Monthly Archives: March 2008

Burial insurance for senior citizens

Every insurance company has different plans that meet to the requirements of the people. Among the various plans that you might have seen advertised, there is one plan called burial insurance plans that are mostly suitable for an aging person. This plan looks very interesting because it covers the funeral expenses by making affordable monthly payments. If you have done any research on the expenses of the funerals, you will know that it costs around $8000 or even more. Beyond just the burial expenses, there are many other expenses that cannot be kept aside. For example, people have to come at very short notices from far off places when they hear someone close has passed away. Sometimes, funds are not always available to the people and this is a kind of meeting that cannot be avoided. The departed may have left some debts or other affairs to be settled, which is another thing to worry about. Nobody likes to think about the death of a close one but this is a natural thing to happen, so a little prior planning can reduce a lot of stress that may arise later.

It’s very easy to apply for burial insurance policies. It has been specifically designed for older people who are in between 50 – 80. There are simple questions to be answered in the application form and most elderly people can qualify for it. There are no questions regarding health because this kind of plan comes with a guarantee after death. They mostly use a waiting period to qualify applicants. The insured person will have to survive for a specific amount of time to get the full benefits. If the death happens before the allotted waiting period, the policy will refund premiums plus a specified interest rate. Since the face values are small, every effort is made to keep the premiums affordable.

When you are searching for a burial insurance plan, look for the simplified issue, because the cost of the premiums is very less and they pay out with no waiting period. If you are very ill and chances of survival are very less, then also you can look for a no-loss deal. The beneficiary will collect the premiums plus interest if the insured passes away before the waiting period. And if the insured person lives, they will get back the paid premiums plus interest.

There are other options before you start planning about the final expenses. You can open a separate account on which you can deposit funds to pay for a funeral. This is a good option to consider because interest can be earned from the savings account. But many people are not able to save money on the savings account because of the fixed income with limited saving, and life is always unpredictable when some kind of emergency takes place like a job loss, medical bills or home repairs.

Funeral homes have their own products like pre-need or pre-paid burial plans. While these plans work for some people but the problem is that you will be stuck to one Funeral Company only. And the biggest disadvantage is that the funeral home or company will not pay anything other than the cost of the burial, like traveling expenses or insurer’s debts. Sometimes, these funeral companies will charge interests on these accounts, so it will end up costing more if compared with the burial insurance plans.

How to find best franchise opportunities

It can be a tough task to find out the best franchise opportunities on the internet. There are many franchise opportunities present in the market. Franchising is one of the most effective forms of business that you should go for, but the problem is out of many opportunities where to look?

As there are many franchise opportunities so it is very important to choose the appropriate one. First of all you should sit down and put together a plan of action before doing a research. You should think about the industry where you want to start your business. It is always better to go to the industry which you know better or worked earlier and have interest in. Choosing the area to buy a franchise is the most important decision that you make because you can’t come out after signing the franchise agreement.

After deciding the appropriate industry for your franchise the next step should be to look at the following areas: franchise fees, total investment required, number of currently franchised units, years in business etc. You should be honest with yourself. I mean to say that if you don’t have sufficient fund to take a franchise which is more costly then change your mind to a low cost franchise.

Finding the best franchise opportunities for your business is a hard task and it may take months or even years to find the true and best franchise for you to invest in. The most important thing is that you must love your business and it can be in any area, then only you can be successful in your goal.

Credit card protection plans

Everyone works hard to earn their living. After the hard day’s work, we all sit down at the dinner table, looking forward to a nice and delicious meal with our loved ones and suddenly something inevitable happens.. The phone rings.

Who’s on the other side of the phone? It’s one of your credit card company and they want to discuss something urgent with you right away. You feel nervous, your heart beats faster and you run through the fear of an identity theft or unauthorized charges on your credit card. Your mood is spoilt and the dinner is gone wasted.

There are numerous credit protection plans for the average consumers. It comes in variety of ranges and with flexible terms. These are basically a form of insurance packaged and promoted with the terms that your credit scores and pocket will be safe if some kind of unexpected things happen.

