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Articles Archive for February 2006

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[28 Feb 2006 | No Comment | 367 views]

With Condo Hotel you are purchasing Real Estate, NOT Revenue.
The SEC regulates/restricts any forward looking statements made by the condo hotel industry. It is important for you to do your own research. This is an attempt to help you begin this task, but this should be a starting point, not an end. Our concern is that our borrowers know clearly what they are buying, and can afford the monthly payments should there be NO rental income.
Hassle-free rental income as an offset to ownership expense is the an advantage to condo hotel vs a traditional condo. If you must hire a management company for your traditional condo, and are limited to weekly rentals (which should generate less on a per night use than nightly rentals) your net rental income should be higher for a condo hotel, with less hassle on your part. Your time and money invested has a value that …

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[28 Feb 2006 | No Comment | 349 views]

We know that you can give up to $12,000 per person per year and never pay a federal gift tax – thanks to the annual gift tax exclusion. That’s fine if you’re writing out a check or just giving cash. But, how can you give someone a house or a business or anything else that is not money and still have it come under the annual gift-tax exclusion?
Let’s say you’re parents have a condo in Florida that they bought several years ago for $100,000, and it’s now worth $400,000. Now, they want to give it to you and your two sisters because they’re concerned about the new Medicaid laws and their estate taxes.
Qualifying the entire $400,000 condo under the annual gift tax exclusion is not easy. First, it’s hard to gift real estate in $12,000 increments. Sure, you can do it by simply dividing the value of the condo ($400,000) …

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[28 Feb 2006 | No Comment | 458 views]

When confronted with the reality of having bad credit, people’s first reactions are something along the lines of “I’m doomed” or “This is it” and that’s it. But there’s no need to be so depressed and pessimistic just yet.
Haven’t you heard about the wonders of credit repair? Yes, I know, the critics are still going on and on about the need for consumers to be wary of professional credit repair companies and the kind of services they’re offering but whether you do it yourself or hire the services of a professional credit repair company.
If you’re interested to learn about the things you can do to fix bad credit – yours in particular – read on!
Bad Credit Can Still Be Erased – That’s the first thing you have to convince yourself of. The path to credit repair is not a short and easy one so if you don’t have the patience …

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[28 Feb 2006 | No Comment | 322 views]

What you are about to read may make you reassess your attitude to zero interest balance transfer offers. I will show how these balance transfer offers are pushing more and more people into serious financial difficulties and I will suggest a few ideas on how you can manage your debt better.
Credit card debt is rising at an alarming rate and many people are now getting into serious financial difficulties. One of the reasons is the promotion of no interest balance transfer offers and interest free initial periods.
Like most people, I’ve been tempted by the these offers to change my credit cards. I’ve taken them up on their offer and moved my credit card debt and, for a limited time, had no interest to pay. But “just in case of an emergency” I usually hang onto my old card.
Then something happens, an unexpected bill, or a wedding or birthday gift I’ve …

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[28 Feb 2006 | No Comment | 405 views]

Many of us get into financial trouble, or at the very least over extended, and seek the help of experienced professionals or credit counseling. Often this is due to credit card interest rates and loan interest rates and late fee penalties that creates an ever spiraling trap that eventually leads to our not being capable of paying the minimum monthly payments.
At this stage your credit rating can be severely affected to the point that you are unable to get a loan to get yourself out of trouble.
Experienced consumer credit counselors can help you save money and in many ways may actually reduce your debt quite considerably.
Today credit cards are considered not just a convenience but a necessity. However there are some serious pitfalls that need to be avoided as they can affect your overall credit standing. Late payments may attract higher monthly interest rates and certainly late payment fees will …

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[28 Feb 2006 | No Comment | 380 views]

Once you get that credit card, here’s how to use it most effectively!
The best way to make your scores improve is to keep the balance of your cards low in relation to your higher limit. In other words, with a $1,000 credit limit, you should carry no more than $100 in balance to optimize your score.
Paying off the account provides no activity for your scores to be calculated. Closing the account may very well make your overall debt ratio higher and bring your score down.
The best way to use a credit card is to do the following:
Start off each month by making one small charge. This could be a tank of gas, date night with your spouse, or your monthly gym membership fees. Once you make that charge, put the card away! (When your card is not in your wallet or purse, you are less tempted by those “emergencies” such …

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[28 Feb 2006 | No Comment | 386 views]

It is one of the joys of the credit industry that prices of credit, and in particular of credit cards, have continued to fall over the past number of years. Today you can get zero per cent on balance transfers, and even zero per cent on purchases, offers that were simply unimaginable just a couple of years ago. This is all the result of increasing competition in the market place from alternative lenders and banks from abroad, particularly US banks. However, there are still many charges out there and it takes some care and consideration to make sure that you don’t end up paying far more than you should for your credit cards.
The main charge associated with credit cards continues to be interest charged on outstanding balances. This is traditionally how credit card providers have managed to rake in the massive profits that they have become associated with. It doesn’t …

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[28 Feb 2006 | No Comment | 345 views]

Life is a road of ups and downs, you never know when bad times can come. With the increasing amount of demands and their increasing prices day by day you never get to know when you are drowned in debt. Debt stress can leave you bankrupt. Now, DEBT CONSOLIDATION and debt management come into the picture. Both debt consolidation and management provide valuable assistance. However, you need both for maximum results.
In spite of of how the debt cropped up, once the person accepts financial responsibility and commits to change, the road to a debt free life is possible.
Management of debts is very important. It helps you understand how to get a handle on your finances. While managing our debts we should first of all evaluate our current financial status, so that we can prepare a road map for our finances. Next strategy would be budgeting, so that sufficient finances can …

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[28 Feb 2006 | No Comment | 709 views]

Are you like many of the countless millions of consumers that are swamped with a large amount of consumer debt with no relief in site? Does your financial situation paint a picture of more bills then you can actually afford to pay? Does your rising debt cause a state of tension between family, friends, your bank and creditors? How about your state of mental health or even your physical health? Financial worries can quickly and easily create more problems in your life due in large part to the strain placed on your emotional well being. There may be a source of debt relief that can help get you back on your way to financial freedom and out of the rat race of financial distress. It’s commonly known as debt consolidation.
Debt consolidation is the process of combining all of your current monthly outstanding bills into one monthly payment that in theory …

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[28 Feb 2006 | No Comment | 331 views]

Today’s baby boomers want more out of their estate planning than just passing along an inheritance to their children. They also want to pass along their values – and they’re using incentive trusts to do just that.
Incentive trusts do more than protect a child’s inheritance until the child is old enough – and mature enough – to handle the money. They actually go one step further – they use the inheritance as sort of a reward for doing the right thing.
For example, a traditional trust would hold an inheritance until a child was, say age 25. At that time, it was believed that the child would have finished school and started on a career. At the very least, the inheritance wouldn’t serve as a disincentive to finishing school or getting a good job. At age 25, or there abouts, the trust would end and the inheritance would be given outright …