tag:blogger.com,1999:blog-21896112438361265402009-07-01T01:53:52.577-07:00Debtfreeafterall.comhttp://www.blogger.com/profile/06970974309203695452noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-2189611243836126540.post-19330543167756968022007-12-04T15:32:00.001-08:002007-12-04T15:38:11.345-08:00<td style="text-align: justify;"> <br /> <br /> When one has cleared all their debts, a new beginning has come and start building your net worth. Here are few tips to accomplish this:<br><br /><br /> <b>Keep away from credit cards:</b> Use cash, check or debit card whenever possible, stick with a budget.<br><br /><br /> <b>Save More:</b> Save as much as possible, a minimum recommended saving and investment will be 10% of your earnings.<br><br /><br /> <b>Set-aside funds:</b> Open an account and try to build up $3000-$4000 for various purposes including taxes, insurance, auto and home repairs, appliances, furniture, etc.. Ensure this is automatically detected from your checking account. <br><br /><br /> <b>Create an emergency fund: </b> For emergency purposes like job loss or illness, try to set aside four months of wages. One can invest in mutual funds with automatic deductions from your checking account.<br><br /><br /> <b>Start Saving for Retirement: </b> One cannot merely depend on social security alone, you’re your employer’s 401k, or open an IRA to start saving money for your retirement. A weekly contribution of $25 @ 10% interest earns $205,000 in thirty years.<br><br /><br /> <b>Look after your family:</b> Buy a “term” life insurance policy worth five times your income, a health-care policy covering your medical needs, a disability policy paying 60-70% of your income, an auto policy paying at least $100,000 per injury, $300,000 per accident, and $50,000 in property damage, fire, and theft, a home owner’s policy for 80% of your home value.<br><br /><br /> <b>Invest in a home:</b> Home investment is one of the best investments; value and equity increase, interest and property taxes are tax deductible. More than two thirds of all Americans own their own home.<br><br /><br /> If you or anyone you know has trouble managing debt, contact the nations leading debt management firm <a class="bodylinks" href="http://www.debtfreeafterall.com">debtfreeafterall.com</a>, who specializes in debt settlement, debt negotiation, and debt reduction.<br /><br /> <br><br /> <br /> <b>Written by Naz</b><br /> </td><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/2189611243836126540-1933054316775696802?l=debtfreeafterall.blogspot.com'/></div>Debtfreeafterall.comhttp://www.blogger.com/profile/06970974309203695452noreply@blogger.com2tag:blogger.com,1999:blog-2189611243836126540.post-72183231110331133402007-11-29T09:07:00.000-08:002007-11-29T09:09:06.901-08:00There are several ways one can rebuild their credit history or if they want to get their first credit card: <ol><li><b>Check the credit report:</b> Contact all three credit bureaus and get a credit report from them. Federal law entitles you to get one free report from each of the three major bureaus once a year. One can order reports by calling 877-322-8228 or by visiting <a href="http://www.annuaalcreditreport.com/" target="_blank">www.Annuaalcreditreport.com</a>. Once receiving the report see if there are any errors, outdated information, or if you are a victim of identity theft. If so, one has to clear them up before applying for new accounts.<br /><br /> </li><li><b>Checking and Savings Account:</b> Set up checking and savings accounts. Usually, lenders see these accounts as a sign of stability. Make sure that you don’t bounce any checks.<br /><br /> </li><li><b>Apply for the right credit card:</b> Get a right credit card for your situation. For example, if one is a college student who has no credit history, if will be difficult to get a Visa or Mastercard. One can apply for Amex cards, but they usually charge a fee. However, one can start a credit history started this way. Sometimes they wave their fees for the first year. Whatever the case, don’t go overboard. Limit yourself with not more than one or two cards.<br /><br /> </li><li><b>See if someone could co-sign:</b> One can build the credit faster if one can convince someone with good credit history to add you as an “authorized” or joint user on a credit card. But this has a draw back that if for any reason the person who sponsors defaults payments, your credit history will be also tarnished.<br /><br /> </li><li><b>Get a installment loan:</b> For someone to have a good credit history, one should have both revolving accounts (eg: credit cards, lines of credit) and installment accounts (eg: auto loans, personal loans, mortgages). If one opts for a loan, make a large down payment so one can refinance in a year or so when their credit has improved.<br /><br /> </li><li><b>Safe guard your credit:</b> One has to use the card regularly to generate a credit score. Don’t charge more than you can pay off each month or 30% of the card’s limit. Pay all your bills on time, all the time. Don’t take too many cards or loans, a few accounts is enough to build a good score.<br /><br /> </li></ol> If you or someone you know have credit card debt problems and needs help, contact <a href="mailto:info@debtfreeafterall.com" target="_blank">info@debtfreeafterall.com</a>. They can help in debt settlement, debt reduction, and debt negotiation. <br /><br /> <b>Article Written by Naz</b><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/2189611243836126540-7218323111033113340?l=debtfreeafterall.blogspot.com'/></div>Debtfreeafterall.comhttp://www.blogger.com/profile/06970974309203695452noreply@blogger.com3