Where has all the money gone?
Ever wonder where all the money goes? We get paid and it seems within days, we have empty pockets. So, where does all the money go? Well, that’s a question that only you can answer. It will require creating a list of all incoming and outgoing monies and doing a bit of detailed balancing. Don’t forget to include the people who owe you money.
Many countries have this same issue to deal with. The EU has been making headlines lately for this very reason. It seems one of the wealthiest countries in the world has more money problems than any other. Dubai has recently come under massive public humiliation after spending years boasting such luxuries as man-made palm shaped islands (that are rumoured to be sinking) as well as the world’s tallest skyscraper (that recently had faulty elevator malfunction). Countries a little closer to home also have the same problem.
The United States spends an unprecedented amount of money trying to fix the nation’s economy. Ironically the cash required to accomplish this needs to be raised. If you’ve ever heard ‘it takes money to make money’, this is a prime example. The United States, a.k.a. Uncle Sam, raises its money by selling Treasury securities of varying maturity. This, of course, is the most simplified (of the simplified) version of where the money to run the nation comes from.
The United States recently did their own detailed balancing of sorts to find out where they money has gone and the results are a little surprising. These are the top five culprits accompanied by a few honourable mentions.
To the surprise of many, the largest holder of the United States’ debt is the US themselves. The Federal Reserve and the US Intragovernmental Holdings account for an amazing $4.8 trillion in US Treasury debt. Around ten years ago, this debt was only $2.5 trillion.
The second largest debt holders are Mutual Funds. This group of investments manages about $769 billion of the US Treasury securities. The third largest is China owing a phenomenal $739 billion as of January 2009. This does not include Hong Kong’s additional $71 billion debt. Japan comes in fourth as a major US trade partner owing $634 billion. Fifth place is held by state and local governments who have more than half a trillion dollars invested in American debt.
A few honourable mentions go to Pension Funds, both private and local government pension funds combined are worth a $456 billion debt. Investors, oil exporters, Caribbean bank centres, depository institutions, insurance companies and a combination of several additional countries make up the additional debt.
Even though logic tells us our personal debt will never reach such heights, it’s still important to keep track of our spending and our lending. If you find yourself wondering where all the money has gone, consider debt consolidation by inquiring about a private secured loan. It may help to ease your debt and manage your money more effectively.
What’s Your Credit Type?
Really, there are only two types of credit: good, and bad. Which type describes you and your financial situation? If your credit is out of control, there are ways to recover and move yourself from a bad credit risk to someone any banker will be glad to see.
How do you know if you are a bad credit risk?
If you can’t say, within a very few dollars, how much you owe and to whom, chances are that you are a bad credit risk. If you can’t count your credit cards on way less than the fingers of one hand (and thumb, ring finger and pinky don’t count) you may be a bad credit risk.
How to improve your credit score
Managing credit isn’t all that tough, but it’s something a lot of us let spin right out of sight. But a few simple steps can help you stop that tailspin and level out your credit again.
First, when your bills arrive, don’t stuff them under the couch. Have a drawer or a basket within easy reach of the door where you can put them as soon as they come. Use that drawer only for your bills. Promise yourself that every month, you’ll open that drawer, pull those babies out, and pay them on time.
Then, make paying bills a feel-good time. Tell yourself that this is the responsible thing to do, that it shows creditors they can trust you to repay what you owe, that you’re good for it. Have one place where you sit down with your bills to pay them. Make yourself a coffee and settle in. Write down on every bill what you paid and when you paid it. Subtract that amount from your debt. Keep track of that debt and watch it drop every month. Store your paid bills separately, in envelopes, and mark the new amount you owe on the outside so you can see how much you’ve paid down. You’ll be amazed at how good you’ll feel and how well you’ll sleep (and how nice it is when creditors stop calling you).
Keep your credit cards at home so you can’t make impulse buys. When you feel the need to buy something, picture those bills in that drawer. Do you really want to add a new bill to the picture? Think how good it would feel to have an empty drawer.
Consider fast-tracking your debt
That means using credit wisely to help pay off what you owe. One way you can do that is through a car title loan. If you own your car, and it’s less than eight years old, you can apply for a loan using your car as collateral. Sometimes you can get as much as 40% of the wholesale value of your car. It may sound crazy to use a debt to get rid of a debt, but sometimes you need that jumpstart to get you moving on paying debt down. Also, a car title loan enables you to pay off multiple bills and turn many monthly payments into one easier to make payment. A car title loan is easier to get, too, and has the advantage that it’s a loan-and that makes you look good to other lenders in the future.
