Finance & Loans

What to do if your credit or debit card security has been breached

The Atlanta based Global Payments, a credit and debit card processor recently revealed that up to 1.5 million accounts in North America have been hacked. Master Card issued a statement asking card holders to contact their financial institution if they have any concerns and Visa said their cards are not impacted by the hacking. Here’s what to do if you discover any unauthorized transactions on your credit or debit cards.

• Scrutinize your monthly statement very carefully for any unauthorized charges.
• Contact your financial institution immediately.
• Know your rights. You are not responsible for more than $50 fraudulent charges under the Federal law and most card issuers will remove the entire charge.
• Place a fraud alert in your credit files. This will obligate any credit agency to contact you before issuing any new credit.
• Get free copies of your credit reports annually and review those reports for any inconsistencies.
• You can also contact the retailer who charged your card. It could be a simple mistake that can be corrected promptly.

Many states now carry laws requiring timely disclosure of data breaches and stiff penalties for failure to inform such incidents.

What is in a Dental Insurance Plan

How do you get the best dental plan? This is the question that many will ask after finding out that the dental insurance plan they has does not cover some operation or other. Dental bills can be at times huge. With the right dental plan, it is easy to get out of these bills. Some insurance providers however will not be forthright in the small print. It is thus very important to look very closely into the insurance cover you are signing onto. This can make all the difference between penury and health.

The first thing to look into when looking for a family dental insurance plan is the amount insured. This is the amount that will be covered by the insurance provider in case of an operation. There is usually a maximum amount. You have to calculate the amount of premiums you are paying in relation to the total sum insured. This means that when an expensive operation is in order, you will have enough money to cover it.

The affordability of the insurance cover must be also considered. There are fabulous discount dental plan offers. These plans give you the chance to pay less for routine operations that are regularly attended. This is done in tandem with the health provider. This is done to encourage you attend more check ups which in the end prove to be beneficial. The insurance provider pays less as more expensive operations are avoided, while the insured also prevents opportunistic infections that come from poor dental hygiene.

Be aware of credit card fees

Here are what to watch out for credit card fees.

Annual fees: Most cards charge an annual fee. Look for other things like airline miles that you earn before deciding on card that has an annual fee.

Cash advance fees: Consider interest rate, when you will be charged (some start immediately without a grace period), and any other one time fees that will be tagged on to your cash withdrawal.

Convenience checks: My card has a practice of sending me checks just after holidays when I am desperate for money. It usually comes with a teaser rate for a limited time and increased to a higher rate. Be aware of the consequences of using convenience checks.

Over-the-limit fees: This could be a very high rate often associated with a one-time over draft fee as well as it will require you to pay the amount over your limit immediately.

Inactivity fees: It may be a safety net to carry an additional card. However, if you don’t use it, you may be charged this fee. Also, it will have an impact on your credit score.

Foreign currency conversion fees: This is a higher fee and some cards are not allowed to be used in certain countries.

Ways Of Cashing In Your Life Insurance Policy

Emergencies may always rise when one is expected to have some cash to fix the problem. However, they may fail to have the money and therefore must look for alternative source of funding. Cashing in your life insurance policy may always be one of the alternatives available. However, one must only use this as a last resort since they may be compromising the future financial status of one’s family.

There are always several ways one can cash on their life insurance policy. The first is selling it to a secondary buyer. This means that the buyer will pay one for the life insurance policies they hold and after their deaths, the buyer always take the death benefits of the policy. This is a fast way of getting cash but may not be very realistic to young policy holders. Another method is cashing of life insurance policy with the company that provides the cover.

One can also decide to take loans on their policy. This may not be available for those who just started saving as it is this money that usually act as collateral. This restricts the amount of money they can borrow since an individual is always not allowed to borrow more than what they have accumulated.

Cashing in one’s life policy may be a very quick and fast method to get money during emergencies. However, it usually has consequences which may not be very favorable to those selling their policy. Some of these include reduced death benefits to one’s family members. The money withdrawn is also exposed to taxation that may greatly reduce it.

If one cannot find alternative source of funding and decide to sell their life policy, they must always get the advice of a professional advisor. This may help them get the best deal for their policies. Chances are that there are going to be more than one bidder interested in buying these policies. One must always compare all the bids and get the most competitive amongst them.

A lesson you can learn from the Federal budget

President Barack Obama forwarded his 2013 budget to the Congress on Monday, February13, 2012. It predicts a whopping $1.3 trillion deficit for Fiscal 2013. If the Congress is unable to reach a compromise, mandatory across the board cuts that was agreed previously will go into effect.

The budget proposal includes “Mandatory” and “discretionary” spending programs. Federal government’s mandatory programs include Social Security, Medicare, Medicaid, and federal workers (civilian and military). Now take a look at your monthly expenses. You have your mortgage; health, property, and vehicle insurance; and others. Even they are compulsory, you can take a look at ways to reduce the monthly payment. Look at refinancing your mortgage to lower your monthly payment. Also, you can shop around for better rate on your various types of insurance policies.

