Walk With Money » Consumers http://www.walkwithmoney.com Take A Walk On The Wealthy Side Thu, 10 Feb 2011 16:32:42 +0000 en hourly 1 http://wordpress.org/?v=3.0.3 Understanding Short Term Disability Insurance http://www.walkwithmoney.com/understanding-short-term-disability-insurance/ http://www.walkwithmoney.com/understanding-short-term-disability-insurance/#comments Wed, 03 Nov 2010 04:20:02 +0000 Robert Wilkinson http://www.walkwithmoney.com/understanding-short-term-disability-insurance/ Read the whole article...]]> With so many different types of insurance policies available to consumers today, it is often difficult to determine which are necessary and which are a waste of money.  As a general rule, insurance is the type of protection you purchase with the hopes of never having to use it.  No one wants to be in a car accident or become sick, however having insurance in the event such incidents occur can be lifesaver for your budget.  The same is true for short term disability insurance.  This type of insurance is often overlooked when consumers consider necessary insurance coverage.  Unfortunately, while few people imagine finding themselves disabled and unable to work, it is a reality for an estimated 3 out of 10 workers.

Leg Cast Disabled

Photo by soccerkrys via Flickr

Here we look at basic information regarding short term disability insurance to determine if this is something you may need.

What is short term disability insurance?

Short term disability insurance provides a level of protection against the loss of income should you find yourself unable to work for several weeks or months as a result of injury or illness.  Considering the fact that 1 in 7 workers find themselves unable to work for five years or more as the result of a disability, this is a very important insurance to consider.  Short term disability insurance will provide a percentage of your salary while you are unable to work.  The amount paid is usually between 40 and ...

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]]> http://www.walkwithmoney.com/understanding-short-term-disability-insurance/feed/ 1 5 Things You Need to Know About Credit Scores http://www.walkwithmoney.com/5-things-you-need-to-know-about-credit-scores/ http://www.walkwithmoney.com/5-things-you-need-to-know-about-credit-scores/#comments Tue, 19 Oct 2010 05:20:04 +0000 Robert Wilkinson http://www.walkwithmoney.com/5-things-you-need-to-know-about-credit-scores/ Read the whole article...]]>
credit score comparison

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Over the past few years, consumers have been increasingly aware of the importance of a credit score. If you plan to borrow money (i.e., car loan or mortgage), your credit score is a major factor that determines your ability to get the loan and the interest rate you are eligible for. With a better credit score, you will be able to enjoy the best rates available. Your credit score could even impact your insurance rates and your ability to get certain jobs. As such, it is a good idea to learn as much as you can about this important number.

1. Your credit score is a number

Your credit score is a number reported by various credit bureaus. There are three major bureaus that you should be know: Experian, TransUnion, and Equifax. These credit reporting agencies use different algorithm to determine your score, and they also have slightly different credit score ranges. In general, your score ranges from 300 to 850, and anything above 700 is considered good.

2. You can get your credit score for free

There are many websites that can provide you with free credit scores and reports. But some are better than others, and if you are not careful, you could end up paying a lot more than you bargained for. To be on the safe side, here are two sites that provide you with absolutely free information. These sites are:

  • Quizzle.com gives you free access to your Experian credit score and report.
     
  • CreditKarma.com gives you free access to your TransUnion credit score and provide a proprietary credit report.

As an aside, if you want to see your credit reports from the three agencies for free, you can check out AnnualCreditReport.com. It is the only government-recommended website for obtaining your credit reports. Through this website, you can get one free credit report from each bureau per year. And here's ...

]]> http://www.walkwithmoney.com/5-things-you-need-to-know-about-credit-scores/feed/ 1 Credit Card Offers Return To Those Who Are Qualified http://www.walkwithmoney.com/credit-card-offers-return-to-those-who-are-qualified/ http://www.walkwithmoney.com/credit-card-offers-return-to-those-who-are-qualified/#comments Sat, 09 Oct 2010 06:20:09 +0000 Robert Wilkinson http://www.walkwithmoney.com/credit-card-offers-return-to-those-who-are-qualified/ Read the whole article...]]> Over the past few years we have witnessed a complete one-eighty in the way both credit card companies operate and the way consumers are using credit cards.  Prior to the recession, credit card companies were practically giving away credit to anyone and everyone regardless of their ability to repay the debt.  Consumers armed with easily obtained and in some cases excessive amounts of credit often made mistakes in the managing of that credit.

80afe Junk Mails Credit Card Offers Return To Those Who Are Qualified

Photo by Gothem City via Flickr

When the recession hit, several things happened.  Consumers began to fall behind on credit card payments or found themselves unable to pay them at all.  New rules and regulations were put in place which require credit card companies to level the playing field with those who use their credit cards.  High default rates and a new landscape in the industry resulted in many credit card companies pulling back on the credit card offers that were so easily obtained just a few years ago.

