Guidelines in Applying for a Personal Loan

People have various reasons for applying for a personal loan. Some are in need of emergency cash for paying their utilities or medical bills. Some need it for their education needs. In general, however, the fact that this loan is very easy and quick to acquire is what makes it very attractive to borrowers. Lenders can provide you the funds within a short period of time, so then you no longer have to wait too long for the cash that you desperately need.

Where Can You Find Loan Lenders?

Loan lenders are not very hard to find, especially with the advent of the internet. A quick search on the internet can yield literally hundreds of results for loan lenders. This allows you to choose the lender who can provide you the money that you need. But as in any type of services, you have to make sure that you are dealing with a legitimate personal loan lender and with someone who can offer you the most profitable deal. Comparing various lenders in terms of interest rates and monthly payments can certainly lead you to the right lending company. Also, review the lender’s website and check if there are doubtful policies in their company. Their website should also look professional and must have great content as this can tell you whether or not they’re legitimate.

When you apply for a quick personal loan, you would only need a few minutes. First, choose the best lender available by following the tips outlined above. After choosing the lender, look for the application section in their website. It is important to fill out all the fields in the application form. You will be asked some vital information such as your name, current address, and date of birth, social security number, and monthly wage. Answer each question as accurately and honestly as possible.

What Are Your Chances of Personal Loan Approval?

As in most loans, borrowers fear that their loan application will not be approved. Some people even worry about their bad credit score, which could spell trouble for most loan applications. But with personal loans, this is not really an issue. As long as you have provided the right information, your application will most likely be approved. In fact, the percentage of those who apply for personal loans that get approved is much higher than those who don’t get  approved. Usually, it only takes a few minutes before you can receive the notification that your application has been approved. Once approved, expect to receive the money that you need within a very short time. The next business day, expect the funds to be transferred directly into your bank account by the lenders and you’ll have access to your much needed cash in no time. or the cash that you desperately need.

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How Credit Card Forgiveness Affects your Taxes

Credit Card Forgiveness and the 1099-C

You breathe a sigh of relief. You have just successfully negotiated a debt settlement agreement with one of your creditors. They agreed to receive $10,000 for the $25,000 credit card debt you originally owed to them and consider it as full payment of your account. But before you open that bottle of champagne, there is something you need to know: The taxman will be coming with a 1099-C. In plain and simple language, the debt which you have been forgiven is considered taxable income.

The Internal Revenue Service (IRS) states that cancellation of debt is taxable as ordinary income. This is provided for under Section 61 (a)(12) of the Internal Revenue Code which states that “income from discharge of indebtedness” is considered gross income and is thus taxable. This happens when a creditor cancels at least $600 of the debt you owe them without receiving anything in return. So in our example above, the $15,000 which was forgiven will have to be reported in the 1099-C, also known as the Cancellation of Debt form.

Cancelled debts owed to a financial institution, the Federal government, a credit union, a military department, the U.S. Postal Service, or any organization having a significant trade or business of lending money need to be reported in the 1099-C. Aside from credit card debt, a COD can also arise when you foreclose your personal residence or cancel an automobile loan.

How can the IRS trace a COD? Lenders report it to them. Now don’t take this personally. It is common practice for creditors to report uncollectible debts, charge-offs, and debts settled for less than the full payment to reduce their tax liabilities. The income that they have declared lost, however, has serious ramifications for the taxpayer as it could mean a sizable tax bill when mid-April comes around.

Not all consumers are apprised of the 1099-C. In fact, many of them simply ignore or trash these notices since these are usually sent by creditors or debt collection agencies to the debtors. They believe that these COD forms are not anymore necessary inasmuch as they have already settled their accounts with these lenders and have the papers to prove it. Because they don’t file it together with their federal income tax returns, they risk not only penalties and fines but audits from the Internal Revenue Service.

Accuracy is one of the things that consumers should be vigilant about when it comes to filling out their 1099-C. You may have agreed to settle your debt for $10,000 but the lender reflected a settlement amount of $15,000 in the COD form. In all likelihood, they factored in all the costs involved in getting the debt lowered. You should contact the lender first if there is a discrepancy in what is reflected in the 1099 and the amount of debt settlement that you agreed with the lender. You can dispute the fair market value written on the form provided that you have information from reliable sources to support your claim. Otherwise, the IRS will take what is given by the form to be correct. A forgiven amount that is higher than what was agreed upon during the debt settlement might result in you having to pay more taxes than you should.

Find more articles on debt management by visiting this site: www.consolidatedebtguide.org.

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Consolidation Or Multiple Accounts

When working with those planning financial retirements one question keeps coming up. Should I consolidate all my accounts or keep them separate? Chances are that you have several different types of retirement accounts from different companies you've worked for along the way. This is not necessarily a bad thing but can be frustrating to try and keep track of.

Combining these funds can be a rather tricky endeavor as many of them are designed to only mate with like accounts. For this reason most 401 (k) plans can only be combined with another 401 (k) the same holds true for many other common retirement accounts including a 403 (b). The one type of account that can accept them all and consolidate them together is a rollover IRA.