So, which credit type are you going to choose to be? It’s all up to you.
Teaching your Kids About Personal Finance
It is never too early to teach kids about personal finance. Many elementary schools are coaching children about money. They encourage students to set up a store of their choice and allow them to ‘do business’ with one another. Fake money and creative imaginations have gone a long way. These children see the results of how quickly their fake money disappears from spending too much or from making bad business choices. In kindergarten, these lessons begin by teaching needs versus wants.
The days of the old Home Economic courses are coming to an end. Learning to sew, bake or jigsaw woodcarvings just does not cut it any more (pardon the pun). Instead, home economics is being converted into personal finance courses and are being taught at many high schools around North America. The Council for Economic Education feels these courses are extremely important, so much so, that thoughts of implementing them as mandatory for high school graduation is being considered.
These early economic lessons include managing credit, balancing a budget and buying large items such as a first car or home. Many experts feel that the current recession’s length and impact could easily affect a student’s future financial behaviour in the same manner the Great Depression affected their grandparents.
The fact is that the life skills required for the 21st century are dramatically different from the current generation’s high school days. It’s imperative the upcoming generation learns to avoid the financial pitfalls that we have all recently fallen into. It’s imperative they understand the repercussions of overspending and accumulating debt.
Children are vulnerable and pick up the spending patterns of their parents, albeit good or bad habits. The recession has put into play the results of bad financial choices and they are experiencing first-hand the dangers from watching their parents lose jobs, walk away from the homes they can no longer afford or by going on free or reduced lunches in the school system.
The bottom line is personal finance has become more complicated. Teaching them age-appropriate lessons now could save them from the pitfalls of the next inevitable recession. It may be a good idea to take your children to a local bank or financial lending institution with you the next time you go. This will provide them with a one-on-one banking experience so they can better inform themselves for their first loan.
Shop for Financing Before Shopping for Your Car
When there are two working people in a house, there is often a need for two vehicles. If you are finally getting ahead and have saved a little money to put towards a second vehicle, there are some auto financing strategies you should know about.
First, it’s always a good idea to check your credit report before anything else, especially if it’s not something you’ve done in a long time or if it’s not something you’ve ever done. Keeping an eye on your credit report is essential. It’s very important to know what you have on your record and it’s just as important for you to know what any potential lender may see. By doing this, it can provide you with the time you need to correct any errors on the report or pay off any debt owing.
Shop for financing before shopping for your vehicle. By having a perspective on your credit rating as well as your financial options, you will have the boundaries needed for a successful purchase. By understanding your financing beforehand, this will give you an idea of potential interest rates, monthly payments and length of terms and can easily guide you into a vehicle that is within your budget and ensure monthly payments are made with ease.
Check with at least one local bank. This will help provide you with a guideline on current terms and interest rates. If you’re looking at dealer financing, keep in mind they are not going to shop around for you. Once they know you’re financing through them, they often stop talking price and start talking in terms of monthly payments. This can cost more as you’re no longer focused on the actual price. The dealer may also be getting a commission from the lender, so dealer financing could end up costing you more in interest and fees.
If possible, get pre-approved. Regardless where your auto loan comes from, any lender will be able to tell you upfront if you qualify for a loan and how much you can borrow. This strategy may even help get you a better deal on a vehicle as the seller knows you’re pre-approved which makes you a serious buyer.
If you are suffering from bad credit but still need that ‘new’ car, a car title loan could be what you’re looking for. You can borrow the money you need to make the additional purchase and rebuild your credit rating while driving your much-needed second vehicle. Private lending institutions offer car title loans and provide no obligation, 24-hour on-line applications.
A Car Title Loan and You
There may be a lot of reasons that taking out a car title loan has not occurred to you before.
- Maybe you can not imagine that anyone, for any reason, would ever consider giving you another loan because of the way you blew that last one you had (and that ruined your credit rating).
- Or maybe, you just think you wouldn’t qualify because all your credit cards are totally tapped out.
- Or maybe you thought that you could only use your car title loan for certain things, and you just don’t know that you can use your car title loan for pretty much anything you might need or want.
So what is a car title loan?
