Online spirits sales unlike wine has been in a small decline in the last six months as people focus on spending their income wisely. There are though some interesting trends in online spirits sales which should not be ignored.
For the last five years the spirits industry and online spirits has been driven by the amazing growth of vodka, which has now overtaken whisk(e)yas the number one category. This growth has fuelled online spirits sales and driven retail pricing, but it has peaked. Six percent of all vodka online is flavoured vodka, and gin is, after all a flavoured vodka.
It is now surprise that the online vodka drinker is moving into gin, and the category is growing in a robust manner. Premium gin online is in the most growth at 9% with brands like Beefeater 24, Tanqueray No Ten, Hendrick's, Brockman's and a very new brand Sipsmith steaming ahead. All these great brands have one thing in common, small batch production, great bottle design, clever marketing and above all great tasting product. Online spirits will bounce back into growth via the gin category and ironically it will be the online space where consumers discover these brands.
Vodka online is suffering from the same problems the wine online merchants have with champagne sales, as the category has become too ostentatious and expensive. Sparkling wines such as Prosecco are replacing champagne online and gin is replacing vodka.
There is also another two online spirits categories which are pushing the industry out of decline. The first one is bourbon which is American whiskey, which must consist of at least 51% corn with the remainder being wheat and/or rye, and malted barley. Originally created out of Bourbon county. This great category has been in dynamic growth for 6 years lead by the daddy Mr Jack Daniel's, but other brands like Wild Turkey, Buffalo Trace and Blanton's are growing. Online bourbon sales have continued to be strong and certain key words are not cheap to buy because of their growth.
The second one is online gold rum with brands such as Havana Club, Matusalem, Pampero and Appleton's and it is the cocktail industry that is driving this growth as well as a trend back to authentic spirits.
Online spirits will come back into growth and it will be authentic spirits that pull them through, but for gifts online or special occasions you cannot go far wrong with a spirit. Flavoured vodka online may not be dead but it is the old flavoured gin that will steal the show online.
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Showing posts with label Finance. Show all posts
Showing posts with label Finance. Show all posts
Monday, May 17, 2010
Management of Tax Returns During Chapter 13 Bankruptcy
People who formally request for filing Chapter 13 bankruptcy can't discharge their debts. They have to make repayments as in Chapter 7 bankruptcy. There are several tax return help agencies that advice people to take decisions. People, who petition for Chapter 13 for the court consent, get an opportunity for debt repayment plans that reduce the due amount to the creditors. However, before one gets any repayment plan approval from the court, the person who has filed Chapter 13 must have filed income tax returns.
There are some guidelines to help a person for filing chapter 13 Bankruptcy.
• One can begin with collecting all the documents related to federal income tax return for the preceding four years. It is advisable to collect a copy of all the missing documents.
• One needs to be sure of the fact that one has filed income tax return, four years earlier before filing for Chapter 13 bankruptcy. There is no petition for bankruptcy, if one has filed to file tax during any of the prior 4 years. It would be beneficial to file the missing returns. For tax refund one can take help from the bankruptcy attorney or the accountant. 1040 tax return form are easily available.
• In case if a person has already pretention for Chapter 13, it is advisable to take help from some attorney who would promptly file the returns, even the un-filed ones. It would to be favorable to do so before the first meeting with the creditors.
• Whether one has filed for bankruptcy or not, you should file your current state tax return the usual way. All the income received in the current year needs to be reported. To calculate the tax return, one has to deduct all the permitted expenses and the allowances. One should include any debts that have been cancelled, to obtain the benefits of that you are entitled for. One can even file tax return online. This can save a lot of time and make the task easy and convenient.
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There are some guidelines to help a person for filing chapter 13 Bankruptcy.
• One can begin with collecting all the documents related to federal income tax return for the preceding four years. It is advisable to collect a copy of all the missing documents.
• One needs to be sure of the fact that one has filed income tax return, four years earlier before filing for Chapter 13 bankruptcy. There is no petition for bankruptcy, if one has filed to file tax during any of the prior 4 years. It would be beneficial to file the missing returns. For tax refund one can take help from the bankruptcy attorney or the accountant. 1040 tax return form are easily available.
• In case if a person has already pretention for Chapter 13, it is advisable to take help from some attorney who would promptly file the returns, even the un-filed ones. It would to be favorable to do so before the first meeting with the creditors.
• Whether one has filed for bankruptcy or not, you should file your current state tax return the usual way. All the income received in the current year needs to be reported. To calculate the tax return, one has to deduct all the permitted expenses and the allowances. One should include any debts that have been cancelled, to obtain the benefits of that you are entitled for. One can even file tax return online. This can save a lot of time and make the task easy and convenient.
