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Source: http://www.legaldebthelponline.com/2011/03/17/get-your-small-business-secured-with-bad-credit-loans/
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Thinking about it after sending my previous post regarding the homeschooling mom: I should acknowledge that the doctor did ask some questions, but an decision as major as the means by which one will educate one's children is such a complex issue it can't be resolved without a lot of serious thought, prayer, and Godly counsel. I also should say that I think that some of the advice offered to this mom is good. It really is easy to feel overwhelmed. However, I think we have to keep in mind is that in our culture of low expectations and switching from one thing to another (i.e. "disposable mentality"), there is a tremendous temptation to drop something or cut it out before we search for viable alternatives.
KB March 17 2011 11:59 AM

Source: http://www.daveramsey.com/article/live-chat-with-dr-meg-meeker/lifeandmoney_other
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Source: http://www.legaldebthelponline.com/2011/03/17/how-you-can-manage-a-wedding/
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Non profit consolidation services are performed by companies that have obtained the nonprofit name from the IRS. The name does not imply that they extend free services. These companies assist you with debt consolidation programs. They negotiate with your creditors to lower your interest rates and to waive unpaid interest and fees.
A nonprofit consolidation firm assists you in consolidating your debts just like the way "for profit" consolidation companies do. They review your current status using a debt counseling session for free and they arrange an expenditure and income analysis for you.
Basing on how much you can spend, the company negotiates with your collection agency or your creditor the plan to free you from your debt. The company works out a monthly payment plan with lower interest rate in order to assist you in resolving your debt problem and free you from it.
The debt consolidation company seeks to lessen your monthly fees by discussing with your creditors to reduce your interest rates and to minimize or eliminate delayed fees or penalties if any.
Aside from negotiating, nonprofit debt consolidation companies can also assist you in the consolidation of bills by agreeing to a single monthly payment. The amount that you pay to the company each month is distributed to your creditors or collection companies based on the pre-arranged schedule of payment.
The nonprofit debt consolidation firm will communicate with your creditors or collection agencies by telephone or letters in order to make it simpler for you.
Nonprofit debt consolidation companies function with the aid of finances acquired through client donations. These would include deliberate donations made by defaulters and business groups such as department stores, gas companies, credit card firms and other stakeholders. Most of the time, creditors or collection companies tender a particular fraction of your monthly payments to the nonprofit debt consolidation firms.
Keep in mind the drawbacks of nonprofit consolidation. First, credit counseling companies were established by the credit card companies back in the 50's. They didn't want struggling debtors to file bankruptcy, so they affiliated themselves with debt counselors. They have an arrangement with the debt counselors to reduce the interest rates, but never the principal.
Please understand something, your creditors main goal is to keep you in debt for the rest of your life. They want you to only make minimum payments. Why? because about 95% of your payment is applied to the interest. Has your billing statement ever said " maximum payment due!?"
Credit counseling programs have about a 75% dropout ratio. If you miss only one payment, you are kicked out of the program. As a consequence, your credit will be negatively affected. You will then be back to square one-overloaded with debt and have bad credit.
Also, this option is not the fastest method of debt elimination. Nor is it a program that will lower your monthly payment the greatest. Debt settlement is faster and will lower your payment the most.
Beware there are a few nonprofit debt consolidation firms that takes you money but sit on your problem. Such firms make attractive offers and pledges just to mislead you but in reality, they just take you for a ride and take out more wealth from you without resolving your debt problems.
To be safe, never give away important information such as your bank account number or credit card number. This is to be certain that the firm does not extract money from your accounts. Confirm how much money you require to pay every month.
A nonprofit consolidation company assists you with customized debt relief solutions for a better financial status. Too many consumers are overburdened with debt escalation and the recent economic downturn and job losses have caused many to fall behind in their debt payments. Consequently, they are playing catch up rather than actually paying down their debt. If this describes your situation, consider seeking help from a nonprofit debt consolidation firm.

Source: http://ezinearticles.com/5993705
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Source: http://www.legaldebthelponline.com/2011/03/17/free-debt-consolidation-program-loan-help/
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Today there are many homes for sale with low prices and low interest rates. Housing is more affordable now than it has been in many years. Considering the current market, why isn't everyone snapping up homes? The truth is, many first time home buyers are jumping into the market and getting in on this affordable housing opportunity. Real estate investors are also very active as they see this unique opportunity to build their wealth. The unfortunate reality for everyone right now is that even though homes are more affordable now than in many years, lenders are very picky about who gets a loan and who does not. And your credit score is one of the primary indicators of whether or not you will get approved for a loan and what your interest rate will be.