A car title loan is a loan that you make against your car. That means you put your car up as collateral against the loan. That’s why it’s an easier loan to make than many other kinds of loans-and that you might not have qualified for because of maxed out credit cards, a poor payment history, bad credit or perhaps even a bankruptcy. And a car title loan can help you to improve all those things, and get a step up on life.
Let’s say you take out a car title loan-and 99% of qualified applicants are approved, so don’t think you don’t stand a good chance of getting one-you do. You may qualify for as much as 40% of the wholesale value of your car. Best yet-you keep your car, and just keep on driving it, while you have the car title loan. So you get the best of pretty much every world you can think of-you get the loan, you keep the car, you pay down your debts, and improve your credit.
How else can you use a car title loan?
Well, maybe you need to repair your car, give it a new paint job, do some custom work, replace the engine, who knows? Take out a car title loan, and use the money to fix up your ride, improve its value, and its longevity.
What do I need to qualify?
There are two main criteria to qualify. You have to own your own car (or other vehicle, of course) and your vehicle has to be less than eight years old. That’s it.
Where can I get a car title loan
Go online-any time. Fill out the application form. It’s quick, easy, and private. You’ll hear back within 24 hours, sometimes even a lot quicker than that. And the money can be direct deposited into your account, as soon as your loan is approved.
Don’t wait any longer to turn your life around, improve your credit, and get back on the fast track. It has happened for others in your same circumstances. Why not you?
Cash in 3D
Ever notice how things just happen in life and always when you are least ready for it? Your boss gave you some hard-earned down time, but you didn’t stash any cash for that weekend get-away? You’ve fallen in love-just when you thought it would never happen-but now you can’t afford a ring to propose? That 3D Blu-ray TV you have been so dying for is half-price in a fire sale, and your credit card is maxed out?
Get cash. Fast. With a car title loan.
Even if you have bad credit, no credit, or a recent bankruptcy, you can get cash fast by using your vehicle as collateral. See that 3D TV? Buy it tomorrow. A car title loan is an easy online application you make from home. Sometimes, it may be only a few hours before that cash is wired-yup, it can be direct deposited-into your account. For that weekend splurge. Or that ring for her. Or a little indulgence for yourself. Apply today, and tomorrow, you may be on your way . . . to Vegas, or a little 3D Blu-ray.
How to buy with a car title loan
If you own your vehicle, and it is less than eight years old, go online and fill out an application. You can do it at your convenience, and from the privacy of your home, with no harassing phone calls, or time-consuming visits to the bank. In 24 hours, and usually even faster than that, you’ll hear back about your application.
Almost everybody gets approved-and you can too! Think what your car is worth, and you could get as much as 40% of its value in just a few hours. To buy the things you want.
Think your car isn’t worth much?
No cash to repair your car means it’s a bit run down or beat up? No problem. Take out a car title loan to repair your vehicle. Build up its value again. And re-build your credit while you’re at it.
A dream in 3D
A car title loan can be the loan that turns your life around-from the doldrums to 3D. Change up a beat-up heap to a ride in style, a new home theatre that brings your friends milling round, or just a quick escape from the every day to give you a new outlook on things.
Whatever you need, you may be surprised at how easy it is to finance through a car title loan. Check it out.
Personal Property Protection in Tough Economic Times
It’s not a secret that the recession is still upon us. Statistics Canada has just released its 2010 findings as of the month of February. The results show the unemployment rate increased from 6.6% to 6.9% in one of Canada’s richest and most lucrative provinces. The recent 15,000 job losses in Edmonton, Alberta’s capital city, most certainly does not help to reassure us the recession is over or that ‘extra’ spending is a wise idea.
Things such as personal alarms and property insurance may have been bumped from the list of immediate necessities as many of us are trying to cut back on our monthly costs. Although so many people are continuing to penny-pinch and save wherever they can, there are always inevitable and unexpected expenses.
These expenses often seem to appear when we can least afford them. Large events such as emergency medical or dental costs, a sudden death or a home robbery without insurance are a few of the things that could be detrimental to our financial situation and sink us into heavily into debt.
National Statistics reports a whopping 8,000 home robberies each and every day across North America. These are the robberies that are actually reported. The numbers combined with the non-reported invasions would obviously read much higher. Considering this high number of robberies, Statistics Canada also reports that the rate of break-ins is down and has reached its lowest level in almost 40 years due to the increased use of home security systems.
