tag:blogger.com,1999:blog-64917163115411182082024-03-13T22:00:07.929+01:00Become Financially Free AgainBecoming financially free is something a lot of people can only dream of. The difference between dreaming and actually BECOMING free lies in taking action. You will learn all you need to be better at cutting through the crap and getting to the core. Happy reading...Henrik V Blunckhttp://www.blogger.com/profile/17977028543812049468noreply@blogger.comBlogger23125tag:blogger.com,1999:blog-6491716311541118208.post-91765351173900484592020-03-30T17:30:00.002+02:002020-03-30T17:30:31.527+02:00It Is Never Too Late to Begin Doing the Right ThingsIt is never too late to begin doing the right things. Your economy can always be improved. It takes effort, and for obvious reasons it is more difficult to change a habit of over-spending 2,000$ than if you are'just' over-spending 200$ per month.<br />
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<b>The First Key - Create a Budget</b><br />
It is important you read my article <a href="https://financially-free-again.blogspot.com/2019/01/you-need-to-create-budget.html" target="_blank">You Need to Create a Budget</a>. It is your best tool for getting an overview so you can focus on where you are not spending your money wisely.<br />
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Sometimes seeing the numbers in front of you makes you conscious about habits you were not quite aware of.<br />
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<b>Secondly - Become Your Own Master By Becoming Debt-Free</b><br />
It is important that you read my article <a href="https://financially-free-again.blogspot.com/2017/04/become-debt-free-heres-why-its-important.html" target="_blank">Become Debt Free - Here's Why It's Important!</a>. Being in debt is slavery, and you need to free yourself from that pressure in your life...<br />
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<b>Thirdly - Ask Questions</b><br />
Finally, you need to ask questions. Once you have read all 20+ articles currently written here, you are more than welcome to ask any questions you may have. This will inspire new articles of benefit to all.<br />
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To your success :-)<div class="blogger-post-footer">-------- Want to know more? --------
You can see all my other blogs from my overview
page which you can find here:
http://blunckmeister.googlepages.com/</div>Henrik V Blunckhttp://www.blogger.com/profile/17977028543812049468noreply@blogger.com0tag:blogger.com,1999:blog-6491716311541118208.post-88853325392824562592019-01-03T05:33:00.000+01:002019-01-03T05:33:20.643+01:00You Need to Create a BudgetA few days ago I spoke with a friend who was in financial trouble. You probably have such a friend too. It never ceases to amaze me that some people are so careless with their economic situation. WHY must they be in dire trouble before they realize things need to change?<br />
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In a world where online loans are given far beyond what any banker would consider safe, people end up as slaves of their poor economy. This is SO tragic and really destroys families out there.<br />
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I do get mad at this disregard for people's economy.<br />
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Even though it is obviously people's own responsibility to say no and begin creating a budget, we all know this doesn't happen. It's one of the reasons why I - and other bloggers - try to alert people to the danger of indebting yourself. You must begin showing financial stewardship.<br />
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Even just a basic spreadsheet can give you an overview of your economy.<br />
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Try setting up such a spreadsheet. You can use the free office-suite OpenOffice to get such a spreadsheet if you don't have one yet, and then you can try to see what the reality of your economy is.<br />
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It has been said that the worse your economy is, the more you need a budget. This is so true! :-)<br />
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Get involved. Get started. Read some of my articles and begin the journey back to positive figures at the bottom when you deduct expenses from your income.<br />
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You CAN succeed - and I am cheering for you! :-)<div class="blogger-post-footer">-------- Want to know more? --------
You can see all my other blogs from my overview
page which you can find here:
http://blunckmeister.googlepages.com/</div>Henrik V Blunckhttp://www.blogger.com/profile/17977028543812049468noreply@blogger.com0tag:blogger.com,1999:blog-6491716311541118208.post-10429682324790485702017-09-04T19:23:00.000+02:002017-09-04T19:23:21.287+02:00How to Handle Money WiselyIt is quite true that money can't buy everything, but, of course, there are advantages when you have more money at your disposal. You need to be able to meet your bills and provide the needs of those people who depend on you. Nowadays, handling money efficiently is a question of survival. <br />
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<a name='more'></a>You must be conscious about the value of every amount of money you spend. Just like all the rest of your belongings, there are reminders that would let you keep your money in such a way that you can spend less time balancing budgets. The more conscious you become, the less you would have to worry about missing money at the end of the month. So-called "living from paycheck to paycheck."<br />
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There are quite a few things you can do to achieve the position in your life where money is an asset - and a useful one, instead of a burden:<br />
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<li>Live life according to your means - while taking care of your needs, and recognize the difference between <span style="font-weight: bold;">wishes</span> and <span style="font-weight: bold;">needs</span></li>
<li>Plan your expenditures. Stick with your plan.</li>
<li>Prepare your budget showing how much you would spend for a month and even for as short as a week.</li>
<li>Do not throw away those receipts and other paper big or small just to remind you if you would be spending more or it is all enough.</li>
<li>Do not rely on too much credit card. For now, they may speak to you words of assurance but actually they could be very threatening if misused.</li>
<li>Live a less extravagant way of living. See to it that your habits are not causing you to spend a lot.</li>
<li>Be a critical thinker. <span style="font-weight: bold;">Avoid panic buying</span> and think well before buying products.</li>
<li>Keep yourself healthy and consider having monetary reserves for medical needs in case of illness.</li>
<li>Avoid gambling. It would just push you to venture on spending more and more.</li>
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When you follow these good principles, it will surely lead you to better results. You will achieve a financially stable life. You have to watch all your expenses. More money is indeed an asset but having it is also a big responsibility as well. <br />
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You would not want to lose anything you want, do you? <br />
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So for all of you, who would want to maintain financial stability, these tips would surely be worth remembering for they will surely help you to overcome any obstacles you meet.<br />
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[This article was originally published in september 2008, almost nine years ago, but I felt it was worth updating. <i>HVB September 4th 2017</i>]<div class="blogger-post-footer">-------- Want to know more? --------
You can see all my other blogs from my overview
page which you can find here:
