Debt Problems? Is Debt Management the only solution?

By Phillip Evans

25 per cent of the UK adult population are saying their financially out of control with a major number, around one million three hundred thousand people, admitting their finances are entirely unmanageable, a report by the insurer AXA says.

The report suggests that over 3.7 million people are reported to be struggling to cope with mounting credit card bills and just over a million people have borrowed too much money and are now struggling to keep up their repayments.

County Court Judgements CCJ's issued to the personal consumer has increased to their highest level since the beginning of 2007 and half a million home owners with mortgages where threatened with repossession or court action.

The public interest Company that manages the register of judgements on behalf of the Lord Chancellor has reported that within England and Wales County Court Judgements rose by 17.4 per cent year on year to 223,519, its highest level since the beginning of 2007 and from the second quarter of 2008 this is a 25 per cent increase.

Individual insolvencies in England and Wales increased to 27,087 in the third quarter of 2008, up 8.8 per cent from 24,893 in the previous quarter.

17,341 people went bankrupt, which has shot up 12.1 per cent from 15,463 in the second quarter of the year, and 9,746 individual voluntary arrangements (IVAs), which is up 3.3 per cent from the three months before.

The sharp rise in corporate and individual insolvencies merely reflects the treacherous economic conditions people and businesses continue to face through this deteriorating recessionary backdrop; making an even sharper rise in both business and personal insolvencies look inevitable in the coming quarters of 2009.

It was hoped that the planned Simplified Individual Voluntary Arrangement (SIVA) that had been planned to be implemented early next year would offer some way out, however this has been abandoned by the Insolvency Service.

A simplified version of the IVA, for consumers with debts up to 75,000 and that would only require approval by a simple majority of creditors rather than the 75 per cent majority under normal IVAs, was due to be introduced in April 2009.

UK Home Owners unable to consolidate their debts using equity and are not wishing to go bankrupt have for the time being limited options between an IVA and a Debt Management Program.

About the Author:

The Finance Expert, Enable Finance Ltd provide a FREE impartial and confidential debt management help to ensure our customers don't drown in debt. For our Corporate clients Enable Finance has a dedicated corporate recovery unit if your business is facing debt problems.

Make Good Use of a Retirement Planning Calculator

By Michael Geoffrey

Retirement should be free of schedules, pressures and other worries, but individuals looking for a great retirement should start planning very early. A good retirement planning calculator can be very helpful in making the proper plans for a successful, enjoyable retirement. A retirement planning calculator can help people decide how much money they should save, invest or spend in order to have a successful retirement.

It is important to begin planning for your retirement early in your career. A Retirement planning calculator can be utilized and if followed can really help one prepare for the future. No one wants to be forced to stay in the workforce and put off their retirement because of poor planning. A retirement planning calculator can help.

Where can you find this useful tool? You can find them online possibly on your bank's website or other financial institutions. You can also visit your bank or as the human resources representative at your place of employment to see if they can provide one for you.

Of course the retirement planning calculator will only be useful if the information entered is accurate. Also, once the information is entered the direction given by the retirement planning calculator must be followed in order to maximize your savings for retirement. So once you locate your retirement planning calculator you must give some serious thought to how you will use it.

A Retirement Planning Calculator Provides Figures For The Future

So many things change when you retire. Your job will no longer dictate certain aspects of your life. If you chose your current home because of a job opportunity retirement will afford you the opportunity to relocate to a preferred area. These new choices and changes will create new financial decisions and circumstances.

Some of these decisions could make a substantial difference in the funds available for retirement living. While working and raising a family, people have to consider schools for their children, and they usually have to pay taxes for good schools. After raising their family, they no longer need a community with great schools so they might avoid high property taxes.

A retirement planning calculator will help you factor in the cost of health insurance during your retirement. If you are in a financial position to take an early retirement but you have not yet reached the age where you are eligible for Medicare you will need to consider how you will pay for the health insurance you need during the interim.

About the Author:

Is credit counseling the best way for you to get out of debt? Possibly, but there's no one best way for everyone. Visit the Debt Smackdown website at http://www.debtsmackdown.com for more helpful information about getting rid of your debt for good..

