Eliminate Consumer Debt if You Want to Be Rich

The first step to take to increase your savings is to start reducing your expenses. So what is the first expense you must reduce and eventually eliminate? It is the interest expense you pay on consumer debt. While taking on a reasonable amount of consumer debt is necessary for you to afford a car and a house, you must avoid taking on too much for too long a period. Why? Because a 5%-6% interest rate may seem small but over an extended period of time, it compounds to a huge amount of money. You will find yourself paying tens of thousands of dollars in installment payments every month just to see that the principal sum you owe go down by a couple of hundred dollars. For example, let s say you bought a $250,000 apartment and took a $200,000 mortgage at 6% stretched over 30 years. If you just paid the minimum installment payments every month, how much would you have paid in total interest? The answer: Using a financial calculator, you can see that you will pay $1,173 in monthly installments for 30 years. That s a total of $422,280 in installment payments! You would have paid a total of $222,280 in interest to the bank. That s like buying two apartments and giving the bank one! If You Took a $200,000 Loan Over 30 Years at 6% Interest, You Would Pay a Total of $222,280 in Interest...Even More than the Loan Amount Itself! So besides paying the minimum required monthly installments (like your bank wants you to), you must constantly PAY MORE to further reduce and eventually eliminate your principal sum...or you will wind up donating hundreds of thousands of dollars to your bank over the long term! When our spending is uncontrolled, our expenses always tend to rise up to match our level of income. No matter how much we earn. If we earn $2,000, we will find a way to spend over $2,000 and end up broke. When we start earning $10,000 a month, we believe that we deserve a grander lifestyle, a flashier car, dine in exclusive up-market restaurants. Very often, the $10,000 we earn a month will be spent and we will end up having to start from scratch over again. This pattern has been repeated by many intelligent people I know, some of them being my close friends. When unmanaged, whatever additional income we earn seems to disappear without a trace...doesn t it? It is not how much you earn that will determine your wealth. More importantly, it is how much you are able to save and invest! Adam Khoo is an entrepreneur, best-selling author and a self-made millionaire by the age of 26. Discover his million dollar secrets and claim your FREE bonus report Get Out Of The Rat Race Now at Secrets Of Self-Made Millionaires .

Bargain Prices Abroad - The Destinations For The Cheapest Beer, Meals And Holiday Souvenirs

For UK residents non-European destinations tend to be cheaper once you get there. Destinations such as: Goa, Tunisia, Bulgaria, Morocco, Gambia, and Cuba usually surprise the tourist with the low cost of living. For example, with the plentiful fresh seafood available in Goa, India, you can easily eat giant garlic prawns washed down with a chilled local beer every night and make a saving from your eating expenses at home! However, in contrast, if you are enjoying the delights of Iceland it may well become a stressful time in the evenings as you peruse the restaurants and discover the high prices on the menu. Even fast food options are around 2-3 times the price at home! Beer Prices Popular places to visit for Stag and Hen nights, such as Amsterdam and Ireland, are now being beaten on prices by Eastern Europe destinations, like Prague. Familiar beers like Guiness are around Euro 4.00 in Dublin, whereas in Bulgaria you can drink a pint of beer for under £1 and enjoy a bottle of wine for around £2 . In France, on average, prices are over 30% cheaper for canned beer and 35% for bottled beer than in the UK. Spain and Portugal also have very reasonably priced local beer and wine. However, to make the best savings you need to travel further, in Goa a pint of beer costs just 50p! Your pint in Florida costs more, around £3 and in Iceland will cost about £6. Meal Prices Again, out of Europe the prices are very reasonable with an average meal in Tunisia costing only about £4, £3.50 in Goa, a three-course feast in Morocco costing around £10 and in Cuba you would expect to pay around £13. Eastern Europe also offers bargain bites with a three-course meal on average costing only about £9 ( with a bottle of wine!) Spain, Greece and Portugal tend to fall between £9 -£13 for a reasonable feed. There s also the bonus of eating in the sunshine al fresco too, a nice change from the UK where we struggle to find decent enough weather for a summer barbeque. Iceland and Venice are destinations that tend to require a holiday loan to eat and drink! Shopping Bargains The markets in Africa are full of bargains, as long as you are prepared to haggle - start with an offer half the asking price and you ll be surprised how much you can save. Eastern Europe has great bargains to be had especially in antiques and lace work. The carpets and rugs in Turkey are a bargain buy (choose a hand-woven or knotted) - the best value is to be found at the outlying villages, rather than the main tourist areas. The US is a brilliant place to buy designer jeans and trainers, but bottled water is 3 times more expensive than in other countries. Part of the fun of a holiday is discovering the local culture - enjoying the local cuisine and experiencing the arts and crafts. These days there is much more to discover than a straw donkey, sombrero or plastic eiffel tower! Fiona Howard specializes in writing for the financial and business market, and is a well-respected city analyst. She currently advises Loansite the leading UK online site for finding a fast Secured Loan or Mortgage and a valued source of financial information, including Holiday Money Tips .