Having only one account can simply so many aspects of your retirement that most people wonder why on earth they didn't do this from the very beginning. There are many more benefits than mere ease that goes along with consolidating your accounts and eliminating those extraneous accounts. One of which is the fees that are often charged simply for having the account. These fees can add up over the course of several different accounts and consolidating them into one lone account will eliminate the fees of all the others.

One misconception that people have when it comes to rolling over their accounts is that they will lose their investment options. This is especially a misconception when it comes to a 401 (k) program as if you own a particular investment while it is a 401(k) you will still own the same investment when its within your IRA account.

In other words a rollover IRA account offers the ultimate flexibility when it comes to your financial retirement needs. You can consolidate all your accounts into one, have all the information in one location and still enjoy the freedom that all the different accounts allowed you to experience in your investing. Diversity is a key ingredient when it comes to successful financial investing procedures.

If you are looking for the best when it comes to financial freedom for your retirement investments you should take the first available opportunity to consolidate your investments into a rollover IRA. Of course you should discuss this with your financial advisor first in order to see if there is a better situation for your unique and personal needs however in many cases the convenience factor of this process is far too tempting to overlook unless there is a very big and specific reason for doing so.

In other words consolidation by and large is very much the way to go when it comes to your retirement funds. You do not however want to sacrifice the diversity of your plan in the process. You should keep your actual investments as diverse as possible in order to insure a well-balanced portfolio that is designed to maximize your profit potential while minimizing your risks.

The decision of whether or not to consolidate your many retirement accounts is as personal as your decision to wear brightly colored socks and ties. There is no absolute right or wrong answer and it quite literally comes down to a matter of preference. If you thrive in chaos then by all means keep five or six accounts going at any given time. If you need neat lines and nice rows that balance out in a glance then consolidation might be the very best thing you can do for your retirement fund.

For more on personal finance, visit www.ezmortgagesolutions.net.

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Gas Saving Tips

The price of gasoline is on the rise. This is truly a great concern if you are following a tight budget. So how can you save some money on gas? Read these tips.

The carpool system

This is a great idea for employees and students alike. Since all of you will have the same destination, there is no need to bring extra vehicles if you can all fit in one car or van. If you are with your co-workers, it is a good idea to bring your cars alternately or on rotation. If you have children that you bring to school or social events, exchange driving responsibilities with your friends.

Commute to work

You can always take the public transportation system when going to the office. This is also a good way to relax since you are not driving. You can even take a short nap while on your way.

Look at the prices of different gas stations

Take time to drive around and check the pump prices of the gas stations near your neighborhood. Keep in mind that a few cents difference can add up to a lot if you continually have your car re-filled in the same gas station all the time.

Shed some sweat

A good way to save money on gas and keep yourself healthy at the same time is by walking or riding a bike to your destination. It saves time since you do not have to look for parking and also makes you healthier from the exercise. Utilizing these alternatives will also keep you from getting stuck in traffic which will surely waste a lot of your time and gas.  

Keep your car in very good condition

It is necessary to keep your car's engine in good running condition so that it will not consume a lot of fuel. When driving around on errands, plan out your route before you even get out of the house. This will minimize your trips going back and forth. If is also ideal to use the aircon as minimal as possible since it drastically increases the car's fuel consumption.

Check your car's tire pressure

Keep it a habit to check your car's tires so each one has the right amount of pressure. Having unequal pressure can greatly affect the car's fuel economy. It is also advised for you to refrain from accelerating too fast since this means burning a lot more fuel.

These are some of the things that you can do to save on gas. Gasoline is not a renewable resource, therefore using it wisely is very important to conserve this valuable commodity.

More on personal finance can be found at www.ezmortgagecalculator.org.

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Cutting Your Kids' Schooling Costs

Whenever the school season is just around the corner, there's only one thing that parents are thinking about - the impending costs. Education is a primary right and a pertinent need of every child but it can become very costly. Availing of scholarships and education grants for your children is the best way to get them through schooling. But of course, only a small percentage of children can be given these privileges.

There are simple and effective measures that parents can employ in cutting the costs of their children's schooling, especially during the back-to-school season. Most often, these measures are often taken for granted, but don't miss out!

Organize and Save

Keep an inventory of your children's school supplies and keep it organized. If you are not organized, you will be spending more money on replenishing your supplies. Small things like pencils and crayons may not cost too much, but if you replenish your supplies unnecessarily, you are losing valuable money.

You should also try involving the kids when making the inventory. This will give them a sense of ownership for their things and would know where to take and put their things.

Tax Holidays

Tax holidays are often offered by many states during the back-to-school season.  Price ceilings will be put on different school gears. You might want to do a little research and ask about the schedule and the details of the tax holidays in your area.

Bulk Buying

It's a basic economic principle - 'the more you buy, the more you save". Well, this is applicable if you are buying a specific item which you will really need in the near future. In buying pencils, for example, you might want to buy a box rather than buying one for each of your kids. Face it, you will be needing to replenish these after some time, so might as well avail of the lower price by buying in bulk.