Every credit protection plan is different. They are mostly offered on credit card accounts and small consumer loans that are not attached to any collateral. These plans give you the reassurance that if certain unexpected things happen in your life, the company will make your minimum monthly payments. Say for example, if you run through a job loss, or a divorce or have an accident which leaves you disabled, you will get some kind of benefits as a help in your time of need.

It sounds pretty good to hear but here’s the kicker. These companies will rarely do when its time to and what they have committed in the beginning. Instead, there are a number of loopholes on these credit protection plans on which you have been regularly making monthly payments. It can be more painful than paying a corporate income tax bill.

I have seen few companies who actually advertise their products in a legitimate way and work according to the terms mentioned in the contract. That’s why I happen to be more curious when I draw some kind of comparison.

You can be smart with your money if you are able to analyze potential expenditures and make best use of available resources.

The credit card protection plans often turn out to be expensive, most of them will cost you around $.79 – $.89 per month for every $100 of your balance. This is where the catch falls because most people think that if they pay off the credit card every month, it will show a zero balance. But the fact is that the charges are still adding up and that remains hidden.

Your credit card bill shows a balance the moment you use your card once a month and the credit protection plan fee is charged before any payments are credited to your account. That’s the way for the credit card companies to run their business by putting charges on the consumers. If you intend to buy a plasma TV that costs you $5,000 and you intend to pay it in full within the due date, you will still be charged for the credit protection plan fee. At $.89 per $100 of your balance, that would come out to $44.50. This is a calculation on just one transaction. You may be doing few more transaction during the month and you intend to pay it in full within the due date. The credit protection fee will add up on every transaction done and you are planning on paying this card off when you get your statement.

How to make money from an online home based business

Many people have the fear that if they start their own home based business, they will never be able to make money and earn profits. In order to be able to do business from home, you must have access to internet everyday and looking your business in a positive way. However, there are certain things that need to be done in order to make the home based business successful for you.

You must have a wide knowledge on internet marketing so that you are able to promote your business online. Learn the different methods one by one so that you know how to deal with all of them.

Education is very important for being able to run a business from home. Many people ignore it and give it up. You don’t have to jump from one e-book to another e-book, instead try to learn new things from reading different books one at a time. There are so many people who will buy new books and never ever finish reading them before they go off to the next book.

Try to learn the advertising techniques while you are reading different books. This will help you to run and expand your business better. The more you are able to advertise about your business, you have more chances of making money and get more success. It’s very necessary that people should know about your business so that they can come to you and pay you for the services that you can offer to them. I have seen many people facing this problem because their business is never advertised properly and as a result, they don’t get good results with their home based business.

You must find a hobby in your business. There are so many people who get online and they treat their business like a hobby but ultimately, they are not able to figure out why their business is not making money as they expected. If you want your home based business to be successful, you should spend more time in surfing over the internet and browse through different forums. You should be able to do the right things now which can ripe good results for you tomorrow.

Your business will turn out to be successful and you will be able to make more money online. Just make sure that you are following the right steps and interacting with more people about your business.

In short, you must have the passion for success. If you have it, you should not face any problems in making money from online home based business. Take the tips mentioned in this article and get started. You will see your home based business showing better results over the period of time.

How is a debt management program helpful for you?

People facing debt issues often consider debt management programs to resolve their present situation. In this kind of program, a debt management or a debt reduction company negotiates with the creditors to reduce the high interest rates of the debtor’s accounts, waive off the late fees to make the monthly repayment of the debtor more manageable while they are making a way to come out of their debts. Enrolling in this kind of services is optional, but if you are facing serious issues with your debts, you have no other options but to take professional help from such agencies. You will have to be fully committed towards this program to get the benefits at the end of the program. Here are some tips by which you can actually make a DMP work for you.

  • 1. Choose a Debt Management Plan:

Always find a legitimate debt management company that can really work for you and bring you out of your debt problems. Credit industry has already been in a boom because they maximum hit those kind of people who are already going through a financial crisis. These kinds of people don’t see any other options but to look for new credit to pay off their some portion of debts. At this stage, it is very important to consider only those types of companies who are really legit and won’t scam you. You may verify the companies with your local attorney general’s office or the Better Business Bureau and the Federal Trade Commission. A legit company will first understand your financial situation and then offer you related advices on your available options to come out of your debt problems. He will work out a lowest repayment plan in which you will combine all your accounts and pay your creditors through the debt management company.

