Are You Living Beyond Your Means?





Do you find that keeping control of your finances is becoming increasingly difficult? In today's society, advertisements bombard us with offers which encourage us to Spend! Spend! Spend! With promises such as- "Easy Credit!" "Pre-approved loans!" "3 years interest-free credit!" "Free gift when you apply!"

To most people this can all seem rather tempting, given the current "live for today" attitude. But too much can be spent on luxuries, leaving not enough to pay the bills. Certain kinds of debt may be appropriate, such as a mortgage or a car. Many people, however, try to buy more than they can afford.

Indeed, banks and businesses encourage us to do so. Credit cards can be too easy to obtain yet too difficult to maintain, especially when people find themselves borrowing from one card to pay off another. Credit may even be advertised as free - but we still have to pay in the end.

Many families can lose up to Pound 1,000 a year in instalment debts, resulting in a drop in their future standard of living. Families often live from payday to payday with little or no savings for emergencies. In America personal bankruptcies have doubled in the last 10 years.

Most of these people had jobs yet unexpected bills, or reductions in pay caused their bankruptcy. Many economists agree that a global recession is on its way. British people have over Pound 130 billion of personal debt. It is estimated that, on average, there is Pound 3,000 of debt from credit cards, loans and overdrafts for every adult in the country - and that's excluding mortgages.

The amount borrowed from credit cards has more than doubled in the past 4 years. Debts are fine, if you can afford the repayments. But what if you lost your job? The time to get out of debt is now! One major benefit of getting out of debt is avoiding interest payments.

For instance; if you owe Pound 1,000 on a credit card with an interest rate of 18.9% per year, and you only pay the minimum, say 3% per month, it will take over 13 years to pay it off plus a HUGE Pound 848 in interest. But if you double your payments to 6% per month, the debt will be gone in less than 5 years and the interest paid will be Pound 292.
 

Savings can be gained by switching mortgages and if you fix your interest rate for 2 or 3 years, then you can rest easy knowing what your repayments will be for the next few years. But make sure your mortgage is flexible so that you can pay off more if you do have some spare money. Bank loans or hire purchase agreements can be trickier to pay off, as there may be penalties for early repayment.

Just stick to the repayments and make sure that you don't get tempted into any more debt. Remember that covetousness (i.e. Desiring what we see) = debt! This is because we often get into debt over what we want, not what we need. There are warning signs to indicate whether you are heading for financial difficulties. Look at the following list of 10 signals. If any one applies to you then it's time to take a closer look at your budget.

If more than one applies, then you could already be in financial difficulty.

-Using a credit card for purchases that you normally pay for with cash.

-Taking out loans to pay off debts.

-Paying only minimum amounts due on credit cards.

-Receiving "overdue" notices.

-Using savings to pay bills.

-Cashing-in or borrowing from, life insurance policies.

-Working overtime to make ends meet.

-Using your overdraft to pay bills

-Juggling debts and only paying the most demanding.

-Obtaining credit card cash advances for day-to-day living expenses. If you're seriously worried about your overspending, The Citizen's Advice Bureau offers free debt information.

Once your debt is under control, you need to think about saving. A standing order straight into your savings account is a good idea as the money goes straight out of your current account every month along with the bills.


Always remember never to get into debt over things that have no long-term impact on your life.

For instance, do you really need an upgrade on your computer?

Is a new DVD player really such a necessity?

And what about a second car?

Is it really essential or just an expensive convenience?

Don't forget to also take a close look at the small things in life. For example, do you really need to go and have a cappuccino every time you pass a coffee shop? And packing a sandwich for work instead of buying one can save you about Pound 40 a month.

But by far the most important thing to do when it comes to personal finance is to keep a constant check on your outgoings. Don't wait for your bank statement to scare you next time it comes through your door. Remember the old saying that an ounce of prevention is worth a pound of cure.

