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Featured Article Surviving a LayoffEvery month hundreds of thousands of Americans are getting laid off. With the unemployment rate at 8.5% as of April 2009, millions of families have to deal with the uncertainty and stress from losing their jobs. The good news is that President Obama’s 2009 Stimulus Package (American Recovery and Reinvestment Act) helps people out of [...] |
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Need Help with Your Social Security Disability Benefits?
If you need help applying for Social Security Disability Benefits (or have ever been denied) due to physical or mental disability then you should consider contacting the Disability Benefits Alliance (DBA).
DBA operates nationwide with non-attorney representatives trained who is dedicated to helping individuals obtain Social Security Benefits. They help with the frustrating task of completing numerous forms, obtaining your medical records and working with the Social Security Administration.
DBA representatives understand all the paper work needed to give you the best chances of your benefits being approved.
DBA staff includes former a Social Security Disability Determination Examiner along with other trained and experienced professionals who have the expertise to ensure your case is presented in the proper way.
Navigating the Financial Aid Process
If you are seeking financial aid for college, below is a helpful guide to help you understand the complicated financial assistance maze.
Brought to You by SNHU.EDU Online College Programs
Credit Cards for People with Bad / Poor Credit
If you have bad/poor credit and want a credit card; there are a few credit cards and prepaid debit cards to consider. Keep in mind if you get a credit card you must not abuse it and dig yourself in a deeper hole. If you get a credit card, the goal is to also help improve your credit by ensuring that you pay your credit card bills on time.
If you cannot control using a credit card, then get a prepaid debit card. However, a prepaid debit card will not help you rebuild your credit history because these cards just provide you a line of credit.
Many people are not aware that the cost of poor credit will cost them dearly in the long run. Carrying debt on a credit card can cost hundreds or thousands over the years. Additionally, getting a personal loan, car loan or mortgage will cost more because the lender will charge you a higher interest rate, if you are lucky enough to even get the loan. (Find out more about the consequences of bad debt.)
Many prime credit cards are not available for individuals with poor credit. The few cards available are called “sub-prime” cards which typically require expensive setup fees or recurring monthly fees. They often require cash deposits and have very low credit lines.
It’s imperative to improving your credit because it will save you money over the years. So get started as soon as possible and don’t delay.
Below are several bad/poor credit cards to consider:
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Get $45/Mth Unlimited Plan for iPhone 4S at Straight Talk
So you want or have an iPhone but don’t want to pay the average $90 / month to use it; we’ll you are in luck. You can cut your service bill in half and pay only $45 with Straight Talk. You don’t even have to hack or unlock your phone to do this.
How does it Work?
You first need to purchase a Straight Talk SIM card for $14.99 (includes free shipping) and insert into any ATT compatible, T-Mobile compatible or unlocked smartphone. Straight Talk has micro SIM cards that are compatible with the Apple iPhone 4 and 4S.
You then sign up for the $45 monthly unlimited plan which includes unlimited minutes, text and data with no contract or credit check to activate the SIM card. With Straight Talk you will still be using T-Mobile or ATT 3G network. You also can keep your same phone number.
Who is Straight Talk?
Straight Talk, with over 19.3 million subscribers, is a prepaid MVNO (Mobile Virtual Network Operator) and is a joint venture between Tracfone and Wal-Mart.
So to re-recap:
- Use your own compatible or unlocked GSM phone, including smartphones
- Select SIM or SIM bundle to get unlimited data, talk and text for $45/month
- No contracts, no bills, no credit checks
- Keep your same phone number
- Works with SMS, IM, social networks, email, web
For more information visit StraightTalkSim.com.
Online Dating Website Free Trials, Discounts and Coupons
If you are in the market to find your true love, using the Internet to find that perfect match is a great way to go. Many singles are successfully using the Internet to find their mate. Using the Internet is a great way to quickly weed out the undesirables. You don’t have to waste time going to local bars or nightclubs to meet people or wait for someone to approach you.
With online dating websites you can quickly learn the basics about an individual; what they look like, what type of person they are seeking, do they have children, do they want children, their religious beliefs, where they live, etc. You can specify exactly the type of person you are interested in the meeting and the computer will match you up. Chemistry.com and eHarmony have computer programs to help find your perfect match based on information that you provide about yourself.
The top online dating websites have free trials, discounts, coupons to help you save money. Below are the current offers:
Match.com (Read Match.com review)
Chemistry.com (Read Chemistry.com review)
Perfectmatch (Read Perfectmatch Review)
eHarmony (Read eHarmony Review)
Matchmaker.com (Read Matchmaker.com review)
Date.com
Amor.com
What is a Penny Stock?
