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A fresh look at paying off credit card debt
Interest rates on many consumer loans are at a historic low. But it is not true for credit card debt. Interest rates on credit card debt could vary, but stay between 10 to 30 percent and most paying at the higher end. Here is a fresh look at paying down your credit card debt. 1. Understand how they work They are designed to spend your hard earned and yet to be earned money. They can keep you in... [Read more]
Why you need to be vigilant on your credit report
Theft of credit information is becoming a problem in the U.S. Most vulnerable are the older generation. This makes a compelling reason to be vigilant on your credit report. You can get a free copy of your credit report from each of the credit reporting agency once a year. Stagger it throughout the year and obtain a report from Equifax, Experian and TransUnion. What to look for in your credit report?... [Read more]
When do you need to update your beneficiary information?
You worked hard and saved enough for your retirement and for the benefit of your family. You plan your estate and keep it current. But one area many of us forget to keep updated is our beneficiary information. Even with a fully executed estate plan, it takes time to go through some required processes after your death. If you have your beneficiary documents updated it may help your loved ones to... [Read more]
When it comes to credit, avoid these two mistakes
Mistake No. 1: Opening additional lines of credit to get a discount Department stores and other retailers are known to promote credit facilities they offer with 10 to 20 percent discounts if you open a credit line or store credit card. This has implications on your credit score. Most store cards offer very low credit limit and you max out the limit with one or two purchases. The ratio of credit... [Read more]
Be conscious about your payment history
Among five factors that drive your credit score, your payment history takes the center stage. That’s why we are going to explore this aspect of your credit score bit further in this article. Other factors that affect your credit score include balances, your credit history, type of credit and inquiries on your credit account. Your payment history accounts for as much as 35 percent of your overall... [Read more]
Beneficial tax changes for 2013
It is time to gather papers and get ready to file your 2012 tax return. So, many of us are not paying that much attention to some beneficial tax changes for 2013. But it is also time to take advantage and plan accordingly. Roth IRA contribution limits have been increased for 2013. For joint filers limits have been increased to $178,000 to $188,000. For Tax Year 2012 these limits were from $173,000... [Read more]
Understanding the looming “fiscal cliff”
There is so much talk about the automatic tax hikes and spending cuts going into effect at the begging of 2013 if the Congress fails to address the impending “fiscal cliff” before the end of the year. All these are caused by the Budget Control Act of 2011 which is scheduled to go into effect at midnight, December 31, 2012. It will end the temporary payroll tax cuts allowing a two percent payroll... [Read more]
Why paying bills on time matters?
Most banks, department stores and credit card companies check your credit score and history with one of the three consumer reporting agency before issuing a card. You need to understand how your credit score is determined. Here are few basics. Your outstanding debt matters in calculating your credit score. Consumer reporting agencies that keep a record of your debt use amount of debt you owe... [Read more]
Saving with an IRA
Now that the end of the year is approaching, it is time to look at ways to save for retirement, reduce tax burden and maximize tax free contributions. If you work and your spouse stays home with your kids or you have no retirement plan at work you both can contribute to either a spousal IRA or an IRA. There are two types of IRAs, Roth IRA and traditional IRA. If one of you has earned income and... [Read more]
Starting a business in difficult economic time
Starting a business at any time is a daunting task especially during a recession like what we are facing today. People who recently lost their job may not have any other option and may want to go through the difficult task of establishing a business and find success. At least half of the current Fortune 500 companies started during difficult economic times. Now famous HP started during the Great... [Read more]