Being a consumer you have the rights to protect yourself from debt collectors who pose as a threat to your wellbeing. Debt collectors often turn violent while realizing the amount. Seniors often fall prey to aggressive collectors. However as a consumer, everybody is entitled to exercise rights in order to stop debt collectors from indulging in offensive acts.

Some of the offensive acts by debt collectors that are prohibited by law are given below:

•  Contacting consumers after or before 8am and 9pm
• Continuing to disturb the consumer even after a letter of ceasing communication has been sent to the authority is considered offensive
• Disturbing the consumer even after the he has communicated with the authorities to extend his time limits to repay the loan
• The debt collector has no rights to communicate and disturb a consumer who already has legal back up
• Making continuous calls to the consumer who refuses to communicate with the debt collector
• The debt collector doesn’t have the rights to deceive the debtor with wrongful figures of the debt
• The debt collector should not embarrass the consumer by asking the media to intervene
• Securing greater amounts from the debtor
• Threatening debtors of legal actions

In any case the debtor is supported by the FDCPA to stop debt collectors from acting further and turning his life miserable. So, be a proud consumer and exercise your rights to prevent aggressive debt collectors from abusing you.

Stop Debt Collectors From Abusing You is a post from: About Personal Finances

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You can’t just exchange your currency at any market; foreign exchange trading takes place between dealers or between common men and dealers. In order to secure the desired currency you have to be well averse with the market rates and get in touch with an authentic dealer who would provide you with the right price. You can either contact a broker or a dealer for buying foreign currency. You are allowed the freedom to choose the money you want. Today, advancement in technology has given you the opportunity to operate foreign currency trading activities through the internet. Yes, with just one click you can buy and sell foreign money. Isn’t that interesting?

In majority of cases the buyer wants to purchase currencies that would show a greater and better return in forthcoming days. Forex traders have immense budget to promote such business; a reason why you get to hear all of this from different parts of the world. So, it’s your time and you need to do the bargains right? Make sure you talk with the right persons involved in the business. There are dealers who deceive customers, selling fake or outdated currencies. Now be careful when you buy them online. Check for registered sited on the internet and then go for the deal. After all buying foreign currency is big deal.

PS: This article is written by a visiting writer and does not represent the views of the owner of this site.

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While dealing with predetermined expenses can be handled through careful planning and asset management, unexpected expenses often derail an individual’s financial plan. Whether it is medical bills or the costs associated with unforeseen home repairs, daily life has a way of sending even the most responsible consumers spiraling into financial ruin. Luckily, there are a few basic tips that most consumers can follow that will allow them to effectively implement a plan of debt reduction.

Increase Income Levels

While this may seem like an obvious or silly suggestion, for many people, the idea of increasing their income levels simply never crosses their mind. The thing about debt is that for the most part, it represents a temporary obligation. If dealt with rapidly, even the most outstanding debt can be managed in a stress free manner. In the case that a debt cannot be paid off immediately, with the correct payment plan, even the most oppressive financial obligations can be quickly whittled down to a more manageable size.

While living a particular lifestyle or liquidating certain assets may not be viable long term strategies, most people have no problem finding ways to cut corners or save money in the short term. If a consumer is willing to live a Spartan lifestyle for relatively short period of time, they often find that a short-term increase in cash flow is sufficient to reduce a specific debt to a more realistic level. Additionally, while selling a few things around the house may not provide a consistent stream of cash, it can often prove to be the difference between debt management and potential bankruptcy

Work With Creditors

Unfortunately, many consumers have an outdated or inaccurate view of lending institutions or credit card companies. They are often fearful of or intimidated by the people they owe money, which causes them to avoid contacting their creditors. This unfounded fear is often derived from the experiences they may have had in the past or from the experiences that their parents may have had when dealing with creditors or collection agencies.

However, things have changed, and contacting creditors is the first step any consumer should take when it comes to managing debt. Essentially, the implementation of various consumer protection laws has caused the balance of power to shift dramatically. Between no call lists and consumer advocacy groups, creditors have no where near the power they once did. Modern creditors are more interested in collecting any portion of the debt that they can, and are often willing to come to a mutually beneficial arrangement rather then risk losing out on an account entirely.