A penny stock, also known as a micro-cap stock, according to the U.S. Securities and Exchange Commission is a stock with a share price below $5. However, many investors believe a penny stock sells for less than $1.
Investing in penny stocks is extremely risky because the share price can be extremely erratic. A very small change in price is large percentage wise. For example, if you purchase a penny stock fro $1.00 and it drops only 25 cents to $0.75, that stock has lost 25% of its value which is significant.
Penny stocks are mostly from very small companies and are traded on the Over-The-Counter-Bulletin-Board (OTCBB) and the Pink Sheets. These exchanges do not have the same minimum requirements like the large exchanges such as NASDAQ or the NYSE that are set by the Securities and Exchange Commission.
The following are disadvantages with investing in penny stocks:
Poor Investments
Penny stocks are poor investments because some companies will issue penny stock because they are close to bankruptcy or they are new companies with no proven track record.
Company Information is Limited
Companies listed on the OTCBB or Pink Sheets are not required to release financial information. Many companies also have little to no history for you to review or are brand names that you hear or read about in the media.
Low Liquidity
If you own a penny stock, you may have a hard time selling it when you are ready. If the stock price starts to fall, it may be difficult to sell it immediately as you would with a large cap stock. There simply isn’t enough demand for most penny stocks.
Fraud
Because penny stocks are unregulated, they are commonly used by con artists to rip off people. They usually try and sell them via newsletters, spam emails or off-shore brokerages that do not have to adhere to U.S. laws.
So why do people invest in penny stocks? Well not all penny stocks are frauds or from companies nearing bankruptcy. There are some legitimate companies who struggle to meet the requirements to get listed on the NYSE or NASDAQ. Investing in these companies may offer a huge growth opportunity should they become successful in the future. However, finding and researching these companies is extremely difficult because there isn’t enough information available.
Some people frequently trade penny stocks, known as day traders, which are basically gamblers. They will sit at their computers and watch for movements in various stocks and will try to quickly buy and sell at a higher price to make a profit. This is just like going to Las Vegas and gambling.
Should You Save or Pay Off Debt?
So you have a little extra cash and you are wondering if you should save it or pay off debt. Paying off debt should be your priority; however, if you have absolutely no savings, you should first try to save at least 3 month, preferable 6 months, of your salary in the bank. This cash is needed for any emergencies that may come up unexpectedly such as not being able to work due to illness / injury or losing your job.
It’s unfortunate, that over the past 2 decades U.S. citizens have accumulated more debt while saving less. (See chart above). It’s imperative that as soon as you have some cash reserves that you pay off your debt. For most people this will be credit card debt. It makes absolutely no sense having your money in the bank making 0.5% in interest while you are paying 15%+ on your credit card balance. Paying that much in interest is like a leaking facet just wasting water.
If you are contributing money to your 401K or IRA, it’s a good idea to temporarily stop contributing and use that money to pay off your debt. The interest you will earn in your retirement account will be offset with the high interest you are paying off with your credit card.
If you have multiple credit card, pay off the card with the highest interest first. Be aggressive by cutting as much expense you can to pay off high interest debt. If it means cancelling or reducing your cable TV, cell phone, gym membership, eating out, etc., do it. It will be temporary until you get your debt paid off. In the long run, you’ll benefit from the temporary sacrifices.
When your financial situation improves, you can then start to contribute to your savings and retirement accounts. If you pay the minimum due on your credit card debts, it will take you months or years to pay off those debts and you will pay hundreds or thousands of dollars in interest.
Other techniques you can use to get out debt are:
- Negotiate with your creditors: Creditors don’t want you to stop making payments. If you explain to them that you can no longer afford to pay, they may be willing to lower your monthly payments and/or interest rate.
- Increase your income: You may get a second or part-time job or start a side business. You may also try to gain work extra hours (overtime) at your job. If your spouse doesn’t work, it maybe a good idea for her/him to find a job.
- Consolidate your debts: Debt consolidation is borrowing money at a lower interest rate to pay off higher interest debt to ultimately pay off your debt faster and to save money.
- Getting help: There are many nonprofit credit counseling agencies that can help you to develop and maintain your budget. They may help you set up a debt management plan.
- File for bankruptcy: This should be your absolute last option. However, bankruptcy maybe your best option if your monthly expense are extremely higher than your expenses that it will take decades living on a bare-bones budget to pay off your debt. You must consult with a bankruptcy attorney to determine if you should file for bankruptcy and which type you should file for (Chapter 13 reorganization which gives you 3-5 years to pay your debts or Chapter 7 liquadation which eliminates most of your debts.
If you are looking for a good bank savings account, consider Aurora Bank. Visit Mymoney.gov for more information to improve your financial literacy and education.