Airline Credit Cards – Know What You re Getting Into

Airline Credit Cards â€" Know What You re Getting Into Choosing an airline credit card is not a matter to be taken lightly. Credit card companies offer many different reward programs, each with specific terms and conditions, however frequent flier programs are especially complex. Annual fees, mileage systems, redemption policies, expiration of miles; and this is only pulling the curtains back slightly. To make an informed decision, the following topics should be thoroughly reviewed. 1.Bank Sponsored Vs. Airline Sponsored Credit Cards. It is important to know the difference between the two as they will dictate the redemption of your miles. The airline sponsored card is through one particular airline and miles can only be accrued and redeemed through that airline. This choice would be optimal for someone who loyally flies the same airline. The bank sponsored card provides greater flexibility and would be better suited for the economical flier. When deciding between the two, it is important to think about which airlines fly out of which airports. To be sure, it would be nearsighted to sign up with an airline that doesn t even fly out of your nearest airport. With the airline cards it is obvious which airlines you should check into, however when looking into the bank sponsored cards, be sure to ask which airlines participate in their program. 2. Know the Annual Membership Fee. Airline credit cards are different than most credit cards as they carry an annual fee. Be sure to compare annual fees and look for promotional offers such as waiving the first year s fee. 3.Know the Interest Rate. Airline credit cards traditionally charge higher interest rates to cover the expenses of the elevated benefits. In fact CardWeb.com found that airline cards charge around 5.9% more in interest when compared to non-rewards cards. With a statistic such as this, you owe it to yourself to shop for the best interest rate possible. 4.Know the Terms and Conditions. When it comes to the terms and conditions, you must act like a lawyer. Read the terms back and forth and then read them again. Make sure you completely understand and then ask questions for clarification. Be acutely aware of the following: How the mileage program works Can miles only be earned by flying, or can you make purchases with other merchants? Can you earn double or bonus miles with any purchases? What is the minimum amount of miles needed to redeem a ticket? Do the miles ever expire? Is there a limit to how many miles can be earned in a year? Are there blackout dates for peak seasons or any other times of the year? Are any bonus miles offered at sign-up? Are there hidden fees for redeeming miles over the phone or in person? Taking into account the aforementioned, it is necessary to ask yourself if you are the right consumer for an airline credit card. Due to the high interest rates and annual fees, those who benefit the most typically have excellent credit scores, are frequent fliers, charge large amounts to their cards, and pay their balances off monthly. If you do not fall into most of these categories, it would be wise to reconsider the proposition of one of the credit industry’s most complex credit cards. Copyright 2006; Anthony Oneli. This article may be reprinted on the terms that it remains unchanged and the links stay active. Anthony Oneli has written numerous articles on credit management and is the webmaster of a site that offers news and information on credit cards. If you re looking for more information and want to fill out a credit card application , visit his site today.

