0 Filed Bankruptcy-What is Next?

If you have just filed for bankruptcy, you will have to take steps to get past this dark chapter in your life. The good news is that the worst is finally over. The bad news is that you are not out of the woods just yet. What steps should you take to make sure that you get yourself back on solid financial footing?

Make Sure That You Hire A Good Lawyer

While your can apply for bankruptcy on your own, it is always a good idea to have a good lawyer representing you in court. This is because you want to know what property is protected in the bankruptcy proceedings. For example, most states have a homestead clause that allows you to keep your house while you are going through bankruptcy.

What Type Of Bankruptcy Are You Planning On Filing For?

Will you try to go for a Chapter 7 bankruptcy or a Chapter 13 bankruptcy? Filing for Chapter 7 allows you to completely discharge your debts. Filing for Chapter 13 merely reorganizes your current debts. Most judges will require you to file for Chapter 13 unless you can prove that paying off your debts would result in a severe hardship.

Ensure That Your Creditors Report Correctly To The Credit Agencies

When the bankruptcy is finally approved, you should check your credit report to make sure that everything is accurately reported. Some creditors fail to tell the credit agencies that a debt has been wiped clean due to bankruptcy. If any accounts are not reported as closed, your credit score could suffer in the future. What's worse, you may even be required to make payments on that debt even if it has been wiped out in bankruptcy. Don't put yourself through that.

Apply For A Secured Credit Card

The first thing that you need to do after your bankruptcy has been approved is to apply for a secured credit card. Secured credit cards are similar to an unsecured credit card in many ways. The credit card company will report to the credit bureaus. This means that you have the chance to improve your credit score with each timely payment that you make.

The difference between a secured card and an unsecured card is that you provide the money yourself. Your credit line will be determined by the amount of money you provide as a security deposit. If you give the credit card company $400, you will have a credit line of $400. Most people who have just filed for bankruptcy will be approved for a secured line of credit.

Bankruptcy is not the end of the world when it comes to your finances. You simply need to plan ahead to ensure that the process goes smoothly. Once you are out of bankruptcy, make sure that you are taking the necessary steps to ensure that bankruptcy will never be something that you need to file for again. As long as you learn from your mistakes, bankruptcy can be a saving grace.

Biljanais a online writer, exploring and publishing useful advice on personal finance and bankruptcy matters in USA, Australia and worldwide.

0 5 Ways Credit Cards Manipulate You Into More Debt

Of all the financial advice anyone with a credit card can give you, maybe the most likely thing you would hear again and again is, “Beware of the special offers.” People are inherently trusting and seeking acceptance. But that’s one of the things you need to be most cautious about when you are dealing with credit cards. They are like vultures. They prey on the behaviors and patterns of the weak, and how many of us won’t use something like credit when it is offered to us? Take this financial advice and be wary of these 5 ways in which credit cards manipulate you into greater chasms of debt:

1. Introductory Interest Rates: Oftentimes providers will start their duplicity at the very beginning of your relationship. By offering you “introductory 0% interest rates for six months,” you may think that you can just keep spending and that those purchases don’t charge you any interest rates. That is true — for the period of six months. If you pay off your balance in full in 179 days or less, you have won. You are not charged any interest. If, however you don’t pay for your purchases by the time the introductory period is up, then in some cases you will pay for all the interest compounded since Day 1. It’s a tricky thing and something you should look over when they first mail you those really tiny print notices.

2. Promotional Offer Rates: Another thing that credit cards may do that you have to watch out for is offering you promotional offer rates — say for all purchases made between Thanksgiving and New Year’s, you will pay very low interest rates. However if these balances are not settled in full, again, you could be on the hook for the whole amount due. Just because there was no interest over that time period, you need to be wise to the terms of the agreement or you could be on the hook for the whole thing.

