Get out of debt using the debt snowball method

With the recent economic crisis, mortgage crisis, high gas prices and rising costs of basic living, many people are finding ways to get out of their overwhelming debts. There are a lot of people who try their options to get debt free but ..... More »

Are you unaware of any THD/CBSD account reported on your credit report?

You might find an account in the name of THD/CBSD reported on your credit report. If you are not sure about this account, you must dispute this item with the credit bureau reporting it. THD/CBSD stands for The Home Depot / Citibank South Dakota. More »

Facts about the escrow account

Every year thousands of people make big purchases on their homes. These new homes come equipped with all the latest amenities like granite counters, new appliances, the fresh smell of paint and new carpet. Borrowers are very excited to move to their new furnished home. More »

How to recover from Bankruptcy?

If we have been through bankruptcy then maximum of us think that our credit is shattered and we will not be able to regain it, but not that all times, you can regain credit through some unique ways. After filing bankruptcy your goal or motive should be .. More »

Mortgage Fraud

Mortgage fraud has been declared as one of the rapidly growing crimes (named as white collar crimes) in the country. After analysis it has been found that every fraud has some kind of material misrepresentation, misstatement .. More »


Financial tips to manage your home business

Home business

When you start a home business of your own, you will need to take a lot of responsibilities, because a lot of great opportunities will come your way. You are the only person to look after your business and make wise decisions and keeping a track of your finances.

While there is professional help available to take care of your business finances, but you can also try the different options to take care of it. Whichever option you choose, you will need something to take care of your budget, taxes, receipts etc.

Business bank account: when you start your own home business, you should a separate bank account for doing all the financial transactions related to your business. There is no need to mix your home finances with your business, especially when your business begins to lose money. Many people lose track when they are juggling with their finances from one account.

Your business will always look professional when it has a separate business account. You will have more options and rewards than personal bank accounts.

Finance software: it will be a wise decision to install a computer for your business with a software program. It will keep track of your money, bills, budgets, schedules and more. These programs are very easy to learn and will be very handy when your business starts growing.

financial tips

There are many programs in the market that can be purchased and installed to get alternative help for your business. They have optimum features to take care of all your services. Before purchasing any program, read the customer reviews to understand which program works the best for specific home businesses, computers and system requirements.

Cash on delivery: in the beginning days, you will have limited employees, and the money collected will be done by your hands. When you receive payments from your customers, make sure that you keep a proper track of it so that you can separate the non-paying customers and other money mix ups.

Home and business budget: it is important that every home budget has a fixed budget. Without a budget, there are chances that you end up spending more than your business can handle. And if you don’t have a separate business account, your business finances will get drained by your home expenses.

Whenever a business starts making loses, many business owners, having no other options, take out money from their personal accounts to cover the losses. This can be a very bad financial decision that will threaten both your business and home. Make sure that you create a solid budget so that you keep a close eye on your money and calculate the losses and gains on a weekly, biweekly or monthly basis.

Every owner is responsible for his own home business from the beginning to the end. And you should have a proper track of your money. A software program can make a lot of things easier for managing your business finances.

Indian Income Tax Slab/Rates for the F.Y. – 2015-16 and A.Y. – 2016-17


On 28th of February 2015 Finance Minister Shri Arun Jaitley announced the budget of India for the Financial Year 2015-16. The Income Tax slabs/rates for the the Financial Year 2015-16 and Assessment Year 2016-17 is discussed below:

(I) For Individuals aged below 60 years (including Woman Assessees or any NRI/ HUF/ AOP/ BOI/ AJP):


Tax Rate

Upto 250,000 Nil
250,000 to 500,000 10% of the amount exceeding 250,000Less ( in case of Resident Individuals only ) : Tax Credit u/s 87A – 10% of taxable income upto a maximum of Rs. 2000/-.
500,000 to 1,000,000 Rs.25,000 + 20% of the amount exceeding 500,000
1,000,000 & above Rs.125,000 + 30% of the amount exceeding 1,000,000


(II) For Senior Citizen (Individuals aged 60 years and above but below 80 years):


Tax Rate

Upto 300,000 Nil
300,000 to 500,000 10% of the amount exceeding 300,000
500,000 to 1,000,000 Rs.20,000 + 20% of the amount exceeding 500,000
1,000,000 & above Rs.120,000 + 30% of the amount exceeding 1,000,000


(III) For Super Senior Citizen (For Individuals aged 80 years and above):


Tax Rate

Upto 500,000 Nil
500,000 to 1,000,000 20% of the amount exceeding 500,000
1,000,000 & above Rs.100,000 + 30% of the amount exceeding 1,000,000

Surcharge : 10% of the Income Tax, where taxable income is more than Rs. 1 crore.

