If your student is looking to apply for a new credit card, it’s important for them to know what to look for. The best student credit cards are not necessarily the ones with the highest limits or lowest interest rates. Here are some tips for helping your student choose a credit card.

Look for a Credit Card with a Low Limit

Students tend to get a false sense of wealth when they leave home, and many make the mistake of purchasing things they want on credit with the intention of paying it back after graduation. What they don’t realize is that credit cards carry very high interest rates, and by the time they graduate, their balance will have skyrocketed. Keeping their credit limit low will help avoid this problem and ensure that they don’t go on a spending spree.

Find a Card without an Annual Fee

The best student credit cards are those that don’t cost anything. Students have enough expenses to worry about; they don’t need a yearly credit card fee added to tuition, books, housing, and food. If you have your eye on a specific card that usually carries a fee, keep an eye out for promotions. Credit card companies will often eliminate this fee for the first several years in order to get applicants. If you do take advantage of an offer like this, make sure that your student cancels the card before the fee becomes active.

The Best Student Credit Cards are Flexible

They should have easy-to-use online account management features and offer several ways to make payments. Students are more likely to remember to make payments on their credit card if they can do so from their smart phone or computer at the touch of a button. Some credit card companies will even send you threshold alerts and a reminder the day before a payment is due. Features like this will really help your student as he learns to manage his money. You may also want to include your name on the account as well so that you get the same alerts sent to your phone or email. That way, you can keep track of your student’s spending habits and help remind him when payments are due. Just remember that if you do put your name on the account, your own credit is at risk if your student makes late payments.

Look for Credit Cards that Offer Cash Back

If your student is going to be using a credit card, he might as well earn back a percentage of everything he spends. 1% cash back is pretty standard, so watch for cards that offer more. Some cards even award up to 5% back on specific categories each quarter. Help your student remember what these are so he can make the most of his credit card usage. If possible, set up a savings account for the cash back and allow it to accumulate while your student is in school. He can use it for emergency expenses or save it for a rainy day.

It can be scary to allow your student to apply for a credit card. However, if you help him choose the right card, he’ll be much more likely to avoid excessive credit card debt while he’s in school. The best student credit cards are those that have low limits, no annual fee, flexible payment options, and the opportunity to earn cash back on purchases. Help your student spend smart by finding a card that fits these qualifications.

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Slash the interest and pay off the capital

If you still have a fairly good record of making your monthly payments on time, you will probably qualify for other credit cards from other lenders. This could mean that you are entitled to an introductory offer from one or more companies, which can often mean you get a fixed period where the interest rate is at 0%. Shop around to see where you can get the best deal and then transfer your balance from your highest rate credit card onto this new 0% card. You’ll find it much easier to start making a dent in the principal if you’re not continuing to accrue interest as well.

Keep your monthly repayments at least as high as they were on the previous card and you’ll be paying back a good portion of the principal every month instead of just paying off the interest each time. If you don’t qualify for a 0% card, you can often get good deals on balance transfers, so have a good look around the market and work out what the best option will be for you.

Borrow the right way

Talk to your bank about a personal loan. These typically carry interest rates of around 7-8%, as opposed to credit cards, which charge in the region of 15-18%. By consolidating your debts and paying a fixed monthly payment, you will clear your debts quicker and save money on the interest. If you choose to keep your debts on your credit cards, ensure you are paying more than the minimum payment each month. Even if you can only manage an additional $20, this will go a long way toward clearing your balance and shortening the time you have to pay that card.

Whatever you do, don’t borrow money from one credit card to pay off another, or worse still, start using payday loans or other high rate money lending schemes. If you are really out of your depth and cannot manage your debts any more, consider using an independent company to manage your debts for you. This can take the hassle out of dealing with several different lenders and can stop those sleepless nights from all the final demands landing on the doormat.

Avoid the debts in future

Once you have rid yourself of credit card debt, you will need to take steps to ensure you don’t get yourself back into the same situation again. Set up an emergency fund and commit to paying in a little every month. This way if you have an expensive repair bill or need to buy an expensive appliance quickly, you won’t need to borrow the money to do so. Never use your cards for cash advances, as these are charged at a much higher rate than any other use of the card. Pay off your balance in full each month to avoid incurring interest charges.

This guest post was written by Francesca on behalf of IVA Expert. If you are concerned about unmanageable debts, use the debt calculator to see if you qualify for an Individual Voluntary Arrangement. 

