Sunday, June 20, 2010

“New Guernsey Personal Finance Website - PR Inside” plus 3 more

Personal-Finance - Bing News

“New Guernsey Personal Finance Website - PR Inside” plus 3 more

New Guernsey Personal Finance Website - PR Inside

Posted: 20 Jun 2010 12:51 PM PDT

2010-06-20 21:52:30 - Guernsey based personal loans broker Inter Financial Limited have just released a new finance facility for residents based in the Channel Islands.

Up until now, Inter Financial Limited has predominantly focused on the UK loans market, but with the launch of a new website in Guernsey, www.loans.co.gg, residents in Guernsey, Jersey and the other Channel Islands can take advantage of Inter Financial Limited's loan finder system.

Working with a selection of hand-picked and vetted loan brokers, Inter Financial have helped thousands of UK

loan applicants find the loan they were looking for at the best available rate. However, up until now, the service was restricted to residents of the UK mainland and Northern Ireland. Due to the different finance laws in the Channel Islands, anyone looking for loans in Guernsey could not use UK Loan Brokers as the legal requirements for credit agreements differ. Now, thanks to some new Guernsey partnerships, residents in the Channel Islands can now apply for loans through Inter Financial Limited, www.inter-financial.co.uk

Stuart Pike, Director of Inter Financial Limited explained "Due to many applicants using the web now to search out the best loan deals available, many applications were coming from places like the Channel Islands. Up until now, we have not been able to help those applicants get finance, due to the credit regulations in the UK not being applicable in the Channel Islands. Now we have broker partners based in the Channel Islands, we can now help those Islanders that are looking for finance get the best deal available to them."

Inter Financial Limited are also looking to offer mortgages in Guernsey in the near future once a suitable mortgage broker has been found. www.loans.co.gg/mortgage.html

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Personal Finance: New grads can relieve some debt - Philadelphia Daily News

Posted: 19 Jun 2010 11:58 PM PDT

It's a tough time to be leaving college.

Many new graduates don't have a job, find employers aren't particularly eager to see them, and have mounds of debt. Students who borrow leave school with an average of $20,000 in loans.

There's no getting around the jobs picture. With the economy's downturn, fewer employers are hiring people fresh out of school than they did in 2009, according to a survey by the Society for Human Resource Management.

But if you're a new graduate with federal student loans - called Stafford or Perkins loans - that part might not be as bad as you think. You have 10 years to pay, and may be able to delay payments if the job market remains cruel.

Breathing room. The government gives people with Stafford or Perkins loans - which are friendlier than private loans - six months to get their feet on the ground before starting payments.

Make sure you know what loans you have by using the National Student Loan Data System, at nslds.ed.gov. Meanwhile, pay attention to any private loans, which might need attention immediately. If the six-month grace period passes on federal loans and you are still pressed financially, you will have options only if you respond fast. Call your lenders, explain the job issues, and ask for temporary payment relief or a payment plan.

Deferment or forbearance. You can get relief for up to three years, but you must show lenders proof on such issues as a job loss, active military service, or attending graduate school. If you have a subsidized Stafford loan, the government will pay loan interest while you delay payments.

If you have an unsubsidized loan, you can delay payments, but they will add costs to your future. At 6 percent interest, a $40,000 loan after a three-year delay could be more than $47,600, notes the book: Graduation Debt: How to Manage Student Loans and Live Your Life, by Reyna Gobel.

Remember to request "deferment" or "forbearance" from lenders. Obtain information at http://tinyurl.com/3s3w6d.

Income-based repayment plan. If paychecks do not cover living expenses and student loans, you can get smaller payments based on income and family size. In the future - as your job or a marriage improves your situation - you will be required to pay what you could not earlier. If your income stays low, loan payments can be canceled after 25 years.

Good deeds rewarded. If you serve the public - perhaps through a career in education, health care, libraries, the military, social work, or police work - you might be able to use the public-service loan-forgiveness program to have your debt canceled after 10 years, said Mark Kantrowitz, founder of website FinAid.

