Ahead of its time this is a cartoon animation that’s been up on the web since 2006 and is all about the credit crunch crisis. Credit card spending and loans from banks are in their trillions of dollars and something has to give. We no longer spend what we have earned, we spend what we havn’t earned on the back of house price rises and yet more loans. The banks are prospering and fat cats are awarding themselves massive bonuses, but it cannot continue. Beware the debt time bomb may bring the walls of the western world clattering to the ground. Song arranged and performed by Old Man Pie, with animation by Stuart (formerly of The Pie). Song written by Kyle Christie and (c) Kyle Christie 2006. Credit crunch credit crunch credit crunch!

Technorati Tags: animation, cartoon, credit, crunch, debt, loans

March 8 (Bloomberg) — Kenneth Orchard, a vice president and senior credit analyst at Moodys Investors Service, talks about Iceland’s credit rating after voters rejected a proposed bill on repaying UK and Dutch loans made during the island’s banking crisis. Ninety-three percent of voters rejected the so-called Icesave bill in the March 6 plebiscite. Orchard speaks with Bloomberg’s Rishaad Salamat in London.

Technorati Tags: Affairs, All, Audio, Be, Bloomberg, Corporate, Country, Currencies, Cut, debt, Economic, English, Euro, Europe, European, Fund, Government, Iceland, Iceland's, Interviews, Intl, Junk, Legal, Litigation, May, Media, Members, Monetary, Moody's, Multimedia, News, Orchard, Ratings, Says, to, Union, Video, Visual

www.creditsecretsbible.com 24hr Recorded Message Reveals Details. Call now. (775) 473-9014 CREDIT REPAIR info from the credit secrets bible Rebuild Credit: Insider Credit Repair Techniques to Improve Credit Score Fast! What’s the fastest way to raise your credit score? To quote the classic magazine salesman from the movie Office Space “That all depends”… While the removal of negative items from your credit report will almost always result in an increase in your credit score, there is a method that works better. Here’s why. Adding positive accounts is actually more effective at improving your credit score (in the short term) than removing negative one. Unfortunately, few consumers or credit repair companies know this. One of the biggest problems with trying to get approved for new credit is that you need to “have” credit in order to be approved. This causes a sort of catch 22. How does one “get” credit if no one will give them credit because they don’t have any credit to begin with? A vicious cycle indeed, but a real one. However, if you have someone you can use a cosigner this is NOT a problem. Simply have them cosign on the new credit application for you. If you don’t have a cosigner, read on. Contrary to popular belief (or what myfico and credit repair companies would like you to believe), the largest factor in building a solid foundation for your credit score comes down to two credit scoring factors: 1.) The “High Credit Limit” and 2.) Your “Debt to Credit” Ratio …

Technorati Tags: bible, credit, repair, secrets

I work as an env engineer in US, during my student time I raked so many bills in credit cards; I have started paying all of it , and intend to pay them of, however, I am 27 and planning to get settled by next year, I am sure with my credit rating (560), i wont be able to get loan, or any financing for even the basic stuff, will moving to Canada help? Though I know u wont have a credit when u move to a new country, however, no credit is always better than bad credit// Pls advise

Technorati Tags: bad credit, Credit Cards, credit rating, engineer, moving to canada, student time

I have no idea where to start to repair my credit. They are always offering free credit reports but I am leary of that. Could someone please tell me where to start?

Technorati Tags: free credit reports

Cash Back Credit Cards

It would be strange for people not to know this now, but the fact is that a cashback credit card may be the best credit card they could ever use – epsecially iof peopl pay the balance off every month.

There are many different companies that offer cash back credit cards – Discover and American Express are probably the most prominant ones. Cicitbank and Iberia Bank also offer the cash back card.

Even thoug there is some criticism against the use of these types of cards, there are definite advantages to paying with plastic.  