Consumers Believe Financial Pressures Could Increase

Britons are seeing themselves as coming under increasing financial pressure, new figures show. In the latest Consumer Barometer released by Lloyds TSB, a record 73 per cent of the population claim that prices in general have risen over the last 12 months, while just three per cent of people believe that a fall has taken place during this period of time. Rises in food and oil prices, in addition to a surge in mortgage payments, are reported to have had a particular impact upon consumers financial confidence, which in turn could affect their propensity to make payments on other essential monetary demands such as utility bills and personal loans. Meanwhile, one in five believe that their employment situation is more secure than at the same time in 2006, while about the same proportion (21 per cent) claim that such confidence has decreased. The majority (56 per cent), however, believe that their own job has the same level of security as it did a year ago. The study also indicates that 41 per cent of Britons see the country s general employment prospects as currently being worse than the same time in 2006, while just 14 per cent view it as being better. These falls in employment-related confidence are attributed to increasing concern about the country s general economic outlook and the impact of the credit crunch. Research from the financial services firm also reveals that 84 per cent of consumers believe that costs are due to rise further over the coming 12 months, which may cause even more people to develop difficulties in managing their finances. However, despite worries about employment and cost increases, Lloyds TSB claims that more people believe interest rates are to fall in the coming months. Overall, the balance of consumers who believe that the base rate of interest will be higher rather than lower within in the next 12 months currently stands at 43 per cent. However, in October this figure stood at 53 per cent. Consequently, such a lowering of rates could see more people find themselves in a stronger position in which to make repayments on loans and credit cards. Commenting on the figures, Trevor Williams, chief economist for Lloyds TSB Corporate Markets, said: A record number of consumers are feeling the pressure of higher prices and this, together with worsening employment prospects, is clearly having a negative impact on consumer spending. But as consumers struggle to pay their bills, we expect demand for higher wages to increase - official data showed wage growth hit a six-month high in September. It s now pretty much expected - by economists and consumers alike - that the Bank of England will begin to cut interest rates in coming months. But if prices continue to rise next year, as consumers predict, this will come as little relief to many household budgets. For those concerned that their ability to manage their finances in the coming months may come under further pressure, applying for a debt consolidation loan may be one way in which to offset fiscal difficulties. Taking out such a loan could be particularly advisable for many Britons struggling with money after a recent study conducted by the Motley Fool revealed that 66 per cent of people believe that financial matters should be kept private. Abbi Rouse writes for All About Loans where visitors can apply for a loan online and also focuses on bad credit loans , and debt consolidation loans for UK Homeowners.