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Spiritual Growth: the Spiritual Challenge of Modern Times





 

To grow spiritually in a world defined by power, money, and influence is a Herculean task. Modern conveniences such as electronic equipments, gadgets, and tools as well as entertainment through television, magazines, and the web have predisposed us to confine our attention mostly to physical needs and wants. As a result, our concepts of self-worth and self-meaning are muddled. How can we strike a balance between the material and spiritual aspects of our lives?

To grow spiritually is to look inward.

Introspection goes beyond recalling the things that happened in a day, week, or month. You need to look closely and reflect on your thoughts, feelings, beliefs, and motivations. Periodically examining your experiences, the decisions you make, the relationships you have, and the things you engage in provide useful insights on your life goals, on the good traits you must sustain and the bad traits you have to discard. Moreover, it gives you clues on how to act, react, and conduct yourself in the midst of any situation. Like any skill, introspection can be learned; all it takes is the courage and willingness to seek the truths that lie within you. Here are some pointers when you introspect: be objective, be forgiving of yourself, and focus on your areas for improvement.

To grow spiritually is to push your potentials.

Religion and science have differing views on matters of the human spirit. Religion views people as spiritual beings temporarily living on Earth, while science views the spirit as just one dimension of an individual. Mastery of the self is a recurring theme in both Christian (Western) and Islamic (Eastern) teachings. The needs of the body are recognized, but placed under the needs of the spirit. Beliefs, values, morality, rules, experiences, and good works provide the blueprint to ensure the growth of the spiritual being. In Psychology, realizing one's full potential is to self-actualize. Maslow identified several human needs: physiological, security, belongingness, esteem, cognitive, aesthetic, self-actualization, and self-transcendence. James earlier categorized these needs into three: material, emotional, and spiritual. When you have satisfied the basic physiological and emotional needs, spiritual or existential needs come next. Achieving each need leads to the total development of the individual. Perhaps the difference between these two religions and psychology is the end of self-development: Christianity and Islam see that self-development is a means toward serving God, while psychology view that self-development is an end by itself.

To grow spiritually is to search for meaning.

Religions that believe in the existence of God such as Christianism, Judaism, and Islam suppose that the purpose of the human life is to serve the Creator of all things. Several theories in psychology propose that we ultimately give meaning to our lives. Whether we believe that life's meaning is pre-determined or self-directed, to grow in spirit is to realize that we do not merely exist. We do not know the meaning of our lives at birth; but we gain knowledge and wisdom from our interactions with people and from our actions and reactions to the situations we are in. As we discover this meaning, there are certain beliefs and values that we reject and affirm. Our lives have greater meaning, purpose and significance. This purpose puts all our physical, emotional, and intellectual potentials into use; sustains us during trying times; and gives us something to look forward to---a goal to achieve, a destination to reach. A person without purpose or meaning is like a drifting ship at sea.

To grow spiritually is to recognize these interconnections.

Religions stress the concept of our relatedness to all creation, live and inanimate. Thus we call other people "brothers and sisters" even if there are no direct blood relations. Moreover, deity-centered religions such as Christianity and Islam speak of the relationship between humans and a higher being. On the other hand, science expounds on our link to other living things through the evolution theory. This relatedness is clearly seen in the concept of ecology, the interaction between living and non-living things. In psychology, connectedness is a characteristic of self-transcendence, the highest human need according to Maslow.

Recognizing your connection to all things makes you more humble and respectful of people, animals, plants, and things in nature. It makes you appreciate everything around you. It moves you to go beyond your comfort zone and reach out to other people, and become stewards of all other things around you.

Growth is a process thus to grow in spirit is a day-to-day encounter. We win some, we lose some, but the important thing is that we learn, and from this knowledge, further spiritual growth is made possible.

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Low Interest Credit Cards - Help for Debtors

 

Living Off Credit Cards...

Low interest credit cards are an ideal option for those who are looking for the much needed financial flexibility to go debt free. Many of you many question how low interest rate credit cards can help draw you out of debt, when it comes out on the surface, that most credit cards seem to help bring people into debt. Only if used wisely and with discipline, these types of cheap credit cards can provide the right kind of financial assistance during any tough financial crisis.