  • 2. Get the DMP Plan in Written Document:

Make sure that you have the DMP contract with the debt management company in writing and signed by you. Don’t believe on any company who proposes a DMP on verbal promises. Your rejecting that company will be the best decision for you in long terms and stay away from being scammed. If you have something in writing, you can always take legal actions against the company if they don’t work according to the terms mentioned in the contract. Make sure that you have read and understood the terms and conditions in the contract very thoroughly, especially the monthly payments, fees, length of the time of the program until you become debt free.

  • 3. Make Sure DMP is Approved:

Once you are approved in the debt management plan, make sure that you contact all your creditors and inform them about your working with a credit counseling company. Don’t stop paying your creditors until you are sure of the DMP Company making the payment in the next month. If you miss a single payment, your creditors will turn your account into default and add late fees and other financial charges. One more thing that you want to make sure is that your creditors have approved the proposal put by your debt management company. Sometimes, the credit counseling company will say that the proposal will be automatically approved after you sign the contract.

  • 4. Commit Yourself to Make Regular Payments:

You need to be very committed towards making the monthly payments to the debt management company. If you miss one payment, the debt management company won’t make payments to your creditors and your creditor will immediately mark your account as behind for that month. However, if you inform the DMP agency in advance about your not being to able to make the payment for a month, they will work out some kind of arrangements for you.

  • Summary:

If you wish to restore your financial condition, debt management is a good option. But you must ensure that you are contributing your part to make the debt management plan perfectly work for you.

How to pay off your payday loans?

Most people in US use payday loans for meeting their short term or urgent needs. Are you one of them and trapped under payday loan cycle. Sometimes, people take new payday loans to pay their existing loans and it keeps repeating until it gets to an overwhelming situation. Don’t take a payday loan in the hopes of paying another loan that is current. People in such situation are already going through a crisis and taking another loan might make things worse. It will be hard to make ends meet. Now the question is how to break this payday loan cycle and pay it off? Follow these five practical ways and you will see a clearer picture of coming out of the payday loan trap.


1) Stand against the payday loan industry: Every state has certain laws on payday loans. For example, in Oklahoma, borrowers who have taken out payday loans in three consecutive times can repay their loan balance in four equal installments. This is a good opportunity to break the loan cycle and pay them off. Take advice from your local attorney general’s office. They should be able to tell you more about your state laws and how to handle your overwhelming debt issues.

2) Pay off the payday loans at the earliest: If you have borrowed a payday loan, it’s important that you pay back the principal amount and the accrued interests. Make arrangements to pay maximum portion and the amount should go towards the principal. Don’t pay a small amount that goes only towards the interests and fees. You should figure out to pay back from your next pay check without getting a new loan. You might see yourself in a tight spot but ultimately you will be doing something to get this big burden off your shoulder. There is no harm if you have to live in crisis for a temporary period.

Some ideas to cash out money to pay loans:

  • Have a yard sale or garage sale. Put anything that can be sold such as furniture, clothes, gifts, watches, jewelry and etc.
  • Sell a few things in your local newspaper’s free ads or sell them online at eBay.
  • If you are under employment, you may discuss with your employer to get an advance salary and repay it over several pay periods.
  • Borrow from your family or relatives to pay off your payday loan and repay them over several pay periods.
  • Get a second job or part-time job to earn extra money to clear your debt.
  • Cut down your monthly expenses and optional spending such as entertainment, clothing and vacation to save more money to pay into your debt.

3. Get Help from Credit Counseling Service: You must take assistance of a professional expert to come out of your debts. There are some Consumer Credit Counseling Services (CCCS) that are non-profit counseling centers. They can offer you financial advices based on your individual situation. He will analyze your financial situation and figure out how much you will be able to afford in repayments. The counseling can turn out to be helpful because you will have a variety of options to choose from and walk on the path to being debt free. They might offer you some kind of repayment plan and stick to it if you decide to go for their program. You don’t have to enroll into their services but if you decide to do so, they might charge you a fee to meet up the cost of their services.

