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Monthly Archives: September 2016

Not Paying Credit Card Debt

“Precisely what might likely happen on the off chance that I quit making regularly scheduled installments on my charge cards?”

Just by not paying Visa obligation, various individuals absurdly imagine that their Mastercard obligation will leave. Really, it isn’t so much that basic. Actually most by far of banks and obligation authorities are not going to effectively disregard a money related obligation – especially if the obligation is for a huge number of dollars.

A few tips about what may ordinarily occur should you pick not to pay Mastercard obligation. To begin with, you would unquestionably get calls or letters from your charge card organizations mercifully advising you that you are behind.

Keep in mind, charge card organizations characterize a misconduct as getting an installment at least 30 days taking after the due date. In the event that you slight the telephone calls or the letters, the banks will potentially build your loan costs to a most extreme of 30%!

In case you’re approximately a hundred and twenty days late, the charge card organization is probably going to pitch your record to some accumulation firm. The Visa organization will likewise report your misconduct to the credit offices. Your financial record will state “accumulation account” for the past due record.

The collection organizations will more than likely saturate you with phone calls. Worse, they could even call up your employer, friends, or family to reveal your delinquency. Or perhaps even, if they sense that you don’t know your legal rights associated with debt collection, they could attempt to manipulate you and tell a lie or deceive you in order to get you to ultimately repay.

Because your credit rating will certainly worsen, upcoming interest rates will be increased. At the same time, if you plan to get a house, the mortgage lender will probably ask for you to pay-off the account.

What’s more, you may not get promoted, or hired by a future company, due to the fact that progressively more and more companies are now reviewing credit files as a tool to help them in making hiring, or promotion decisions.

Just in case everything else fails in the attempt to recover from you, they may file a lawsuit. In case you still don’t pay after you have the summons to show up, the collection company may prosecute you in order to obtain a judgment.

If a ruling is achieved, the debt collector can put a lien upon your property (assuming, of course, you are a homeowner), garnish your salary, as well as ask that the courts freeze all bank accounts. The debt collector cannot take away your home.

As you can tell, not paying credit card debt might be the worst thing you can do. You can find more effective options of debt elimination accessible to you.

Tips to Raise and Increase Credit Score

To Raise Credit Score to improve Credit, you should give broad thought regardless of whether to co-sign on an advance. It is especially difficult to state no to grown-up children whom you know are wrestling and need some help. Inquire as to why will they require a co-signor? Is it because of subprime credit, insufficient salary to take of their obligations or some other reason? The undeniable reality they are being rejected credit based upon their own FICO rating and need a co-signor ought to set off notice chimes.

Broadly more than seventy five % of the general population looking for augmentation of credit that obliges them to have a co-signor default on the obligation. The co-signor winds up paying all or a portion of the defaulted obligation. On the off chance that the borrower defaults you as the co-signor must stride in and pay in the event that you don’t seek your FICO assessments to be antagonistically affected. To expel this negative data if genuine is practically difficult to finish. The information will remain on your money related history for at least seven years.

Once signing the contract as a co-signor you can not reverse it unless all parties to the original contract consent to change the conditions of the agreement. Being fearful that the borrower will default some day isn’t sufficient reasons to alter the contract. The bank wanted a co-signor for a reason. That reason is to try and guarantee repayment of the loan.

If an individual ask you to be a co-signor, inquire of them whether or not they have considered the impact to your credit score whether they pay in a timely fashion or not. Regardless of if they pay as agreed, there’s still some breakages to your credit ratings. Your debt-to-income proportion increases which makes it trickier for you to get credit for your own needs without being subject to raised rates. Further, if they default on the debt you will be obligated to pay for them. Of course everybody swears they will not leave you holding the bag. But 75% of the defaulting borrowers do exactly that, leave their co-signor holding the bag.

Word to the wise, if you want to raise your credit history or keep your scores at a level acceptable to creditors, you should always consider very conscientiously whether to co-sign for another be it your youngster, mate or other relative or else you may be left with holding the bag of debt.

Currency Trading Basics

The Basic: You Always Sell and Buy At the Same Time

One of the most confusing concepts for people who are not accustomed to forex trading is the idea of “sell high buy low” to gain profit. To put it differently, you “sell” first, then “buy” later. How could I sell something if I don’t have anything in my possession?

It’ll be easier to explain it with examples, so here it is:

You may have seen this before: GBPUSD = 1.5341. It means 1 GBP = 1.5341 USD.

– If you buy EURUSD at 1.3578, it means you RECEIVE 1 EUR and PAY 1.3578 USD. In other words, you buy EUR and sell USD simultaneously.

– If you sell EURUSD at 1.3578, it implies that you PAY 1 EUR and RECEIVE 1.3578 USD. To put it differently, you sell EUR and buy USD simultaneously.

The Concept of Pips

A “pip” (percentage in point) is the tiniest movement that a currency pair may have. Example: present GBPUSD is 1.7657, then it moves up 1 pip, it will become 1.7658. To put it simple, you need to simply watch the decimal number. Generally, 1 pip is 0.0001, but there are cases such as USDJPY where 1 pip is 0.01.

Let me provide another illustration:

– EURUSD is 1.4300, then it moves down 10 pips; thus: 1.4300 – (10 x 0.0001) = 1.4290.

– USDJPY is 101.35, then it moves up 20 pips, tus: 101.35 (20 x 0.01) = 101.55.

The Concept of Leverage

Leverage is a system that enables common people who don’t possess large amount of capital to be involved in currency trading. Quite simply, your broker “lent” you the capital that you need to support your trades.

Example: with 1:300 leverage and USD 500 deposit, you can trade 300 x 100 = USD 150,000 worth of currencies~if you deposit USD 700 and get 1:400 leverage, you could trade 700 x 400 = USD 280,000 worth of currencies.

The Concept of Lots

In currency trading, you trade in “lots”. Usually, the standard size for a lot is 100,000 for any base currency. In other words, if you deposit USD 500 at a forex broker that offer 1:400 leverage, then you can trade 500 x 400 = 200,000 worth of currencies or 2 lots. Depend on your broker, they can also give you 10,000 lot size.

The Concept of Profit and Loss

It’s exactly like any other trades in the world, you will need to buy at low price and sell at high price. The only difference here is you can sell first when the price is high, then buy later once the price has dropped. As I have described above, it is possible since you always buy and sell at the same time.

The profit/loss formula for every currency pair with 4 decimal (such as EURUSD) is:

(pip difference x 0.0001) x lot size x lot volume


– Pip difference is sell price – buy price

– if the currency pair is USDJPY, the result is in JPY.


Buy 1 lot of EURUSD at 1.4500, then sell it at 1.4550

Pip difference: (sell price – buy price)/0.0001 = (1.4550 – 1.4500)/0.001 = 50 pips (profit).

Profit = (50 x 0.0001) x 100,000 x 1 = USD 500.

Learning forex trading basics is not as difficult as it may seem. Here’s a way to make it easier: open a practice account in an online forex broker, then get a step by step forex trading lesson that you can apply immediately in the practice account. That way, you can grasp the concept more easily.