Find rules at http://go.philly.com/FinAid

Difficult lender. Public-service forgiveness and other provisions might apply only to loans through the government's Direct Loan Program. If your loans are outside that program, consider moving them into it by consolidating, Kantrowitz said. See http://tinyurl.com/c2p7nu Consolidating variable-interest-rate loans that predated 2006 could reduce rates.

Don't ignore loans. Missing payments without your lender's blessing is considered a default, and that carries consequences. If you want new federal student loans for future schooling or need a transcript, you could be refused.

Defaults damage your credit score, which could keep you from getting an apartment, a job, or a credit card and add thousands of dollars to the cost of buying a car or home.

Gail MarksJarvis is a personal-finance columnist for the Chicago Tribune. E-mail her at gmarksjarvis@tribune.com.

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Personal finance: Asking 'Too good to be true?' still best protection - Coloradoan

Posted: 20 Jun 2010 04:01 AM PDT

Charles Ponzi, an Italian immigrant, was an extraordinarily successful con man. He was at his best extracting money from greedy people eager to make easy money.

Recent newspaper accounts attest to the fact that Ponzi schemers and other fraudsters are still plying their trade.

How do you protect yourself from con artists? You ask questions and verify answers. The first question: Is it too good to be true?

Be skeptical of an investment opportunity that promises guaranteed or unusually high returns. High returns means high risks and high-risk means you could lose your entire investment. Is the risk worth the hoped for reward? How will you be affected if you lose all your investment?

Attractive brochures, an appealing website, and a smooth talking salesperson who wants to be your good friend do not mean that the company is legitimate or that the investment will be successful.

Fraudsters rely on the fact that many people do not bother to investigate before they invest. Savvy investors do their own independent research. They talk with their independent investment adviser (one that has fiduciary duty) or their accountant. They make sure they understand the investment, the risk, and the company's history. They check out the salesperson.

Ponzi schemes involve taking money from new investors to payout purported returns to earlier investors. The early investors are pleased and encouraged to tell their friends of their success. As long as there is a steady flow of new money, there will be money to pay off the earlier investors. The scheme collapses when the fraudsters cannot continue to attract new money. When new money stops coming in the scheme crumbles and the newer investors lose their investment.

When considering a new investment, be alert for red flags.

Is the product offered registered with a government regulator? Most but not all investment products must be registered before they can be offered to investors. Be sure to read the investment prospectus and the company's annual report. If the documents are not available, it is best to walk away.

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Personal Finance: Money tips for college grads - Sacramento Bee

Posted: 19 Jun 2010 11:58 PM PDT

Hats off to the class of 2010. As the last of this year's high school and college graduates tossed their mortarboards skyward in celebration this month, the congratulations poured in.

And in many cases, so did the checks.

Cash may sound crass, but it's what most students say they want.

Which is undoubtedly why most adults giving graduation gifts this year – about 58 percent – say they're giving money, according to a recent survey by the National Retail Federation. They're also feeling more generous, planning to spend an average of $89.95, compared with $88.01 last year.

Overall, 2010 graduation spending will top $3.9 billion, the NRF estimated.

That's a lot of pen-and- pencil sets.

For those lucky enough to instead be sitting on a stash of commencement cash, it can be tempting.

Katelyn Downey, who earned her diploma last month from CSU Chico, was happily surprised by the generosity of friends and family. She received about $1,200 in cash and checks – far more than she expected.

So what's she doing with her windfall?

"About half of my graduation money will be going to a plane ticket for Europe," said Downey, a communications studies and business management major.

But she's not being frivolous. To save on expenses, Downey moved back in with her parents after graduation. The 23-year-old is completing an internship – unpaid – at CSU Sacramento and actively hunting for a retail job to save up for her trip.

"I've never been abroad before," Downey said. "It's such a tough job market; this is a perfect time to go and wait out the economy."

But the young Sacramentan is also mindful of not blowing all her cash on a one-month European vacation. "I don't want to spend every penny I earn on this trip, so I'm hoping to still have $400 in my savings account when I come back home and start serious job hunting."

Setting up savings – a little or a lot – is exactly what financial advisers want this year's graduates to do. Here's more of their financial advice:

Splurge or no?