There are some signs that the economy is slowly starting to recover and with this recovery, credit card companies are once again sending out offers.  This time around however, credit card companies are being a bit more picky about who gets offers and the terms that come with new accounts.  Depending on your credit, you may have a mailbox full of offers or nary a one.  Here we look at how your credit score will determine the type of offers you receive and the terms connected with each.

Bad Credit

The reality for millions of consumers hard hit by the recession is bad credit.  If you fall in this category, specifically those with credit scores of 600 or below, expect credit card offers to be limited.  For those accounts for which you do qualify, expect variable rates and an APR ranging from 19.9 percent to 29.9 percent.  Annual fees have also returned and for those with poor credit, it could cost anywhere from $35 to $120 for the privilege of having the account.  Lenders have always viewed those with bad credit as a higher risk, however in light of recent changes in the industry, credit card offers to those with poor credit are going to remain less than before the recession.

Average ...

]]> http://www.walkwithmoney.com/credit-card-offers-return-to-those-who-are-qualified/feed/ 1 How To Avoid Debt Relief Scams http://www.walkwithmoney.com/how-to-avoid-debt-relief-scams/ http://www.walkwithmoney.com/how-to-avoid-debt-relief-scams/#comments Thu, 15 Apr 2010 11:20:10 +0000 Robert Wilkinson http://www.walkwithmoney.com/how-to-avoid-debt-relief-scams/ Read the whole article...]]> Did you watch any television last night? If so, then you probably saw at least one ad for some type of debt relief. And with all these businesses making bold promises to help consumers, it’s no wonder people are confused when searching for help with debt. Which can make them simple targets for debt relief scams.

ff8b1 Debt Consolidation How To Avoid Debt Relief Scams

Photo by Orin Zt by way of Flickr

Financial debt Relief Scams

Now, most businesses are honorable (or at least not intentionally dishonest), and will help these who sign up for their services. And some people claim “scam” when in fact it was partly their personal fault for not reading the fine print. But you can by no means be as well careful, simply because the scammers are out there. And so are these businesses who are not scammers, but don’t correctly educate their customers nicely about the various types of debt reduction programs.

So if absolutely nothing else, all these advertisements must be complicated — debt settlement, debt management, tax debt relief, debt consolidation, credit counseling, and so on — can make my head spin! So I can imagine how the average client feels, yikes.

If you check out the on-line forums, these are the issues that most people talk about:

  • “They took my cash and did nothing…”
  • “They ruined my credit forever…”
  • “Now I have more debt than I did before…”

Sometimes it’s accurate. And occasionally it’s just simply because the client not knowledge how debt settlement or credit counseling functions. So how does this occur? Why do people get ripped off? Or why do they not know what they are obtaining into when they sign up?

In most instances, they simply fall for the bold “get out of debt quickly and easily” false promises. And they don’t really understand what they signed up for. And they have no concept who they hired. Certain, they know the identify of the company. But if you were having function done on your house, wouldn’t you do a small investigating before opening your door to some stranger? When it comes to debt relief, its no various. There are no magic tablets. No quick fixes. But there are choices that can truly help you.

If you do it correctly.

The crucial to effectively obtaining out of debt is to get action. So if you require help, don’t sit back and do absolutely nothing. You won’t get out of debt sitting on your butt and complaining. But how do you go about obtaining the help you require without ending up in worse shape than when you got started, and avoiding the scams?

three Actions to Steer clear of Financial debt Relief Issues

Here are three simple actions to adhere to so you won’t get ripped off when looking for help with credit card debt:

1. ...


  • >

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]]> http://www.walkwithmoney.com/how-to-avoid-debt-relief-scams/feed/ 1 Best of Personal Finance Roundup: Best Stuff NOT to Buy in Bulk http://www.walkwithmoney.com/best-of-personal-finance-roundup-best-stuff-not-to-buy-in-bulk/ http://www.walkwithmoney.com/best-of-personal-finance-roundup-best-stuff-not-to-buy-in-bulk/#comments Mon, 29 Mar 2010 21:20:03 +0000 Robert Wilkinson http://www.walkwithmoney.com/best-of-personal-finance-roundup-best-stuff-not-to-buy-in-bulk/ Read the whole article...]]> By Linsey Knerl

a5581 vitamin Best of Personal Finance Roundup: Best Stuff NOT to Buy in Bulk

Welcome to Wise Bread's Best of Personal Finance roundup. Today, we tell you the best stuff not to buy in bulk, how to make a stellar breakfast pizza, and how health reform will affect you in 2010.