Summary

Don’t stay isolated with your payday loan problems. Discuss about your situation with your near and dear ones or if you need to take professional help, go for it. When you are able to work out your own ways to come out of the payday loan cycle, you will see yourself in a better situation and become free from payday loans sometime in the near future.

Increase credit scores while reducing the overall debt

The first question that comes in mind is that “is it really possible???” Yes.. It is possible. There are ways to do it but it can be done. You just have to follow few steps to see your credit scores going up while reducing the debts. You need to be a little more dedicated and do careful planning. Once you have the perfect control over your finance, you can turn your financial life and status around.

Most of the people focus on one aspect only and that is reducing debts? Why do you need to think about one aspect only when you can focus on reducing debts as well as increase your credit scores?

  • The spin down method.

Most people use the “roll down” method while eliminating their debts. The better and easier option is to spin down all your debts and make it more manageable and realistic. Recent statistics show that this method has been very helpful to the average consumer.

  1. Determine your percentage of obligation (POO) for each card/account: It sounds fancy (and a little humorous in a childish way!), but it’s very easy: Simply divide how much you owe by your total credit line. For example, if you owe $800 on your primary card and your total credit line is $1000, then your percentage of obligation is 80 percent. You mind will get immediately focused towards your obligations and you will make every effort to pay back
  2. Decide on a monthly payment amount: Set aside the same amount each month (as much as you can afford) to put towards eliminating debt. It doesn’t matter if it’s $100 or $1000, as long as you know it’s consistent and, preferably, automatic.
  3. Get the POO for each account to 50%: While exact details of how your credit score is determined are unknown, it is accepted that a POO of 50 percent or above will negatively affect your score. So, starting with your highest POO account, make your monthly payments until it’s at 50 percent, and then move to your next highest POO account.
  4. Now, go for 30%: Once you have all of your accounts down to 50 percentage of obligation, commit your monthly payments to getting them all to 30 percent, starting with the largest. If you have come this far, you have to have the faith in yourself that you can do it and achieve your final aim.
  5. The home stretch: Now that your debt is significantly reduced, you can begin using the more common roll down technique of paying off each remaining card, starting with the one with the highest interest rate.

By using this method, you are not increasing your credit scores significantly, but you will also reach your goals sooner than if you simply stuck with the traditional roll down method the entire way.

That’s why the spin down method is the best if you are looking to increase your credit scores while reducing your existing debts.

How to get rid of the money worries!

A lot of people lose their comforts in life and remain stressed because of their financial worries. If you are one of them, you might be feeling shaky and naturally tensed. There was a poll recently conducted on 1000 US citizens and the statistics showed the following results.

Almost 15% of the people were not able to make the credit card payments in time and 9% of the people were not able to pay their mortgage, rent or other loan payments.

18% of the total population has concerns regarding their job stability and 8% out of them are running through the fear of a job loss probably in the next few months.

65% of the total individuals in the poll believe their economic condition getting worse.

57% of the people believe that US is heading into a recession.

48% have been cutting back their spending.

This is a small survey based on 1000 people but I am sure that most of us are going through the same discomforts closer to home. Please take the following tips and know how to survive in the current climate and moving ahead with optimistic thoughts.

  • The key is not to panic: Don’t make nasty decisions that can ruin the overall financial picture. Be very careful with your job or your investments and remain focused on the long term. The normal trend of life is what goes up comes down again and vice versa.
  • Do not focus on bad stuff: The present economy is a little shaky but if purely focus on this will only make the situation worse. You need to set your goals and consistently work on accomplishing them. Most of the things that you see in the media are often hyped anyway and the negative things are always reported first before the positive.
  • Don’t be too rash with yourself: Whenever you get the chance to make savings, do it. Don’t lose any opportunity to make money. There are a lot of things that we actually think we need, but the fact is that we can do without it and save unnecessary spending. If you are able to save more, you will get a financial cushion and you will feel more secure in your life. This way, a positive cycle will be formed to keep your life in balance.

If you exercise the following ideas in your life, you will practically see most of the situation that could have otherwise kept you worried and tensed, been taken care of.