http://blunckmeister.googlepages.com/</div>Henrik V Blunckhttp://www.blogger.com/profile/17977028543812049468noreply@blogger.com0tag:blogger.com,1999:blog-6491716311541118208.post-17082446380138740002017-04-29T11:38:00.000+02:002017-04-29T11:38:17.748+02:00Become Debt Free - Here's Why It's Important!Some people think becoming debt free is just a question of improving your credit rating. Why even be concerned with your credit rating? Is it because you want to borrow even more? You may be missing a very important aspect of good financial stewardship...<br />
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It is quite stressful for many people that a large part of their monthly income is spent trying to bring down their debts. Most of these people would never say this out loud, but I am quite sure they feel they are in slavery to their banks, credit cards and all other creditors.<br />
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There is a better way!<br />
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You CAN become debt free.<br />
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You need to think wisely about this. The Chinese have a proverb that says "a rich man is a man that doesn't owe anybody anything"<br />
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This is a good proverb. :-)<br />
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You MUST learn to free yourself from materialism if you want a happy and stress-free life. Cut back on expenses you don't really need. Changing your ISP [Internet Service Provider], reviewing the costs of your television service provider. Check each of your monthly costs, and define whether it is something you want to continue paying for, or whether you should let it go, and save the money for either <u>bringing down some of your debt combined with a savings account</u> or <u>bringing down your debts entirely</u>.<br />
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It is common sense to realize that interest bearing debt should be eliminated. The more you pay there, the less you will be working to bring revenue to others.<br />
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Once you start to think again, you will realize that getting out of debt IS the solution to become financially free again. I admit this is hard work, but no one ever promised you that life would be easy peasy every single day did they?<br />
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Have a nice weekend everyone. :-)<div class="blogger-post-footer">-------- Want to know more? --------
You can see all my other blogs from my overview
page which you can find here:
http://blunckmeister.googlepages.com/</div>Henrik V Blunckhttp://www.blogger.com/profile/17977028543812049468noreply@blogger.com0tag:blogger.com,1999:blog-6491716311541118208.post-23922836689093145932017-02-20T13:18:00.000+01:002017-02-21T09:08:54.566+01:00Getting Out of Credit Card DebtI think this video is very interesting when you consider the effect of compound interest.<br />
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<a name='more'></a>In many countries even the very high interest of 29% is lower than many other money sources. Certain loan companies end up having interest rates ranging in the 33-36% range when you take into consideration the many fees that are also involved with such loans.<br />
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You might also want to see this video to learn a bit more about the methods involved in becoming debt-free.<br />
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Stay tuned for more about debt consolidation and debt removal. Please feel free to leave comments if you have any questions.<div class="blogger-post-footer">-------- Want to know more? --------
You can see all my other blogs from my overview
page which you can find here:
http://blunckmeister.googlepages.com/</div>Henrik V Blunckhttp://www.blogger.com/profile/17977028543812049468noreply@blogger.com0tag:blogger.com,1999:blog-6491716311541118208.post-84726858676934525112016-12-04T09:45:00.000+01:002016-12-04T09:37:42.941+01:00What Is Holding You Back?What is holding you back from making a comment? Don't feel embarrassed about coming forth with whatever is missing for you. I WANT to know what you're looking for so I can personalize information for you readers on this blog.<br />
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Now is normally such a good time to look back at the year that passed. Did you increase your debts, or did you pay off some of it, and perhaps even got some savings for unforeseen expenses?<br />
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I hope you had a good year, but I also know many of the readers of this blog have probably been challenged financially. Reading about financial freedom is normally something only bankrupt people do. :-)<br />
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This shouldn't be like that. Even when you've just turned 18, reading about good financial habits could help you get off to a better start. Don't wait until things look bad before you become financially responsible.<br />
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Do things the right way from the beginning. :-)<div class="blogger-post-footer">-------- Want to know more? --------
You can see all my other blogs from my overview
page which you can find here:
http://blunckmeister.googlepages.com/</div>Henrik V Blunckhttp://www.blogger.com/profile/17977028543812049468noreply@blogger.com0tag:blogger.com,1999:blog-6491716311541118208.post-87410415072340447272016-09-13T12:07:00.000+02:002016-09-13T12:07:10.540+02:00Get Involved - It's Your FutureMy advice after several years of silence on this blog is that you get involved. I have written several articles, and been rather surprised to find that no one ever makes any comments. I fully realize it may be humiliating to admit you may have financial challenges, but I can't help you if you don't speak out on what you need to know more about.<br />
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Therefore, this article is a challenge that you - my dear readers - can change your own future. Tell me what you want to know more about.<br />
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I will gladly help, but I need to know that you are out there. :-)<div class="blogger-post-footer">-------- Want to know more? --------
You can see all my other blogs from my overview
page which you can find here:
http://blunckmeister.googlepages.com/</div>Henrik V Blunckhttp://www.blogger.com/profile/17977028543812049468noreply@blogger.com0tag:blogger.com,1999:blog-6491716311541118208.post-8490348576695215732011-03-23T18:26:00.003+01:002016-12-04T09:33:17.777+01:00Becoming Financially Free Again in Times of Crisis - Easier Than Some People ClaimBecoming financially free again in times of crisis may seem difficult for some. It's actually easier than some people claim. Here are some very good reasons.<br />
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Let's take the example of a house owner who can't make payments because he is in job transition. The bank may be much more willing to let him recapture his payments a month from now realizing it would be impossible to sell the house if the owner was declared bankrupt. You are thus "forcing" the bank to be more positive towards your situation because you know, and fully realize, the bank has no other option.<br />
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On the other hand showing good will towards old creditors in a time of crisis shows stamina. It's in times such as these than many give up. If only they had done the exact oposite, and begun paying back on their debts, they would have been in a much stronger position a year from today.<br />
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You can begin the process today, and becoming financially free again requires effort. Think of the long-term benefits. One dollar saved can be one dollar in repayment than ends up saving you five dollars in ten years.<br />
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Think and plan ahead. It IS possible when you implement what I am telling you on this blog.<div class="blogger-post-footer">-------- Want to know more? --------