Reverse Mortgage Margins on LOC Going Up This Week

By Spikoliolio Vanrock

When seniors decide to go with a reverse mortgage, the majority pick the credit-line option. There are several motives for this, but we'll tackle that another time.

The point here is to inform you that, industry wide, the margins reverse mortgage companies charge will go up this week by, at the very minimum, 1/2 percent.

Perhaps you aren't clear on what a margin is? Well, allow me to inform. The banks and their investors charge a percentage inside the interest rate as their profit. This is margin.

For example, most borrowers, in the reverse mortgage arena, were moving forward with the constant maturity treasury based line of credit. The constant maturity treasury is simply an index or basis for the loan.

A couple of days ago the lender's marginal charge (banks profit) was 1.75%. The constant maturity treasury index rested at a .40%, the total of these is 2.15%. This would be the real rate of interest on the loan.

We received word yesterday that Fannie Mae, the body securitizing these loans on the secondary market, has indicated this margin is going up a minimum of 1/2%.

The effects on borrowers will be fairly limited. We've had the good fortune of rates being so low they are below the FHA floor rate which determines how much money a borrower may cash out.

How much a senior is loaned and interest go hand in hand. A loan will be higher if the interest is lower. It goes the other way as well until the ground FHA rate is reached. Then any interest rate less than that rate will not make the loan higher.

Fortunately, we are well below that rate, and for most borrowers the increase in margin won't put them up above the floor. What that means is the borrowed amount they were quoted last week will still be good this week.

What the margin increase will do is eat into equity a little faster. This is one of the downsides to the reverse mortgage. The up side is the borrower doesn't have to make payments.

Interest is eating away equity, and that is the negative aspect. Due to the marginal increase, it will deduct from it a little more rapidly than before.

About the Author:

Surf on to the California spot going over five monster mistakes regarding the reverse mortgage. An additional site covering twenty top queries regarding a California reverse mortgage is right here

Decline in Home Building and Construction Loans

By Rick Gomez

Has home building declined in recent years? The answer to that question is yes. In fact, is has reached its lowest rate in 17 years. [I:0:T]

But what if there was no financial crisis? What if you can borrow money from the bank? What if you have the cash on hand? If there were no problems, then yes why not build your dream home. To help you along, this is what you have to do.

First, get in touch with the local builders that have constructed houses similar to the size, quality and features that you want. By talking to them, you get a straight answer as to how much it is going to cost for the entire project plus what materials they will use.

Since its been months or even a few years that these homes were built, you have to expect that it is going to cost more now to construct something similar. The rooms which will be the most expensive to make will be the bathroom and kitchen. The number of windows and their size is another factor as well as the vaulted ceilings and high roof pitches.

You will also have to include inflation because building a home increase from 3% to 6% annually. With this information, only look at homes that were built within the last 6 months.

Dont forget to put a 10% additional allowance to your budget when you make your estimate because plans change and in most cases, you and you contract will encounter unforeseen circumstances. Naturally you have to deal with the situation otherwise there will be delays when everything will be finished.

For those who are renting, continue paying for it because it is cheaper to own until perhaps you have save enough to consider building your own home. In most places, annual rent is still less than 3% of the purchase price and mortgage rates are 6.5% which makes it cost more than double to try and borrow money to build a home.

Another thing that could reduce cost is the shape of the home. Houses that are shaped like a rectangle, square or dome shaped are more affordable to build since there are not that many angles or corners which increases the amount of labor and the materials that will be needed.

Since your house is new, it is more energy efficient compared to older homes thanks to new technology and you are compliant with new environmental regulations.

If you had this property for a long time, then chances are the neighborhood around you is already well developed. You dont have to haul a lot of dirt, do grading, clear trees or blast through large rocks if your property happens to be somewhat secluded.

No one in his right mind will construct a house when there is a decline in home building due to the financial crisis. You just have to keep these tips in mind when the economy does improve so you will already have an idea how much money you need to build it.

You will also get tax cuts which will never happen if you are renting. You will be happy about this when it is time once again to pay your income tax for both federal and state since these are usually fully deductible.

