Pain of student loans
Thu May 12, 2011 12:05AM
The average student graduated with over $24,000 in student loan debt last year. Though tuition is increasing in many parts of the country, high student loan balances can often be attributed to the student ‘living on the loans.’ This means the student takes out student loans beyond the tuition expenses and uses the extra for their living expenses.
My wife and I learned this the hard way as we added together our school bills. Taking out extra loans to live on pushed our college debt $15,000 – $20,000 higher than it needed to be.
While it’s true that students may need some funds to pay for room and board, they can really harm their financial future if they fall into the student loan trap – paying for EVERYTHING with student loans. Before you make the same errors we did years ago, learn from our mistakes and follow these pieces of advice.
Plan ahead for the bill.
Before you sign the dotted line for that loan, do your homework and find out all the costs of attending school. Your next step should be to seek out all scholarships, work-study positions, or part time jobs available for college students on campus.
Joint account holder vs. authorized user
Mon May 9, 2011 01:05PM
In theory, the difference between Joint Account Holder and Authorised User is quite clear. If you and your spouse are listed as joint account holders on the credit card agreement, you both are basically co owners and liable for the debt on the credit card. The spouse who is an authorized user is not responsible for the debt and cannot be forced to pay, and is simply authorized to use the credit card. In practice, however, things can be very different.
Chinese yuan, Walmart, home prices and economy
Fri May 6, 2011 01:05PM
As I mentioned in December 2010 in Economy is improving? I don't think so, any economy two-thirds of which based on consumer spending has problems and big ones. And the US consumers will buy much less now as Chinese-made goods will get more expensive and gas prices are about to reach $5 per gallon. Both charts clearly show the Chinese yuan rising drastically in value against the US dollar in the last two to three weeks. The price of everything made in China will be going higher. And Walmart which caters to a huge number of US consumers and sells more of Chinese made goods than other retailers, seeing the problem.
CEO of Walmart, Mike Duke noticed something rather unsettling - Walmart shoppers, most of whom live quite literally paycheck to paycheck and shop in bulk at the beginning of the month when the paychecks come in, frequent the stores less and buying less. Mr. Duke blames high gas prices for claiming much bigger portion of his shoppers' paychecks, and he is right. And while the obvious bad news for Walmart and overall US economy are rising yuan and falling dollar, today's almost unnoticed prediction by Goldman Sachs that oil could surpass its recent highs by 2012 because of lower global oil supplies, is the last thing you want to hear.
Short sale and tax consequences
Sun May 1, 2011 11:05PM
Q: What are the tax consequences after a short sale? I am selling my house short and my boss told me that the IRS requires lenders issue form 1099C for all debt that was forgiven. In my case, it is almost $100,000 and paying taxes on that much will be impossible.
A: Is this short sale on your primary residence? If yes, you should be fine, because The Mortgage Debt Relief Act of 2007 does not consider forgiven debt on your principal residence as a taxable income for either short sale or foreclosure. It also applies for debt reduced through mortgage restructuring. This provision is valid for up to $2 million in debt for a married couple, forgiven from 2007 through 2012. If you are single or married filing separately, it is $1 million.
Time to establish credit history
Mon Apr 25, 2011 10:04AM
How to establish credit.
How to invest in an IRA
Sun Apr 17, 2011 11:04AM
Investing in an IRA is quite easy. Your IRA investment offers tax advantages on retirement savings so you can potentially accumulate more money. But before you start thinking about how to invest, understand the following risks and limitations,
1. an IRA as any investment can decrease in value
2. withdrawing from a Traditional IRA before age 59½, will most likely force you to pay ordinary income tax plus a 10% federal penalty tax on withdrawal amounts unless an exception applies
3. while any amount converted from a Traditional IRA to a Roth IRA is not subject to the 10% federal penalty, you will have to pay ordinary income tax - converted taxable amount is added to your income taxes and your regular income rate is applied to your total income
4. with a Roth IRA, distributions of contributions are tax and penalty free, however, withdrawals of earnings before age 59½ may be subject to a 10% federal penalty tax and income taxes unless an exception applies
5. remember that your goal is to pay as little taxes as possible, legally of course, so you may want to talk to a tax advisor before you are to invest in an IRA
6. always consider investing in an IRA as a vital part of your long-term investment strategy
Difference between prequalification and preapproval
May 15, 2011 10:04AM
A mortgage prequalification is the very first step of home loan application process. Typical prequalification is issued by a loan officer and more than often based on ball park numbers which you provide, including salary and recurring expenses to estimate approximate maximum loan amount you may eventually be approved for. Your credit 
Fake silver - counterfeit silver bars are here
Tue Apr 12, 2011 11:04PM
How to cancel payday loan
Sun Apr 10, 2011 01:04AM
Fast and easy solutions.
2 Simple Credit Repair Programs
Online payday loans Made easy
Fri Apr 29, 2011 10:04AM
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Open an Account today.
Closing your account is the only way to keep your paycheck. Reading Letter to revoke ACH debit authorization from Internet payday lenders may be a good start.
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Recent Entries
- Pain of student loans
- Joint account holder vs. authorized user
- Chinese yuan, Walmart, home prices and economy
- Short sale and tax consequences
- Time to establish credit history
- How to invest in an IRA
- Difference between prequalification and preapproval
- Fake silver - counterfeit silver bars are here
- How to cancel payday loan
- Online payday loans in Illinois
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