You can see all my other blogs from my overview
page which you can find here:
http://blunckmeister.googlepages.com/</div>Henrik V Blunckhttp://www.blogger.com/profile/17977028543812049468noreply@blogger.com0tag:blogger.com,1999:blog-6491716311541118208.post-28620597254315345392010-03-13T12:50:00.001+01:002016-12-04T09:34:49.584+01:00Online Stock Trading — The Numerous AdvantagesThere are numerous advantages in online stock trading. When compared with the previous systems where you had to call your stock broker or your bank advisor. Now, you can act upon latest news within minutes. It has become one of the fastest growing trends to handle your own stocks as part of pension funds.<br />
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For those who haven't tried trading online, they might have some hesitations as to this new form of trading. That is both understandable and normal, but you need not worry.<br />
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Online trading can be very efficient and beneficial to you as an investor. You get more control with factors such as <strong>time</strong>, <strong>control</strong>, and <strong>cost</strong>. Here are the most important advantages of online stock trading, which we will look at below.<br />
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<strong>Faster Transactions</strong><br />
Time is important, and having access to faster transactions can truly be very beneficial. Your profits can be realized immediately, and losses can be limited when you can take action directly.<br />
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Previously, you had to call your broker and ask him to buy or sell the stock. This would then be followed by a process wherein your broker will negotiate with the trader for the price of the stock. Then, you would have to wait for your broker to call you for the price before you can make a decision on whether you should buy or sell. And then if you do decide to buy or sell the stock, your broker would have to make another call to order through the trader. <br />
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But when you do transactions online, all it takes to be able to buy or sell stocks would be a single click of the mouse. Through this, a quicker exchange can be made, and you remove all human error factors. <br />
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<strong>Improved Control</strong><br />
Since trading is done online, you can control your stocks more effectively. After all, you can always log in on your account anytime and view how your shares are performing on the market anytime you want. This empowers you to be aware of the performance of your investment instead of having to wait for reports in the mail that may not come as often as you would like. <br />
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When doing online exchange, you are free to make your own decisions to buy or sell stocks instead of relying on whether or not your broker agrees with your decision to execute a certain trade you might be interested in. In a way, you are empowered to trust your own intuition and take your own risks with your investments.<br />
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Furthermore, it has increased the need for brokers to trust their intuition on the markets because people DO take action through online stock exchange. It thus speeds up the process when a downward spiral has gained speed already.<br />
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When you see such a spiral it might be a good idea to move ahead and buy the stock when you see it's way below your view on a market value.<br />
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<strong>Lower Fees & Commissions</strong><br />
Another major benefit of online stock trading is the lower stock exchange commissions that you will have to pay when compared to the traditional method. If you trade in a sufficiently large volume of stocks, it can even be possible for you to be able to negotiate your broker’s fees. So you can save quite a lot of money and earn even more.<br />
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Although keeping up with the times and going hi-tech may seem quite intimidating at first, especially if you are used to more traditional methods, moving forward can always become a much more practical and reliable step for you to take in the long run.<br />
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With the many benefits connected to online stock trading, buying or selling your stocks online can be a great way to participate in the stock market. Not only are things made easier and more convenient for you, but now you can save lots of time and money, as well as gain more control on your investments.<div class="blogger-post-footer">-------- Want to know more? --------
You can see all my other blogs from my overview
page which you can find here:
http://blunckmeister.googlepages.com/</div>Henrik V Blunckhttp://www.blogger.com/profile/17977028543812049468noreply@blogger.com0tag:blogger.com,1999:blog-6491716311541118208.post-84460465549071550692009-06-17T17:17:00.002+02:002009-06-17T17:20:01.689+02:00What Do YOU Need Information About?Greetings, readers.<br /><br />Today, my article is focused upon you, dear readers of the blog. What type of information are you looking for? I need your feedback to make the right choices in what articles I write on this blog, and therefore I felt like asking you the question directly.<br /><br />Feel free to comment about ANYTHING you would find useful to learn more about on this blog. What subject would MAKE YOUR DAY?<br /><br />Let me hear from you. Thanks very much beforehand. :-)<div class="blogger-post-footer">-------- Want to know more? --------
You can see all my other blogs from my overview
page which you can find here:
http://blunckmeister.googlepages.com/</div>Henrik V Blunckhttp://www.blogger.com/profile/17977028543812049468noreply@blogger.com0tag:blogger.com,1999:blog-6491716311541118208.post-59507172340325740552008-08-23T23:43:00.003+02:002016-12-04T09:39:41.250+01:00History of Bankruptcy in the USI thought it might be instructive to know a bit about the background and history of bankruptcy, and so I wanted to bring this to you. Originally an article released under PLR by Mike Steup, but I updated the contents afterwards.<br />
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The first bankruptcy laws in the United States were established due to negative economic conditions in society. They began in 1800 and were repealed in 1803. The modern bankruptcy laws first came into existence around the year 1898, when the Bankruptcy Act gave companies that were in distress a way of paying back their creditors and being protected from losing everything all at once.<br />
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Depression Long Forgotten</h2>
Since World War II until the 1970s, the idea of bankruptcy did not make major headlines. There weren’t very many businesses that failed. Even through the 1970s, there were really only two major companies that ended up filing for bankruptcy. The Big Depression of the 1930's had been forgotten — viewed somewhat as a "thing of the past"...<br />
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Modern Developments</h2>
In 1978, an act was passed that was called "The Bankruptcy Reform Act". It took effect from October 1st, 1979. This completely revamped the practices regarding bankruptcy. Chapter 11 was created, which was designed to allow the reorganization of businesses and get everyone back to working order after bankruptcy is filed.<br />
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Also, during the 1980s, there were many changes that were made to various bankruptcy chapters and acts. These mainly dealt with tax related issues, and rules to protect companies from losing everything as a result of bankruptcy depending on their states at the time of filing and their abilities to pay back the debts on their own.<br />