Top 5 Articles

Best Stuff NOT to Buy in Bulk — Beware the allure of savings when dealing with this list of products. You may not be getting your money’s worth! MainStreet

How Health Reform Will Affect Consumers in 2010 — It’s a long bill, but these 700 words can go a long way to helping explain the new changes! Health Harbor

Breakfast Pizza — Words cannot describe this amazing creation! You have to see the photos for yourself (and check out the delicious directions, as well!). Smitten Kitchen

Tax Audit Red Flags — No one of these items is guaranteed to set off an audit, but the right combination could. Get familiar before you file! Bargaineering

Set Up a Window Box Garden for Fresh Vegetables and Kitchen Herbs — This clever hack for making your dishes more delicious will also make your apartment window more beautiful! Imperfectly Natural via Lifehacker

Other Essential Reading

Restaurants on the Cheap: 5 Ways to Get Deals on Dining Out — We’ll give you a hint: it starts before you ever leave for your evening out! Get the scoop on super savings via this clever article. CBS Money Watch

5 Free Online Applications ...

]]> http://www.walkwithmoney.com/best-of-personal-finance-roundup-best-stuff-not-to-buy-in-bulk/feed/ 1 Can Mobile Banking Save Emerging Markets? http://www.walkwithmoney.com/can-mobile-banking-save-emerging-markets/ http://www.walkwithmoney.com/can-mobile-banking-save-emerging-markets/#comments Thu, 18 Mar 2010 09:20:06 +0000 Robert Wilkinson http://www.walkwithmoney.com/can-mobile-banking-save-emerging-markets/ Read the whole article...]]>

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Mobile banking has been a blessing to anyone who values quick, painless money management. Here in the United States, the ability to check account balances and transfer money via mobile phone has reduced the need to bank at physical branches (never a fun task), or even sit in front of a computer. However, in emerging economies, mobile banking means something far more profound. While mobile banking is chiefly a matter of convenience in the developed world, for emerging economies it is increasingly the difference between banking or not banking at all. In our previous article on the future of mobile finance, Mint discovered that 36% of the people in India, for instance, “…earn less than Rs 5,000 a month [and] own a mobile phone, but do not have a bank account.”

Similar situations are found in other developing markets. TMCNet predicted in November 2008 that “…will grow at nearly 7 percent annually through 2013 and will exceed $200 billion by that time” and furthermore that “…the growth will be driven by emerging markets in nations such as Brazil, Russia, India and China, and on the continent of Africa.” Indeed, TMCNet continues, “…collectively, emerging markets will compose about 60 percent of the market share in 2013.” Gavin Krugel, director of mobile banking strategy at the GSM Association, goes a step further, claiming that, “…one billion consumers in the world have a mobile phone but no access to a bank account.” What is lacking in these countries are not mobile phones, but – until recently – mobile banking technology tailored to their unique needs and circumstances. Luckily, the mobile banking scene in developing markets is rapidly beginning to take shape.

Today, we’ll take a closer look at what mobile banking (in its advancing state) means for the developed world, both in the short term and down the road.

Helping The Poor

ae199 2736565604 0b48903391 Can Mobile Banking Save Emerging Markets?

(whiteafrican)

One promising aspects of mobile banking is its potential to help the poor in developing nations. As noted earlier, the impoverished state of many of these nations is such that the average citizen has little or no access to real banking services. India, with its 36% of citizens earning less than Rs 5,000 a month and lacking a bank account, offers one example, but it is hardly the only example. GlobalEnvision.com cites The Consultative Group to Assist the Poor, which estimates that, “…80 percent of people in least developed countries are unbanked.” The Jakarta Globe makes mention of people in, “…rural and remote areas” of Afghanistan, Asia and Africa who can now “…get paid, send remittances or settle their bills” using mobile banking technology.

Thanks to such services, it has never ...

]]> http://www.walkwithmoney.com/can-mobile-banking-save-emerging-markets/feed/ 1 The Dangers of Long Term and Interest Only Loans http://www.walkwithmoney.com/the-dangers-of-long-term-and-interest-only-loans/ http://www.walkwithmoney.com/the-dangers-of-long-term-and-interest-only-loans/#comments Mon, 04 Jan 2010 23:20:22 +0000 Robert Wilkinson http://www.walkwithmoney.com/the-dangers-of-long-term-and-interest-only-loans/ Read the whole article...]]>

5982b interest The Dangers of Long Term and Interest Only LoansThere are two new trends in the banking world that may actually be very dangerous for consumers. Long term personal loans and interest only loans are gaining in popularity, especially in the wake of the housing crisis. While these may seem to be a great option at the time, there are many risks from these loans that should be avoided if at all possible. If you’re considering refinancing your home to an interest only loan, or if you are looking at getting a personal or car loan, it is very important to understand exactly what you are getting into before you agree to any loan.