Education Cess : 3% of the total of Income Tax and Surcharge.

Tax Credit U/S 87A: Finance Bill 2015 says nothing on the Section 87A. Hence this provision continues for AY 2016-17 as well and provides a rebate of Rs 2,000 for individual whose taxable income doesn’t exceed Rs. 500,000.


(IV) For Co-operative Society


Tax Rate

i. Where the taxable income does not exceed Rs. 10,000/
10% of the income.
ii. Where the taxable income exceeds Rs. 10,000/- but does not exceed Rs. 20,000/-.
Rs. 1,000/- + 20% of income in excess of Rs. 10,000/-.
iii. Where the taxable income exceeds Rs. 20,000/-
Rs. 3.000/- + 30% of the amount by which the taxable income exceeds Rs. 20,000/-.

Surcharge : Where taxable income is more than Rs. 1 crore, Surcharge will be 10% of the Income Tax. (Marginal Relief in Surcharge, if applicable)

Education Cess : 3% of the Income Tax and Surcharge.


(V) For Firm

Income Tax Rate


Education Cess

30% of the taxable income. Where taxable income is more than Rs. 1 crore, Surcharge will be 10% of the Income Tax. (Marginal Relief in Surcharge, if applicable) 3% of the Income Tax and Surcharge. 


(VI) For Local Authority

Income Tax Rate


Education Cess

30% of the taxable income. Where taxable income is more than Rs. 1 crore, Surcharge will be 10% of the Income Tax. (Marginal Relief in Surcharge, if applicable) 3% of the Income Tax and Surcharge. 


(VII) For Domestic Company

Sl No.


Tax Rate


Education Cess

Effective Tax


Domestic companies (with total taxable income less than 1 Cr.)






Domestic companies (with total taxable income more than 1 Cr. but less than 10 Cr.)






Domestic companies (with total taxable income more than 10 Cr.






(VIII) For Company other than a Domestic Company or Foreign Company

Sl No.


Tax Rate


Education Cess

Effective Tax


Foreign companies (with total income less than 1 Cr.)






Foreign companies (with total income more than 1 cr. but less than 10 Cr.)






Other foreign companies






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Selecting the best variable annuity


Many people are worried about thinking how much money will they have once they retire? Many people have become a lot cautious after recession and they are forced to think about their future. Whenever they come to know about new options to investment, they will want to explore it in every possible way. In a situation like this, a changeable annuities is one of the best investment tools.

Variable annuities are a good source of steady return in the form of interest income. The rate of return changes every year is changing every year, hence they are also known as changeable annuities. Many people take is as a long term investment alternative. It will give you lifelong saving option with a steady stream of income.

Variable annuities are available in variety of schemes. All annuities are not the same hence you should have a perfect knowledge on how to choose the best one. Here are some factors that will determine the changeable annuities that is the most suitable for you.

Ratings : There are different companies in the market that offer variable annuities. These companies are given financial strength ratings according to their performance over the years. As per the ratings, the best company is preferred in the market. Be very careful in choosing the company because sometimes, you will find a company in the market that does not have a good reputation when it comes to paying claims.


Expenses : variable annuities are not offered for free. You need to pay a certain charge in order to get their services. These fees come under different headings and they also vary from one company to another company. Therefore it is a good idea to shop with different company, read their terms and conditions and the fee structure before making the final decision.

Withdrawal : It is often advised that you hold your investments for the entire duration. But there may be times that you might have to make a withdrawal due to emergency. Hence you should look for a scheme in which the withdrawal is easy and straightforward. Sometimes you will find a company that has a very complicated withdrawal process and they also charge a special fee with taxes for early withdrawal.

Retirement : There are some variable annuities that may be not be very beneficial after retirement. So you should do a thorough research on the different schemes and check out the retirement benefits on offer. It will be an added benefit if the changeable annuities can be placed in a retirement account. This will allow you to get steady income after retirement. You can defer taxes on your variable annuity. The retirement benefits can make the changeable annuities plan ideal for you.

Flexibility : Interest rates on the variable annuities changes every year. If the interest rate falls below a level, you will feel satisfied with your investment. You can easily change your investment strategy and does not have to necessarily agree to a lower interest rate. You can alter your investment if the company offers sub accounts. Check this feature before making your final decision.