Obtaining a Debt Consolidation Loan

Many consumers find that the best option for managing their personal level of debt is to simply obtain a debt consolidation loan. This particular type of loan offers the advantage of being easier to manage than the variety of payments that the consumer may currently be making. Many times, this particular type of loan also carries with it a lower overall interest rate than the consumer may be paying on their current outstanding debt.

However, a debt consolidation loan does nothing to address the underlying factors that may be associated with the accumulation of debt. If a consumer is living beyond their means or unable to adhere to a realistic budget, a debt consolidation loan is often only a temporary solution. It is important that consumers not use the newfound economic freedom provided by a debt consolidation loan in order to accrue more debt.

Reducing Debt is as Simple as 1, 2, 3 is a post from: About Personal Finances

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Kinds of Consolidation

There are a few ways to consolidate your debts. Some of the most common are credit card programs, home equity loans and retirement fund loans. If you have several credit card accounts, you can consolidate them into one larger account. Look for a credit card company that offers low interest for a certain amount of time and pay off the balance before the interest jumps.

Home equity loans involve taking out a loan against the equity in your home and using it to pay your debts. You then pay on your home loan each month. You may also be able to a take a loan from your retirement loan to pay off your bills.

Pros

Many companies advertise to help you with bill consolidation and tout their benefits. Credit card companies, for example, will promote low introductory interest rates as a way to get you to take an advance to pay off your debts. If you pay the new credit account off before the interest rate jumps, you could save money on the interest you would have paid on your higher interest accounts.

A home financing company might offer you a loan sizeable enough to cover all your bills. A retirement fund may allow you to essentially borrow from yourself. All types of bill consolidation allow you to merge your debt into one account, so you only have one bill to pay each month.

Cons

Each type of consolidation also carries a risk. If you don’t pay the new credit card off before the interest rate jumps, you could end up paying much more interest than you would have on your separate cards. A home equity loan poses an even greater risk; if you become unable to pay it, you could lose your house. Retirement funds sometimes carry penalties for not paying off loans on time. Simply withdrawing money early from a retirement fund also brings penalties.

Debt Consolidation Companies

There are companies which offer to help you with your consolidation. They often contact your creditors, arrange more affordable payment plans, collect a monthly payment from you and then pay your creditors each month. Beware of these companies. Some will give you bad advice, such as refusing to pay a creditor while you build up cash, which can lead to the creditor reporting you to the credit bureau or even suing you. Others take your monthly payment but don’t pass it to your creditors. Some, however, are legitimate. Contact your local Better Business Bureau to check on any consolidation company before you sign up.

As you learn about your debt management options, you might find that credit counseling is best. An organization such as Consumer Credit Counseling will assess your situation, contact your creditors and help you arrange more affordable payments. If you are willing to put in the time and effort, you could also contact your creditors on your own and try to arrange lower payments that are easier for you to make each month.

Pros and Cons of Bill Consolidation is a post from: About Personal Finances

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Of course anyone would want a life like that. But it won’t be that way unless you start to pay off debt. It’s not enough that you spend sleepless nights thinking of a solution. Your debts won’t pay off themselves. And worrying doesn’t really help. In fact, it takes away from your ability to act. So if debt has overtaken your financial like, it’s time to do something about it.

If you don’t know how to get started, then here are three simple “do it yourself” strategies you can easily follow:

First, do not buy anything unless you have enough money to pay cash.

For many people with debt, this is the hardest step of all. Because debt becomes a habit that is hard to stop. But you shouldn’t be buying things unless you can afford them. By afford we mean you can buy it and still have money left for other important things. When you just have enough money to pay for it then it means you’re going to spend what you’ll earn for that item only. But you need to have money to buy important things like groceries, gas to get to work, and other essentials. Don’t think that when you have a credit card, you can afford everything you want. Remember that you’ll pay your credit card bill later, with interest! So you’re going to pay for what you’ve bought plus the interest. Be responsible with your finances and don’t spend money you don’t have right in front of you.

Second, you need find ways to save money.

Every time you receive your paycheck, always make it a point that you save some money. Using direct deposit or automatic withdrawal into your savings or checking account is a good idea. That way you don’t have to do any extra work to save. This money will serve as your emergency fund when you suddenly need to buy something for an unexpected expense. You may ask “Why should I save money when I am paying my debt?” Good question. The answer is that when you have money saved up, you won’t need to use your credit cards when you need money. Since using credit cards becomes a habit, so will saving. And paying cash. And to do this you first need to have some cash. So start a small saving account that you can use to learn how to pay cash, and create an emergency fund.