What makes matter worse is that banks who happily loaned money to homeowners sold this to companies like Fannie Mae or to buyers of mortgage backed bonds. As a result, the value of most homes is now falling so you will have a hard time making a profit if you decide to sell your home.

About the Author:

If your looking for a construction loan to build your dream home and want new ideas on home Building, or just Building a new home download a free construction loan e-book on our website.

Credit Card Debt

By Eric Jilson

Growing credit card debt is a very real problem in the United States today. For the average person this debt grows larger and larger every single day. This situation creates problems not only in the credit card world, but in other areas as well.

US credit debt effects not only the consumer in their pocket book, but also in mortgages, bankruptcies, home and business foreclosures, automobile and student loans. As credit card debt in the United States continues to soar out of control, more and more people are seeking the services of credit counseling agencies and consolidation loans, to fend off the high interest fees and drowning in credit card debt.

More Americans than ever are taking drastic steps to get back on their feet financially. If you do not think the debt is that bad, you need to reexamine the information and statistics. The average person carries a monthly balance of around $1000.00. Of this amount, by making only the minimum monthly payments, it would take 22 years and more money in interest to pay off this debt.

The household average in the US is around $8500.00, and this is just the average on one credit card. Since the 90's this amount has tripled in size. The average credit card holder in the US, pays over $1200 a year just in interest fees alone. This money could easily cover your rent or mortgage payment for a single month, have you really looked at this information realistically? What happens if you ever have to worry about job security?

Have you thought about how you will pay your bills then? The average interest rates for credit cards in the US is around 18.9%, and it keeps on escalating. Some credit cards have introductory rates as high as 23%, and for those people with bad credit this rate can climb to an unbelievable 30%.

Many people would never tell their friends or family how much money they owe on their credit cards, nor would they tell them if they were 30 days past due on making their payments or facing possible collection action.

This is a very real problem and it has a flow down effect on such businesses as real estate, auto, banking, consumer loans, and stock market. Effects of bad credit do not only involve the consumers, but it causes many economic problems as well.

About the Author:

Eric Jilson shares his vast knowledge at http://www.everlife.com. In case you are unaware there is lots more on the topic of consumer loans for bad credit.

How to Get a Good Mortgage Deal

By Mortgage Wizard

There are various sections on a Good Faith Estimate that you need to compare in order to find out where to get the best deal.

Lender Fees: You should start by comparing good faith estimates that are for the same rate. This will level the playing field and allow you to determine who has the best offer based on fees. The top section of the good faith estimate will have all of the fees from the lender. There are various fees so to make it easy concentrate on the total from each.

Title and Escrow Charges: These fees are not charged by your lender but they can be a determining factor to use a specific lender based on the rates they have negotiated for these services on your behalf. Some lenders will tell you that these fees are the same no matter who you choose. That just is not the case.

You can make up in savings by going with company that has a bundled third party rate that includes the notary fee.

The bulk fees from title and escrow companies are almost always less because they are being controlled by the same company and the economies of scale allow them to discount the title and escrow piece which in turn gets you a better overall cost.

The most important thing is that these fees can be different and working with a lender that has your overall bottom line in mind is a benefit. A lender with no financial interest in this side of the transaction that still works to deliver a better end product is a lender you want to align yourself with.

Estimate Date: With rates changing so often make sure you are getting estimates from the same day to be able to accurately compare companies. Rates change daily; sometimes multiple times a day.

Trust: A good faith estimate is only as good as the company who sends it to you. Far too often unscrupulous people will be less than honest in order to win business. Make sure you look into the company and learn about how they operate. Do they post their rates for you to see online so you know their rates upfront? Make sure you have at least been able to get some mortgage information on their website so you can feel comfortable working with them.

With the right information and expectation getting a mortgage can be a breeze.

About the Author:

Before committing to a mortgage company visit this site to compare mortgage rates and request a good faith estimate.

