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Getting A Grip Of Your Personal Finance

As the cliché goes, money makes the world go round. Consumerism has never been as vibrant as today when everything can just be had at the mere swiping of an electronic card or at the click of your mouse. When financial matters are the least of your worries, everything seems to be within reach and affordable from the barest essentials down to your items of luxury. Or you are living on a budget but the sight of that sexy and trendy top is just enough to send you running into the store and buy it. But at the end of the day, there is that nagging feeling that you have exceeded your spending limits, and just threw your budget out the window.

A worst case scenario is when you've maxed-out your credit cards due to relentless spending that could have otherwise been paid out in cash, and failing to pay your credit card bills for any reason. The credit card craze is global and has permeated even third world countries whose credit standing is further shaken by bad debt performance. In the U.S., data shows that total credit card debt has reached up to $785 billion, which translates to a credit card liability of more than $8,000 for an average American. In the U.K., total consumer credit card debt in April 2006 has reached £56.0 billion. Figures show that the debt has continued to increase at the rate of 7.3% for the past 12 months.

Such staggering figures would surely leave us asking ourselves how we have contributed so much to it, but one thing is for sure, that it has a lot to do with the way we handle our personal finances.

Working With Our Personal Finances

Unburdening ourselves from financial worries starts from self-discipline. The rule to live by is very simple: if you spend more than you can afford, you lose more than you can afford to lose. We need to take control of our finances, and what better way to do it than by having a working knowledge of how to handle common personal financial problems such as credit card debts, personal loans, and bankruptcy.

Personal loans. In simple terms, a personal loan is a loan of money that is extended by a financing company to an individual. It is the means usually resorted to by the borrower to give a stop-gap solution for a temporary financial problem such as payment for electric bills, credit card monthly bills, or other necessities. Most personal loans are unsecured by any collateral so they command higher interest rates. A homeowner may use his or her house as security for a personal loan, in which case it becomes a secured loan.

If you plan to take out a personal loan, make sure that you have enough financial resources to be able to keep up with your payments regularly. This is an even more important consideration when you are taking out a loan on top of your other unpaid loans. Anticipate the worst-case scenario of unemployment or serious illness when measuring up your capability to return the money.

Bankruptcy. A person who owes one or several debts to another, and has no sufficient finances to pay debts as they fall due, may apply for personal bankruptcy. The purpose is to use your remaining assets, income, or earnings received and apply it for the lump sum or installment payment of debts due. While bankruptcy does not hinder you from seeking a new employment or other livelihood options, a bankruptcy record will remain on a person's credit report for up to several years. It creates a disputable presumption among creditors or lending institutions that a person who has filed for personal bankruptcy is a high-credit risk. They may use this as a justification not to grant credit or extend one on lesser terms. If you are in dire financial standing, seek other alternatives before opting to file for bankruptcy. Try to negotiate directly with your creditors for lighter and manageable monthly payments, or even for a partial condonation of your debt. If there are no other options available, make sure that you get expert professional help, such as credit counselors and lawyers with experience in personal bankruptcy cases. Bankruptcy involves complicated legal procedures, documents and applications, so it would be best to resolve it with people who can best represent your interest.

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In summary, handling your personal finances is largely influenced by the way you exercise self-control, prioritization of expenses and knowing how to properly handle your financial problems. If you've racked up a pile of debt list and it becomes too much for you to handle, get as much help as you can from your friends and family, or consult professionals. And lastly, live by the simple rule of not spending more than you can afford to keep your finances manageable and trouble-free.

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The Best Way to Understand Personal Finance

The Best Way to Understand Personal Finance

Personal financeThe first step, or focus of personal finance that I recommend is to pay attention to your money. Simply this means, know each month how much money you have coming in, and how much money you have going out. How much are you making with pay checks, second jobs, annuities, settlements, etc. Keep detailed track of exactly how much money you bring in each month from all sources, and call this your income. Next, keep detailed track of how much you spend each month in bills, payments, settlements, expenditures, food costs, etc., and call this your expenses. Each month account for your money, and this focus will keep you always aware of your personal financial status. 

The second personal finance focus is on reducing your expenses. Treat your personal finances as a business, you are in the business of you, and like a good businessman you must always keep an eye on reducing costs and becoming more efficient. Perhaps after assessing your personal finance budget you see that you are spending too much in credit card interest, seek to reduce it. This is a constant process and this constant focus will help you streamline your finances and free up additional monies. 

The third personal finance focus should be on increasing your income. Maintain a constant focus on your finances and your means of bringing in income, and keep your eyes always open for opportunities to increase the amount of money you bring in. Sounds simple, as we all want this right? You would be surprised how often the promotion across the avenue is overlooked, or the promotion within your own company is not seized. Consider looking outside your job, find ways to help and service while creating additional money doing what you love. There are always opportunities, create the personal finance focus to always be watching for these moments, and seize them. 