How Can I Get Out of Debt with Low Interest Credit Cards?

You need cash immediately to get out of the debt created by high interest credit cards, but you have no option to raise the money right? What if a company offers low interest credit cards as low as 0% APR as an introductory offer? And, what if they sacrifice the choice of removing your card balance from your high interest rate credit card to your low interest credit card? Yes! You would probably think it a windfall because it can really help bail you out of your current financial position.

If you are smart, you can make great use of such low interest credit cards to assist you in paying your outstanding debts. There are several credit card companies offering their service at unbelievably low rates. The truth of the matter is that these types of cards utilize different promotional offers in order to rope in new customers, but also to retain existing customers as well. You definitely should not need shy away from this type offer because of owing debts. In fact, these types of low interest credit card offers are tailored uniquely to your circumstance. The competition among credit card companies is so high that there will be several companies willing to do business with you irrespective of your financial situation, good credit or not so good.

The greatest advantage of low interest rate credit cards is obviously their low APR. It allows you to save a lot of money on interests. The savings from these types of cheap credit cards should be used to aggressively bring down your outstanding card balances. Remember, it is the balance on credit cards that gets you in trouble. So, you should try to get rid of it as quickly as possible. You might think that by making a small payment that you are at least paying something, however, it does not solve the problem as the principal amount actually grows if you only make small or minimum payments.

Financial Discipline

Some people use low interest credit cards as a license to overspend as the APR is so low and cheap. But nothing could be further from the truth. Low interest rate credit cards alone cannot get you out of debt traps. Strict financial discipline and proper financial planning are necessary for it. Low interest credit cards can then act as a booster or catalyst to solve your debt problems.

To avoid further debt traps, you should aggressively pay down the low interest credit card and utilize the card for additional purchases only if you can pay off both the new purchases as well as the existing debt payment. Remember, however, that if your card balance is large, it is best not to charge additional items on the card. You should focus on paying down the balance before incurring additional debt.

Things to Remember

Before applying for low interest rate credit cards, you should thoroughly assess your current financial situation. Keeping your personal financial situation in mind, you can mindfully search for the different types of low interest credit cards. Most people obviously want to transfer balances on high interest credit cards to low interest credit cards, and this is a very good option as it can save substantially on finance charges.

Make sure that transfer fees or other miscellaneous fees that might be involved do not negate the savings captured by a low interest card. Some cheap credit cards might have high interest rates that are applied to balance transfers, but lower APR's on an ongoing basis, while some low interest rate credit cards only give introductory rates for a specific period of time. Before selecting any one of the low interest credit cards, get a clear idea about the introductory rate, balance transfer rate, cash advance rate as well as the ongoing long term APR.

 

 

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Credit Card Application, The First Step To The Credit System

Only If We all Could Print Money!

 



A credit card is a very valuable asset for almost anyone. The credit card system provides a numerous number of benefits that the cardholder can enjoy. And although it can be an instrument to revolve your credit and budget your finances, it can also cause complicated troubles on multiple debts...

 

The ambivalent character of the credit card causes a tough competition among credit card providers. Its popularity nowadays, encourage these providers to promote different modules in order to stand out in the market. Different incentives are offered to attract consumers to avail of a credit card in their company.

 

All the incentive programs, as a marketing tool should be equally beneficial. So it is up to the customer to weigh what incentives are more valuable to him. For instance, the common program is the cash back incentive which functions by giving the card user a portion of their payment back to them. Usually, it occurs annually. Another program usually promoted by creditors is the discount programs. This provides discounts on certain items upon membership. Other programs include free services like automotive assistance and more.

 

Because of the myriad offers, these benefits should be cautiously considered when choosing your credit card provider. And the primary thing that you should do is to know what exactly you need. This will determine what features will apply to you. And then compare the offers of the different companies and assess the terms before filing your application. 