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During the 1980s and early in the 1990s, the United States of America experienced a record number of bankruptcies of all different types. This could be attributed to the fact that the process was made much more simple, and that the benefits were starting to really look good to the people who were filing. The changes in the filing systems, and the large numbers of bankruptcies led to changes that had to be made in the court systems so that everything could be handled. This made the process much easier overall, and allowed for more people to be able to be protected through filing for bankruptcy.<br />
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Now, bankruptcies are even easier to file because there are pre-arranged and prepackaged bankruptcies, and form templates that are created with everyone in mind. This way, the courts can handle all of the bankruptcy proceedings, and everything can run much more smoothly.<br />
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Maybe Easier Than Ever, but Consider Consequences</h2>
Even though bankruptcy is now easier than ever to file, you should always keep in mind that this is something that is going to have a major impact on your credit.<br />
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<span style="font-weight: bold;">You should never file for bankruptcy unless you feel that it is your last chance and unless you feel that you have no other option. Otherwise you might find that it is something that is harder on your credit than you could have ever imagined</span>.<div class="blogger-post-footer">-------- Want to know more? --------
You can see all my other blogs from my overview
page which you can find here:
http://blunckmeister.googlepages.com/</div>Henrik V Blunckhttp://www.blogger.com/profile/17977028543812049468noreply@blogger.com0tag:blogger.com,1999:blog-6491716311541118208.post-35227428338742569352008-08-06T02:17:00.002+02:002016-12-04T09:40:21.922+01:00Getting Your Finances BACK ON TRACKThere are several methods you can follow to get your finances back on track, either to avoid bankruptcy or after you have gone through the process of bankruptcy.<br />
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The first step to making sure that your finances are more manageable is to <span style="font-weight: bold;">get organized</span>. Bring all of your statements and bills into one place and find out exactly how much you owe to each place.<br />
Then, see how much money you are bringing in that you can afford to put towards what you owe. When you have done this, you are going to see if you can manage to make the minimum payments or not.<br />
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If you find that you are constantly unable to make the minimum payments even after you have organized all of your finances and have a list of what you owe, you might want to consider contacting each individual creditor and asking if there is anything that they can do to lower your payments. If they know that you are looking at bankruptcy, or that you are afraid this is going to happen, they are going to be willing to help you because if you do file for bankruptcy they might end up getting only a small part of the money that they hope to get from you. So, talk to each of the creditors. Make sure that they know what your situation is and give them the amount that you are willing to pay per month. <span style="font-weight: bold;">There ARE usually things they can do to help, but you MUST ASK BEFORE THIS BECOMES AVAILABLE TO YOU</span>.<br />
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Another thing that you should remember when you are getting your finances back on track is that building up credit is very important. You should be sure that you are finding ways to build your credit. Sometimes this means taking out a small credit card or a small loan and paying it off right away. This is a great way to build your credit little by little. As you build your credit you are going to find that you are able to pay back certain things that are owed and that you are getting more and more credit as you go along. These are all great ways to make sure that your finances are getting back on track, which is going to help you to be more successful when it comes to getting more credit and getting more money. Remember that you need to make sure to make each payment, and to make it on time. This is a great way to get your finances on track and be sure that you are putting your best options on the table.<br />
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Finally, remember that BUILDING CREDIT is having money in reserve. You should not make the mistake of lending more just because it becomes available to you. That would NOT bring your economy back on track.<br />
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More on this subject in future articles on this blog. :-)<div class="blogger-post-footer">-------- Want to know more? --------
You can see all my other blogs from my overview
page which you can find here:
http://blunckmeister.googlepages.com/</div>Henrik V Blunckhttp://www.blogger.com/profile/17977028543812049468noreply@blogger.com0tag:blogger.com,1999:blog-6491716311541118208.post-50861244106257685672008-06-22T23:35:00.002+02:002016-12-04T09:40:51.936+01:00Avoiding Free Online Credit ScamsThe government passed a law that allows every citizen to get a free annual credit report a few years ago. This law states that they can get their credit history because of the recent increase in identity theft. This free credit report is easily available online and will give you reports from all three of the credit reporting agencies. A credit score is not going to be provided in this instance for you to view.<br />
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This is a very popular new law and there are many con artists and identity theft scammers who have surfaced and they have started their own credit report web sites to scam you. They are making money off of this new law that is supposed to protect you. There are over 100 free credit report web sites that will help you online right now. There is one good web site that will help you get a real free credit report online and that is <a href="http://www.annualcreditreport.com/" target="_blank">www.annualcreditreport.com</a><br />
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The free credit report scam is usually going to charge a “small fee” to get what is a free credit report. There are also fake free credit report web sites that will take down your information and ask for your social security number or they will ask for your credit card information. With this, anyone can steal your identity and spend money on your accounts that could potentially ruin your credit.<br />
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You can find these scamming web sites in different ways. Most of the scam sites have a similar name as the official free credit report web site but you can figure out the difference because these sites often have misspelled works or typos in them. This means that there may be a period of out place. Also most of the web sites will charge you a fee to get the report and remember that you are able to receive one FREE credit report a year. This is true even if they ask you for your credit card information and state and they will not charge you this is something to take note of and be very cautious of. If you get an email of some kind of sales be sure to read the fine print very carefully before you respond. Some have found that certain web sites or sales do offer a free credit report but you have to enter your credit card information and if you do this, you will authorize them to charge your card for credit monitoring services.<br />
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You need to remember to get your free credit report either online or at the above mentioned site or phone or mail. You can also make contact of the three national credit report agencies such as Experian, Equifax, and Trans Union and they can also point you in the right direction to keep a your credit on track.<div class="blogger-post-footer">-------- Want to know more? --------
You can see all my other blogs from my overview
