5 Reasons To Compare Easy Access Savings Accounts

Comparison shopping isn’t just a buzzword anymore — for consumers, it really is a way of life. There isn’t a single service that you can acquire that doesn’t improve based on comparison shopping. Car insurance? You could be paying a lot more than you think just by taking the first offer that you see. If you are looking for someone to come out and make improvements to your home, you will pay a lot more by hiring the first person that you find instead of making the contractors compete with each other. That’s something that tends to create a lot of problems down the line that can be avoided by shopping around. A lot of people feel that comparison shopping makes them appear cheap but that’s just not the case at all. It can really make all of the difference to find the ultimate deal. The money that you save can be funneled into another project that you have in mind, like saving for the future.

Speaking of saving for the future, you would do well to choose the best easy access savings accounts. There are five reasons to compare easy access savings accounts.

First and foremost, you will miss out on interest if you don’t. Interest in terms of savings accounts equals money every time. If you take the first offer that you’re given, you’re going to be missing out on a lot of interest over time. That could be the difference in when and how you make all of your financial goals happen.

The second reason to compare easy access savings accounts is that you never know when you’re going to find a bonus rate or another introductory offer. Banks want to gain your business for the long haul, so an attractive offer is the name of the game.

The third reason to go with comparing these accounts against each other is that you want to make sure that you really do have a high number of deposits and withdrawals, the maximum allowed under the law.

The fourth reason why you want to go comparison shopping when it comes to these accounts is that the rates are always changing. Getting complacent is also a good way to get sidetracked and end up missing your goals completely.

The final reason to compare easy access savings accounts is because you never know when you will want to connect other types of accounts to the savings account that you have. This is a good way to deepen banking relationships and open the door for new lending opportunities.

Good luck – you can choose the best easy access savings accounts!

Is it Really Wise to Tap into Your Home Equity for Credit Cards?

Credit card debt is something that seems to nag at virtually every household in the country, but does it really have to be that way? If you’re a homeowner with a certain amount of home equity in your home, the answer might actually be no. You see, you can always take out a home equity loan and pay off your credit card debt completely. In fact, some people think this is a better option because you can actually deduct the interest from your home equity loan, something that you cannot do with a traditional consumer credit card. The only exception to this is a business credit card, but then again you wouldn’t be using home equity money to handle that debt anyway.

Yet the question remains: is it really wise to tap into your home equity for credit cards? The answer might be a bit different than you expect.

Again, it really goes back to your overall financial goals. You don’t have to live in fear of the credit card companies, especially if you know that you will be back on the right financial path after paying off your credit card bills. You just need to make sure that you’re actually taking matters into your own hands rather than just thinking that it’s impossible to get out of credit card debt.

This approach also assumes that once you are out of credit card debt that you will not rapidly jump back into charging up all of your credit cards. If you’re going to do that, then you don’t want to go through getting a home equity loan. If you compare credit cards to home equity loans, the stakes are much higher with the latter. You see, if you default on a home equity loan, the lender gets to seize your house as collateral. They can then sell the house and try to recoup the loan in its entirety. This can be difficult for people to understand, but it’s something that has to be understood in order to really see the power of home equity loans.

Some people view home equity liens of credit and loans as something that’s sort of a double edged sword. This is actually a fairly accurate comparison, considering that you will need to make sure that you do your best to ensure that you use your tools wisely. A home equity loan is what you make of it. If you use it wisely, you will be able to rebuild your credit very quickly and get back on the right path. However, if you spend the money frivolously on things that you don’t need, you will only slide deeper into debt on the whole.

Overall, if you’re not sure where to go with your finances, you might want to sit and talk with either a credit counselor or even a traditional financial planner to get a more expert point of view — this is general advice, after all. However, if you know in your heart that you’re ready to make changes in your finances, then a home equity loan could be just what you need in order to pay those credit cards off once and for all!

Tips on Using Payday Loans Responsibly

Payday loans have come under criticism in certain quarters recently for a verity of reasons. The amount of interest which users are thought to pay back is one of the main gripes that some people have, as well as the ease at which payday loans can be gotten from different short term loan companies. There are myths, half truths and pure speculation regarding certain issues with payday loans, all of which will be cleared up within this post; but even with this in mind, it’s still necessary to borrow sensibly.

So how do you use payday loans responsibly?

First of all, understand when you should apply. For example, if you desperately need money to pay for emergency repairs or outstanding bills, then you should definitely consider getting a payday loan. However, if you require the money just to head out with friends, knowing full well that you may not be able to pay this off on your next payday, then you may want to consider staying in and saving your money instead. As a rule of thumb, with whatever circumstance you face, if it’s going to cost you more by not taking out a payday loan, then you definitely need to consider this as an option.

H&T leave payday loan market - photo of coins and notes

Only borrow the money if you know you can pay the money back in full (including any fees and interest) on your next payday. This means that, depending on what you earn, this should dictate the amount you borrow. Lenders will consider this anyway when you apply for a loan, so they will never lend you more than what you can actually pay back anyway, but you do need to think about only borrowing just what you need, and no more.