The first advantage of using this type of credit card  is the fact that all purchases are discounted,  in that the card holder receives a certain amount of cash back from evey credit card transaction.  It is also helpful in that the credit card holder can choose to spend the money they receive back in however they want, as apposed to a card that receives reward points for purchases.  If you have looked into a rewward point purchase program, you will find that the goods and services you can get through the card are available elsewhere at a lower price.  Reward cards, to get the most for your purchases should just be returned to get cash in hand to buy the product you want.

The second reason for using a credit card for purchases is the fact that you can get protection for all purchases over $100.  If the things you buy are defective, then the credit card company will insure that the goods can beexchanged for a new one if the product is defective.

Cash Back Credit Cards

A few years ago, cash back credit cards were everywhere. Today, the offers are harder to find as company hunker down and deal with the financial crisis we’re facing. [...]

How to Use Cash Back Credit Card

If you already have a cash back credit card or you’re looking to get one, you’re probably wondering how the cash back system works or if you have a card in your hand, you’re probably curious on how you can redeem your cash back points [...]

What are the Best Cash-Back Credit Cards?

If you are a credit card user, and are NOT in debt (as I recommend everyone who is in debt NOT use a credit card), you want to make sure you are using a credit card that gives you maximum reward points, miles, rewards, or cash back. [...]

Technorati Tags: cash back credit cards, credit, rewards

Sample letter – To Remove Innaccurate Information 

This is a sample letter requesting the removal of inaccurate information from the credit bureau. When you send the letter  include any copies of proof you may have  that will show that the information on file is incorrect — cancelled checks showing timely payments, paid off accounts, loans, etc.  Also, add the consequences that have resulted from this wrongful information as well. The credit agencies will give the most immediate attention to seriously wronged consumers as they are overwhelmed with letters daily, especially during the financial crisis the country is experiencing right now. 

The Credit Bureau
Bureau Address
Anytown, State67890

Today’s Date

Dear Credit Bureau,

This letter is to file a formal complaint that you are reporting inaccurate credit information with regard to my credit profile.

I am very distressed that you have included the information shown below in my credit profile due to its damaging effects on my good credit standing.  As you are no doubt aware, credit reporting laws ensure that bureaus report only accurate credit information. It is no doubt that the inclusion of this inaccurate information is a mistake on either your or the reporting creditor’s part.  However, as a result of  the mistakes on my credit report, I have been wrongfully denied credit recently for a <place credit type for which you were denied here>, which was highly embarrassing and has negatively impacted my lifestyle.

optional I am attaching supporting documents that clearly shows that this was added to my credit profie in error, and I’m sure you’ll agree that it needs to be removed ASAP.

The following information therefore needs to be verified and deleted from the report as soon as possible:

CREDITOR AGENCY, acct. 123-456789-ABC

Please delete the above information as quickly as possible.

Sincerely,

your signature

Your Name
SSN# 111-22-3333

Attachment included.

If you have proof do not forget to include it with the letter.

Remember to keep a copy for your files and send the letter registered mail to provide proof that the credit bureau received it.

Technorati Tags: credit repair, credit repair sample letters, letter

Tips to surviving a recession and keeping your taxes in order.

Ask an economist to define recession for you and chances are, they’ll tell you that it is a state of the economy where the GNP decline for at least two consecutive quarters.  However, that is just a nice textbook definition.  Recession can not only affect not just cities and countries, but it can also affect individuals and families on a more personal basis.  To help you to stay on top of things durings these troubled times, here are a few things you can do:

Start saving.  Immediately.

If you have a nest egg hidden away somewhere, so much the better.  Boost it with more savings.  If you don’t have a rainy day fund, it’s time to start saving immediately.  Implement tax and personal savings steps in order to fight the effects of recession. 

Cut back on spending immediately.

If you think you need everything you are buying, gather your last few weeks’ worth of receipts and then rate each item according to necessity.  Chances are, there are a few things on the list that you’ll realize now that you didn’t really have to purchase. 