Pros and Cons to Negotiate Debt Settlement

By Dillon Azungen

Are you drowning in debt and considering debt negotiation? Debt negotiation has a bad connotation but does it affect your credit that badly? There are pros and cons to debt negotiation and there are alternatives. Here are some things to consider which will help you decide if debt negotiation is right for you.

First, you need to educate yourself on debt negotiation since there is a lot of misinformation out there. Debt negotiation is also known as debt arbitration or debt settlement. A third party negotiates with creditors and lenders on a payment plan and decreased interest. The creditors will put further credit to you on hold so you won't be able to use your credit cards until after your debt is repaid. After that, it is up to the creditor to decide if you should regain credit approval and if so, how high of a limit.

Lenders will usually only lower your rates and give you a break on fees if there is a reason. If they can be shown you're personal finances are not in a position to make the agreed upon payments then they will usually negotiate. They would prefer to negotiate rather than turn your account over to a collection agency.

Some people think that your credit report is unaffected by debt negotiation. This is not the case however. Your negotiation is reported and shows as such on a report. This is why debt negotiation should be used only if you can't otherwise pay off your bills. If you're finding yourself paying your lenders late and incurring fees then this will hurt your credit rating more than negotiation. And if you end up declaring bankruptcy then this can be even worse.

Before debt negotiation you should first find help with your budgeting and learn about other options by seeking a credit counseling service. A credit counselor can give you the information you need to help reduce your payments and get your finances back on track. They will tell you what will affect your credit rating, what will not and recommend what steps you should take. They can also help you with credit consolidation.

To find a credit counseling service search the internet or the yellow pages. Be careful since there are some that are not as helpful or legitimate as others. There are some that are supported by the government which are legitimate and should be researched first. A legitimate service will usually have a free consultation face-to-face and will be upfront about their services and fees. Don't sign anything until you are comfortable with their terms.

Don't think that since debt negotiation will tarnish your credit report that you should give up and let your account go to collection agencies. Ignoring the problem will make things much worse.

About the Author:

Dillon Azungen regularly writes detailed reports on subjects relating to how to negotiate within creditors. You might see his writings on how to negotiate a settlement with creditors and how to negotiate debt settlement yourself here.

Finding A Right Credit Card

By Michael Benifez

In today's world, it is common for most people to have at least one credit card. It allows for ease and speed, when shopping in a store or online. Merchants will more than likely accept many types of credit cards, allowing you to get what you need.

It does not matter where you happen to be shopping, most stores accept some sort of credit card. It makes for ease of the transactions to be processed. You do not have to worry about not having enough cash, because a credit card will go through as long as you have not breeched your monthly limit. This is a great way for the store to retain customer business and to encourage consumer spending.

You will find that online shopping is made much easier by using a credit card. You can rest assured knowing that it is very easy to use your credit card securely when making an online purchase. You do not have to worry about writing a check or purchasing a money order, your merchandise will ship more quickly when using a credit card.

When traveling throughout the world, a majority of locations will accept credit cards. This can give you peace of mind as a traveler, when you do not have to carry large amounts of cash that can be lost or stolen. It is a good idea when traveling to alert your credit card company, so that they are kept apprised of the apr rates and purchases you will be making in another state or country.

You can travel with confidence knowing that the credit card you carry will be accepted all over the world. You are protected and can purchase freely with confidence when you have a credit card. You will be able to make the purchases you need with no problems.

About the Author:

For a greater understanding on the subject of credit card apr rates. Visit us for lots of free information at http://www.everlife.com/low-apr-credit-cards.php.

E-trading In The Currency Market

By Walter Fox

The rise in the number of households with an internet connection has also given rise to an increase in the number of people interested in currency trade. People from all walks of life began trying their hand in this potentially profitable market. The size and complexity of the Forex market and the potential for large profit has kept many of these new traders in the market, even if their performance has not yet been profitable.

With the influx of novice traders from all over the world, there has been a definite learning curve. With this in mind, the need for sound stock option trading strategy has never been more apparent. In addition to the main Forex market having an increasing turnover daily, many new brokering agencies are being born to help these amateur traders.