Early repayment is a good idea if you are using a lender that breaks down your loan interest on a daily basis. However, some lenders will calculate the interest you pay based on your next payday. With this in mind, it may not actually benefit you repaying the loan any earlier. However, it’s always best to check with the lender you choose before applying. Continue reading “Tips on Using Payday Loans Responsibly”

Debt Consolidation Firms

Do you have average or excellent skills at handling your finances? Unless you are a clumsy or careless money manager, you might have an easy enough time balancing out your monthly expenses with the earnings that you are receiving regularly. However, one wrong move could have a domino effect on your finances.

A medical emergency, redundancy at work or any other change in your lifestyle could affect your financial life enormously and suddenly. In the same vein, having one or more credit cards makes it easy to fall into a debt trap wherein you are borrowing more than what you are actually earning. As a result, you will have this mounting debt wherein the minimal payments that you are allotting for each credit card account will not even make a dent on the total that you owe.

Debt Consolidation Firms: The Basics

If you are in a situation wherein you are seriously considering filing for bankruptcy, the good news is that there are several alternatives that you can go for. One of the most common solutions that those who are in debt consider is taking out a loan. The danger of this move is that if you are not that good in handling your finances in the first place, you might end up taking on more debt rather than consolidating them all into one easy-to-pay-for loan. You will almost always pay back much more in the long run by consolidating debt in this way, as the monthly payments are brought down by extending the loan over a much longer period.

Debt Consolidation Firms

The better alternative is to approach one of the more reputable debt consolidation firms online. You will be assigning a debt expert to assess your financial situation and recommend a solution. If debt consolidation is the way to go, then they will be the one to negotiate with your creditors so that a lower monthly payment can be made, interest rates will stop getting charged, and you will have an overall easier time at managing your debts.

Finding Reputable Debt Consolidation Firms

To get you started on learning how to choose the best among the debt consolidation firms out there, here is a list of the things that you need to keep in mind:

  • When looking for debt consolidation firms online, make sure that they have excellent feedback from personal users. Check the online reviews or get personal references from friends or relatives who have taken advantage of such services.
  • Check on the number of years that the debt consolidation firm has been in service. The longer that they have been specializing in offering debt consolidation services, the better.
  • Inquire about perks like free assistance regarding debt repayments, how to create a monthly budget and how not to fall in further debt traps in the future.
  • Naturally, you should make sure that the debt consolidation firm is operating legally and properly licensed, so that you will not be cheated out of the money that you should have otherwise used to pay off your debts.

Continue reading “Debt Consolidation Firms”

Preparing to Shop for a Mortgage Loan

Are you looking to purchase a home or do you want to refinance your current mortgage to a lower interest rate? If so, ask yourself a few questions before signing on the dotted line.

What Is My Credit Score?

One of the first things a borrower should understand before moving forward with any credit application is what your current credit looks like. Are there any erroneously reported items? Are there credit items that are correct but need to be addressed? To put yourself in position to get the lowest rate available, it is in your best interest to do your credit homework.

What Is the Current Mortgage Rate Environment?

It is important to understand where rates are when you are considering a new mortgage or a refinance. You should find out what the interest rate range is, as well as the volatility of the market. Mortgage interest rates move with Treasury notes and bonds as market conditions change. Find out where the rates are hovering and be aware of the overall market volatility. You can use this information to help you calculate an affordable payment.

Mortgage Loan

What Can I Afford?

Whether you are purchasing a new home or refinancing your current residence, you must take an honest, objective look at your goals and what you can comfortably afford. Understanding the following items will help you find the best type of loan for your situation.

Affordability Checklist

• What is the stability of your income? Is it going to rise over time?
• How much money do you have available for a down payment? (Make sure you also maintain some reserves)
• How does your estimated mortgage payment (don’t forget to include taxes and insurance in your calculation) affect what you can afford, when combined along with your other debts such as car payments, student loans, and utilities?
• How long do you intend to live in this home?
• If you are purchasing a home, evaluate where you would like to live. Is the price range in your chosen neighborhood affordable, based upon what you know so far?

Begin Shopping For a Mortgage

Begin by comparing products and interest rates from different lenders. A fast and easy way to do this is via the Internet. The Internet allows you to compare lenders side by side using the same loan scenarios. As you are comparing similar products, look at the interest rate, fees charged by the lender, and the annual percentage rate (APR). If you have used the Affordability Checklist in this article, you can start to understand what product is best for you. Mortgage products range as follows:

• Loan Term – 15 or 30 year amortization
• Product Type – Conventional or government loan
• Rate – Fixed rate or an adjustable rate mortgage (ARM)

If you have questions along the way, lenders are eagerly waiting to assist you with your mortgage financing questions.  Doing your homework in advance will better prepare you to make your most informed mortgage loan decision.

Why Corporate Prepaid Cards are Vital for Businesses

In order to be successful, a business must be competitive and economical in all operations. One operation that often contains superfluous costs are the expenses incurred for business travel.

Below are a few reasons why Corporate Prepaid Cards can help reduce business expenses while making travel easier on your staff.


Employee Benefits:

Staff will no longer have to use their own money to cover business expenses. This can often leave them out-of-pocket as it takes time for expense reports and reimbursement to be processed. Staff can also travel with peace of mind, with the additional security of using replaceable prepaid cards rather than cash. Continue reading “Why Corporate Prepaid Cards are Vital for Businesses”