Whether you’re a renter or a homeowner, residential property protection is a good idea. The cost to replace a standard flat screen television is more than the average annual premiums of residential property insurance or the upfront installation of a residential security system.
If you take into account the risks and what’s at stake, protecting your residential property with insurance or a personal security system is not a bad idea. It’s not necessarily something to consider as an ‘extra’ expense. If the up-front fees are not part of your budget, perhaps getting a loan to cover the immediate fees is worth thinking about. For those suffering from bad credit, with no hope of a loan from a standard financial institution, a car title loan is a secured loan tailored specifically to those with bad credit. Easy, no obligation on-line applications and an answer within 24-hours are most certainly worth the time. If you need extra money and simply cannot wait, consider a private car title loan. It may offer a great solution and help protect you when you need it most.
Credit CAR vacation
No, that is not a misprint. Seriously, you can use credit from a loan you can access through your car and take a vacation. It’s easy. And it can be a lot smarter than using your credit card.
The downside of credit cards
A lot of people don’t know that, even if you make payments every month towards your credit cards, if your card balance stays near the maximum of your credit limit, that can lower your credit score. So, if you max out your card for a vacation and your card stays maxed out, that can lower your score, and hurt your ability to get credit when you need it.
Let your car be your credit
But what a lot of people also don’t know is that their car can be a great source of credit. A car title loan can even improve, not lower, your credit rating, and y’uh-huh, it’s true, still get you that vacation. If you own your own car, and it is less than eight years old, you can use it as collateral against a car title loan to get you some of the fine things in life you may have been missing out on.
Or, if you have a maxed out credit card that you just cannot seem to pay off, use the cash value of your vehicle to get a loan and pay it down. Poof! Instant better credit because you have paid off that debt-and instant better chances for more credit later.
What about downright bad credit?
Especially if you have bad credit, or a poor credit history, or even if you have declared bankruptcy recently, your car can be used to secure a loan for the things you need. You can use the loan to pay down some of those debts, or help to re-establish your credit history, or improve your credit rating. Or, maybe, your car needs work, but you just don’t seem to have the cash to pay for repairs right now.
Use your car to fix your car
Still another thing a lot of people don’t know about car title loans-they can be used to repair your vehicle. So, if you have had to worry about not making it to work in the morning because your car might not start? Worry no more. Get a car title loan, and use the money to get that car back on the road, your credit back into shape, and you, back in the driver’s seat of your life.
Credit Repair for Tough Economic Times
Has the economic downturn of the last year or so flushed your own credit down the toilet? Think you’ll never recover from your bad credit? Think again.
Bad credit isn’t the best experience of a lifetime, but it can be fixed. And even in these economically challenging times, you may have more assets to work with than you think.
Know where you stand
First, always get a current credit report. Be sure that your credit rating is accurate. Errors are not uncommon. If there has been a mistake on your credit report, get it fixed. Next, consolidate your loans, if you can, so you make one payment each month. And put those credit cards on ice-literally, if you have to! Then, put yourself on a budget. The whole family can help figure out where you can cut costs, and save some cash. Finally, only use cash to pay for everything you buy, and track your spending. Now you will know where you stand, and how much money you have available to you, each month for life and debts.
A surprising source of credit
Here is something you might not have realized that can help ease your way out of debt and to better credit-your own vehicle.
That’s right. Your vehicle may offer you some help in repairing and rebuilding your credit. If you own your vehicle, and it is less than 8 years old, car title lenders may have help for your bad credit problem.
How car title loans work
Car title loans work in different ways. One, you may be able to re-finance your car to get extra cash to help pay down those pesky bills. That helps you eliminate debt, and it helps you rebuild your credit with one stroke. It may also make the pain of bill repayment and credit repair a bit easier to bear.
Other ways car title lenders work is by helping you to repair your vehicle. If you haven’t been able to work, or you can only work in areas where there is public transit, car title lenders may be the answer to your ride problem. Car title lenders can help you to use the value in your car to repair your vehicle-and get you back on the road to better credit, and a better life.
Bad credit can sometimes seem overwhelming. But there are more ways to credit repair than you might have thought of before, and car title loans may be a good choice for you. Assets such as your vehicle can help you to pay down debt, repair bad credit, and re-start your own engine.