These brokers, seeing the need, began to develop different trading tools and learning kits to educate the new, as well as to help established traders hone their knowledge. Broker tricks have now begun to dominate the forex market. These brokering agencies formulate their techniques and sell them to traders desperate for guidance in the complicated industry.

The growth of the currency market was so fast that it quickly reached and surpassed the trillion dollar per day turnover point. Currently, an estimated over 2 trillion US$ turnover with over 100 million multinational traders are participating in the world currency exchange market. These numbers highlight the need for solid stock option trading strategy.

This need has also led to a software robot known as Commercial Forex Expert Advisor. The software specializes in being capable of making a successful trade on behalf of the trader, and has been market tested and proven. The success of this software has made it a prominent tool in the trading circle and is considered one of the best tools available.

People realized the need for education on online option trading and wanted to know how to trade options successfully. In this process, different forms of education started in the currency trade like email courses and online training courses. New types of trading options strategies are developed to bring variety to the market and attract new players.

Iron condor, an advanced forex option trading strategy, has enjoyed increasing popularity among more seasoned high risk traders. The strategy consists of two vertical spreads, the Bull put and the Bear call. In this strategy, both spreads have the same expiration, number of put spreads, and number of call spreads. The trading strategyas resultant profit-loss graph resembles the shape of its namesake, the condor.

There are number of advantages if you opt for Iron condor trading strategy. The main advantage of this strategy is its potential for more profit generation. It gives more flexibility to the trader in the middle of the trade if he wishes to change his option. With the help of different strategies traders can make sure that their invested money can earn him more money.

About the Author:

TheScienceOfTrading.com provides 90 free minutes of videos on option trading systems and provides a complete and detailed stock trading education for beginners to experts.

Credit Inquiries: How They Affect Your Credit History

By William Blake

Anyone that wants to offer you a line of credit or a loan will check your credit history before following through on the deal. All of these pre-qualified offers you get in the mail stem from someone running a credit check. Each one of these checks or inquiries can have an impact on your credit history, and ultimately on your credit score and your ability to borrow money or get a low interest rate as well.

There are two types of credit checks or credit inquiries and only one of them has any effect on your credit history. Those credit inquiries that you authorize (when you apply for a loan, mortgage, or revolving credit) appear on your credit report and affect your score.

The more you apply for credit, the more inquires that will be done, and the lower you credit score will go. It is wise to limit your credit applications because of the results they will have on your credit history.

Of course, it is always wise to look at various offers to find the best loan possible. When many mortgage or car loan related credit checks are run within thirty days of each other they are counted as one single inquiry instead of several separate ones. Consumers who are wise enough to shop around for a good loan are no longer punished on their credit history.

The other credit inquiries are those made by business that you have not authorized to get your information. Anyone with a permissible purpose (defined by the Federal Fair Credit Reporting Act) has the ability to check your credit history ? without you even knowing about it.

Companies that have the legal authorization to run a credit check on you include retail stores and credit card companies. They want you to open credit lines with them, so they do credit inquiries in order to offer you preapproved cards. Even though these credit checks do not affect your credit history, they do appear so that you can find out who has been inquiring about your credit.

Another credit check that does not do any damage to your credit history is a check done by a prospective employer before they choose to hire you.

All credit checks done by businesses are reported so that you can be aware of them. Only the credit checks that you authorize by applying for credit lines and loans are able to damage your credit history.

About the Author:

Are you tired of struggling to keep up with your credit card debt? Learn how to deal with excessive credit card debt on the Debtopedia website. Visit http://www.debtopedia.com for a free copy of my "Secrets Of Credit Card Debt" report.

Tips How To Get Good Credit

By Eric Jilson

There are several ways to start building a credit history. If you are sick of creditors hounding you, or if you find that nobody will extend you a loan because you have never had credit, now is the time to learn credit building tips. First and most importantly, never purchase things you do not need. If you want something, but never put your wants before your needs, this is a recipe for disaster and will get you in debt. If you are seeking ways to build credit and have no previous history, make sure you know how to go about it properly.