If you see s simialr pattern in most of your receipts, that’s a sign that you ought to cut back on your expenses and seriously implement a budget or spending plan.  You could, for example, cancel a gym membership and take up running or exercising at home instead. You can buy items on sale instead of at retail prices and put off any large purchases – cars, TVs, video equipment, furniture, etc.

Try and eliminate big chunks out of your debt.

The amount of debt you are carrying can get you down and it will not hesitate to have same effect to your credit score.  During a recession, a bad credit rating is just not something you want to have to deal with.  If you have debts in some form (loans, credit cards, mortgage, etc.), try to pay off as much of waht you owe as possible.  The quicker you do this, the better it will be for your finances.

Eliminating your debts is an excellent anti-recession step because it helps save you money in terms of interest.  It will also give you peace of mind and the personal satisfaction of being in charge.

Consider investing?  Speak to a professional.

An experienced financial adviser can help educate you on the  options you have, given your own resources and the amount of risk you are willing to take.  Recession can make investing a greater challenge, particularly for the uninitiated.  That is why you’ll need all the help you can get in order to find the best places where to invest your hard earned dollars.

Know your deductibles.

Review your tax code for the kinds of thngs that you can include in your deductibles.  Remember that not all expenses can be used as deductions.  Only if you can prove them ‘ordinary and necessary’ will the tax man consider them.

Keep every receipt for deductions.

Audit or no audit, it pays to have documents that support your tax claims, especially if they refer to deductions.  Keep yourself organized regarding your files, particularly those that pertain to your business or work.  Keep things where you can quickly access them and use for reference later. 

Consider leasing your business vehicle

If you want to give yourself a better tax advantage, a good anti-recession tip to follow is to lease that car of yours.  This will help you in terms of business deductions compared to what you’ll receive if you purchased the vehicle. 

When in doubt, always refer to a professional.

The personal anti-recession tips you obtain will usually work effortflssly but some steps involving taxes might have certain limitations.  Before implementing these steps, you might want to consult a basic guide on taxation or visit an accountant or bookkeeper.  They can guide you on what you can and should do based on your own unique circumstances. 

Technorati Tags: anti-recession, finance, money savings tips, recession proof

Sometimes people need credit repair because they fail to use credit cards wisely.  It’s important to understand how to use these plastic wallets.

Credit Cards. Be warned

Does the credit card work for you or do you work for your credit card Most people’s answer to that question will depend on how they treat their “old plastic” as credit cards are known.

For many with burned fingers will tell you they didn’t realize that things had gotten so bad until very late, because most credit card offers try much to sound like they are actually running a charity. Well, they aren’t.

And this is not a hate campaign against credit cards.

Surely they have their benefits – in America if you want to rent a car, you got to have a (major) credit card.

But, consider this scenario

You receive an offer in your mail that sounds good, maybe it’s a new generation TV or a fridge. But it costs $2000. Oh, but you have a credit card with a $5000 limit, and you immediately purchase your merchandise. Typically, here is how your repayment schedule will play out. Most credit cards charge a minimum of total balance (usually 2 percent) of the total per month. Assuming the interest rate is 18 percent and you choose to repay the minimum amount of $40, $30 of that will go towards interest and only 10 percent towards the principle. As a result, you will take 30 years to repay and end up paying over $5000 interest.

Sounds scary It doesn’t have to be. The moral of the illustration is

Use the credit card the same way porcupines make love; very, very carefully.

Using Credit Cards

For people to do this, knowing and memorizing the hidden dangers of credit cards is a must. This is to ensure that they understand fully how their credit cards work and to help them spend their money wisely.

Choosing Credit Cards Properly

Whether you need it for education, home improvement, and business or for purely for convenient purchasing need, you must have a specific target where you can use your credit card wisely.

Instant Approval Credit Cards

Many instant approval credit cards include a rewards program. You could earn cash back for using the card, or enroll in a program to earn travel rewards. If you see a card with awards that appeal to you, read through the fine print. …. If you can stay on top of your credit card payments, and use the card wisely, you will definitely benefit from a cash back credit card. The key is to look at the fine print. Here are some tips to help you get a good amount of cash back.