 

And when you have sorted out these things, its time to fill out an application form. This is a prerequisite in order to enjoy the benefits of the credit card. This application can be made through the internet or through personally visiting the company. Nevertheless, online application is suited for people who are too busy and whose free time is very rare. In both ways the application however is just similar. The details required and the processing has no significant differences in the technical aspect.

 

Because of the fast pace of living, online application is more popular presently. This saves the applicant on time and effort. But when applying online, some people don't trust that their personal information to be kept confidential. One tip to check if the website is secured is when the website address starts with HTTPS. 

 

For most credit card providers, they offer a no interest rate for the first year of application. This will be a help for those who had not fully decided on what type of terms they wanted for the rest of their lives. And also, this will serve as a determinant or trial period for you to know how well the present credit card works for you. If you find the terms friendly, then you may want to make it your partner in managing your lifestyle.

 

The credit card holder then is issued the card after completion of an application form and after the approval of the credit card provider. Upon activation of the card, the cardholder can then use the card to purchase goods or pay for services with companies accredit by the provider.  And after all these, expect that every month, the cardholder receives the statements of goods and services which he had purchased. This bill should be paid on time to avoid charges. And make sure you use your credit card wisely. 

 

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How To Improve Your Credit Record Legally

 

Learn These Sneaky Tricks To Improve Your Credit Score!

 

 

If you have a history of late payments, unpaid bills, or accounts sent for collection, your credit record will suffer. A bad credit record gives you a low credit score and makes it difficult for you to get needed credit or loans for things you really need.

Your credit history

Most everything you do with credit, both good and bad, is reported to a credit reporting agency. A history of paying late, or not paying at all, is sent to credit reporting agencies. Bankruptcies, judgments and liens also find their way to your credit report and hurt your credit rating.

The good news is that positive information is also sent to credit reporting agencies. To keep track of your credit standing, you should review your credit report at least once each year. You can correct errors and clean up any wrong information that might be on your report. Review your credit report and correct errors.

How to improve your credit rating

Here are some of the best ways to improve your credit rating:

Pay bills on time. Late payments really hurt your credit standing. It is best to pay the entire balance on your credit cards each month. If you can't, be sure to at least be paid the minimum payment on time. The more you pay each month, the less interest you'll be charged.

Don't go over your credit limit. Some credit cards allow you to go over your credit limit. They usually charge you extra in penalties for doing so. In addition to paying penalties, going over the limit hurts your credit score. It tells companies that get your credit report that you aren't paying attention to the limits of your account. If you don't exceed your credit limit, you won't have to pay penalties. This allows you to pay your balance down sooner.

Cancel some of your credit cards. Having lots of credit cards can hurt your credit score. When you apply for new credit, the company checks your credit report. One of the things they look for is how much your combined credit limits are and how much you owe. As you get closer to your credit limits, your credit score goes down. Applying for lots of credit cards lowers your credit score. One bank card and a department store or gasoline credit card are all you really need. Cancel the others.

Deal directly with creditors. Some businesses (creditors) you owe money to may be willing to take negative information they reported off of your credit report if you pay some or all of the money you owe them. Creditors must report payments you make, but they are not required to take negative information off your report unless they agree to do so. You will have to speak with each creditor individually to see what, if anything, they are willing to do.

If a creditor agrees to take information off of your report in exchange for full or partial payment, get their promise in writing before you pay. If you pay the balance, even without an agreement, they must update your credit report to reflect a paid-in-full status. If you discharged debts in bankruptcy, those items can still be included in your credit report.

Avoid Scams

Credit repair companies promise to improve your credit. They may also promise to get you a loan or a credit card. They lead you to believe that they have special ways to get negative information off your credit report. They don't.

Credit repair companies have no special powers to improve your credit. There is nothing they can do for you that you cannot do yourself. Paying them leaves you less money to pay your current bills and past debts.

Because of the problems with credit repair companies, strict laws were passed to regulate their activities. For example, they must provide a written contract that you can cancel within five days. They can't require payment in advance and all promised services must be completed in 90 days. They must also register with the Department of Justice and file a $100,000 bond with the Secretary of State. Be aware that very few credit repair companies follow the law.