Maximise your compound interest, FREE mortgage quoteWritten by Luke Goodin
Compound interest is very method that finance companies have made their money for many decades. However at last competition from a booming worldwide economy has forced industry to give consumers a better deal.Compound interest in a nutshell is basically daily calculation of interest that accumulates into thousands of dollars designed to suck consumer dry. FACT: I used an interest calculator to work out how much interest my best friend Brad would be paying if he continued paying normal repayments on his $280,000 home loan over 30 years. It worked out he would be paying $412,000 JUST IN INTEREST over 30 years. Now if he put his homebuyers grant (for overseas viewers of this article in Australia first home buyers get a grant from government of $12,000) straight into his loan it would cut 7 years off his loan. A total saving of just over $150,000 in compound interest just from that small investment of $12,000. The same applies if you put just $5.00 or $10.00 per week extra into your loan or if you get ultimate deal where you put your whole salary into mortgage loan account and draw only funds you need to survive out. These methods blow compound interest away real quick and save you hundreds of thousands of dollars.
| | New Bankruptcy Law Will Not Protect You from Identity TheftWritten by Charles Essmeier
Recently passed by Congress with overwhelming support, oddly-named Bankruptcy Abuse Prevention and Consumer Protection Act was designed to eliminate “bankruptcy of convenience.” The perceived problem is that many compulsive gamblers, shoppers and drug users often run up huge debts on easily available credit cards with no intention of paying their bills. A relatively easy bankruptcy filing through Chapter 7 of Federal bankruptcy code wipes all debts clean and gives debtor a fresh start. Studies would suggest that most people who file for bankruptcy are actually suffering from sudden illness, job loss or some other catastrophic event, but law was passed just same, and debtors will now have to repay at least a portion of their problem debt when new law takes place in October, 2005.
A provision of new law that was not well publicized is fact that law applies to any debt, including debt which has been incurred through theft of debtor’s identity. If someone steals your credit card, or driver’s license, or both, and runs up a huge amount of debt by posing as you, then you will be held responsible for debt. Identity theft has become an increasingly large problem in last few years, but new legislation should make everyone aware of problem associated with identity theft. While a determined thief can probably steal anything, a few simple steps can make it harder for someone to steal your identity.:
Shred your documents. There are plenty of thieves that will sort through trash, looking for credit card receipts, bills and any document that has your signature. If
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