Mobile Bills Could Cause Unpleasant Shock For Tourists

Mobile Bills Could Cause Unpleasant Shock For Tourists With Britain seeing a wave of unseasonable weather over what is alleged to have been the summer months, it is perhaps unsurprising that an increasing number of Britons are looking to take a foreign holiday this autumn in the search for some sun. Citing research carried out by Directline Holiday, international mobile phone operator AwayPhone has reported a 150 per cent rise in summer holiday bookings over the course of this year. Meanwhile, figures released by the Daily Telegraph have revealed that one in four people claim to be more likely to go on a foreign holiday next year, mainly due to the poor British weather. However, holidaymakers have been warned that going away could leave them with heightened pressures on day-to-day spending upon their return home, such as paying off personal loans and credit cards. According to AwayPhone, despite moves made by the European Commission this month to impose limits on mobile costs, those who use their phone while in the European Union (EU) will still pay “considerably more” then if they make calls while at home. Meanwhile, the mobile phone operator stated that for tourists travelling outside the EU, there are no restrictions on how much they could be charged, which consequently could see such holidaymakers facing increased debt difficulties. Sherry Madera, chief executive of the company, said: “There is no denying that this summer’s poor weather has encouraged many more people than usual to travel abroad to seek the sunshine - and it seems likely that a lot will take last minute autumn breaks. However, their enjoyment of their holiday could be severely compromised by the unpleasant shock of their phone bill when they arrive home.” As a result, the company is urging tourists to check their current tariff with their mobile operator before leaving Britain, which could allow them to switch to a more competitive deal if needs be. Highlighting the financial difficulties mobile calls made abroad can incur, AwayPhone reported that a ten-minute call made to Britain from Turkey will set tourists back an average of £14.74. Meanwhile, Morocco was revealed to have “very high roaming rates”, as a ten-minute mobile conversation costs a typical £15.94. “Although the EU ruling is moving mobile phone costs in the right direction, making phone calls when overseas can be very expensive. Not only that but operators can still charge what they want for any country outside Europe. We are advising people not to be complacent - it is worth checking how much it will cost to use a mobile while they are away before getting on the plane, rather than having a huge bill on their return,” Ms Madera added. Meanwhile, research released by Equifax earlier this year suggested that households could be furthering their debt difficulties as a result of financing holidays ineffectively. According to the credit reference agency, 51 per cent of those planning to go away are set to fund such a break by borrowing money, whether this is via a credit card or loan. However, with just over a quarter of respondents (29 per cent) stating that it will take them up to three years to complete making repayments, external affairs director Neil Munroe reported that by constantly having “a high level of credit outstanding”, consumers could end up damaging their financial histories which in turn could impinge on their access to competitively-priced loans in the future. As a result Mr Munroe claimed that tourists should take the time to make sure that they are choosing the most competitively-priced financial deal to fund their break. He added that consumers should also look to get a copy of their financial history which can allow them to identify any discrepancies on their file, which in turn could help them get a cheaper rate of interest on a loan. Findings from the company also showed that the typical consumer goes away four times ever year, as the average family holiday costs 2,000 pounds. Abbi Rouse writes for All About Loans where visitors can apply online for secured loans . We also specialise in bad credit loans , and debt consolidation loans .

Effective Shopping Strategies

Most clothing items at any given store will be up to 75% off eventually without the merchandise ever leaving the store. Discount retailers share the same fate with clothing selling for up to 95% off the original price. If you see something you like or even love, just wait and you can buy the clothes you love and have enough left over to contribute to your plan to create wealth. Everyone in the family must wear clothes, clothes are not a luxury item and anyone can dress for success on a budget. The end of a season is one of the best times to shop. When you purchase quality clothing, you are planning for your clothes to last for years. We make additions to our seasonal wardrobe based on the current fashion trends.The spring and summer merchandise generally goes on clearance between June and July. The fall and winter merchandise generally goes on sale sometime in January. Prudent planning and attention to details make it possible to create wealth.Being able to create wealth with the money you save shopping for items while only on sale is significant in your plan for financial security. Don t use your credit cards, a plan to create wealth includes cutting expenses like credit card interest charges and other credit card fees. You won t save as much if you pay for your sale items with a credit card.Create wealth by shopping online from retailers that have an overstock of items that you will otherwise buy. Buy your lawnmower in the winter along with your new gas grill and any other outdoor or summer seasonal items. Create wealth by putting the money you save shopping wisely in an account earmarked for investing. Retailers are offering attractive discounts from their web sites. Inducements like free shipping help shoppers save money by not having to pay for gas or shipping. You will not create wealth if you are just shopping for bargains. But if you are shopping for items you know you will need and are certain each and every time you shop you have planned and shopped on sale, you are contributing to your plan to create wealth.Discount retailers offer even deeper reductions in price than department stores. It s hard to resist saving up to 95% off the original price especially if the original price was $100 or more. Shop for household goods, shoes and luggage only when these items are on sale. Identify how much money you have saved and invest the money, don t spend it on eating out. That is how you create wealth. Darryl R. Smith Retired State Police Trooper of 26 years, working in the Expedite Trucking industry for 9 years, 6 years being the owner of a Expedite Trucking Company, presently owner of a Classic Car Sales Company which wholesales and retails autos and trucks. Has great interest in his financial well being, and to the helping of others to attain their dreams and financial goals.