Find MLS Listings Online
If you are interested in MLS listings you may be hoping to buy a new home sometime in the near future. Or you are planning to sell your home and want to see what is currently on the market so you can get a sense of what your home is worth, and how fast it might sell.
The MLS, or Multiple Listings Service, is where local real estate agents and brokers advertise their listings. It is thus the most authoritative source of property listings, with the most up to date and accurate information.
However, there is not just one MLS -- there are hundreds of them, generally one for each real estate market in the country. And each MLS is tightly controlled by local real estate brokers. Your challenge is to know where to find these listings.
Believe it or not, you can gain access to MLS listings without getting in touch with a real estate agent. There are online sites that make this possible - you just need to know where to look.
The nice thing about MLS listings is that they help you find MLS listings in your local area. Just enter your market area and they will find a site that offers free access to MLS listings. Along with this, you can rest easy knowing that the listings are the most accurate available. While mistakes may slip through the cracks from time to time, this is few and far between - you should not expect this to happen by any means.
Of course, finding a site with MLS home listings is just the start. You have to narrow down your search. If you don't, you will end up wasting a lot of time and effort. Are you looking for a home in a particular part of the country? Are you interested in certain amenities? What is your budget? These are all questions to answer as you search through the thousands upon thousands of MLS listings.
If you are interested in finding your next home should rely on the MLS listings in your target area. This will speed up the process while allowing you to narrow your options. If you are not using the MLS you are missing out on a great tool.
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The MLS, or Multiple Listings Service, is where local real estate agents and brokers advertise their listings. It is thus the most authoritative source of property listings, with the most up to date and accurate information.
However, there is not just one MLS -- there are hundreds of them, generally one for each real estate market in the country. And each MLS is tightly controlled by local real estate brokers. Your challenge is to know where to find these listings.
Believe it or not, you can gain access to MLS listings without getting in touch with a real estate agent. There are online sites that make this possible - you just need to know where to look.
The nice thing about MLS listings is that they help you find MLS listings in your local area. Just enter your market area and they will find a site that offers free access to MLS listings. Along with this, you can rest easy knowing that the listings are the most accurate available. While mistakes may slip through the cracks from time to time, this is few and far between - you should not expect this to happen by any means.
Of course, finding a site with MLS home listings is just the start. You have to narrow down your search. If you don't, you will end up wasting a lot of time and effort. Are you looking for a home in a particular part of the country? Are you interested in certain amenities? What is your budget? These are all questions to answer as you search through the thousands upon thousands of MLS listings.
If you are interested in finding your next home should rely on the MLS listings in your target area. This will speed up the process while allowing you to narrow your options. If you are not using the MLS you are missing out on a great tool.
Thursday, May 13, 2010
Tips To Find Responsible Bad Credit Home Loan Refinance Lender
In case you have begun looking around, you will find plenty of reputable refinance loan providers available who can assist with your bad credit home loan refinance. In order to find a reliable lender who has been operating for many years, you must know how. So, what do you have to do exactly is to check around for a reliable refinance provider who can give you the home refinancing loan with terms you feel that you are able to handle with comfort and ease.
Because of the progress in modern technology, now you have the internet to locate these reputable lenders. First start the home computer and browse for the type of bad credit home loan refinance lender you are looking for. With all the outcomes provided in the search, go with a website which gives comparisons for the rates currently made available by different refinance providers. This way, you can decide which one can offer the ideal conditions for you.
Specifically, choose web sites that offer testimonials of the loan companies. Generally, by reading the testimonials provided by individuals who have used the companies' services will give you an idea whether the organizations that you have listed would be a reliable candidate for acquiring the refinance loan. Aside from that, you can always check the site number of visitors by utilizing a program provided by Alexa to verify whether the site is visited frequently. The chances are, the higher the traffic, the more trusted the organization can be. You can understand more with regards to the site traffic by heading to Alexa.com and type in the loan company's web site link and you can acquire a lot of info about the loan company site.
Furthermore, if you would like to assess the opinions of the lender in discussion boards, you really have to be sure that such forums are trusted internet sites and as unreliable community forums may be liable to attack by individuals who are biased towards any loan company and provide the inaccurate facts for you. As a recommendation, anything you acquire from the World Wide Web, you have to carry out your personal judgment and evaluation.
After the groundwork is completed, the next task is to select the reliable refinance provider that present the most desirable terms. Nevertheless, before you make any rush decision in choosing the bad credit home loan refinance, you need to be aware that there would be a service charge billed for the loan. This hidden fee in general range from 5%-10%. Which means that, you have to come up with the right calculation and make sure that the refinance mortgage that you pursue should not get you into any risk in forking out above your current loan, after considering all the fees you need to fork out?