A year ago, Bills.com president Ethan Ewing was advising graduates to take 10 percent of their gift money – say $50 of $500 – and splurge on something personal.

Not this year. "The recession's not over. And the need for good savings habits is not over," said Ewing, who oversees the San Mateo-based personal finance website.

The president of California's largest credit union has a similar pitch.

"It's very hard for kids to do, but I suggest strongly they set (graduation money) aside in a savings account and resist the impulse to spend it on something just for fun," said Teresa Halleck, CEO and president of Sacramento-based The Golden 1 Credit Union.

Be a saver

Not that you'll earn much with interest rates so laughably low right now, but it's the habit that counts, say financial experts.

"It's the emotional freedom that you can last without having to borrow … the power of knowing you've got money in the bank, so if the unexpected happens, you've got security," said Halleck.

Most financial experts recommend keeping at least three months of living expenses in the bank, so you're protected from a financial fluke – a car repair, an emergency trip home, a medical crisis.

To find higher interest rates, look at online savings accounts, such as smartypig.com or ingdirect.com, which can offer better rates than regular banks or credit unions.

Ditch the debt

The average college student graduates with roughly $4,100 in credit card debt. If that's you, you might want to whack down the balance. Let's say you've got two credit cards: One with $2,000 owed at 23 percent interest; the other with $3,500 at 9 percent. Regardless of the highest balance, "Always go for the card with the highest interest rate first," said Adam Levin, co-founder of consumer website Credit.com.

Pay the bills

Don't forget to settle up, whether it's the landlord or your cable bill. "When you leave the frat house, don't leave behind utility bills that haven't been paid, or you'll end up with a collection (notice). It's as bad as a foreclosure on your credit history," said Levin.

If your credit report is littered with collection notices, it could cost you big-time when trying to rent an apartment, buy a car or apply for credit card or a loan. (To check your report for free, go to annualcreditreport.com.)

Consider a credit card

If you're looking to start clean on a credit history, graduation may be time to open a credit card, as long as you can faithfully pay off the balance each month.

If you don't have a steady job or enough credit history to qualify for a credit card, consider getting a parent to co-sign or go on their card as an "authorized user."

Another option: a secured card where you put up a deposit – such as $500 or $1,000 – that lets you spend up to that limit.

Invest a little

If you've got extra cash, you might set up an online investment account, such as eTrade, Ameritrade or Scottrade. "You can definitely blow money on stocks," warned Ewing, but the ability to see your dollars/ cents going up and going down is a more engaging way to appreciate the value of savings." Mutual funds, tied to a major index, are a good option, said Ewing, who recommends getting advice from parents or a financial adviser.

Retirement. Really.

When you don't even have a "real" job yet, saving for a retirement decades away probably sounds like something for another planet. But opening an IRA or Roth IRA account today could be a wise investment. "Good habits start early. For young kids it matters not a lick if your 401(k) or IRA goes up or down now," said Ewing, "because you're not touching it for years until retirement."

Get smart

Given the economy's black eye, getting educated on money matters could serve you longer than those Sociology 101 lecture notes.

"It's shocking how financially illiterate we are in this country," said Levin, noting that most universities and few high schools offer classes in financial literacy basics.

Pick up a personal finance book aimed at 20-somethings, such as "I Will Teach You to Be Rich" by young Stanford University grad Ramit Sethi, or dive into websites such as practicalmoneyskills.com. For real-life financial videos created by and for those under 25, go to www.youngfreehq.com/show .

It also means paying attention to notices you get from your bank or credit card companies. "When you receive something from an institution, read it," said Levin. "Even though credit card statements are required to be bigger, bolder and more understandable, it doesn't mean anything if you don't read it."

And aside from all the financial advice? As Bills.com CEO Ewing often reminds his staff: "Enjoy every day and the moment you're in. Plan for the future, but don't forget to live in the present."

Best wishes, class of 2010.

© Copyright The Sacramento Bee. All rights reserved.

Have a personal finance question? Contact The Bee's Claudia Buck at (916) 321-1968.

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