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The Benefits Of Using A Process Server

There are several benefits that are utilizing a process server to get legal issues settled quickly and efficiently. These individuals specialize in locating people who are resistant to going through this process is the traditional legal system. The persistence of these individuals is helpful for individuals who want justice to be served however they are having difficulty in locating any individual who is suspected of doing illegal activity.


These types of professionals are persistent and will do everything in their power to locate an individual is quickly and efficiently as possible. This means they may even spend time around where the individual is suspected to be in order to try to provide them with the necessary paperwork. This can save both time and energy for a person who has tried to utilize more traditional methods.

Understanding Of The Law:

An individual with this background will also understand how the law works in the reasons that individual might be resistant to going through the legal process. This means they will be more prepared for things to get out of control in the event of a disagreement during the service process. Individuals who need further information can click to learn more today. This will help leave any stress about legal issues in the past. The more knowledgeable person is about their rights the easier it will be for them to achieve justice in the most quick and simple manner imaginable for everyone involved in the legal proceedings.

How Far Back Can You Claim PPI?

There are quite a few things you can do to improve your financial situation. Transferring your existing credit card balance to a new card is one thing that can help move your financial situation forward. Another is to claim back the money that is rightfully yours from any mis-sold financial products.

Banks, brokers and lenders have a legal and moral duty to ensure you are sold products that are in your best interests and that put you in a better position than you would have been without it.

Payment protection insurance is one such product that was routinely mis-sold for many years and now hundreds-of-thousands of people are claiming their money back. But how far back can you claim PPI?

There’s a lot of misunderstandings about that question, which we’ll help to clarify now.

  • The Misconception of The Six Year Rule:

If you’ve heard you can only claim back up to six years on your PPI policies, then you may have been misled, and you’re not alone. This is a common misconception that has stopped thousands of people getting their money back.

First, let’s define what the six year rule actually is: it relates to how long your bank or lender has to keep copies of your records after your policy has ended and has nothing to do with how old your actual policy may or may not be.

The key point in that above statement is ‘after your policy has ended’. The rule only comes into effect when your policy has reached its natural end point or, if it was cancelled before that time, from the point of cancellation. It is from that point in time that your lender has to keep your records for a further six years.

However, if your policy is still live – regardless of whether it was taken out a year ago or 15 years ago – then you can still claim on it without any fears of having gone past the so-called six year stage.

  • What About Pre-2005 Policies?

PPI sold prior to 2005 also hits the headlines for being difficult, if not impossible, to claim on, which is also not entirely true. Sure, some pre-2005 policies can be trickier than others to claim on, but far from impossible.

The reason these policies have garnered this reputation is because the body that regulates financial institutions – the Financial Ombudsman Service (FOS) – aren’t able to adjudicate on these policies because the financial institutions were subject to different regulations at that time.

However, there is a loophole that means you can claim on pre-2005 policies, which is to claim against the company that underwrote the policy. There’s a caveat to that though: you have to be able to prove a link between the underwriter and the bank or broker that sold you the policy.

If you can’t prove a link, you’re less likely to be successful with your claim if you’re handling your claim by yourself.

  • In Summary

You can claim on mis-sold PPI far more than you may have been led to believe.
The six year rule is not related to how far back you can claim once you’ve taken the policy
out, but is in fact related to when the policy ended. If your policy is still live, regardless of
when it was taken out, you can make a claim.
The six year rule relates to how long your lender must keep hold of your file after the point
of expiry.
Policies sold prior to 2005 can be claimed on, but you may have to claim against the
underwriter rather than the seller of the policy and you must be able to prove a link
between the two. Prove the link and you should be on your way to receiving your refund.

Four Ways To Build Wealth In 2015


Individuals who want to make the year 2015 as productive and positive as possible should note that building wealth is a great way to make it happen. In many cases, people have made the acquisition of wealth a priority for the year. However, they don’t know which strategies to implement in order to see the financial growth that they desire. If this is your challenge, it doesn’t have to be a challenge anymore. Simply implement the following four strategies in order to build wealth this year:

1. Get Educated About Money:

One of the best ways to start building wealth in 2015 is to get educated about financial matters. There are a plethora of resources you can use to accomplish this objective, one of which is the Online Trading Academy. This educational facility offers Online Trading Academy Reviews services that help students optimize their trading practices in the stock market.

2. Build A Budget:

If you’re serious about building wealth in 2015, you need to get a clear understanding of where you are financially. The most effective way to do so is to create a budget. In so doing, you’ll be able to see how much income you’re generating on a monthly level while simultaneously getting a clear understanding of where your funds are going and how much disposable income you have after paying your bills.

