Selome Samuel

Just Haning Out with Sammy

Tag: retirement calculation

Retirement Saving Tips

Just about everybody has heard of identity theft, but most people do not believe it could ever happen to them. The fact is, identity theft is more common than most believe. Its not hard for identity thieves to obtain all of the information they need in order to assume another persons identity, but it can be made a whole lot harder for them if people remain smart and protect themselves as completely as possible.

When it Happens?

If a person becomes a victim of identity theft, it can take a long time – possibly years – to recover from it. It can also cost the victim thousands of dollars as well as ruin their credit score. Usually, its nearly impossible to recover from identity theft in a quick manner because many things have to be resolved before forgiveness will be given by the three major credit reporting companies in the United States.

If identity theft does happen, the person who is the victim will probably experience problems obtaining any sort of financing (mortgage, car loan, student loan, credit cards, etc?). And, the worst thing that can happen is that the victim of identity theft can even get arrested for crimes he or she did not commit.

All of the results of being a victim of identity theft are not fair, and are very difficult to resolve. Being a victim can be a real headache and can basically interrupt or stall an innocent persons life for several years. So, the best possible thing is to do is to try and do anything and everything to prevent becoming a victim in the first place.

Protect Personal Information

The easiest way for identity thieves can assume another persons identity is to obtain personal information from a potential victim and use that information to fill out loan or credit card applications.

While most victims do not offer thieves their personal information, they are not aware that their information is contained on many documents that they have not disposed of properly. For example, thieves have been known to go through peoples trash cans looking for personal information. When papers are thrown away without being shredded, thieves can retrieve the information and use it.

Thieves are also known to go through peoples mailboxes to obtain in-coming letters from banks and/or credit card applications and use the data from these various pieces of mail to apply for loans or credit with the stolen information.

In-coming mail is not the only source of mail-related information that thieves can acquire. Out-going mail that is placed in a persons mailbox for the mailman to pick up and take to the post office is a great source of information for thieves. When a flag is placed in the upright position on a mailbox to indicate that letters are inside waiting to be mailed, its like a signal to thieves that they should come on over and steal it. Therefore, letters should always be mailed in a post office mailbox instead of a personal/home mailbox.

Other Ways to Prevent Identity Theft

Its not difficult to perform some easy steps to prevent being a victim of identity theft. In addition to properly disposing of paper containing personal information and mailing letters at the post office, following are some additional tips:

1. Always destroy receipts, credit card applications, tax information, canceled checks, and mortgage information before throwing it away. This means completely shredding it or even burning it before it reaches the trash can.

2. Even if a credit card is expired, cut it into tiny little pieces before throwing it away. Some people throw half of the tiny pieces into one trash bag and half into another trash bag.

3. Report stolen credit cards immediately to credit card companies. Dont wait an entire day? Do it the minute theyre discovered to be missing.

4. Monitor credit reports on a regular basis, and watch for anything suspicious. If anything out of the ordinary appears, investigate it right away.

Savings Required For Retirement

With the popularity of Personal Loans escalating persistently in the loan market today, Im fairly sure that you are more or less aware of what these loans actually entail. Personal Loans are fundamental loans taken to simplify or assist you in your financial lifestyle. With the standards of living constantly on the rise on one hand and your stagnant monthly pay checks on the other, meeting day to day demands too becomes dicey. A Personal Loan is that Good Samaritan that can either serve as a necessity or a luxury. For example, Personal Loans can support necessities like household bills, overdue rent, childrens education and furthermore, luxuries like a dream house, the long-awaited car or a needed vacation. Personal Loans are all you need when you feel tied down with flat income. Therefore, if needed, open your minds to this concept of Personal Loans because simply put : You gain from it!

Personal Loans are of 2 kinds: Secured and Unsecured Personal Loans.

Secured Personal Loans:

Secured Personal Loans require any securable collateral to be put up against the loan. Collateral can be an asset like your home or automobile.

Collateral lowers the risk a lender faces and hence these loans have low interest rates and flexible repayment terms. These niceties vary with the loan amount, credit score, financial standing, etc.

A good credit statement can lower the interest while a bad credit can reverse that.

For Secured Personal Loans, the loan amount ranges from $5,000 to $75,000 and the repayment period extends from 5 to 25 years.

However, any default in your payments leads to confiscation of your collateral.

Moreover, many borrowers have no security to offer other than their home and putting your home at risk is not something most people consider.

Unsecured Personal Loans:

Unsecured Personal Loans are based entirely on the character and financial capacity of the borrower.

For Unsecured Personal Loans no collateral is required and hence these loans are hard to obtain. They are ideal for tenants and non homeowners as they have no property to pledge.

As there is no security offered, a lender cannot be sure of repayment; hence is under more risk, and therefore the interest rates in this case are higher.

For the same reason, lenders limit the value of Unsecured Personal Loans to $25,000. The interest too ranges from 7% to 30%.

The repayment term for an unsecured loan starts from 6 months and can go up to 10 years. Usually, the loan repayment term for an unsecured loan is shorter than that for a secured loan.

As the time taken for valuation of collateral is eliminated, theses loans are quicker to obtain and the loan amount is available very fast.

As Unsecured Personal Loans are approved solely on the character and repayment capacity of the borrower, bad credit history becomes an obstacle in the process.

Procedure in approval of Personal Loans:

Choose a loan with interest rates and repayment terms that suit your economic position. Expert advice is better to make yourself aware of all apt loans available.

You need to fill out an application form. Being brief but clear is generally preferred. Easy approval is facilitated if the application form gives explicit information.

Submit required documents like credit statement, income statement/proof, etc.

Income verification takes place. Assets are verified through two months statements.

The lender now makes his decision on the basis of the amount, the terms selected, your credit history, etc. This process takes 24 – 48 hours.

Today, Personal Loans are taken without hesitation. Because of this popularity of Personal Loans, more and more lenders are emerging, each offering better options than the other. Expert advice will help in making decisions. Being aware of your financial condition, you can choose your loan options better. Thus, the final decision is reserved with you. Explore your options and familiarize yourself with the terms and condition of Personal Loans before settling on any one. You can apply for these quotes at different loan lenders and thereby compare loans. You just need to shop around to find the best deal!

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