Just a few years ago a borrower with a credit score as low as 500 could buy a home. Today that score needs to be a minimum of 620 to 640. And to qualify for the best interest rates you better have a credit score in the 700's. No matter what your credit score is, you should know it. If it is not close to 750 you should resolve to get there and here are some easy tips to help improve your credit score.
Let's take a look at what information on our credit report determines your score, then we will give suggestions on how to improve in each of those areas
35% or your credit score is attributed to your payment history which not only includes actual payments to your creditors, but it includes things such as collections, judgments and tax liens. With this in mind you always want to make sure you make your car, credit card and loan payments on time. Many lenders also require verification of rental payment history, so you will want to make sure you pay your rent on time as well. By the way, a payment is considered on time if it is paid within 30 days of the due date. If you have collections, judgments or tax liens on your credit, you will have to provide proof that these were paid. If there are unpaid collections you can in many cases negotiate a settlement for less than what is owed. From a credit scoring standpoint this is almost as good as paying in full as long as it is reported as satisfied in full on the credit report.
In addition, you can make a payment arrangement for tax liens and after 12 months get those rated for your credit report which will help. Judgments are required to be paid in full at the close of a loan, and you will need to get it paid and the credit report updated in order to improve your credit score. In many cases with a history of late payments we have to say, time heals all wounds. In other words, it may just take a year or so of making your payments on time to get the credit score you need. If you have items on your credit report that are incorrect, then you can dispute those items to get them corrected with the credit bureau.
30% of your credit score is attributed to how much you owe on your credit card as a percentage of total credit limit. Let me give you an example: If you have one credit card with a $1,000 limit and you owe $750 on this card, your percentage of credit usage is 75% and your available credit is 25%. The lower the usage percentage the higher your credit score will be (all other factors being equal). There are 3 ways to improve this number. You can accomplish this by paying your credit card down as soon as possible. You can request an increase in the credit card limit. And you can also open up new cards. For the last two, you will need to exercise some caution however.
When you request an increase in your credit card, you should ask your credit card company if they can do this based on the merits of your payment history with them. If not they will create a credit inquiry which can lower your score just a little bit. In my opinion it would probably still be worth the credit inquiry deduction from your credit to get your credit limit increased. I believe that in most cases you would have a net gain in credit score, but there have been times when I've seen it drop at least in the short term. By the way, do not increase the balance on your credit card when your limit goes up or you will have just undone the improvement, but now you owe more money and still have a low credit score. Similarly, when you open up a new credit card, you end up having a couple of strikes against you which is the credit inquiry and the new credit account. More about both of these in a moment.
15% of your credit score is attributed to your length of credit history. So Let's have another example: Let's say you have 2 credit cards. You have had one of the credit cards for 5 years and the other card for 3 years. So on average your credit cards are 4 years old, and so your credit score will reflect this 4 year average length. Now if you open a new card, you reduce your average down to about 2.7 years from 4 years. So initially at least this can have the effect of lowering your average length of credit and reduce your credit score accordingly. That is one of the reasons that opening new credit is not a quick fix for bumping your credit score up. However lets take a look at it a year from now. In one year from opening the new credit card your average length would be at 3.6 so if this is part of a longer term strategy then it would probably be a good strategy to follow.
10% of your credit score is attributed to new credit, so once again you can see that opening a new credit account not only lowers your average length of credit, but it also counts against you on a stand alone basis as well. This is also why an inquiry affects your credit score as well. When there are inquiries, it is "assumed" by the system that you are acquiring new credit whether you are or not. For example, if you had your car at the dealership to be fixed and while you were waiting you were taking a look at a new car and ended up making an offer which the dealership knows you will be financing, they will make sure to run your credit (with your permission of course). So even though you end up not buying the new car, the credit inquiry is on your credit report and will slightly lower your credit score. By the way, all inquiries reported in a 30 day period from similar companies will be treated as one credit inquiry. So if you are going to be buying a car or shopping for a mortgage, try to get all of the inquiries put in within 30 days to lessen the effect of multiple inquiries.