page which you can find here:
http://blunckmeister.googlepages.com/</div>Henrik V Blunckhttp://www.blogger.com/profile/17977028543812049468noreply@blogger.com0tag:blogger.com,1999:blog-6491716311541118208.post-43019745177160410352008-06-15T11:51:00.004+02:002016-12-04T09:42:46.191+01:00Improving The Way You Spend Your MoneyThere may be great variation in how much money you have during the year. There are ups and downs when talking about the financial resources and income of an individual or family. In dealing with financial difficulties, there is a need to build a budget techniques as early as possible. There is a need for all of us to master the art of stretching the value we gain from the money that's available.<br />
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It is but normal to commit errors especially when hard pressed for time as we all are. But, do not continue to commit such mistakes, since you will regret that in the long run. <span style="font-weight: bold;">As soon as possible you must develop a better way of managing the way you budget your money</span>. There are some tips you could remind yourself of. These would be points you could use in making or establishing good means to improve the way you budget your money.<br />
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<li><span style="font-weight: bold;">Make a list of undesired budget habits</span>. This includes all those things you know are unneeded. You should focus on building financial security.</li>
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<li>Plan what to do in order to <span style="font-weight: bold;">take the first steps in changing your old habits and actions which has caused your budget to fail</span>.</li>
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<li>Manage your income and the amount of money you spend by preparing a sort of tally sheet of such information.</li>
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<li>Prepare your spending plan. This must include your foreseen expenditures.</li>
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<li>Collect receipts and note bigger amount spent, but don't overlook all the little amounts as they can often amount to some 35-40% of our monthly spending that we don't even "think" about...</li>
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<li>Limit spending by looking for some alternatives to it</li>
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<li>As much as possible don't use credit card or checks. Build financial security by paying in cash.</li>
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The above mentioned points are really a great reminder for you. If followed, you will quickly see major improvements in your budget. It will result in better financial management for you.<br />
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When this is achieved, you would definitely live a more satisfactory life. The right way of how you budget what you need as a winning one in the field of financing one’s self.<div class="blogger-post-footer">-------- Want to know more? --------
You can see all my other blogs from my overview
page which you can find here:
http://blunckmeister.googlepages.com/</div>Henrik V Blunckhttp://www.blogger.com/profile/17977028543812049468noreply@blogger.com0tag:blogger.com,1999:blog-6491716311541118208.post-72491304966091671552008-06-12T19:41:00.001+02:002016-12-04T09:44:20.303+01:00Predatory LendingBarack Obama continued his Change that Works for You tour, talking about predatory lending, in Chicago IL on June 11, 2008.<br />
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As you can see, there are other people who want us all to be more financially responsible. Will you listen to good and sound advice — from this blog and people such as Senator Obama who will hopefully win the election in November. :-)<div class="blogger-post-footer">-------- Want to know more? --------
You can see all my other blogs from my overview
page which you can find here:
http://blunckmeister.googlepages.com/</div>Henrik V Blunckhttp://www.blogger.com/profile/17977028543812049468noreply@blogger.com0tag:blogger.com,1999:blog-6491716311541118208.post-82413881018439232132008-06-06T15:46:00.000+02:002016-12-04T09:45:04.758+01:00Estimate Your Credit ScoreYou are no doubt curious as to knowing how your credit score is calculated.<br />
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The process is long and each of the three major companies in the United States will participate in reporting credit scores and histories with a different method. This is why your credit score is going to be a little bit different from one to the next. There are some factors that you can take into consideration if you want to estimate your credit score on your own.<br />
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How To Build Your Credit Score</h2>
The first thing is if you have not ever owned a credit card or had any type of bill in your name or if you have borrowed money of any kind, your credit score is going to be zero. Even though this is not considered to be bad credit, it is hard to even get a loan with no credit as it is with bad credit. There are some companies that may be willing to take a chance on someone with no credit but it is much better to build up your credit little by little as you go by having cards in your name and living a comfortable and stable life within your means of income.<br />
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Approximate Values Of What Counts How Much<br />
<u>Your credit history is going to make up about 35% of your total credit score and it is very important</u>. <span style="font-weight: bold;">The bills that are not paid or if you have debts that have defaulted you will hurt your credit score for 7 to 10 years before they are all erased</span>. You need to think about this and all of the bad choices that you make today can hurt your credit in the future. <u>If you are repaying these debts now, chances are they will still show up on your credit report now as bills that were paid late</u>.<br />
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<u>There is 15% that is going to be the length of your credit history</u>. It is a good idea to start building credit as soon as you can. Your score is will improve as time goes on as long as you are maintaining a bank account. The information like length of employment or residence so that it can be classified in this section so if you have a regular and stable life, you will have a better score than someone else that moves around all the time. Which can be quite illogical in a market where employees must be mobile and willing to move which companies that might also want them sent to other sectors of the country...<br />
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<u>Then 30% of your score will depend on what you are currently owing to creditors</u>. Even if you are not late on paying your bills, if you have many loans out at one time, it may be possible that you are denied to have another. Therefore it is important to only take out the loans you really need and to repay them on time or early if you can. If you pay off your loans early, you will not only see your credit score rise, you will also save money on paying interest. This will show up on your credit history. You will also want to try and keep your money in one place if possible.<br />
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<u>10% of your credit score is going to be based on new accounts</u>. They will look at how many different types of loans you have applied for and how many you have open now. When you are opening and closing accounts too fast is not a recommendation.<br />
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Use Common Sense<br />
You need to use your common sense. Know what your credit score is, and how it is calculated is going to help you find mistakes on it - or ways to improve your score. This may help you and your credit score in the future. You are able to see a free copy of your credit report annually for free so you should review this as well as get your credit score to be sure that you are being treated fairly.<div class="blogger-post-footer">-------- Want to know more? --------