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Rising Gold Prices

Gold has been a vitally important commodity for many years; we only need to think back to the gold rush in America to realise just how important it is. Prior to the crash in 2008, gold prices had been relatively stable for many years, bouncing around the $600 per troy ounce mark. Only recently gold price hit $1900 per troy ounce, proving just how much of a difference the depression made. Consequently we can see how important alternatives have been to standard investments.

Is gold still a worthwhile investment today though? There is no doubt that the current gold price is extremely high, but this is because the commodity is popular. With the way economies are still flat-lining, Britain even went back into recession last month, it is unlikely that gold will lose its popularity. Although you might not make the thousands the early adopters of this modern day gold rush experienced, it is likely that your investment will return some profit. Focusing on the market is vital, so if you see a downward trend, try to sell your gold stocks and move your investments elsewhere.

Is Silver Is Just As Valuable?

Silver, as with gold, has always been popular, but recently prices have risen beyond expectations. Within four years there has been a price rise from $12 per ounce to $32 per ounce. With this increase of over 150%, you can see why people have also seen silver as an exciting investment opportunity. The lower price point compared to gold is also enticing, as it gives people who feel gold is too pricey another opportunity to invest in commodities. Consequently, if you have a smaller budget you are not excluded from the market, and can choose an investment platform that has still seen significant growth in the past few years.

As with gold it has to be remembered that the market does fluctuate, and a downward trend should be monitored. If you become concerned for your investments then you should either sell your stock or ensure you have had the right guidance. Many commentators believe that prices will not change dramatically in the near future, but a recovering global economy could see price changes.

Questions to Ask Yourself Before Buying Gold or Silver

• Why are you buying it? As an investment? Or to hedge against a complete economic meltdown?
• If you are buying as an investment, do you think the price will remain high long-term? Since gold has risen so drastically in just a few years, it is hard to tell whether the price will remain high, or if this is just another bubble that has yet to burst.
• If you are buying as a hedge, is gold the best choice? In case of an all-out economic meltdown, change is unlikely to be available, so while gold will be essential for large purchases—land, horses, and farm implements—you’ll also want some less expensive but equally money-like assets for buying small things, such as groceries. Silver is a better choice for that.

Clearly gold and silver are still worthwhile investments at the current time. With the world still struggling to escape the clutches of the financial disaster created in 2008, commodities are still vitally important. What we have to remember is that as the global economy recovers, commodities such as gold and silver will become less important. Once this happens, if you have investments in such metals you will have to keep track of everything happening with the markets. If you do not, then you may find your investments lose money, and no one wants that to happen.

Author Bio: This article was written by James from BuyGold.co.uk.

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Some Tax Debt

The IRS permits individuals to pay their federal income taxes using a credit card, as does the state of Hawaii. However, the IRS charges a convenience fee. This is cheaper than arranging a payment plan with the IRS and being charged interest on the credit card debt. However, if you file for bankruptcy immediately after paying your taxes with a credit card, the IRS will not be stiffed. The amount of credit card debt and interest attributed to the tax debt may be disallowed and put into a payment plan or excluded from the discharged debt. However, the bankruptcy courts do place a limit on this. If you charged the tax debt on your credit card more than three years ago, it will be treated as unsecured debt and included in the bankruptcy petition.

Bankruptcy Fraud

If your bankruptcy case is thrown out of court due to bankruptcy fraud, all debt collectors—including credit card collectors and the IRS—can resume collection efforts. Omissions on bankruptcy petitions, hiding assets, lying about your income, and accusations of filing for bankruptcy to prevent repossession of property or foreclosure of a home can result in allegations of bankruptcy fraud. Large charges on a credit card rung up shortly before filing for bankruptcy can also raise objections by creditors. These problems can be prevented by hiring a Honolulu bankruptcy lawyer to help you file your case and navigate the bankruptcy process successfully.

Fraudulent Charges

Another case in which credit card debt and tax debt are not allowed is if someone committed tax fraud with the credit card. For example, someone could pay a tax bill with a credit card and then amend the tax return to get a refund. The person could then expect to receive a tax refund and even take out a tax refund loan and receive the money immediately. This sequence of events would be interpreted as tax fraud, bankruptcy fraud, or both. Taking out large cash advances on a credit card to pay off state and federal debt can also lead to charges of fraud. Using a personal credit card to pay the Hawaii excise taxes on a business may also cause problems. You could face bankruptcy fraud charges for both federal tax debt and Hawaii state tax debt. If you are on the edge of bankruptcy, you should contact a Hawaii bankruptcy attorney immediately to avoid allegations of tax or bankruptcy fraud.