3. Loyalty Programs: A third reason to reach out for some deeper financial advice is when credit cards begin offering you loyalty programs. Because you are a “preferred customer,” they will entice you to want to spend more by dangling offers in your face that you just can’t say no to. Maybe they will offer you some “rewards bucks” or allow you “special offer days.” Whatever the offer is, these loyalty programs are just interested in getting you to spend more money than you want to.

4. Shopping Days Bonuses: Another way that credit providers lull you into economic submission is through their special programs offering “shopping days bonuses!” If they want you to use their credit card, say, on Black Friday or the weekend after Thanksgiving, the credit providers can offer you special incentives to spend more over that time period and in return you will get some silly little trinket. Even when credit providers offer substantive rewards, it is usually only because their customers have spent sizeable amounts of money.

5. Extension of Credit: A final reason to cry for financial advice is when a credit provider offers you, as a regular, on-time paying credit card customer, more credit. Extending more credit, particularly to those waylaid by maxed out cards already, is dubious for sure. People who have reached their credit limit may feel as though they need to take a step back and settle their debts. But when a credit card says, “No, it’s OK. Here, take more!” they are deliberately making the easily victimized, victims themselves.

Jeffrey Sterner writes and blogs about personal financial well-being and issues that influence it for Debt.org, America’s Debt Help Organization.

0 An Easy to Understand Guide to Quick Cash Loans

In times of financial crisis, having access to instant money can go a very long way for those who live on a salary by salary basis. It is a good thing that nowadays, there are a myriad of lending programs such as quick cash loans that can be beneficial for those who need to obtain a substantially high amount of cash during an emergency situation. But how do they work?

Quick Cash Loans Explained

Quick cash loans are financial programs that are ideal for those who have negative or poor credit history. Borrowers may borrow up to 1,500 USD from the said loans as long as they are able to meet the requirements that are set by the lending company and have a steady paying job.

The said loans are pretty divergent to conventional loans, especially since the application procedure is a lot quicker and more hassle free. In fact, borrowers can even apply at comforts of their home and complicated paperwork is not a prerequisite.

In addition, even strict requirements such as credit checks are somewhat unimportant. This is because quick cash loans lenders are generally more concerned about the present financial situation of potential borrowers. If repaid on time, the said loans can help improve credit history by confirming their ability to settle financial responsibilities.

What to do when instant cash becomes necessary?

Interested individuals who want to avail quick cash loans simply need to present government issued identification cards and payslips when applying. The said documents are essential since the ability of borrowers to send payments will be analysed by lending companies. In addition, they also need to send their bank account details since the said companies usually withdraw a certain amount every salary period until the borrowed amount is repaid.

Borrowers should rest assured since lenders will only take the amount that is agreed on the application stage. Also, since the repayment method will be done automatically, there is very minimal involvement will be required from borrowers and they can simply sit back and use their loans to settle any financial obligation.

Conclusion

Individuals who desperately need cash should not hesitate to take quick cash loans. While there is a misconception that the said loans come with excessively high rates, it should be remembered that many reputable companies offer high huge amounts of loans with very affordable interest rates.

Putting the mentioned factor into consideration, performing extensive background researches should be prioritized so that instant cash will be attained minus the soaring interest rates and other financial deterrents. 

0 Why Get Life Insurance From Prudential Life Insurance?

One of the most important transactions that people can arrange in terms of precautionary measures is getting a life insurance policy in order to secure the financial future of their loved ones. This is because to purchase a service that will hold their family up when they would otherwise suffer is a source of great comfort. As such, it is therefore critical to acquire the policy from a provider that will not only give them a fair price but will also
be capable of delivering on their promises. In this, Prudential Life Insurance is one of such providers that people can really count on.

Life Insurance

For those who are unfamiliar with the concept, life insurance is basically a service where you pay a certain amount regularly in order to insure the financial state of your family in case of your death. For a lot of reasons, this is a very crucial asset since the world is no longer a place that treats a family kindly if they have no money. Hence, this is the reason why life insurance and a life insurance provider that can fulfill their obligation are important.