Technorati Tags: credit card, how to use credit cards

Saving Money During a Recession: Seem Like Mission Impossible?

Recession is a word that fills people with dread and fear. With the market falling they way it has in the past few months, its no wonder.  It’s a time people consider bad for finances, a time capable of the magically shrinking a dollar’s value overnight.  It also automatically increases the cost of basic living as prices increase.  And where money is a huge concern, people always ask, ‘Can I still save for real during a recession?’  The answer is: you bet you can.  You just need to be wise and creative about the whole financial process.  Here are ways how:

Plan your purchases.

By planning your purchases, you’re effectively planning your expenses.  This helps eliminate the danger of impulse buying and unnecessary spending.  Try to look at the bigger picture when it comes to providing your basic needs. 

Plan for a week’s worth of groceries, for example, so you’ll have an idea of which items you truly need (and want) and which items you can really can do without.  To make sure that you maximize your planning efforts, consider incorporating items on sale into your planning.  For example, if there are foods on sale that week, why not plan your week’s menu using what’s currently on sale at bargain prices?

Implement the ‘B’ word.

Budget, that is.  If you want to be able to save money during a recession, you must learn to discipline yourself and your family.  Using your plan as a reference, develop a weekly or monthly budget and then stick to it.  If you must go over budgett, you should have a very good reason to do so.  Otherwise, don’t spend the money.

Keep an eye out for discounts and bargains.

Learn to watch stores for seasonal sales.  You will save a lot of money by buying items on sale than at their regular prices.  During a recession, that is considered frugal spending.  Check out the store or newspaper ads and don’t be shy about asking for cheaper alternatives, getting store rebates or using discount coupons.  Consider buying at discount stores as well.  Every dollar you don’t pay is a dollar you save.

Buy in bulk.

If there are items in your house that are often in use (paper towels, toilet paper, canned beans, rice, etc.), consider buying in bulk.  Many stores offer items in packs, which means you’ll save money in the long run than if you buy them individually instead. 

Put off those big ticket items..

A good rule of thumb is, if you can’t afford it, don’t buy it.  If, for example, you have enough money for a downpayment on a new big screen LCD TV, but you will have to borrow money off your credit card just to tide you over for the next few weeks, it would be truly be insane to make such a purchase.  Wait until you can  comfortably afford something without going further into debt.  The worst you can do during a recession is not just failing to save money but also going into debt.

Practice prevention, not cure.

If you look closely, there are many things you do in your home that are draining precious dollars from your wallet.  Simple steps such as repairing and maintaining your home fixtures and appliances, using more efficient equipment, and cutting down on unnecessary consumption can do wonders for your wallet and piggy bank.  And what better way to live during a recession than to be prudent?

Earn extra money.

If, after all your efforts, the money you have saved is still not enough, don’t let recession get the better of you.  There are times when your current efforts are just not sufficient – mostly because you don’t bring enough home.  Instead of asking for a raise that might never occur or waiting for a promotion to drop on your lap, consider finding other means with which to earn (and save) money. 

Consider getting a part-time job, work extra hours, start a side business, sell things on the side or offer your skills as a freelancer.  The extra income you earn, along with your recession powered money saving plan, will help you make enough until you weather the storm.

How to Save During Recession

Nonetheless, scrimping and saving isn’t only for adults to be conscious of because being careful with money during economic recession, children can also play a useful part.

Saving money at the store

During a recession, financial pressure mounts, and that has more people looking for ways to save money. A quick fix for your budget could be the way you shop at the grocery store.

Saving in a recession

And in today’s climate, people are saving more. That’s one of the silver linings of this recession that we’re in. People are looking at what they’re spending their money on and making decisions in a way that benefit their future and  their family’s future.

Technorati Tags: debt, discounts, Finances, recession, saving money