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Getting Around Debt Problems

nicherv — Mon, 06 Sep 2010 14:30:14 +0000

Debt problems are affecting more and more people these days. When there is a downturn in the economy, a lot of people are impacted, losing jobs and finding it much harder each day to get all their bills paid on time, if at all. Not being able to pay your bills is a major cause of stress and grief in people's lives. In fact, financial problems are one of the biggest stressors people will experience in their lifetime. An Altered Lifestyle Experiencing debt problems can lead to a huge lifestyle change, either by desire or by force. Some people become cognizant of their money problems and cut back on their spending, while others live in denial or are simply never aware, not knowing how to keep a budget or stick to it. There are people who are on the verge of bankruptcy who are shocked when the collection agencies begin calling their homes. Once you are on collectors' lists, life becomes increasingly stressful, as you find yourself hounded day in and day out by creditors' agents, looking Continue Reading

New law may help you get out of debt

nicherv — Sun, 07 Jun 2009 17:00:34 +0000

Congress recently passed the Credit Card Accountability, Responsibility and Disclosure, or Credit CARD, Act of 2009. The law goes into effect Feb. 22, but many pieces of the legislation have other effective dates. For Americans who carry a balance, which is about 40 percent of people who use a credit card, some of the protections will be welcome news. The bill does away with a prevalent credit card practice called the Universal Default Clause. This practice allowed credit card companies to increase interest rates to consumers based on credit report activity on other debt held by the consumer. When this part of the law goes into effect, August 2010, your credit card issuer will be able to raise your interest rate only if the account in question is past due by 60 days or more. Once you get the account back on track and make six timely payments, your interest rate must go back to the lower normal rate for your account. There are some nuances, including rules about promotional rates and Continue Reading

How to Finance a Small Business: Debt Vs. Equity

nicherv — Fri, 05 Jun 2009 16:23:08 +0000

Small-Business Financing: Debt vs. Equity Small-business owners can choose from two basic types of financing -- debt and equity. This article looks at the advantages and disadvantages of each type and how they may be used for different purposes. 1. Small-Business Financing Business owners who seek financing face a fundamental choice: Should they borrow funds or take in new investment capital? Since debt and equity are accounted for differently, each has a different impact on earnings, cash flow, and taxes. Each also has a different effect on leverage, dilution, and a host of other metrics by which businesses are measured. The planned use of funds will also affect the choice of financing, with one option more appropriate for certain uses than the other. 2. Debt Debt can be a loan, line of credit, bond, or even an IOU -- any promise to repay borrowed amounts over a certain time with a specified interest rate and other terms. Debt is accounted for as a Continue Reading