The first rule of personal finance and most basic precept that must be absorbed for successful money management is to believe that managing your money is important and deserves focus and energy. You are capable of managing your own money, and making sound financial decisions with your own given common sense. Finance and money management is not magic, it is not so complicated as necessitating a high paid expert to tell you how to spend your money. Develop your own common sense money instincts and then follow them over the advice of any others, ultimately you are responsible for your personal finances. 

Personal financeThe next personal finance rule is to focus on spending less than you make and earning more than you do today. Personal finance basics are all about discipline, and setting yourself on a long term track for growth with sound financial habits. Set yourself up for success with a constant focus on reducing your monthly spending and increasing how much you make. This should be a constant, lifelong, focus and worth of your effort. Learn the use of budgeting and projecting as tools to help you understand your financial present, past, and future. 

The next basic rule of personal finances that will lead to your success is to make understanding how money works important in your life. Dedicate a little time in your life to understand the various financial instruments, investment tools, and successful business practices that exist today. In creating wealth you will have extra savings in need of investment and you should know what the options are available to you. Mastery of personal finance basics will lead you to more advanced financing techniques, constantly expand your capabilities. 

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Secured Personal Loans - Single Solution For All Your Financial Ills

Secured Personal Loans - Single Solution For All Your Financial Ills

Secured Personal loanThe general opinion of people about secured personal loans has undergone a sea change. They are no longer considered as evil as in the yesteryears. They have become as much a part and parcel of the present day's individual as some of the essentials like food. In fact, it is secured personal loan which finances food and other needs in the absence of sufficient income. 

Earlier people would abstain from taking personal loans unless it was very urgent. Personal loans during those times were more often than not secured through collateral. There was always a fear of repossession of the asset. The fears were not completely baseless. There were quite a large number of instances of borrowers losing their assets to loan providers because of non payment of the secured personal loans. 

Secured personal loans have a history that dates back to centuries before the advent of modern banks and financial institutions. Even in the ancient times, borrowers were able to draw funds only when the lender was given rights to certain assets. Though a vast change is visible in the lending policy today, the popularity of secured personal loans sees no decline. Though homeowners do have the option to take unsecured personal loans, a majority of the group prefers to have loans the secured way. 

Mere apprehension of losing homes through repossession fails to motivate borrowers to change loyalties. At least borrowers who have been regular in credit transactions or had not more than one or two incidences of bad credit will not put their weight for loans without collateral. Loans without collateral or unsecured personal loans do not claim a direct charge on the borrower's home, but compensate the risk with a very high rate of interest and equally strict terms. Therefore, while the safety of home is ensured, the cost of loan rockets up. 

In order to get the best loan that you can, it's important that you choose the right collateral to secure the loan. If available, home equity generally works well... the value is generally high enough to offset any potential credit problems that you've had in the past. If you don't have home equity or are not wanting to use it, take the time to consider other high-value items such as automobiles as they'll help to show the lender that they will get their money back no matter what. 

All secured personal loans allow you to leverage items or cash (as in savings accounts or certificates of deposit) against the cost of the funding. Thus, you can "put up" your house, car, or investment items against the amount of the personal finance. And it's not unheard of for friends or family members to leverage their own personal items to help the primary loan signer, though this can be a tricky prospect for all involved. 

This means that you'll likely be able to take out more money in secured loans because the financial institution's risk is lowered as a result of the secured loans process. (Of course, if you renege on your payment, the bank or lender will be able to take the property you put up as collateral for the secured personal loans.) 

Secured personal loans are a fast and an easy means to fulfill a variety of your needs. There are no restrictions on how you use the loan amount. You may use the loan for multiple purposes, such as making home improvements, purchasing a vehicle, meeting your wedding expenses, financing your higher education, debt consolidation and so on. 

In order to avail secured personal loans, you need to put forth collateral, which may be your home. Putting forth security against the loan amount enables you to get loan at a lower interest rate, flexible repayment terms and repayment period and with minimum time and hassles. This is possible because the lender perceives lesser risk as he/she has the property of the borrower to fall back upon in case the borrower fails to repay. So, the lender won't mind being flexible while deciding upon the terms and conditions of the Personal loan. Another advantage you get by going for secured personal loans is that you can borrow a large amount of money. This is especially beneficial when you are in need of lump sum money for some major tasks, such as making home improvements, meeting wedding expenses or purchasing a car. It is difficult to get approval for a large sum of money in the absence of collateral.

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