You can see all my other blogs from my overview
page which you can find here:
http://blunckmeister.googlepages.com/</div>Henrik V Blunckhttp://www.blogger.com/profile/17977028543812049468noreply@blogger.com0tag:blogger.com,1999:blog-6491716311541118208.post-65543864607581042482008-06-06T14:38:00.002+02:002016-12-04T09:45:43.400+01:00Bankruptcy & TaxationWhen you face bankruptcy there are some very important things you need to think about when it comes to taxation. If you plan on filing for bankruptcy, you will want to make sure that you have done as much as you can to save yourself as much trouble, money, and time as you can.<br />
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You should know that any income tax debts might be eligible for being taken care of under Chapter 7 or chapter 13. If you are willing to file for bankruptcy, this is one of five ways that you can get out of tax debt. However, you should remember that in order to get your taxes discharged by filing for bankruptcy, you are going to have to meet certain requirements, so you should make sure you meet them before you file for bankruptcy to get out of tax debt.<br />
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If you file for Chapter 7, you are going to be able to get fully discharged of the debts that are allowable. With Chapter 13, there will be a payment plan that is required so that you can pay back some of your debts, and the rest will be discharged. Remember that not all of the tax debt that you might have is going to be discharged if you file for bankruptcy. You have to meet five criteria in order to get your taxes taken care of.<br />
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These five criteria that you need to meet in order to get your tax debt discharged when you file for bankruptcy are all important:<br />
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<li>The first is that the date that the tax return was due was at least three years ago.</li>
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<li>The second is that the tax return had been filed at least two years ago.</li>
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<li>The third is that the tax assessment is at least 240 days old.</li>
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<li>The fourth is that the tax return cannot have been fraudulent.</li>
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<li>And finally that you must never have been condemned guilty of tax evasion.</li>
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If you can meet all the above five criteria, you are going to be able to most likely get your tax debt discharged when you file for bankruptcy.<br />
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Remember that filing for bankruptcy carries its own consequences, especially on your credit. You should not file for bankruptcy just to be able to get out of paying your tax debt, because it is going to do much more harm than good in the long run when it comes to the damage done to your credit. Only file if you have no other option and if you’ve been told by a professional economic advisor that it is your best chance of beginning to rebuild your life.<div class="blogger-post-footer">-------- Want to know more? --------
You can see all my other blogs from my overview
page which you can find here:
http://blunckmeister.googlepages.com/</div>Henrik V Blunckhttp://www.blogger.com/profile/17977028543812049468noreply@blogger.com0tag:blogger.com,1999:blog-6491716311541118208.post-22658709502333901652008-05-25T11:25:00.000+02:002016-12-04T09:46:33.559+01:00Bankruptcy Fraud Hurts Honest PeopleEven though bankruptcy is visible in your records or on your companies record for a very long time, and even though it can make it nearly impossible for you to get loans, get credit or even do any large financial trading, there is still the factor that remains that once you have filed for bankruptcy, your debts are most likely going to be taken care of. This had led to many types of bankruptcy fraud, and has led in turn to a crackdown on this fraud by the government, which is going to hopefully be able to take care of too many different bankruptcies and get and increasing number of people back on their feet in the best way possible. <br />
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Several Types of Bankruptcy Fraud</h2>
Bankruptcy fraud can be done in several ways, and some of them are quite difficult to identify, prove and catch. One thing that is done is when someone files for bankruptcy but really doesn’t need to file for it. They might hide most of their assets by giving them to others to own or hold, and by not disclosing them. This means that the assets that they do have are taken and sold, and their debts are forgiven, and once the bankruptcy act is closed, these people simply get their property back from wherever they had it, and they are in much better shape than they were before, even with the mark on their credit. If you have enough property and you hide it from the government, then even though your credit says you have filed for bankruptcy, you can still find ways to pay for things because you still have the assets. <br />
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Bankruptcy Fraud Hurts The Honest People</h2>
Bankruptcy fraud is dangerous because it is damaging to the people who file bankruptcy in an honest and straightforward manner. Those that are filing with fraudulent intentions are wating time for the court system and are tying up the resources that the honest people need in order to actually get their debts taken care of.<br />
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This is highly destructive for the whole process. It most certainly isn’t fair to the creditors because if someone files bankruptcy and hides their property, the creditors are not going to get everything that has been owed to them and are going to find themselves missing out on money that belonged to them.<br />
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Because of the fact that bankruptcy fraud can be harmful to so many different people, an increasing number of governmental police forces have cracked down on it and now makes sure that being caught with bankruptcy fraud is something that is punished much harder than before. Crime never pays — honesty lasts longer.<div class="blogger-post-footer">-------- Want to know more? --------
You can see all my other blogs from my overview
page which you can find here:
http://blunckmeister.googlepages.com/</div>Henrik V Blunckhttp://www.blogger.com/profile/17977028543812049468noreply@blogger.com0tag:blogger.com,1999:blog-6491716311541118208.post-88051005593508863292008-05-25T11:13:00.001+02:002016-12-04T09:47:08.750+01:00How To Get a Mortgage After BankruptcyDeclaring bankruptcy can be a helpful tool if you find yourself drowning in debt. Bankruptcy is meant to help people who just cannot find any other way out. It allows you to use all of your assets to pay back as much as possible over a set number of years or all at once and then start anew. When you declare bankruptcy, you free yourself from creditors and collection agency phone calls – or even collection agency visits – and get a chance to start over again with a fresh slate.<br />
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After Bankruptcy...</h2>
Well, almost. If you have declared bankruptcy, it will appear for a certain period on your credit history. Bankruptcy often results in previous lenders probably not getting back all of the money you owed them. Therefore, if future lenders see that you have declared bankruptcy in the past, you might be considered to be a high-risk candidate for new loans, because you might not have changed. Getting a mortgage after bankruptcy can be especially difficult, but there are ways to go about doing it.<br />
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Building Up Your Credit Rating Again</h2>