Third, develop a payoff plan by organizing your credit card bills.

Make a list all of your bills, how much you owe, the minimum payment amount, and the interest rate. Make the list in ascending order, with the ones with the lowest balance first. Pledge to yourself that every month you are going to pay each bill no matter what. Any extra money you have should go towards the first debt on the list. By making your list in ascending order, from smallest to largest, you are more likely to see results quicker, and hopefully stay motivated. As you pay off each bill, add that amount to the next bill. Pretty soon you’ll be paying a large amount towards your debt and will start seeing progress!

The key to any plan is to get started. Worrying won’t help. Planning won’t help. And hoping won’t help. Without action, your plan will remain just that, a plan. Keep in mind that there’s no easy way out of a debt. No special secrets. It may take you a while before you can completely pay off your debt. But that is okay. Get started now, and you’ll start seeing results in just a few months. And like a snowball rolling down a hill, your payments will keep getting bigger and bigger and before you know if, you’ll be on your way to paying off your debts!

Kris Bickell runs www.Debt-Tips.com, a website that offers helpful tips & information for getting out of debt, fixing your credit problems, and saving money.

3 Do It Yourself Strategies For Paying Off Your Debt is a post from: About Personal Finances

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What if you decided to do your taxes yourself? Doing your own taxes doesn’t have to be an extremely difficult or intimidating experience. It may seem that way at first, but if you’re dedicated you are certainly capable of pulling it off. Here’s why you don’t need to hire someone to do your taxes.

You Can Figure It Out
The truth is that if you really want to do your taxes on your own, there’s nothing stopping you. Tax code may seem like a challenge, and it can be quite hard to interpret. But if you put the time and effort into learning and researching, you’ll find that it isn’t really rocket science.

If filing taxes is something that every person in America is required to do, it can’t be impossible for the average citizen to accomplish. You only need confidence and motivation. If you’re determined, you’ll be able to do it. Learning might only be difficult one year. After you get it done the first time, you’ll be able to use your newfound tax preparation skills every year to come.

You’re Not Alone
If you’re worried about doing your own taxes, it’s important to remember that you’re not alone. There are tons of online resources available for you, most notably at the IRS.gov website. There are also lots of online programs and software designed to help you through the process, such as TurboTax. Programs like these will guide you step-by-step through preparing your taxes, and they’ll even perform the mathematical calculations for you.

These programs will even suggest things like deductions you might qualify for. As long as you have the necessary documents and receipts, you can use an online program to complete your taxes. And, you can consult a tax professional at anytime. If you’re having trouble or just want someone to double check your work, you can hire them then on an as-needed basis.

You’re In Control
You don’t need to hire someone to do your taxes because you’re in control of your finances. If you do everything else, such as pay your bills and work, you can figure out your taxes, too. If you decide to go it alone, you’ll save yourself a lot of money. Getting your taxes done for you isn’t cheap.

The more complicated and detailed your return is, the more it will cost you to hire someone. Those costs can greatly offset any potential refund. Also, you risk that they could make a mistake or even commit fraud. When you do your taxes yourself, you don’t have to question whether or not you have your own best interest at heart. And if you make a mistake, it’s all on you.

This article was carefully prepared by Terry Ford. As a prolific freelancer and money saving queen, she relies on the world’s best grammar checker for clean, concise articles.

Why You Don’t Need to Hire Someone to Do Your Taxes is a post from: About Personal Finances

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When people visit credit repair companies and ask, “Can you help me fix my credit?” the typical response is likely to be another question: “What are you willing to sacrifice to accomplish that goal?” When credit repair companies first came into existence it was a routine thing for them to tell new clients to cut up their credit cards. Unfortunately that scenario does not work today for several reasons:

• Credit cards are necessary if you need to rent a car
• Hotels and airlines usually require credit cards for reservations
• Many companies are foregoing paying in advance for business trips and asking employees to  cover their own expenses and wait for reimbursement
• Online purchases require a credit card

Of course, the other thing to keep in mind is the credit repair services is used to provide assistance for all debts; today it is usually just credit card debt. They were known then as consumer counseling agencies and helped consumers work through their debts on a monthly payment plan they could afford. While that part of the service hasn’t changed, the type of debts they handle has dramatically changed.