Financial Fitness Part 1 - Pay Yourself First

Go to work - make money - spend money Or Go to work - make money - pay yourself first Which one of these scenarios best fits you? Is your life so automated that you are not realizing where your wealth is going? When was the last time you paid yourself first, before you took care of everyone else? Unfortunately, many people are still spending there day with no clear agenda or gauge for their life. It is interesting how much time, energy and effort throughout ones day goes into making money and spending money- without much regard to exactly where their money is going, or to pay themselves first. Over the next several weeks we are going to look at your financial fitness level. No matter what level you are on, there is an opportunity to reach for another level. In efforts for you to gauge yourself and your own patterns just take a look at this one simple example of paying yourself first. What I mean by this is simple, when you earn a dollar, the first person you pay is you. Many people do not do this. They pay their government taxes, and their monthly expenses. It is ironic to me how it appears that everyone else is getting paid but the person who earned the paycheck. This week, I would like you to pay yourself first. Take a look at your earnings and decide what percentage you will pay yourself. Whether it is five percent, ten percent or higher. Do it and immediately and put it somewhere, whether it be a savings account or an investment medium. Just start this process and look at ways this can become a positive habit for you. Pay yourself first. If you are already doing this, consider increasing your percentage. If for some reason you were to go to work and your paycheck was decreased by ten percent no matter what measures you took to change it, I am sure you would live your life just as satisfactory as it is now and not skip a beat. My point is this, no matter where on the financial scale we may tilt it; there is another level for us all. Be willing this week to take wider and deeper steps in your financial life and take care of the one who matters most- pay yourself first. Until next week, Stay linked to your vision Natasha Allrich is a wife, mother, author, dynamic inspirational speaker, and Life Coach, known as Coach T. She is the renowned author of God use Me for Real . To subscribe to her weekly newsletter for Free or to set up a coaching session visit visionmanifest.com contact info: Natasha Allrich at services@visionmanifest.com

Scams For Annual Credit Report - Tips and FAQs

When searching for your credit report you might unfortunately come across a scam, even when you buy your credit report a fraudster could easily get your personal information from your credit card details and use it to falsely buy good in your name. Here are some tips and FAQ s to help you negate these fraudsters. This info well then go onto your credit report and damage your credit score - you could spend years trying to repair the damage. Know the scams and take steps to protect yourself. Did you know that one our of every four Americans were victims of identity theft - Identity theft is well and truly on the rise. It can take your up to 300 hours of work and hassle to clear your name, to try to put your credit record straight. What happens in the meantime? well you could find it nearly impossible to get a mortgage, loan or credit card. Don t be another victim. General identity protection tips: A few simple precautions will help to protect your identity and financial future: Never ever give bank, credit or debit card details or your passwords to anybody on the internet. Especially in emails or during cold calls. Make sure you redirect your post for at least a year after moving home. (this is a very common mistake that can be easily fixed) Make sure you destroy your old post. Anything containing financial information. Don t ever throw it in the rubbish - almost a tenth of households throw away enough information for a criminal to use a debit or credit card online. Avoid carrying important documents such as your passport with you. Don t ever keep your address in your wallet. Make sure your check your credit record regularly, especially after moving home. Specific things you can do to help protect yourself. Just like you check your credit card statement for errors or fraud, make sure you check your credit report. You may think that this is not as important but it s actually more important as bad information on your credit report like fraud activity that has used your personal information to open an account and then rack up major bills will slash your credit score meaning you will be severely limited with any financial purchases in the future. Get an automated alter on your credit report We ve all got less time right, I sometimes don t even properly check my credit card statement so how am i going to always check my credit report? well you can get an automated alter to help you. Every time information changes on your credit report you get sent an email - it sends you the update within 24h - so you can fix the problem before it becomes too financially painful. There are two types of alters 90 Alerts Normally costing from five bucks month - they are good but you have to keep topping up your service ever 90 days if you want to maintain protection. Seven year alert service If you can afford it then this is the preferable option as you have total peace of mind for such a long period - identity the fit and fraudulent activity is a modern day reality we just have to live with - so this could indeed be money well spent. Here are some of the information that is included in the alerts: New inquiries New accounts opened in your name Late payments Improvements in your file Bankruptcies and other public records New addresses New employers These are just some of the ways the scammers can catch you be on the lookout for these methods. For more info with additional tips and FAQ sor to get your totally free credit report today - click on: credit-reporter.net Written By: Justin Fox Get your totally free credit report today - follow Credit Report , and check out credit-reporter.net .