Lastly, you can check with the BBB (Better Business Bureau) to determine that the loan company that you are taking into consideration to take up the bad credit home loan refinance is trustworthy and is actually in operation for a very long time. With all this homework performed from your part, you can be sure that you have made the good decision and would be in the good hands of the refinance provider.
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Because of the progress in modern technology, now you have the internet to locate these reputable lenders. First start the home computer and browse for the type of bad credit home loan refinance lender you are looking for. With all the outcomes provided in the search, go with a website which gives comparisons for the rates currently made available by different refinance providers. This way, you can decide which one can offer the ideal conditions for you.
Specifically, choose web sites that offer testimonials of the loan companies. Generally, by reading the testimonials provided by individuals who have used the companies' services will give you an idea whether the organizations that you have listed would be a reliable candidate for acquiring the refinance loan. Aside from that, you can always check the site number of visitors by utilizing a program provided by Alexa to verify whether the site is visited frequently. The chances are, the higher the traffic, the more trusted the organization can be. You can understand more with regards to the site traffic by heading to Alexa.com and type in the loan company's web site link and you can acquire a lot of info about the loan company site.
Furthermore, if you would like to assess the opinions of the lender in discussion boards, you really have to be sure that such forums are trusted internet sites and as unreliable community forums may be liable to attack by individuals who are biased towards any loan company and provide the inaccurate facts for you. As a recommendation, anything you acquire from the World Wide Web, you have to carry out your personal judgment and evaluation.
After the groundwork is completed, the next task is to select the reliable refinance provider that present the most desirable terms. Nevertheless, before you make any rush decision in choosing the bad credit home loan refinance, you need to be aware that there would be a service charge billed for the loan. This hidden fee in general range from 5%-10%. Which means that, you have to come up with the right calculation and make sure that the refinance mortgage that you pursue should not get you into any risk in forking out above your current loan, after considering all the fees you need to fork out?
Lastly, you can check with the BBB (Better Business Bureau) to determine that the loan company that you are taking into consideration to take up the bad credit home loan refinance is trustworthy and is actually in operation for a very long time. With all this homework performed from your part, you can be sure that you have made the good decision and would be in the good hands of the refinance provider.
The Differences between an Online Pawn Shop and a Local Pawn Shop
A great way of obtaining cash fast is by obtaining an asset-backed loan from an online pawn shop. You may wonder, why use an online pawn shop instead of a traditional pawn shop on the street corner. An online pawn works pretty much the same as a traditional pawn shop. The biggest differences are in the details of the process.
A big difference between an online pawn shop and regular pawn shop is the length of the loan term. Most regular pawn shops have strict loan terms. For example a pay day loan usually has to be paid back within 2 weeks at a very high interest rate. Car title and pawn loans from a normal pawn shop usually have to be paid back within 30 days. The normal loan term for an online pawn shop is 6 months. The installments on conventional pawn shop loans usually have to be paid every 2 weeks. Online pawn shops have very flexible installments. In fact, in most cases, you do not have to make any payments at all. If you want to pay the entire amount the day before the term expires that will work just fine. You can pay weekly, monthly, or whenever you choose by making lump sum payments. As long as the loan is repaid with the 6 month time frame you will be able to recover your item. If you need longer to repay the loan it's as simple as filling out a form to extend the term.
Another difference is the interest rates associated with online pawn shop loans are often times much less. Most ordinary pawn shops set a maximum amount that you can borrow. There is no limit with an online pawn shop. You can borrow as much as the value of your assets warrants. Your assets are also kept in a secure vault that is much more secure than a normal pawn shop.
When you need money fast, online pawn shops are a great alternative to the old brick and mortar corner pawn shop. They provide anonymity, security, great terms and conditions, and an all around easier process to obtaining asset-backed loans. They pay for shipping your items to their facility, they keep your item in a secure vault that is much more secure than having the item in your own home, and if you decide not to repay your loan amount they will simply sell your item for you. In some cases, they will even return excess funds that may come from the sale of your item.
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A big difference between an online pawn shop and regular pawn shop is the length of the loan term. Most regular pawn shops have strict loan terms. For example a pay day loan usually has to be paid back within 2 weeks at a very high interest rate. Car title and pawn loans from a normal pawn shop usually have to be paid back within 30 days. The normal loan term for an online pawn shop is 6 months. The installments on conventional pawn shop loans usually have to be paid every 2 weeks. Online pawn shops have very flexible installments. In fact, in most cases, you do not have to make any payments at all. If you want to pay the entire amount the day before the term expires that will work just fine. You can pay weekly, monthly, or whenever you choose by making lump sum payments. As long as the loan is repaid with the 6 month time frame you will be able to recover your item. If you need longer to repay the loan it's as simple as filling out a form to extend the term.