For those who are in financial trouble, the first thing you want to do in order to find out the secret behind “how to fix my credit” is to look in your wallet and see how many credit cards you have. How do you decide which ones to keep and which ones to get rid of? Consider the following:

• What is the interest rate?
• What is the credit line?
• Is there an annual fee?
• Do you travel with your job?
• Do you travel frequently and need to rent a car, book an airplane or book a hotel?

All of the answers will tell you what you to do. For those who travel with their jobs, it is a good idea to set aside one card (probably the one with the highest credit line) to use ONLY for business travel. From there you need only maybe two other cards: MasterCard and Visa. If finances allow you might choose Discover or American Express, but you do NOT need any more than that.

Look at the interest rates and the credit lines: hold on to those with the lowest interest rates and highest credit lines and get rid of the other ones. You must also develop the habit of paying your balance in full each month unless you have a large purchase. Get rid of department store cards; you don’t need them, and they usually have higher interest rates than major credit cards. Choosing your credit cards wisely will allow you to manage your credit and avoid the need to contract with credit repair companies and not having any need for credit restoration in the future.

Choosing Credit Cards to Keep, Cut Up or Cancel is a post from: About Personal Finances

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Will My Bad Credit Follow Me?

When looking into whether or not your debts will follow you to another country, the answer is anything but simple. An outstanding debt will be handled differently depending on a number of factors, including how much the debt is for, how long it has been outstanding, how much, if any, has been paid back on it, whether or not it’s in collections, and who the debt is with or what it’s for.

Depending on which country you’re planning on moving to, the credit reporting agencies may be the same, or they may share information. If these companies are the same, your credit will transfer into your new country of residence. If these companies do not share information, you may still be asked for your previous SSN number. This number will hold all the information about your present financial situation in your previous country. The bottom line is that, whether in your country of origin or not, your credit history will haunt you so long as you allow it to. If creditors can find you and your SSN, then your debts will follow you no matter where you go. How it will affect you may depend on the country itself, but you can’t run from your debts.

Emigrating isn’t the Answer

Fleeing the country is a very heavy decision to make, and should never be taken lightly – especially since your debts will follow you anyway. If you’re feeling trapped enough to consider emigration, you may feel like you’ve considered every other option. Be aware, however, that even after spending a fair amount of time, energy and money on a large move, out of country, that you could still be wrung up on charges of fraud if your outstanding bills are worth a considerable sum of money.  It’s a creditor’s job to track you down, and they’ll employ many methods to do so. The truth is that, if they can find you in the USA, they can likely find you outside of it as well. Your poor credit score will likely be as much of a hindrance in a new country as it is currently.

Straightening Out Debts

While it may seem to be counterintuitive, the best answer to outstanding debt is to clear your slate and start again. Phone the creditors that you’ve been avoiding and start to work out a plan for payment. By putting your financial future on track, you will start to see positive affects in all areas of your life, and begin to get into a better situation for the years to come.

This guest post is from Allison with CreditScore.net, where you can learn more about getting out of debt.

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As our country enters a supposed recovery period after the recession, many Americans are still scratching their heads.  Jobs don’t seem to be available, even after months of searching.  Many Americans have taken lower paying jobs, sacrificed healthcare benefits, and struggle to make ends meet.  What does this lack of jobs mean for the middle class?

While it has been over four years since our recession began, the new “recovery” period is boasting an added 120,000 jobs this year.  While this seems like a huge number, the one thing the media is failing to report is that this number doesn’t even begin to keep up with the demand.  Keep in mind these numbers are for an entire year; each month, even more people than that become working age.   What are all these people doing to sustain themselves?

Many Americans have simply given up on finding a job. 

Literally thousands of people have quit looking for a new job.  Many of these individuals came from good paying positions, but are now left without the means to support themselves.

This has left a huge burden on the American taxpayer, as more and more people have become dependent on public assistance.  Food stamp recipients and unemployment benefits are through the roof.  How long we can afford to sustain this deterioration is yet to be seen, but eventually the money will run out.  

As more and more people face unemployment, the problem is made worse by the fact that these individuals are not spending money on traditional services, thus compounding the problem and making it difficult for businesses to survive.  As a result, fewer companies are hiring full time employees.  Even with corporate payroll services making it easier to track hours, productivity and benefits, corporations are still shirking at new hires.