Let’s look at “discretionary” spending. The Federal discretionary spending is set each year through appropriations. The current divided Congress may not be able to reach a compromise on this, especially in an election year. You are more fortunate than the Congress. You can review your discretionary spending such as eating out, going to movies, and other social activities. Tighten these spending during difficult times to manage your finances.

Which credit card balance to pay off first

Holidays are gone and credit card bills start to file up. If you have several cards with balances, you wonder what card to pay off first.

One may argue that you should pay off the smallest balance first. This may be true if you can pay off the entire balance and you enjoy having a one less card to worry.

On the other hand one may argue you start to pay down the balance with the highest interest first. This may be true because you will be saving on interest charges. However, depending on the balance, you may not feel an improvement if you don’t pay a substantial amount every month and feel that your balance going down very slowly. For your sanity, you can simply calculate how much you are saving on interest every month by paying the largest balance with the highest interest rate.

Here is another point to consider. Your credit card balance can influence your credit score. If you maintain one half of your credit limit as your balance of each card, it could increase your credit score compared to several cards with higher balances.

So, you decide which balance to pay off first and gradually become debt free.

Debt consolidation options

In the present economic situation many are the people who are overburdened with high interest credit card debt and looking out for ways to relieve themselves of this burden. Debt consolidation is one such means and involves combining multiple repayments into one single payment. There are 4 ways how debt consolidation can be done:

Debt consolidation through personal loans

This is used for smaller amounts and there is usually no collateral which means it will have a very high rate of interest.

Debt consolidation through refinance

This option was mainly used by home owners when the housing market was good and loans were easy to obtain. But it is not a viable option in the current market situation where the housing prices are very low. You also face the risk of losing the house if you are converting an unsecured loan in to a secured loan.

Debt settlement

One will be able to greatly reduce the amount owed as well as waive off interest payments and financial charges and will enable the person to clear the debt faster though it will have an impact on his credit score.

Debt management plan

Enables the person get relief in the form of reduced interest rates, consolidated payments, waive off late fees while clearing the debt.

How to Begin Saving Money for Larger Purchases and Retirement

It is often said that people should try to save at least one fourth of their annual incomes. But during a weak economy and a frail job market, saving money is easier said than done. Still, for most people, including a growing number of Americans who have stopped using credit cards and living beyond their means, saving money has become a way of life; a way to help pay for larger purchases and even prepare for retirement.

But where do you go when you want to invest your money? Where is the safest place to deposit your hard-earned funds? The answer is a bank. Opening a bank account is the first step towards investing your money in a safe place. Most banks are FDIC-insured up to $250,000 or more per account. And while it may seem difficult to save at least one fourth of your annual income, a great way to start saving is to start small.

When most people think of ways to save money, they might consider skipping that cup of coffee in the morning or packing a lunch instead of going out. However, the best way to save money is to actually save it in the bank. Set aside at least 5 percent of each pay check and deposit the money in your savings account. Consider it as another bill, money that you can’t touch. Another option is to deposit your funds in a high interest savings account. While it is difficult to find a high interest savings account these days, it does exist.

How to Avoid a Commercial Debt Collection Agency

Plenty of people are in the need of an efficient strategy to deal with their debts and face the numerous bills that have to paid. The same goes for companies, whether large or small. A commercial debt collection agency usually steps in before they even realize it. Every individual will face such problem at some point – a situation that implies juggling with various payments, such as rates, house mortage, bills for utilities, insurance costs and other financial requests. The large amount of bills will accumulate in time and if you can’t deal with them, you may end up in a financial abyss. Fortunately, there are options out there to help the people get back on track and get out of a desperate situation in another way.

Whether you count on a Los Angeles collection agency or a debt collection Texas agency, your location doesn’t make any difference. The agency wants your money and in order to get them, it will assign you to an agent to help you out throughout the process. Such an agency can help you even if you are not in debt. The best debt management strategies are those that are applied before you start accumulating any dept. It is more like a prevention plan. Occasionally, unpredicted and unexpected situations arise. You may not have a proper control over the large amounts of money you must pay. With all these, you have options. Before getting there, find a proper strategy to avoid these unpleasant situations. Whenever the problems step in, you know you are covered.

What you need to know about News Trading

If you are a Forex trader you would have come across the term “News Trading” where a trade is made immediately before or after the announcement of key economic data. Trades made at times like this can result in big profits or if not analyzed properly massive losses. So what are the pros and cons of News Trading?

Pros

The release of key economic data will see the country’s currency gain or lose hundred points within a few minutes, giving you the opportunity to make gains from the news. For example an announcement from the Federal Reserve Bank that the interest rate will be increased will see traders buying more dollars anticipating to make profits.

Cons

The market tends to be very volatile when lots of key economic data is being released. It is easy to lose lots of money unless you closely monitor the markets and very accurately read the information.

You could be “Locked Out” by your Forex broker, this is where you have made the order at the correct time but it has not been executed leaving you no time to make any amendments if the trend isgoing against you.

The volatility in the market will make you experience slippage.

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