Another difference is the interest rates associated with online pawn shop loans are often times much less. Most ordinary pawn shops set a maximum amount that you can borrow. There is no limit with an online pawn shop. You can borrow as much as the value of your assets warrants. Your assets are also kept in a secure vault that is much more secure than a normal pawn shop.
When you need money fast, online pawn shops are a great alternative to the old brick and mortar corner pawn shop. They provide anonymity, security, great terms and conditions, and an all around easier process to obtaining asset-backed loans. They pay for shipping your items to their facility, they keep your item in a secure vault that is much more secure than having the item in your own home, and if you decide not to repay your loan amount they will simply sell your item for you. In some cases, they will even return excess funds that may come from the sale of your item.
Six Deadly Sins in Forex Trading
It does not matter if you are a new trader or a veteran trader, most of us will commit one of the six deadly sins in Forex Trading. As a veteran trader, you will likely to commit only one or two, but for less informed traders, they are likely to commit more, if not all, of the sins listed below.
1. Reliance on the Experts. In 2007 to 2008, the housing market crumbled, the stock market tumbled, and many investors lost money. Many of Wall Street's top analysts had vouched for the toxic mortgage-related securities, and many investment banks went bankrupt because of this reliance on the Experts. The same principle can be applied to Forex trading. Forex reviews and forum postings can easily be manipulated; hence, you should be skeptical when coming across the latest "can't miss" software or trading courses that promise to double your trading profits in two weeks.
2. Setting the wrong goal and trading target. Everyone seems to focus on setting goals and achieving ten pips a day. This is a marketing ploy to sell more Forex trading courses, software, or the latest Forex techniques on DVDs. No one can consistently achieve ten pips a day. You can't take when the market is not providing you with trading opportunities. If you set an unattainable goal, you are setting yourself up for failure. Be realistic with yourself and set up monthly goals instead of daily or weekly trading goals.
3. Not paying proper attention to drawdown. It does not matter if you are trading manually or with automated trading software, all traders and trading software will go through a period of drawdown or a losing streak. You must always take this possibility into account and not compound your trading lot. You may compounding your winnings, but this technique will also amplify your losses when a losing streak hits. Always have an exit strategy or enough cash to cushion any drawdown that may occur.
4. Forgetting to practice, practice, and practice. In order to master a new trading skill, you will need several months, or even years to refine your skills. Don't fool yourself and think that you have mastered the market after three months of demo trading. Many have gone down the same road and failed. You will not be the exception, so don't bet your entire savings on it.
5. Falling in love with a trade. Don't hold on to a losing trade that is going to wipe out your account, even the great Warren Buffett is wrong at times; hence, be willing to cut your losses and move on.
6. Not checking your emotion. There is no such thing as a guaranteed winning trade. You must learn to treat each trade, whether it be a losing trade, break-even, or winning trade, equivalent emotionally. It is possible to have 10 or more consecutive losing trades; hence, don't give up, just learn to move on. It is business as usual, and you should not let your previous losing trades affect your decision making process. One of the primary reasons why automated trading software works so well is because it is not emotionally affected by either winning or losing trades.
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1. Reliance on the Experts. In 2007 to 2008, the housing market crumbled, the stock market tumbled, and many investors lost money. Many of Wall Street's top analysts had vouched for the toxic mortgage-related securities, and many investment banks went bankrupt because of this reliance on the Experts. The same principle can be applied to Forex trading. Forex reviews and forum postings can easily be manipulated; hence, you should be skeptical when coming across the latest "can't miss" software or trading courses that promise to double your trading profits in two weeks.
2. Setting the wrong goal and trading target. Everyone seems to focus on setting goals and achieving ten pips a day. This is a marketing ploy to sell more Forex trading courses, software, or the latest Forex techniques on DVDs. No one can consistently achieve ten pips a day. You can't take when the market is not providing you with trading opportunities. If you set an unattainable goal, you are setting yourself up for failure. Be realistic with yourself and set up monthly goals instead of daily or weekly trading goals.
3. Not paying proper attention to drawdown. It does not matter if you are trading manually or with automated trading software, all traders and trading software will go through a period of drawdown or a losing streak. You must always take this possibility into account and not compound your trading lot. You may compounding your winnings, but this technique will also amplify your losses when a losing streak hits. Always have an exit strategy or enough cash to cushion any drawdown that may occur.
4. Forgetting to practice, practice, and practice. In order to master a new trading skill, you will need several months, or even years to refine your skills. Don't fool yourself and think that you have mastered the market after three months of demo trading. Many have gone down the same road and failed. You will not be the exception, so don't bet your entire savings on it.
