can convert their favourite dvd videos into the video formats they want. While it is true that you can’t simply copy and paste the contents of your dvd movies and expect to play from your desktop, it’s also untrue that you must go through extensive video softwares training to do it.

Video software developers have noticed that receive many complaints from their customer that their softwares are too hard to use and they don’t want to waste time learning how to use it. Some of the video converter softwares are really powerful but they sucks because it’s so hard to convert even a simple video file. Some video converter software developers have noticed this and started to modify their softwares so that it becomes very easy to use for their users.

What does this mean to you? Well, it means that you can forget about all the thick manuals and books that you need to flip through just to convert a video. If you know how to use a button and browse through folders and files, you can convert video files. Yes, it’s true. The very best and powerful dvd conversion software are built in such a way that all that you’re required to do is to push a button and go for a coffee or tea break. When you come back, it’s done! That’s the kind of dvd conversion software that you should be looking for. After all, time is invaluable and I’m sure you don’t want to go through the nightmare of taking hours and days trying to learn how to do dvd conversion.

Dvd conversion is very simple and it can be quite convenient. Let’s say you have a mobile device such as a portable playstation, psp. Now let’s say you spend some of your time waiting for the bus everyday. Have you ever thought of using that time to enjoy a short movie or two? You just bought a dvd movie last week and you haven’t got the time to watch it but everyday you spend at least 30 minutes to wait for the bus… Wouldn’t it be great if you can use your PSP to watch it? A movie is usually around 2 hours and by dividing it into 4 section, 30 minutes each, you can finish watching the movie in 4 days, while waiting for the bus….even while you’re on the bus!

As you can see, there are many reasons and benefits you can get from dvd conversion. If you want to watch it on your computer, the most popular video formats are avi and wmv. Just be sure to get a fast and stable video converter software. The process of dvd conversion should be fast and enjoyable.


You can learn more about ways to live your life to the fullest with video conversion by reading the dvd conversion article.

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James Fong is the author of many useful and informative articles on video conversion. You can get more information and learn more about video conversion and video converter softwares at yoisoft.com.


Copyright 2006 – YoiSoft.com. You are free to reproduce this article as long as no changes are made, the author’s name is retained and the link to our site URL remains active.

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Latest Nokia Phones for Small Business – Nokia E70 Review & Nokia E62 Review

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Dec 062023
 

Nokia’s Enterprise series phones cater mainly to the business professional, but anyone can appreciate the benefits of these phones. I love the Eseries phones because they seem much more practical than other phones. You’ll find useful features in these two latest Nokia phones that you won’t find in other phones. Best of all, the latest Nokia Eseries phones look quite sleek and attractive.


Nokia E62 Review


The slim E62 is an international roaming quad-band device which supports 850/900/1800/1900 bands. The screen features rich colors on a rather large screen (320 x 240), you’ll have no problems with image quality here. The phone itself is very light, weighing in at around 5 ounces – less than a 1/3 of a pound!



The latest Nokia E62 is perfect for e-mail with the handy QWERTY keyboard. Business users will also appreciate the dedicated e-mail key and flashing message alert light. Internal memory is a nice 90 MB, which leaves plenty of room for storing your messages and files.


Talk time is around 5 hours, with stand-by time a lengthy 14 days.


The Nokia E62 is packed with extra voice features that you’ll find very convenient. You’ll find hands-free voice dialing, voice commands for menu selections, push-to-talk, as well as a dedicated voice button for quick and simple voice recording.



Armed with the versatile Symbian S60 3rd Edition OS, the E62 can handle pretty much anything you throw at it. Pre-installed on the Nokia E62 is also a bevy of useful office software. You’ll find a word processor, a spreadsheet program, an innovative web browser, and more.



Available from Cingular Wireless the Nokia E62 is also very inexpensive when compared to similar devices. If you’re operating on a budget, then the E62 would be the perfect match for your business phone needs.
Nokia E70 Review



The Nokia E70 is a little heavier than the Nokia E62, but it incorporates a camera on the back (while the E62 has no camera) so the extra weight is called for.



The design is unique but very functional. Flip open the E70 to reveal a fully functional keyboard. The keyboard makes this phone ideal for business communications like e-mail and messenger. You can even send messages easily in the dark, a vivid white backlight will brighten up your keyboard.


The Nokia E70 features a wonderfully big rich display at 352 x 416 pixels. The phone operates on the slick S60 Symbian 3rd Edition OS. Included is the S60 Office Suite, as well as programs like Handy Expense and Zip Manager.



Since Eseries phones are mostly business oriented phones, most of them don’t have cameras. This is one of the only Eseries phones that actually has a camera. The camera is quality, 2 megapixels with 8x digital zoom. Record near-VHS quality video with the Nokia E70 in up to 3 different resolutions at 15 FPS (frames per second).



The latest Nokia E70 phone also features integrated Wi-Fi. Wi-Fi is perfect to stay in touch or on the Internet anywhere in the world, as long as you’re within range of a Wi-Fi network.


Setting up your mobile e-mail is quick and easy right out of the box. Nokia likes to make this easy for their business users to sync their existing contacts, calendar, and other data.



The Nokia E70 is one of Nokia’s most robust business phones and offers all the features you’ll ever need in a phone.

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