First, building up credit – good or bad – takes time. If you declare bankruptcy, you effectively wipe out your credit history. However, that includes any good credit you may have had as well. Therefore, you have to start from scratch. Just like a mortgage lender would consider a young adult a high-risk candidate because he or she has little credit history, you too will be considered a high-risk candidate. You can explain to your lender about how you’re going to change until you are blue in your face, but a more effective way to do that is to prove it. Build up your good credit again, and wait about two years before even considering approaching a lender regarding a mortgage. Furthermore, you should consider presenting a greater down-payment when you do apply for a loan since being able to generate a savings amount does require both discipline and stamina, and will be useful in proving that you <i>have changed</i>.<br />
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You can sometimes use special government programs to help you get a mortgage. Some will work with you to put less money down on your new home and to convince a lender that you should qualify, even if you have declared bankruptcy in the past. If you have a solid income now and are working to pay off debts, you can probably qualify for some of these government programs. Such governments programs mainly exist in the US, but there might be other countries which supply similar opportunities.<br />
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You can also use your current home as equity to convince a lender that you should qualify. The less money your want to borrow, the less risk you are to a lender. Therefore, if you can pay for the majority of your new home by selling your current home, your lender will be more likely to overlook the fact that you’ve declared bankruptcy in the past.<br />
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The real lesson here is that bankruptcy should not be declared without duly considering the long-term consequences. You need to make absolutely sure it is the <b>best option</b> for you. <b>Bankruptcy should be your last resort financially</b>, because it could make it more difficult to get a mortgage in the future.<div class="blogger-post-footer">-------- Want to know more? --------
You can see all my other blogs from my overview
page which you can find here:
http://blunckmeister.googlepages.com/</div>Henrik V Blunckhttp://www.blogger.com/profile/17977028543812049468noreply@blogger.com0tag:blogger.com,1999:blog-6491716311541118208.post-7854973950067052862008-05-25T11:10:00.001+02:002016-12-04T09:47:50.733+01:00Is Bankruptcy The Best Option for You?Bankruptcy is a financial practice that allows you to officially declare that you cannot repay your debts now and do not see how it will ever be possible in the future. Declaring bankruptcy is a big step – both in the short and long term ranges. For some people, there are other ways to get out of debt, like debt consolidation or negotiating with your lenders.<br />
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However, if your best option to get out of debt is bankruptcy, then you should take steps to make this financial situation work in the best possible way for yourself and your family. A financial advisor can help you do that. In any case, before you jump into anything, you need to fully decide whether bankruptcy is right for you.<br />
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Learn As Much As You Can Before You Proceed</h2>
First, it is important to learn as much as you can about bankruptcy. For individuals, there are several types of bankruptcy that can be filed. There are other options for businesses and entities. Learn the difference between these so you can see how they work. If bankruptcy is right for you, you must be aware of your obligations and your lenders’ choices.<br />
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Once you have learned all you can about bankruptcy, take a moment to consider other options. For example, whether you could consolidate your debts into one large monthly payment. If you are considering bankruptcy because you just barely miss paying off your bills on time every month or if you feel overwhelmed by credit card debt, this may be a great option for you. You can also try doing nothing and living simply for a number of years, which works well if you have no family for which you are responsible. Another options is negotiating with your lenders. In the end, there are many different options other than bankruptcy, so make sure that your second step is to consider them all.<br />
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There Are Requirements</h2>
Next, check out the requirements for eligibility for declaring bankruptcy. If your debts are too high and your income too low, you will qualify for one type of bankruptcy. On the other hand, if your income is too high and your debts too low, you probably won't qualify for bankruptcy. In some cases, you may not qualify for either, and this is a sign that you did not think through your other choices. <br />
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Consider all of your property and debts if you do qualify. What will happen to your home? Your car? Your retirement plan? Every country has different specifications on this topic, so you should make sure you FULLY understand how your property might be taken into consideration. Also, it is important to begin compiling lists of your assets and debts. Remember that some debts cannot be wiped out, like child support payments. <br />
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Seek Guidance When You Declare Bankruptcy</h2>
Once you have all your information compiled, you can begin the declaration process. It is best to work with a lawyer or financial professional to complete this task, and remember to always be completely honest. Declaring bankruptcy is not for everyone, but it can work for some people.<div class="blogger-post-footer">-------- Want to know more? --------
You can see all my other blogs from my overview
page which you can find here:
http://blunckmeister.googlepages.com/</div>Henrik V Blunckhttp://www.blogger.com/profile/17977028543812049468noreply@blogger.com0tag:blogger.com,1999:blog-6491716311541118208.post-46699482452474000082008-05-23T20:09:00.000+02:002016-12-04T09:48:27.361+01:00Debt Consolidation — An Alternative to BankruptcyBankruptcy is when a person or business officially declares absolute inability to pay back creditors the money that is owed. This should only be done as a last resort, because bankruptcy may affect every aspect of your financial life.<br />
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It will most certainly affect your ability to get loans, mortgages, and credit cards for a certain period of time. In Denmark at least 2-5 years. However, for some people, declaring bankruptcy means finding release and freedom again. It wipes your slate clean so to speak, and you can start all over again. You can rebuild your credit situation.<br />
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However, there are <span style="font-style: italic;">a number of things you should try</span> <span style="font-weight: bold;">before you declare bankruptcy</span>. One such thing is called "debt consolidation." Debt consolidation cannot help everybody concerned with money problems, but for many, it will be the thing that keeps them from being forced to declare bankruptcy.<br />
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What Is Debt Consolidation?</h2>
Debt consolidation is basically taking all of your loans and paying them off using one large loan. You then have one monthly bill to pay instead of a number of smaller bills. This can save you money in the long run. Why? The one large loan will usually have a secured lower fixed interest rate. This is especially useful if you would otherwise be forced to declare bankruptcy because of high credit card debts.<br />
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Credit cards have very high interest rates — often much higher than any other kind of loan. If you miss just one month of paying your card in full, you may never get back on track paying off your balance.<br />