5. Falling in love with a trade. Don't hold on to a losing trade that is going to wipe out your account, even the great Warren Buffett is wrong at times; hence, be willing to cut your losses and move on.
6. Not checking your emotion. There is no such thing as a guaranteed winning trade. You must learn to treat each trade, whether it be a losing trade, break-even, or winning trade, equivalent emotionally. It is possible to have 10 or more consecutive losing trades; hence, don't give up, just learn to move on. It is business as usual, and you should not let your previous losing trades affect your decision making process. One of the primary reasons why automated trading software works so well is because it is not emotionally affected by either winning or losing trades.
Info On Details About Liability Insurance
Liability car insurance is one of the most widespread automobile insurance policy coverage. It costs a lot less than other types of insurance policies. Liability insurance has lower premiums than full comprehensive coverage because you get less coverage.
A liability auto insurance policy covers the damage to property and persons caused by the insured. This type of protection is most essential in protecting your finances. A liability insurance policy protects you financially from lawsuits and damages.
In case you cause a car accident, your liability car insurance will cover the damages to the other party's property and bodily injuries. If the injured party files a lawsuit against you, your liability insurance policy will help pay for the lawyers fees and any resulting settlements. You will be protecting yourself from great financial losses.
Liability insurance comes in two variations. First, there is property damage and bodily damage coverage. This coverage pays the expenses for repairing auto damages from an accident you cause or that was cause by the other driver.
Now, if the auto repairs cost is more than your auto is worth, then your insurance will cover the replacement costs of your car. The replacement cost is usually based on blue book value. Besides paying automotive damages, your liability car insurance policy will also pay for any property damages.
For example, if a passenger was transporting expensive electronic equipment, which was damaged during an accident, your insurance would pay for its repair or replacement. Liability insurance protects not only you but all people traveling with you.
When you shop for this insurance, make sure the insurance policy cover your passengers and their personal property. Most insurance policies have restrictions or riders and you may need to pay extra for additional coverage. Liability insurance policies can vary greatly from one insurance company to another.
If you have an accident by driving into private property, where you are at fault, the expenses for its repair are covered by your insurance. The liability car insurance policy for bodily injury will cover medical expenses for any physical injury resulting from any type of car accident.
This insurance also covers lawyer's fees, in case you find yourself in a lawsuit. If you or the victim are unable to work because of the accident, your insurance will cover for wages lost. Even damages for pain and suffering will be covered, once the court decides in favor of the opposite party.
A liability automobile insurance policy is not just to protect others; it is to save you from financial disaster. In most states, it is mandatory. It is part of automotive ownership. It protects you from money risks and losses.
There is no reason to think about whether you should buy liability insurance. The various states know that this insurance protects you from financial disaster. So, in a sense, it makes the decision for you that you must buy this insurance. Don't think about buying it; just think about what coverage will you buy.
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A liability auto insurance policy covers the damage to property and persons caused by the insured. This type of protection is most essential in protecting your finances. A liability insurance policy protects you financially from lawsuits and damages.
In case you cause a car accident, your liability car insurance will cover the damages to the other party's property and bodily injuries. If the injured party files a lawsuit against you, your liability insurance policy will help pay for the lawyers fees and any resulting settlements. You will be protecting yourself from great financial losses.
Liability insurance comes in two variations. First, there is property damage and bodily damage coverage. This coverage pays the expenses for repairing auto damages from an accident you cause or that was cause by the other driver.
Now, if the auto repairs cost is more than your auto is worth, then your insurance will cover the replacement costs of your car. The replacement cost is usually based on blue book value. Besides paying automotive damages, your liability car insurance policy will also pay for any property damages.
For example, if a passenger was transporting expensive electronic equipment, which was damaged during an accident, your insurance would pay for its repair or replacement. Liability insurance protects not only you but all people traveling with you.
When you shop for this insurance, make sure the insurance policy cover your passengers and their personal property. Most insurance policies have restrictions or riders and you may need to pay extra for additional coverage. Liability insurance policies can vary greatly from one insurance company to another.
If you have an accident by driving into private property, where you are at fault, the expenses for its repair are covered by your insurance. The liability car insurance policy for bodily injury will cover medical expenses for any physical injury resulting from any type of car accident.
This insurance also covers lawyer's fees, in case you find yourself in a lawsuit. If you or the victim are unable to work because of the accident, your insurance will cover for wages lost. Even damages for pain and suffering will be covered, once the court decides in favor of the opposite party.
A liability automobile insurance policy is not just to protect others; it is to save you from financial disaster. In most states, it is mandatory. It is part of automotive ownership. It protects you from money risks and losses.