Solutions

If you are afraid that you cannot pay your state or federal taxes, don’t charge it and hope you can pay it off later or discharge it in bankruptcy. Don’t just file for an extension or deferral and scramble to raise the money. Consult with a Honolulu bankruptcy lawyer immediately. They can help you pay your debts without losing the option to file for bankruptcy in the future by entering a workable debt repayment plan or Chapter 13 bankruptcy that takes your past, present, and future tax debt into consideration.

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The importance of research. Sure, you might get some great advice from the financial analysts you follow, but you are still responsible for doing your own research before choosing your stocks. After all, no analyst is infallible . . . and some analysts even have personal motives that might conflict with your investment goals.

Structure of ownership. Look into a company’s ownership. If ownership is complicated and unclear, that is a sign that you might not want to invest in that company’s stock.

Size up the state of the industry. A company may appear to be doing well, but if the industry that company belongs to is on the fast track to nowhere, it really doesn’t matter how well the company is doing.

Financial statements. These documents contain a lot of useful information about the businesses you might want to invest in. Search the Securities and Exchange Commission website (SEC.gov) to view financial statements of the companies you are researching.

How stocks work. You need to understand how the stock market works – namely, what makes stocks fluctuate – so that you can effectively size up a company’s risk. Stock prices are based on supply and demand. If a lot of people want a stock, the demand is high, and so will be the price. However, if there is a lot of stock available and not a lot of people interested in purchasing it, the stock’s value will be low. You make money in the stock marketing by taking advantage of these fluctuations.

The stock market is not a place to gamble. If you think that you can actually “play” the stock market without doing ample research and creating a detailed investment strategy, then you are bound to fail.

Moat. A company’s moat is effectively its protective boundaries. You should choose companies with a wide moat in order to protect your investment as much as possible. Examples of factors that contribute to a moat include strong branding, competitive pricing, patenting, and being in a difficult to enter industry.

As you can see, there are a lot of things to keep in mind when you approach the idea of investing in the stock market. It’s your money. Take it seriously by following these tips.

About the Author: ELwood Agresti loves researching the best stocks to buy and spends a lot of time doing practice trading. He one day hopes to transition to trading stocks daily.

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Traditional Savings Accounts

Safety: Putting money into a traditional savings account is one of the most common ways people save for the future when they have extra cash to do something with. One of the advantages of putting money into a savings account is that you know your money is safe. It’s insured by the government so that if the bank that holds your savings account goes under, the government will step in and reimburse you for the money that you lost up to £50,000.

Liquidity: Another advantage of putting your money into a savings account is that it is liquid. This means that you can get it back out anytime you want. If you see something that you want to buy, you can simply run down to the bank and get your cash before making a purchase. This is one of the most liquid forms of investment available today.

Interest: When you put your money into one of the traditional types of savings accounts, you also will earn a certain amount of interest. The interest may be credited to your account monthly or annually, depending on the type of account that you have. This ensures that you’ll at least get something for the money that you invest regularly without any risk on your part.

Limited return on investment: The downside to putting money into a savings account is that the money you can earn is limited. The interest rates for these types of accounts are very low, courtesy of the credit crunch. This means that you will not be able to make much money in return for handing your money over to the bank for an extended period of time.

Trust: Another drawback to putting your money into a savings account is that you have to turn it over to someone else. When you put your money in a savings account, you have to trust someone else with it. This means that you don’t have a tangible asset at that point.

Investing in Antiques

Rapid appreciation: Putting your money into antiques is an alternative investment strategy that you may be considering. One of the big advantages of this strategy is that you could purchase something that grows rapidly in value. When a certain type of antique becomes popular, people want to buy it. This means that the price could be driven up well over what you paid for it initially.

Physical, tradable asset: Another advantage of putting your money into antiques is that you get to own a physical asset. You can always see your investment and you don’t have to trust it to someone else to take care of for you. This means that no matter what happens, you will always have your investment there in front of you when you need it.