3. Cut Out Excessive Spending:wealth creation

Although it’s psychologically rewarding to periodically engage in a “splurge” purchase, doing this on a regular basis is disadvantageous because it taps into revenue that you could be investing in more constructive, wealth-generating ways. For example, if you’re in the habit of purchasing a Starbucks drink every morning on your way to work, this behavior could total $100 a month. Over the course of a year, this is $1200 that you could have invested in a CD or the stock market.

4. Invest In On-going Education:

As many career experts know, one of the best ways to optimize your chances of receiving a raise is to get more education. With this thought in mind, it’s a good idea to invest in on-going educational courses. Luckily, the rise of the internet has led to a plethora of online learning options which make it easy for you to obtain additional degrees and certifications while maintaining a full-time job and/or fulfilling your domestic responsibilities.


If you’re ready to start building your wealth in 2015, you should definitely have a strategic plan in place to optimize the process. By systematically using some or all of the strategies outlined above, you can begin earning more money and living the life you’ve always dreamed of. Good luck!

Fastest way of reducing credit card debts

Credit card debt

One very effective way of reducing your overwhelming credit card debts is to transfer the existing credit card balance to a different company that offers a lower interest rate than the existing one. Credit card companies make their whole lot of money by charging the interests that you pay and it can usually go up to 25% or more. As an introductory offer, many credit card companies offer 0% interest rate for a limited period ranging from 3 months to 1 year. If you don’t let the interest to grow higher and go out of control, then you can pay off your credit card balance within a short period of time. If you cannot pay it off during the introductory period, then you can try the following tips.

  • Stop over spending: it is very important to develop self-discipline within yourself. You can keep a check on your credit card debts when you become frugal and not spend unnecessarily. People who cannot stop themselves from using their cards can cut it totally or keep it in a safe place away from their reach. Use only that money that you need instead of borrowing more which can become a bigger problem. Try to use debit cards which can be a solution to many problems.

  • Negotiate for a lower interest rate with your credit card company: if you are paying your credit cards at a very high interest rate, then you can call your credit card company and negotiate for a lower interest rate. If they don’t budge, then you can switch to another credit card company. It’s worth trying this shot.
  • Paying more than the minimums: it is always suggested to pay more than the minimums every month. You will not only save a lot of money in interests but pay more towards the principal and reduce your debts. On the other hand, the credit card companies want you to pay only the minimums, because that’s how they make their money and do their business. Don’t let your hard earned money eaten away just in interests charged by the credit card card debt
  • Creating a budget: It is very important to create a budget so that you know how much money you need to spend for basic living expenses. Once you have taken care of all the necessary expenses, then you can allocate the remaining funds towards paying your credit card debts every month. If you are following your budget every month, then it will be easier to know how soon you can lead a debt free life.
  • Seeking professional help of a credit counseling company: If you are finding it hard to manage your credit card debts, then you can talk to a credit counseling company for help. There are different debt management programs ranging from 2 years to 5 years that can help you get rid of your debts. They will go through your financial situation, set a budget, and negotiate with your creditors for lower repayment arrangements. In most cases, they will talk with your creditors and get the interests and fees waived off, thereby reducing the total amount you owe. They can also stop all the collections calls from your creditors, reduce your monthly payments, combine everything into one single monthly payment and help you in avoiding bankruptcy. This will be your first step towards a debt free life.

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How to invest your money in the most effective ways


Many people feel confused about how to invest their money efficiently? This is completely based on the individual characteristics. There are several factors to consider. For example, how much amount the investor can invest, and the time and the risk/reward assessment. An investor will certainly get more benefits if he is willing to invest a large amount. It will be easy to bear the initial losses if the invested capital is a large amount. If the invested amount is small, put it in a safer environment to gain profits, and then build the money through prudent decisions.


Time factor is another aspect of investing money efficiently. If the money is invested for a longer period of time, it will give him more profits, whereas the short term investments target on higher returns over a short period of time.

Risk is always involved whenever you invest your money. There is no place where you will get 100% security. Sometimes the profits are awesome, and at times, it can make you go bankrupt. So every area has a certain level of risk factor. An investor should choose the lower risk area if he is very much concerned about his investments. The profit margin will be less but your money will remain in safe place. And if you want to make overwhelming profits, you have to take bigger risks.

InvestmentBefore you invest your money, make sure that you have done a thorough research on the market. Do not depend on others research because at times, it can be inaccurate and you will end up going in the wrong direction. Whenever you are calculating the risks and rewards before investing your money, analyze the advantages and disadvantages of doing that investment. Do not be in a rush while investing because whatever decision you will take today will highly influence your tomorrow. You can set up a brokerage account which includes sending a check and proving your identity. Once you are signed up, you can track your investments in one place and also use their research tools.

