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How to Fix Your Credit Score

Posted on Saturday, 23rd July 2011 by Lucy Hales

Your credit score plays a very important role in determining how easy it is for you to get loans and how attractive the loan terms are. Any lender you approach will refer to your credit report to gauge how much of a risk you are and how likely you are to pay off his loan on time.

This risk level determines the rate of interest, the term and other aspects of the loan he gives to you. Having a good credit score ensures that you are in a strong bargaining position to get cheap loans with attractive terms. There are no effective quick fixes to improve your credit score but it is possible to make a significant difference in a short time by taking the right steps.

Understanding the Basics Before you start working towards improving your credit score, it is important to understand how your outstanding debt and available credit affect it. The ratio of debt to available credit (or debt to credit ratio) plays a very important role in determining your credit score. A high debt to credit ratio shows that you have used up almost all of your available credit and have many debts to pay off.

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Using Your Credit Cards Wisely

Posted on Thursday, 21st July 2011 by Lucy Hales

The credit card is the culprit behind many Americans’ huge debt today. This handy piece of plastic is so useful and convenient that we often manage all our shopping without money just by swiping our credit cards at different stores and outlets. It is only when the credit card issuer sends you your bill that you actually realize how much you have spent. If you have run up enormous debts because of your credit cards, then chances are, you are seriously considering cancelling all the cards you have. Instead of doing something this drastic, you can simply start using your cards wisely.

Keep Your Balance Low A good formula to follow is to keep your card balances below 30% of your available credit. This gives you enough leeway even if you happen to need more finances to meet an emergency. It also lets you keep your card spending well within manageable levels. Keeping balances low also has a bonus in the form of boosting your credit score. Your debt to available credit ratio is an important factor when your credit score is determined. B

Setting Goals For Effective Financial Planning

Posted on Wednesday, 20th July 2011 by Lucy Hales

Financial experts, investment advisors and retirement planners – all advise you of the benefits you stand to gain with proper financial planning. Setting up a structured plan for saving and spending lets you take control of your finances so that your long term financial goals are met. However, to make your financial planning effective, it is essential for you to set goals.

The Importance of Goal Setting Goal setting lets you set specific targets to work towards. When you have a clear, focused approach, the chances that your strategy will succeed are higher. With goal setting, you know the desired outcome of each financial activity you undertake. This helps you streamline your approach or adopt a new one that gives you exactly the result you desire.

For example, let’s assume one of your financial goals is to save enough in 10 years to fund your child’s college education. With some research you can find out what a college education costs at present. Factor in inflation for 10 years and you have a fairly accurate idea of how much you will need then.

This should be the outcome of your investment in a college fund. Now y

Health Insurance Doesn’t Always Prevent Medical Debt

Posted on Wednesday, 20th July 2011 by Eden Fryett

Recent findings about the insurance status of people with medical debt raise questions about the conventional wisdom that says health insurance cures all medical bill ills.

A new study that appears in the American Journal of Public Health reveals that having health insurance is no guarantee that working Americans will avoid medical debt.

The study focused on health data gather in Arizona. The research revealed several interesting findings, including:

Even though 83 percent of Arizona residents reported having health insurance, almost 27 percent of the state’s households had problems paying medical bills.
For people who were uninsured last year but recently regained health coverage, 43 percent needed help paying medical bills.
People who had medical debt were 5 to 6 times less likely to seek medical treatment or fill prescriptions than people without debt.

The researchers who compiled these statistics asked households whether they were having trouble filling prescriptions, paying for doctor’s visits, and whether they have delayed needed treatment due to debt.

Are Bonds Safe Investments

Posted on Tuesday, 19th July 2011 by Lucy Hales

Why Bonds are Ideal for Cautious Investors

When it comes to investing, stocks are favorite avenues for spectacular returns, but the high risk associated with them also puts off many a cautious investor. For those who want their money to be safe, yet grow at a decent pace, bonds are good options for investment. Bonds are steady winners and their low returns are a good exchange for the protection they offer when the market is volatile. If you have a low risk appetite and still want your money to work for you reasonably well, then investing in bonds is the strategy you should follow. Low Risk Avenue for Safe Growth of Money

A bond is essentially a loan made by you to the bond issuer. As creditor/ lender, you are always given first priority by the issuer when it comes to sharing profits. This puts you in a better position to get returns even when the stock holders of the same issuing company have to make do with negligible or no returns. This priority position also ensures that your investment in bonds is at much less risk than that in stocks.

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