Transportation

You might want to consider buying your child a bicycle for him to bring to school. This, of course, is not always feasible. Finding a cheap and safe way to bring your children to school daily is an important thing. Car pools and school transportation services are options that you can look at.

Snacks

Whenever you have the time and energy to prepare food for your children, do so. You will not only be saving on the pocket money that you will give to them but you are also secured that your children are eating healthy and safe meals.

Getting your children through school is a hard task and a costly one. Saving money through practical and simple means can assist you in this endeavor. The benefits will eventually add up to bring a brighter future to your children.

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Smart Secrets to Budgeting

There's nothing more we want than to be able to efficiently manage our money. After all, the money that we want to manage is money that is oftentimes, hard earned. This is where a budget comes in. A budget executed properly, should help you see where your money is going, get more utility out of every buck, and help you save some extra for future use.

The first smart secret to a budget is to set a goal. What do you want to achieve? Do you want to correctly appropriate your income into bills payments? Do you want to put an amount aside for a big purchase or a huge investment? By having a goal, you will be able to shape your budget to best serve your interests.

Secondly, you would want to take note of where your money usually goes. This includes bills, major but regular purchases (like grocery costs, healthcare costs, and the like), and everyday miscellaneous purchases. It is only when you list down where you know your money usually goes will you be able to identify which expenses you can do without. Once you've identified these regular expenditures, take into consideration what you can cut back on. 

How much do you spend on your daily caffeine fix in the morning? How much do you spend on newspaper deliveries to your front door? The measly $2 or $5 of these small purchases cumulatively translates to more than $3600 a year! Instead of buying your expensive latte or reading the newspaper on print, put aside the amount you would usually pay for these small routine purchases in a small container. You will be surprised at how much you"re saving out of your older budget.

Being indebted is a vicious cycle on its own. You’re talking about continuous payments, not to mention huge interest rates. The best way to deal with this is to pay the minimum on all of your debts in order to avoid paying extraneous late fees. Whatever cash excesses you may have, you can opt to add on to the payments you make in your biggest debt. This way, you are concentrated on getting the biggest debts first that cost you the greatest interest rates. Doing this progressively, you’ll be amazed at how much you’ll get off your huge debts.

The last and most important step is to jot down the amount you earn the sum you spend. You can make use of computer cash management programs, or make database sheets of your own. Make a system that works for you and will help you keep track of your monthly budgeting progress.

Check out www.adamscapgroup.com for more Information on personal finance and budgeting .

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What Are Your Alternatives to Bankruptcy?

We’ve already mentioned that bankruptcy should be undertaken only as a last resort, when all other ways to settle your debts have failed. Consider these alternatives:

Make a budget. If you are used to spending away your money each payday on whatever catches your fancy, it’s time to stop that now. List down all your sources of income in one column, your fixed expenses (food, shelter, education, car payments, and the like) in another, and your other expenses (leisure, vacation, and the like) in another. Write even the most insignificant purchases as these have the tendency to add up. When you do, you will be able to spot where you are spending needlessly. With a budget, you are in a better position to manage your funds.

Call your creditors. Most creditors are amenable to restructuring your loans with them if you show the initiative to contact them about your delinquent accounts. Explain why you are having difficulties but that you can afford to pay a certain amount per month to settle your debts until such time that your finances get better. Make sure that you do this before your debt becomes 120 days delinquent, though, as your account will most likely be turned over to a debt collector. Dealing with collection agencies is much more complicated.

Settle your debts. Contact your creditors and offer to settle your debts. Do debt settlement on your own and don’t rely on debt negotiation companies to do this for you. Many have successfully negotiated their debts for as low as 20 to 30 cents on the dollar and have written books about it. Learn from them. 

Sell some stuff. If buying designer clothes, bags, and shoes got you in this mess and you have a closet full of stuff you don’t anymore use, have a garage sale. Turn any asset you have into cash which will help pay off some of your debts. Look around for stuff in the house you can sell on eBay. Not only will selling things you don’t anymore need generate money to get you through this financially troubling time, you will also realize how owning fewer things gives you more freedom physically, emotionally, and spiritually.

Be frugal. Living below ones means is a trait of many self-made millionaires. You may be far from that road now but spending less than what you make each month will give you extra funds that can go towards debt payments. Besides, it’s also good practice to always have something extra left. Even when you don’t have any more debts to pay and have already cultivated that habit of being frugal, the excess amount left can be used for savings or investments.

Consolidate all your debts. If you can take out a home equity loan and pay off all your credit card and other unsecured debts using the proceeds you can get from it, you will only concentrate on paying off one loan. However, this would mean that you are turning your unsecured loans into a secured one with your house on the line. If you fail to pay, foreclosure is possible. Talk with a lawyer or a financial adviser before consolidating your debts.

Go for credit counseling. If you simply want advice on how to manage your finances, a credit counselor can help. Some will even help negotiate your debts for you. However, it’s best to do the negotiations on your own with the lessons you have learned from your counseling sessions.

As you can see, there are many alternatives. Exhaust all these strategies first before ultimately filing for bankruptcy. 

Find more articles on debt management  by just clicking on this link: http://consolidatedebtguide.org/

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