An interest only home loan means that each month, you only pay the interest that you owe. At face value, this can save a lot of money and it may help you keep your home if you are refinancing. Even though interest rates are going up, when you’re not paying on the principle, your overall monthly payment will be lower. However, the part about not paying on the principle is the kicker.

At the end of your interest only loan you will not own your home. Instead, you will have to pay the principle, in full, in order to get the deed. Now, if you’re planning on selling your home after the loan is paid off, this may not be as dangerous. However, with falling property values and a down market, this can be disastrous. In addition, by only paying interest, you will end up spending a lot more at the end for your home. In most cases, homeowners with this type of loan find that they spend $25k to $50k more for their actual homes.

Another issue with interest only loans is that you will not have the benefit of gaining equity in your home, even though you are making payments every month. If you end up with an emergency on your hands and need to get money quickly, you will not be able to draw on the equity in your home. This is a big problem that many people do not consider. Would you rather have lower monthly payments, or the ability to earn equity in your home with every payment that you make?

Next up, long term loans are becoming very popular as interest rates go up. Most people prefer to keep their payments as low as possible, but right now, that is pretty tough. The solution has been to roll out new long term loans, particularly for cars. As an example, you may be paying only $300 a month for your car, but you will have to keep making those payments for the next seven to eight years. Compare this to the usual time period of three to five years.

That is a lot of extra interest and many people may not even realize just how much extra they are paying. At the end of the loan term, you will have spent thousands more than the car is worth and by then, the vehicle has depreciated to the point where you will never get that money back. Long term loans do make it easier to make payments, but at the end of the day, you’re worse for the wear.

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Originally posted 2008-08-19 05:21:57. Republished by Blog Post Promoter

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    ]]> http://www.walkwithmoney.com/the-dangers-of-long-term-and-interest-only-loans/feed/ 1 30% Off FICO Scores at myFICO.com http://www.walkwithmoney.com/30-off-fico-scores-at-myfico-com/ http://www.walkwithmoney.com/30-off-fico-scores-at-myfico-com/#comments Sat, 26 Dec 2009 21:20:05 +0000 Robert Wilkinson http://www.walkwithmoney.com/30-off-fico-scores-at-myfico-com/ Read the whole article...]]>

    Want to check your credit score to start off the new year? Here’s a current coupon for real FICO scores and all other credit products at myFico.com. Use the promotional code SURVEY30 to get 30% off and a FICO score for about $11, the best discount currently available:

    The code is good until December 30th, 2009 (although try it as it may still work even after that date). As a backup, you can also get 26% off with the codes DECEMBER26 or 26UNTIL2010 until 12/31/09.

    Experian no longer allows Fair Isaac to sell FICO scores to consumers at all, even though lenders still buy and use them. They sell their own FAKO (”FAKE-O”) version now. But since lenders almost always use real FICO scores in their decisions, those are the only ones you should pay for - if at all - in ...

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    7c9a3 ing+direct ING Direct Black Friday Deal $121 Account Opening Bonus (Extended)

    Update: The offer has been extended but can be withdrawn at any time.

    I'm sure you've seen all the Black Friday "deals" out there for spending money. ING Direct is doing something a little bit different this year and having their own Black Friday deal...and this is a good one. I wish I didn't already have an Electric Orange account so I could take advantage of this!

    Open an Electric Orange account and get $121 account opening bonus. I'm all about free money and this is a good one. Why $121? Well according to ING, this is the average amount consumers pay in overdraft fees each year.

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    ]]> http://www.walkwithmoney.com/ing-direct-black-friday-deal-121-account-opening-bonus-extended/feed/ 1 Over 25% Off Real FICO Scores at myFICO.com http://www.walkwithmoney.com/over-25-off-real-fico-scores-at-myfico-com/ http://www.walkwithmoney.com/over-25-off-real-fico-scores-at-myfico-com/#comments Sun, 15 Nov 2009 10:20:09 +0000 Robert Wilkinson http://www.walkwithmoney.com/over-25-off-real-fico-scores-at-myfico-com/ Read the whole article...]]>

    Need to check your credit score? Here’s a new coupon for 26% off real FICO scores and all other credit products at myFico.com. Use the promotional code NOVEMBER26 to get 26% off and a FICO score for less than $12, the best discount currently available:

    The code is good until November 30th (although try it anyways and see if it works after that date), so be quick about it. For the Equifax credit score only, you can get it for $10.95 using the code SW94608, which is over 30% off. You enter the promo code relatively late in the buying process, right before entering your credit card information. Look for this:

    Experian no longer allows Fair Isaac to sell FICO scores to consumers at all (even though lenders still buy and use them). They sell their own “FAKE-O” version now. Lenders ...

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