Building or Rebuilding Your Credit

If you have or have had, bad credit, you need to get a Do-It-Yourself kit and get to work. Take a trip to your local library and check out books that guide you through the process of credit repair. Most libraries have a copy machine you can use to print out forms that you need to fill out and mail to creditors. There are guides at your library that have the necessary tools for debtors to learn how to write effective letters to creditors.

Letters are a much better way to contact a creditor than by mail. Since most creditors care less about your situation and may even make threats to you. A good reason for writing letters is that having "proof", is more valuable if you ever find yourself going to court over credit problems. If something is spoken or an agreement has been reached, this will prevent the creditor from reneging or denying this claim.

Any documentation you have pertaining to your credit history should be stored in a secure area. If you send a letter to your creditor, keep copies of the letters sent and store it along with other important information. If you notice there are errors in your bills or credit, reports ensure you have contacted the appropriate agencies and filed a dispute against the charges in a timely manner. If you have credit cards and made a purchase on an item or used a service and this item is defective or the service is sub par, you DO NOT have to pay the charges.

You have to also dispute this information with the store or the person who provided the service. If the store or person refuses to give you an item to replace the defective one, or reimburse you, then you have a right to deny payment. Once you have disputed this charge, you then need to contact your credit card provider and let them know what happened. If you are fortunate enough to have been issued a credit card even with bad credit, use this card to repay your debts and meet the monthly charges each month on time. This can be a solution when everything else fails. If you have to use a credit card to pay your debts, then payoff your cards the following month and use the card to pay the next months bills....

Now you can see what the plan is. Credit cards have interest rates so that even if you pay the monthly minimum payment, the bills on the card will increase.

Not Having Credit, Can Be No Problem

You may think you do not need a credit line or a credit card. You may pay all your bills on time each month, in cash. Does this sound like you? Well, you know the obvious answer, but then there is an occasional situation that calls for a what if scenario....In the world of today, we are fast approaching a time period that will require us to have at least one major credit card. If you telephone a business to whom you owe debt, they may first ask you if you would like to pay your account with a credit card. If you apply for a job, apartment, student, home or automobile loan, or any type of credit line, you will most likely face getting a rejection letter in the mail. Many lenders will refuse to extend credit to people who do not have a credit history. For this reason we are expected to establish a credit line while we are in our teenage years, and if we do not lenders grow concerned. A lender can refuse to give you credit based upon many reasons. The best solution for you is building a good credit history by starting up a line of credit now, making timely payments, and pay your debts off in a timely manner. Set yourself up on a budget and stay out of steep debt.

About the Author:

For more details on the topic of building good credit. Drop by today at http://www.everlife.com/news/94/build-credit-history/.

A Simple Guide To Securing a Boat Loan

By Stefanie Swaggert

Many lending institutions specialize in boat loans and most banks or credit unions will offer them. Getting a boat loan is more not all that difficult is youre prepared. It is a large purchase so extra care is taken.

Talk to a few places and tell them what youre looking for. Be sure to find out how much total and how much of a boats value theyll lend. Pre-qualifying for a boat loan is a great first step.

Research your boat and its accessories to get the most accurate value. Knowing the value of your boat is vital to boat loans. Write down all identifying numbers on your boat.

Make sure that your credit reports is accurate to ensure you qualify for a boat loan. If your credit is poor it will negatively affect your interest rate. Check for any inaccurate information so that youre aware of it before applying.

Boat loans are big risks for a lending institution so expect questions about your finances. Boat loan companies will likely take awhile to investigate so be patient. Gather your paycheck stubs, monthly bills and financial assets in anticipation of this. Boat loan companies will likely take awhile to investigate so be patient.

You know how much you can afford so dont be persuaded into more than you need. Use your boats value as a general guideline for how much to ask for. Know how much money you need with your boat loan.

Providing a down payment is a good idea with boat loans. It is not required but can help with a better interest rate. Collateral is usually not required so a down payment will look favorable to the lending institution.

Fill out your boat loan applications carefully and be sure on the numbers you are providing. Submit multiple applications at the same time to save time with this approval process. Compare all the offers made before choosing one for your boat loan.

About the Author:

Learn How To Qualify For A Boat Loan before your purchase at Find Boat Loans