There is no reason to think about whether you should buy liability insurance. The various states know that this insurance protects you from financial disaster. So, in a sense, it makes the decision for you that you must buy this insurance. Don't think about buying it; just think about what coverage will you buy.
Wednesday, May 12, 2010
Bad Credit Debt Consolidation, Some Insider Secrets
Has your credit hit a sinkhole? Are you stressed out and finding it difficult to keep up with even your minimum monthly payments? If your credit score has dropped over the past months due to falling behind on your payments to your creditors, it is time for a bad credit debt consolidation plan. You will find that you can reduce some of your monthly payments by consolidating many high rate loans or credit cards into a single loan or card at a lower annual rate, which will lower your overall monthly payment.
How does it work? Simply stated, you might be able to combine a number of loans or credit cards which carry a high rate into a loan or credit card that is available at a lower annual percentage. This sort of debt consolidation is often done when a consumer receives a credit card promotion offering them a rate that is lower than their existing cards, provided they transfer balances to the new card. This can be a quick and easy way to reduce the annual rate on outstanding balances and lessen the minimum monthly payments as well. But be careful, before you combine all of those credit card balances onto a new card with a lower APR, make sure you read all of the fine print and understand exactly what you can expect to pay on the new, combined balance. Some credit card companies have hidden fees that you need to ask them about before you make your decision on which way to go.
But, when your credit score has dropped you may find it difficult to locate a lower interest rate on a credit card. For some with a low credit score debt consolidation may seem like a solution to their financial problems, but for them, finding a lender or credit card issuer who will help them lower their interest rates will be hard to find. While in the past only those with good credit could get the best rates, scanning the lending marketplace today tells us that there are lenders available for just about everyone. Even those who suffer from a very low credit score should be able to find a bad credit debt consolidation loan. Because of problems in the economy, today there are many consumers who have tarnished credit, and many lenders willing to help them get loans.
Last, here is a secret to bad credit debt consolidation that often goes overlooked: don't forget about the equity you may have in a car, boat or other valuable asset. While most people think of equity in a home, if you have a vehicle with low miles and a low payoff balance, you may find that you can get a used auto loan at a rate that is far lower than the rates you're paying on your credit cards. In some cases, these auto loan rates can be had for even half the interest rate of your highest rate cards. If you're looking for a bad credit debt consolidation option, a vehicle or other valuable asset may help you on your way to your financial goals.
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How does it work? Simply stated, you might be able to combine a number of loans or credit cards which carry a high rate into a loan or credit card that is available at a lower annual percentage. This sort of debt consolidation is often done when a consumer receives a credit card promotion offering them a rate that is lower than their existing cards, provided they transfer balances to the new card. This can be a quick and easy way to reduce the annual rate on outstanding balances and lessen the minimum monthly payments as well. But be careful, before you combine all of those credit card balances onto a new card with a lower APR, make sure you read all of the fine print and understand exactly what you can expect to pay on the new, combined balance. Some credit card companies have hidden fees that you need to ask them about before you make your decision on which way to go.
But, when your credit score has dropped you may find it difficult to locate a lower interest rate on a credit card. For some with a low credit score debt consolidation may seem like a solution to their financial problems, but for them, finding a lender or credit card issuer who will help them lower their interest rates will be hard to find. While in the past only those with good credit could get the best rates, scanning the lending marketplace today tells us that there are lenders available for just about everyone. Even those who suffer from a very low credit score should be able to find a bad credit debt consolidation loan. Because of problems in the economy, today there are many consumers who have tarnished credit, and many lenders willing to help them get loans.
Last, here is a secret to bad credit debt consolidation that often goes overlooked: don't forget about the equity you may have in a car, boat or other valuable asset. While most people think of equity in a home, if you have a vehicle with low miles and a low payoff balance, you may find that you can get a used auto loan at a rate that is far lower than the rates you're paying on your credit cards. In some cases, these auto loan rates can be had for even half the interest rate of your highest rate cards. If you're looking for a bad credit debt consolidation option, a vehicle or other valuable asset may help you on your way to your financial goals.
Packaged accounts - worth the cost or a waste of money?
Paying out a monthly fee for a packaged current account offering a host of incentives may seem to make financial sense. But while these so-called "premier" accounts might appear attractive at first sight, they could, on closer inspection, turn out to be a waste of money, as you could end up forking out for a range of extra benefits you don't need and will never use.
Expensive extras
Packaged accounts - or "value-added accounts" - offer a variety of perks such as worldwide travel insurance, breakdown cover, will-writing and share-dealing services in exchange for a fee that can start from as little as £5 a month to as high as £25 a month.