While investing, seek in company buybacks. If the company is buying back its own shares, it means they have fewer stocks in circulation. It will give you higher earning per share if the company’s earnings increase or remain consistent.

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Happy New Year 2015

Happy-New-Year-2015Happy and prosperous new year 2015 to all my visitors. May God bless all the happiness of the world to you.

5 Ways to Come Up with a Business Idea

Business Ideas

While most startup business owners already have an idea of the kind of business they want to operate, some have trouble with developing the intricate workings of the organization. There is a great deal of planning that goes into developing a business, and you want to make sure that it’s accepted by the local community. What can you do in order to fine tune your business idea and make it a profitable experience?

Polling the Community

As it’s your community that will be paying the bills, you need to find something that will be widely accepted. Although you may want to build a computer repair shop, your community might not need one – which will directly affect your income. Get a sense of what it is the people around you are looking for and try to fill a need. Perhaps you could combine your strengths with something that the populace could use. For instance, your computer repair shop could double as a coffee house turning it into an Internet cafe if that is what locals would like to have.

Monitoring Possible Competition

Your competition could provide insight into how well your business could perform. Monitor how the community utilizes these businesses and determine what may be lacking. If you could excel in various areas in comparison, your business could be a welcome addition despite the overabundance of competition. However, your business idea could fail miserably if you don’t have something to set your idea apart from competitors. Business Ideas

Franchise Investments

Buying into a franchise could greatly reduce a lot of the legwork for developing a business. Usually, a large portion of the micromanagement will be completed by the parent company. As long as you can adhere to specific standards, hours of operation and product guideline, the franchise investment could be an excellent choice. By committing to investments such as a Cold Stone Franchise, general advertising and branding are already working for you.

Researching Past Businesses

Finding information regarding past businesses may be greatly beneficial regarding your locality. For instance, you can determine if a certain business niche has a history of failure within your community. This can help you prevent from making the same mistakes or perhaps give you insight into how your idea may work by offering slightly different products and services. Keep in mind that businesses that failed a couple of decades ago may have a different experience today as the next generation of consumers is available.

Neighboring Cities

If you live in a rural area, you could base your idea off of the consumerism of nearby cities. For example, do people in your area travel to other cities for shopping? If so, then you need to figure out why. This could provide insight into how you could bring that shopping experience to your community. This could work in larger cities, but it may be more difficult to observe the movements and shopping habits of others without polling those individuals.

One of the most important documents you could ever set up is the business plan. This document not only helps you when securing loans and investors, it’s a method that can help you focus on your idea. By taking your time and hammering out all of the details, you can discover what it is you want to accomplish. You shouldn’t rush into a business without first having all of the details mapped out.

Beating the holiday season rush. Saving money in your wallet

Save money

It may be the season when the pumpkin spice lattes when the leaves are changing. The holiday shopping rush is not too far away. You may be getting ready to prepare your gifts list, there are a few tips that will give you a head start and keep your budget intact.

As per the National Retail Federation, holiday sales are expected to increase 3.9% to $602.1 billion in the month of November and December. This number is a little bit higher than the 2012 3.5% rise in sales, and the forecast is also above the 10 year average of 3.3% growth. This NRF forecast is deeply blending the confidence of the consumers, consumer credit, disposable personal income and monthly retail sales releases.

Experts believe that this season’s spending increase is nominal, and many companies are also seeing average spending on the uptick, at about $160 per person this year. The shopping season stretches for a longer duration over the next few months leading up to the holidays.Money

This is that time when you can use it to your advantage. You can start purchasing from now onwards so that you don’t have everything bundled up in November and December. It will create a big pressure in your wallet.

There are a variety of shopping deals during the holiday season. The first set of deals start rolling out in September and October on apparels. This year you can expect many good deals on apparels due to weaker back-to-school shopping period. Put your hands on the layaway programs as early as possible. Go out and buy the best toy for your child at a much cheaper price.

Once the clothing sales are over, the prices on electronic goods will start going down. This will happen sometime around Thanksgiving. You can expect the maximum savings on that particular day. You can also save a good amount of money on Black Friday and Cyber Monday. Many companies offer lucrative deals to entice the consumers to come off their couch and get into the store.

The final sale starts in the month of December around Christmas time. This is the time when stocking stuffers put their items on sale. You will get good deals on different accessories along with consumer electronics.

This year mobile companies will also do good business from the previous years because they will allow their customers to shop from anywhere and anytime.