Money-Saving Advice

Saving money is a task we could all improve on. After the bills have been paid, many people find themselves rewarding their hard work at the office with weekend getaways, dinners out, new gadgets and countless other forms of entertainment. The truth is, there s absolutely nothing wrong with this! But, saving and spending should be a game of balance, and the these tips will get you off to a great start: • Set up an automatic weekly account transfer from your checking to savings account. This way, you ll be forced to save. • Keep a budget: With the advent of online banking, many of us forgo those Excel sheets that let us see our financial state for what it truly is. • When you go grocery shopping, go with a list. How many of us have gone in empty-handed and come out with more than we wanted to? • If you re tempted to make an impulse purchase, give yourself 24 hours to think it over. Chances are, that LCD TV won t be as tempting when you re not staring straight at it. • Keep a separate savings account for long-term financial goals or rainy days...and don t touch it. • Don t always turn to your credit cards. If you see your cash disappearing and find yourself making frequent ATM-run s, you ll definitely pick up on your spending habits. • Make short-term goals: For instance, set a limit each week of what you can spend and don t go beyond that figure. Though these bits of advice will give you a sunnier financial situation, it s inevitable that we all run into sticky money scenarios at times. 6StarReviews.com describes how paycheck advance services are a viable resource when all else fails. If your bills are due and you simply don t have the funds, sites like PayDay OK can distribute cash into your accounts next-day if you re approved. Though there are fees involved and you really shouldn t get used to them, payday loans are a means to prevent late payments and interest on outstanding balances and bills. Kelly Liyakasa is staff writer for 6StarReviews.com, a site dedicated to giving YOU, the consumer, the best product and web service reviews around. If you like saving time and money by having someone else review leading sites and products, then Visit our site at 6StarReviews.com

Checking Accounts For Couples

It was not very long ago that when a couple were married their finances became merged and everything was as one. Today, many people are opting to keep things separated for a variety of valid reasons. Because of the way society has unfolded, our finances have become extremely complicated with a large amount of debts, child support, and loans that they may have gotten prior to marriage. It really depends on the situation of the couple as to rather a separate checking account will work or not. The first thing that needs to be done is that both of you will need to sit at the table and discuss all options that are available to you, be honest and open about your financial wellbeing and make an informed and mutual decision. Traditionally, couples open a checking account of the joint type, this is best way of merging finances together on both sides. However, it is important that both parties be responsible for the comings and goings into that joint account. This will require consistent communication, saving receipts, and updating the register constantly, this will provide the other person with knowledge of what has been happening. This may not be the best option for those who have troubles with keeping receipts or keeping track of checks written. Another option that may be available to couples is having two separate accounts and one joint. There are a variety of excellent aspects of this scenario, you make an agreement about the amount that each person should place into the joint account each week, bi-weekly, or monthly and this should go towards household expenses. This allows each side to keep their own account, have their own financial freedom, and yet still be contributing to the rest of the household needs. You will both need to sit down and discuss how much should be placed into the joint account, to do this first begin by creating a budget that specifically outlines all of the household expenses on a monthly basis. If each of you earn pretty close to the same amount of money each month, you both should put half in each month. This should include a savings account for saving for any type of goals you have such as children education, vacations, or other types of financial goals. With the separate account, these should be used to pay off all pre-existing debts you may have from prior to the marriage. Jeff Lakie is a contributing author at our website where You can get a free Personal Loan right now. Take a moment and see for yourself.