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This can really start to add up if you find that you have more than one card. If you are far into debt, you can probably not get any unsecured loan from a financial institution, like a bank. However, you should be able to get a secured loan. A secured loan uses your house, car, or other possessions as collateral. With a lower interest rate, you can start making headway into your debt <span style="font-style: italic;">instead of simply making the minimum monthly payments</span> because paying off so little will only pay off debts, and prove to hold you down in your debts. Debt consolidation could help you avoid bankruptcy.<br />
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Consolidating your debts may not be the best choice for everyone. In fact, in many cases, bankruptcy is really the best way to get back on track.<br />
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However, it is important to realize that you have choices. If you don’t have to declare bankruptcy, avoid it and you will find that your life will be financially easier to handle in the future. It depends on your unique situation. Talk to a financial professional if you want more help learning about debt consolidation.<br />
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<span style="font-weight: bold;">Also, you should remember that you shouldn't wait until things look REALLY bad before taking action</span>. <span style="font-style: italic;">Most people are only faced with filing bankruptcy because they left well enough alone for far too long</span>...<div class="blogger-post-footer">-------- Want to know more? --------
You can see all my other blogs from my overview
page which you can find here:
http://blunckmeister.googlepages.com/</div>Henrik V Blunckhttp://www.blogger.com/profile/17977028543812049468noreply@blogger.com0tag:blogger.com,1999:blog-6491716311541118208.post-40133601444330818572008-05-23T19:54:00.000+02:002016-12-04T09:49:02.473+01:00Bankruptcy & DivorceIf you believe that you are headed for divorce, and you both have a lot of debt between you, <span style="font-style: italic;">it might be a good idea to consider filing for bankruptcy <span style="font-weight: bold;">before</span> you begin filing for divorce</span>.<br />
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Proceeding in that order will pave the way for your divorce to proceed much more easily because it will allow you to get rid of some of your debt and to clear the way for a clean break. If you could file for bankruptcy, you will have a better idea of how to deal with the debt elements that will remain between the two of you. It will also mean that if your ex-partner files for bankruptcy later on down the road, you can be protected because you are going to take care of your debts before the divorce. Whatever may remain will be subject to court stipulations that clearly describe what should happen with the remaining amounts.<br />
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Simple system</h2>
When one or both of the spouses declare bankruptcy, any property that has been shared by both of them will become a part of the estate and will then be available to pay for all debts.<br />
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This will also mean that you have been granted an automatic break, which means that the creditors can’t hound you for money. Remember that this so-called "stay" does not prevent you from getting spouse or child support from any previous ex-partner. The next thing that will happen is that the bankruptcy court will decide what shared property is exempt from the bankruptcy, meaning that it cannot be sold in order to pay for your debts. Then, the divorce court can divide that property between you and your partner (or future ex-partner).<br />
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However Some Things May Require Counselling</h2>
If you are trying to negotiate property settlements, and also going through bankruptcy, you are going to be dealing with very complicated issues.<br />
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Some of the debts that might be related to a property settlement might not be wiped out during the bankruptcy, so you will still need to pay them. However, these debts can be wiped out if you can show that you can’t pay the debt and still take care or yourself and your children, or that if you wipe out the debt it is going to be better for you than the harm that would be done to the people that you owe by not paying it. This means that if you think your spouse is going to consider filing for bankruptcy after the divorce is final, you need to make sure that your finances are squared away so that you aren’t going to be faced with any more debts.<div class="blogger-post-footer">-------- Want to know more? --------
You can see all my other blogs from my overview
page which you can find here:
http://blunckmeister.googlepages.com/</div>Henrik V Blunckhttp://www.blogger.com/profile/17977028543812049468noreply@blogger.com0tag:blogger.com,1999:blog-6491716311541118208.post-50962633615502384272008-05-23T19:46:00.000+02:002016-12-04T09:49:47.104+01:00Bankruptcy — A Matter of Pride for Many...Bankruptcy is the financial situation where you declare that you cannot repay your creditors at this time or see any way to repay them in the future. Depending on your income and the amount of money you owe, an individual may declare different types of bankruptcy. However, in either case, bankruptcy is a fairly public affair. Your name and address will be published in at least one newspaper. Some of your friends may read about it, and your neighbors might see movers coming to repossess some of their items you may have on lease. For many people, the worst part of bankruptcy isn’t losing the money; it’s losing pride and dignity. But you might as well realize that you can't pay your bills with pride or dignity.<br />
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The first, and best, way to deal with this is to realize that everyone has gone through money problems at one time or another in their lives. Although the majority could avoid bankruptcy, there is certainly no question that only the very lucky do not feel burdened by debts at one point or another. Simply put, people will understand. Even though you may feel like everyone is snickering at you behind your back, the truth is that most people are actually empathizing with you.<br />
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Also realize that not everybody will realize you’ve declared bankruptcy. Most people do not take the time to read the newspaper that carefully, and even though word does travel fast, it is not a topic that most people will bring up because it simply is not that interesting. You might feel like it's embarrassing headline news, but in actuality, most people probably didn’t even know about it.<br />
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It is important to continue with the process, even if people do find out. If you are embarrassed, simply understand that so are all people in this country who are going through the same thing. You are not alone. In fact, you may be able to get counseling to help you go through the bankruptcy process. You may be surprised at how many people have declared bankruptcy and gone on to be very successful.<br />
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If bankruptcy is the best thing for your family and your financial situation, it is most important that you fulfill the declaration. You should be mindful of taking care of yourself first, then worry about what other people may want to think. The most important thing is not what your neighbors have to say, but instead what you are doing to get yourself back on track financially so your future will be brighter.<div class="blogger-post-footer">-------- Want to know more? --------
You can see all my other blogs from my overview
page which you can find here:
http://blunckmeister.googlepages.com/</div>Henrik V Blunckhttp://www.blogger.com/profile/17977028543812049468noreply@blogger.com0