The current economic state lends itself to government dependency

While the welfare system has long been flawed, the current state of affairs demands that we look at how we take care of our struggling.  The extended unemployment benefits, combined with food stamps, often total higher wages than working a minimum wage job.  This makes it impossible for someone with an education to be willing to work for less than they can make by staying home.  This same mentality has kept the lower class under the finger of government benefits for too long.

More people are finding that they can survive on the government, but this needs to shift. Instead of the government keeping tight restrictions on corporations, there needs to be fewer limits.  Tax incentives need to be given to companies that create new jobs, and those who work need to be offered an incentive as well.  This will bring the economy back to the concept of taking pride in your work, instead of weighing the benefits of working as opposed to simply giving up.

America has long been a leader in innovative and creative ideas, and as a people we can find the needs and create solutions.  While our economy struggles, it is more important than ever to think outside the box and find new ways to keep our country’s economy stimulated.

The best way to deal with this economic downturn is to keep in mind that we are still in a much better position financially than many other countries.  We can share housing, shop at thrift stores, adapt our diets, and limit spending.  With these steps, many Americans will survive comfortably until the recession is over.  Maybe not like we are used to, but we are still fortunate in many ways.

This guest post was written by independent journalist Patrica H. Hugley who frequently blogs about accounting and online payroll services.

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Tip # 1: What Are Your Sources of Monthly Income?

The first essential tip to money management is to know where you are getting money every month. This will be different for everyone, so get a sheet of paper and make a list. Make sure that every source or potential source is identified.

This article is written by Matt Smith who owns a blog, College Student Answers.

Any source of income that is consistent, measurable, and that adds to your bank account needs to be on the list. After you determine every source of income, add them up. This is your total monthly income.

This amount is what you have to work with every month and the baseline of effective money management.

Tip # 2: What Are Your Monthly Expenses?

The second money management tip is the other side of your personal financial story- your monthly expenses. You need a list of all your expenses that happen on a monthly basis.

To do this effectively, I recommend that you get a bank statement or a list of transactions for the last month. You can get both from a teller at your bank. Take a highlighter and highlight every monthly expense you have.

This list might include things like (just to name a few):

- mortgage/ rent payment

- insurance

- utilities

- car payment

- groceries

- money spent eating out at restaurants (including fast food)

- day care

- gasoline

- credit card payment

- entertainment

After you identify each of your monthly expenses, group them into 2 categories: NEEDS & WANTS.

This is one of the money management tips that will take some honesty on your part. What might be important to someone else might not be important to you. Think about your personal priorities and honestly categorize your expenses.

Add up how much money you are spending in each category. Is it surprising? I know it was for me! I couldn’t believe how much money I was spending on fast food every month. This should open your eyes to the reality of your financial situation.

Tip # 3: Evaluate Income and Expenses Together

Bring both your income and expenses side by side. Total them up if you haven’t already. This is an overview of all your personal finances. How do they look? Which amount is higher, your income or your expenses?

If expenses are higher than income, then go back to your list of expenses and look at the WANT category. Which expenses can you cut? You need to get your expenses under control so that it isn’t higher than your income. This may require cutting things that you want, but don’t need.

If income is higher than expenses, then congratulations! You have extra cash each month. You can use this extra money to save for a rainy day, invest it into another money making account, or put towards another income source (like a home business or stock options).

Either way, you must evaluate your income and expenses in order to truly manage your money effectively. If you don’t know where your money is going every month, how can you manage it?

Make Money Work For You

These 3 money management tips can help anyone who uses them. This might be a painful process, or it might be a happy process. Either way, your end goal is to have more income than expenses so that you can get your money working for you.

If you have more income than expenses, you will have more options about what to do with your money. You will have less stress about paying bills and “getting by” each month.

Doing this is “easier said than done”, but it is doable. Change is never easy, but it can be very rewarding in the long run. Money can eventually work for you instead of you working for money if you will just put a little aside each month for investing.

This of course requires that your monthly income be higher than your monthly expenses. Get to where you want to be financially by using these effective money tips.

This article was written by Matt Smith, owner of College Student Answers blog.

3 Essential Money Management Tips is a post from: About Personal Finances

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