The last 10% of your credit score is attributed to the types of credit used, or what we call credit mix. It is good to have both credit cards, car loans, mortgages and installment loans on your credit report. For most people it will take time to accomplish all of these, but beware that someone who always uses high interest rate, high risk lenders will have lower credit scores as well. I cannot mention them by name of course, but it is the lenders who would be considered a finance company, and makes high interest rate and unsecured loans for household goods that will decrease your credit score. Now it is not bad to have an account with this type of company. Many of them work with stores to offer no interest, no payments for 90 days or longer. As long as you are not using them with regularity. Once established you should be able to qualify for reasonable rate credit cards or even an installment loan at a bank or credit union with a competitive rate as well. So bear in mind as you build your credit and credit score that these factors all contribute to your overall score.
A couple of other thoughts for you. Many folks ask me what this or that will do to your credit score and unfortunately no one can tell you exactly as credit scoring is somewhat like Kentucky Fried Chickens secret recipe of 11 herbs and spices. It is a closely guarded, highly sophisticated set of algorithms that combines all the above stated factors and reduces them down to a simple 3 digit number that is supposed to represent your likelihood of paying back the loan or credit card you are applying for. You may want to connect with a lender who can assist with guiding you through the process of improving your credit score. There are also a large number of companies who will, for a price, work on your credit score for you. There are no guarantees with these services and in addition, they are usually fairly expensive and many of them are just plain rip offs, so you would need to approach this avenue with a great deal of caution.
Finally, as a consumer of credit services and possibly as someone who want so purchase a home, you should make it a priority to take control of your finances and your credit score and find out what your credit score is and work hard to bring it up or maintain it.

Source: http://ezinearticles.com/5979575
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Source: http://blogs.forbes.com/greatspeculations/2011/03/16/dell-will-hit-22-higher-if-tablets-take-off/
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Too many clients and potential clients have consulted with a bankruptcy attorney about filing bankruptcy and they insisted that they have no income. Upon questioning them, what they really meant is that they were not making as much money as they would like. Or they meant their gross income was not sufficient to pay all of their minimum debts. Or, their net income was at zero or close to zero.
While to normal humans, these ideas may be clear and true, to non-humans such as lawyers and bankruptcy trustees, they are false and incorrect. In reality, to a professional the only person without any income are the homeless. And guess what ---- they are not the people filing for bankruptcy.
Income for bankruptcy purposes can mean many things. It can mean such things as:
(1) the wages earned by an employee;
(2) the wages earned by a self-employed or independent contractor;
(3) money given to the debtor by family and or friends;
(4) money loaned to the debtor by family and or friends;
(5) unemployment compensation;
(6) pensions or retirement;
(7) VA income no matter how designated;
(8) Social Security.
Chapter 7 bankruptcy cases use the term "Current Monthly Income" in two different ways. Firstly, for Schedule I, that income is the last two months. While for Form B22A (aka the Means Test), that is the average of the last six months. Often these two forms produce a different monthly income amount. That is expected and this by itself does not mean there is a problem.
Because of the changes to the bankruptcy code in 2005, all debtors must now prove their income. Proof of income means only written documents produced by independent third parties is accepted. Normally this is pay stubs from employers, bank statements, or pay advices from unemployment compensation.
Another twist to the idea of income is that the debtor never uses the income for the month in which he actually is filing bankruptcy. This is best explained by an example. Say a debtor files for bankruptcy in July. It does not matter what day in July. So for Schedule I, the income would be the months of May and June. However, the Means Test will use the income for January through June.
The math is simple. The bankruptcy attorney adds the gross income together for each of the months, and then divides by either two or six as the case may be. For Schedule I purposes, the deductions (if any) are listed with their average monthly amounts.
If the debtor also owns and runs a business, the attorney would list on Schedule I the average business income and expenses. Schedule I also details the usual family expenses. The Means Test uses some of these deductions and expenses as listed on Schedule I. Additionally, the Means Test has its own expenses and deductions that are allowed. An example is there is a deduction for a pager but not a cell phone.
In conclusion, bankruptcy laws and forms, as well as any given debtor's income amount, these are not simple and easy things to immediately grasp. For better or worse, it is best to have a bankruptcy attorney advise you and prepare you for filing bankruptcy.

Source: http://ezinearticles.com/6074703
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