Life Insurance Provider

The role of a life insurance provider is naturally to provide the life insurance policy. The client transacts with them and after some arrangements, the premium will be decided and they will fulfill their obligations once the time comes. However, it is an unfortunate fact that some life insurance providers are not as honorable with their services. That is why choosing life insurance providers with history and admirable track records like Prudential Life Insurance is almost always the best course of action.

Why choose Prudential Life Insurance?

But more to the point, let us examine the reasons why Prudential Life Insurance would be a great choice for people who are looking for security with their life insurance policies. A company cannot simply be exalted without cause after all, so why should Prudential Life be considered? One of the best reasons why people would choose Prudential Life is actually because of their leniency towards certain diseases. As a very valuable commodity, other life insurance companies are reluctant to accommodate people with diabetes and such without attaching pricey premiums. With Prudential Life, such a problem is not as concerning and sick people would have a greater chance at getting good rates from them than anywhere else. Another reason has to do with tobacco use. Since even those who are hooked to the substance acknowledge the debilitating results of using tobacco products, it is hardly any surprise that life insurance companies charge them higher than those who do not smoke. With Prudential Life though, tobacco users will find some exceptions in certain methods of use like chewing or cigar smoking which could land them a non-smoking rate. That way, they do not have to pay as much. Those who have been rejected by other companies would also stand a good chance at being accepted by Prudential Life. So if your case was not accepted elsewhere or you found their rates to be too expensive, you will likely get a better deal at Prudential Life.

0 Explaining budgeting to kids - how to make sure your kids are wise about money

Even if you don’t want to admit it, money makes the world go round and learning about money from a young age can help to make you money-smart in the future. If you’ve got kids it will be worthwhile sitting them down to discuss the finer points of money to them, especially budgeting, as this is one thing that they’ll be able to use in later life to

ward off money troubles.

So, here are a few ways you can teach your kids all about budgeting:

1)      The pocket money method

If you give your kids pocket money you should ask them to pick out a toy or some other item that they’d like you to buy for them. Then, once they’ve made their decision, tell them that they’ll be buying the toy, but in a couple of weeks. Explain that, for the next few weeks, you’d like them to save up their pocket money so that they can buy the toy.

You can then design a colourful savings plan with your child – get some paper, crayons, pencils and felt tips and draw a calendar with your child that they can then write their savings dates in. They can draw pictures on it and anything else they’d like – the real message here is when they’ll be putting money in their piggy bank.

Give your child the choice of saving their pocket money when you give it to them – they need to learn that budgeting is something that needs to be done consciously. Every week you should take all of the money out of their piggy bank and count it with them, and then mark the amount on the calendar they’ve made. Eventually they’ll reach their goal and can be treated with the toy they’ve been after!

2)      The open and honest solution

Being completely open and honest with your kids is one of the best ways to teach them about budgeting. If you explain how your household budget works they’ll be able to get a much clearer picture of it, as they’ll be working from a real example. Break down all of the household expenses with them and show them how much everything costs – it’ll definitely be an eye opener for them and will show them just how much it costs to run a household!

3)      The work-money explanation

For your child to understand budgeting fully they’ll first need to get to grips with the idea of working to earn money in the first place. Budgeting is pretty much impossible without some form of income, so you should give them a chance to earn some money so that you can then go through budgeting with them.

Draw up a list of chores they can complete, along with the amount they can earn by doing them. They can then complete the tasks within a set timeframe to earn money. After this, sit them down and calculate how much they’ve earned and get them to write a list of what they’d like so spend their money on. Then, all you need to do is go through the calculations with them to help them to figure out how much of what they want can actually be bought and if they need to start saving any money to buy a more expensive item in the future.

How would you teach your kids about budgeting?

Janice Lincoln is a freelance writer who enjoys writing articles about financial advice for all of the family, covering topics from wageday cash loans, fiscal responsibility, all the way to organisational techniques such as spreadsheet budgeting and statistics analysing.