The number of packaged accounts in the market has surged in recent years as banks have tried to migrate customers away from free current accounts and to paid-for accounts. These accounts certainly make good financial sense for the banks as they bring in a guaranteed monthly revenue stream, whilst also enabling providers to cross-sell other products.
This is especially important for the banks at a time when they face losing revenue from the crackdown on unauthorised overdraft charges by the Office of Fair Trading.
Don't pay for benefits you don't use
The banks have employed some very clever marketing techniques to promote their "VIP" accounts, but it's important not to get sucked in without making sure you know exactly what you are signing up for. You might like the idea of getting a wide range of perks, but you have to question whether these benefits and insurance policies are suitable for you - and whether you are actually going to take advantage of them.
Of the incentives offered, the travel insurance and breakdown cover are the ones that tend to offer peace of mind and give the best value for money, but mobile insurance and commission-free currency may be unnecessary, and can almost certainly be sourced more cheaply elsewhere. The key thing to remember is that unless you're making full use of all - or the vast majority - of the benefits on offer, you will fail to recoup the annual cost.
Beware the sales pitch
One of the concerns is that banks have been putting pressure on customers to switch in a bid to meet sales targets.
At the same time, some individuals report of being automatically upgraded to a packaged account by their bank without actually asking for it - so make sure you watch out for this.
Check out the alternative accounts
Given that many of these packaged accounts offer poor value for money and fail to offer a better rate of interest on money held in them, you could be better off opting for a straightforward "best buy" free current account instead - and then pay separately for the services you use. Alliance & Leicester's (A&L) Premier current account, for example, offers a range of benefits without levying a monthly fee.
Provided you fund the account with £500 per month, you get free annual multi-trip European travel insurance, plus an interest-free overdraft facility of up to £2,000 for the first 12 months, after which a usage fee of £0.50 a day applies - one of the most competitive overdraft terms on the market. Until 8 November, A&L is also offering a £100 cashback incentive to new customers who apply and move using the A&L Switching Service.
Source the services separately
Even if your current account doesn't offer any incentives, there are still savings to be made by shopping around separately for insurance policies. By doing a little research, you should be able to pick up both a travel and breakdown policy for a fraction of the price you would have paid in packaged account premiums over the space of a year; try searching http://www.confused.com/savings .
Do your homework
At the end of the day, added-value accounts do offer a level of convenience, but you need to be aware of paying for a packaged account that offers little in return. This is why it's so important to tot up how much value you are getting from the incentives offered before signing on the dotted line.
Notes:
Rates correct as of 27 Oct 09
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Expensive extras
Packaged accounts - or "value-added accounts" - offer a variety of perks such as worldwide travel insurance, breakdown cover, will-writing and share-dealing services in exchange for a fee that can start from as little as £5 a month to as high as £25 a month.
The number of packaged accounts in the market has surged in recent years as banks have tried to migrate customers away from free current accounts and to paid-for accounts. These accounts certainly make good financial sense for the banks as they bring in a guaranteed monthly revenue stream, whilst also enabling providers to cross-sell other products.
This is especially important for the banks at a time when they face losing revenue from the crackdown on unauthorised overdraft charges by the Office of Fair Trading.
Don't pay for benefits you don't use
The banks have employed some very clever marketing techniques to promote their "VIP" accounts, but it's important not to get sucked in without making sure you know exactly what you are signing up for. You might like the idea of getting a wide range of perks, but you have to question whether these benefits and insurance policies are suitable for you - and whether you are actually going to take advantage of them.
Of the incentives offered, the travel insurance and breakdown cover are the ones that tend to offer peace of mind and give the best value for money, but mobile insurance and commission-free currency may be unnecessary, and can almost certainly be sourced more cheaply elsewhere. The key thing to remember is that unless you're making full use of all - or the vast majority - of the benefits on offer, you will fail to recoup the annual cost.
Beware the sales pitch
One of the concerns is that banks have been putting pressure on customers to switch in a bid to meet sales targets.
At the same time, some individuals report of being automatically upgraded to a packaged account by their bank without actually asking for it - so make sure you watch out for this.
Check out the alternative accounts
Given that many of these packaged accounts offer poor value for money and fail to offer a better rate of interest on money held in them, you could be better off opting for a straightforward "best buy" free current account instead - and then pay separately for the services you use. Alliance & Leicester's (A&L) Premier current account, for example, offers a range of benefits without levying a monthly fee.
Provided you fund the account with £500 per month, you get free annual multi-trip European travel insurance, plus an interest-free overdraft facility of up to £2,000 for the first 12 months, after which a usage fee of £0.50 a day applies - one of the most competitive overdraft terms on the market. Until 8 November, A&L is also offering a £100 cashback incentive to new customers who apply and move using the A&L Switching Service.
Source the services separately
Even if your current account doesn't offer any incentives, there are still savings to be made by shopping around separately for insurance policies. By doing a little research, you should be able to pick up both a travel and breakdown policy for a fraction of the price you would have paid in packaged account premiums over the space of a year; try searching http://www.confused.com/savings .
Do your homework
At the end of the day, added-value accounts do offer a level of convenience, but you need to be aware of paying for a packaged account that offers little in return. This is why it's so important to tot up how much value you are getting from the incentives offered before signing on the dotted line.
Notes:
Rates correct as of 27 Oct 09
Monday, May 3, 2010
Borrowing When You Have A Bad Credit Score
If you have bad credit you can still find a loan. Many lenders offer up to $15,000 on their Web sites, for secured no, and even for loans under $1000 for which they don't actually run a credit check. While you're probably going to want to avoid the latter if you can (more than likely payday loans or will take your car title as collateral and charge exorbitant interest rates) the options are many for a bad credit loan.
You can also find a bad credit mortgage loan as well, even though you'll undoubtedly end up paying a higher rate of interest. This might even save you some money, if you're refinancing your home to secure a lower interest rate than you already have, or if you are using it for debt consolidation and the rate offered is lower than the credit cards you're now trying to get out from under.
What you'll typically need to apply for a bad credit loan isn't all that different than any other situation. You have to prove your income, your expenses, your assets, your liabilities, and indicate what you are going to be using the money for and why the amount is accurate that you're requesting. Don't be frivolous or vague about the use of the money borrowed, and don't ask for more than you can clearly show you need. A lender who is considering your bad credit loan and sees you still being foolish with your money may well turn you down, and rightly so.
While in years and decades past, the loan officer's decision involved a lot of lengthy paperwork and manual calculations and verification, it is so computerized now that your bad credit loan decision could be almost instantaneous, even if you are applying at the lending institution in person.
The first place the loan officer is going to go is to one of the major credit reporting bureaus for your credit score. Don't panic. Be upfront - you have bad credit. There are lenders who specialize in a bad credit loan and they won't be shocked and you needn't be embarrassed. Honest is what's called for if you want that bad credit loan. What the lender looks at is if you paid your utilities on time, if you have had instances of having to be sent to collection agencies and if they were resolved, if you've had a home foreclosed on or a car repossessed and if there are charge-offs on your record. Bankruptcy is another important issue, and be sure you disclose this to the potential lender.
If the loan officer determines that the amount of the bad credit loan, based on what your income is as compared with your expenses, is more than you're going to be able to pay back, that doesn't mean you won't get the loan. She or he may suggest borrowing a lesser amount, or even extending the term of the loan so that you'll be paying longer but less each month. Keep in mind, however, that the longer the term of a bad credit loan, with its higher interest rate, the more costly it becomes in the long run.
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You can also find a bad credit mortgage loan as well, even though you'll undoubtedly end up paying a higher rate of interest. This might even save you some money, if you're refinancing your home to secure a lower interest rate than you already have, or if you are using it for debt consolidation and the rate offered is lower than the credit cards you're now trying to get out from under.
What you'll typically need to apply for a bad credit loan isn't all that different than any other situation. You have to prove your income, your expenses, your assets, your liabilities, and indicate what you are going to be using the money for and why the amount is accurate that you're requesting. Don't be frivolous or vague about the use of the money borrowed, and don't ask for more than you can clearly show you need. A lender who is considering your bad credit loan and sees you still being foolish with your money may well turn you down, and rightly so.
While in years and decades past, the loan officer's decision involved a lot of lengthy paperwork and manual calculations and verification, it is so computerized now that your bad credit loan decision could be almost instantaneous, even if you are applying at the lending institution in person.
The first place the loan officer is going to go is to one of the major credit reporting bureaus for your credit score. Don't panic. Be upfront - you have bad credit. There are lenders who specialize in a bad credit loan and they won't be shocked and you needn't be embarrassed. Honest is what's called for if you want that bad credit loan. What the lender looks at is if you paid your utilities on time, if you have had instances of having to be sent to collection agencies and if they were resolved, if you've had a home foreclosed on or a car repossessed and if there are charge-offs on your record. Bankruptcy is another important issue, and be sure you disclose this to the potential lender.
If the loan officer determines that the amount of the bad credit loan, based on what your income is as compared with your expenses, is more than you're going to be able to pay back, that doesn't mean you won't get the loan. She or he may suggest borrowing a lesser amount, or even extending the term of the loan so that you'll be paying longer but less each month. Keep in mind, however, that the longer the term of a bad credit loan, with its higher interest rate, the more costly it becomes in the long run.
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