Lack of liquidity: One of the drawbacks of putting your money into antiques is that they are not very liquid. If you want to get your money out of them, you have to find someone who is willing to buy them first. This means that you’ll have to sell the antiques before you can get anything out of them. In some cases, finding a buyer for a particular piece may be challenging. If you can’t find a buyer, you may not be able to get anything from your antiques.

Insurance: Another drawback that comes with owning antiques is that you have to buy insurance for them or risk losing them to some kind of damage. This puts the burden of protection on you.

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Coupons

Although it may seem like a no-brainer, coupons are one of the best ways to save on groceries. The problem is many folks do not take the time to utilize them. The best way to make coupons worth your while is to create a regular routine of clipping them. That way you will always have coupons handy when need be. If you really hate clipping coupons, there are many websites that allow you to search for and print off whatever coupons you like. For example, you can print off Target coupons on Target.com. If you locate a grocery store that doubles or even triples coupons, your savings can be multiplied, so definitely try to find one. A great way to make sure your coupons get used is to loosely base your grocery list off of the coupons you have compiled. Remember though, only clip or print coupons for products you will likely use. You do not want to purchase something simply because you have a coupon for it. Doing that may end up costing you more money in the long run. Also, if you find a coupon for a product that you use on a daily basis or buy multiples of, try to locate more of that coupon. That will give you the chance to save on every duplicate item you buy.

Pay Attention to Ads

Stores’ weekly printed advertisements are the best way to find out about specific sales and deals for the week. These days, many grocery stores put their ads online as well. Pay attention to deals such as “Buy 1, Get 1 Free,” because they can really save you money. You should also scan grocery store ads for any special coupons that may be in them. If you really want to be a savvy shopper, check the ads of all the grocery stores in your area to see what is on sale where. Then match those ads with coupons you have clipped. Using coupons on items that are on sale can save you even more money. Although it seems like a lot of work, your wallet will thank you in the long run.

Store Discount Cards

Many grocery stores offer discount cards that are preloaded with coupons and savings. These types of cards are very handy because they often give you discounts on items that normally do not go on sale, such as milk. Another nice feature is that you can usually use physical coupons on top of the discounts your store card has already given you. Store discount cards normally do not cost anything. Typically, all stores require you to do is sign up for one at a checkout or the customer service desk. To use your store discount card, most stores either scan or swipe them during checkout and your savings are automatically deducted from your grocery bill.

The price of groceries is likely not going to go down anytime soon. These tips should help you get the most out of your money each and every time you go to the grocery store. You should try them out on your next trip and watch the savings add up.

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But don’t throw those offers out just yet. If you want to be fully prepared when you head off to college, you really should bring a credit card with you. As a college student, a credit card is a must, and here’s why.

You’ll Learn to Be Financially Responsible

Having a credit card will give you invaluable experience with money management. College is probably the first time you’ve had real financial independence, and you have to learn what to do with it. A credit card can teach you lessons about spending and budgeting quickly and better than anything else. The key is that you have to want to learn. When you closely pay attention to your bills, including your spending, interest rate, and fees, you’ll be able to evaluate your spending habits and improve upon them better than when you’re just paying cash for everything.

You’ll Build Your Credit

Probably the most important reason to get a credit card as a college student is to build your credit. As long as you’re paying your bills on time and not overspending, you’ll build a good credit history that will help you in the future tremendously. You’ll have a leg up when you graduate and want to get an apartment, a loan, or a car. If you’re worried about damaging your credit, limit your credit card use and charge just a tiny bit every month or as much as you know you’ll be able to pay off. Even if you make a mistake, a small blip in your credit history is better than no history at all.

You’ll Have a Safety Net in Case of an Emergency

Even if you never use your credit card, you should always keep it with you in your wallet, purse, or backpack. College life is unpredictable. You never know when you’ll find yourself in a bad position and in dire need of cash. This doesn’t mean when the party runs out of beer, but genuine emergencies, such as being stranded somewhere without a ride home. A credit card could be a lifeline at some point.

You Can Have More Fun

This is the reason most people think you shouldn’t have a credit card in college. But it wouldn’t be college without the occasional indulgent, spontaneous spending. As long as you can keep your spending in check, or be honest with yourself if you can’t, a credit card can be a lot of fun.

Glenn Harvey is a finance major at the University of Texas who loves to write for blogs in his spare time. He is obsessive about his grammar and never submits a single assignment without first running it through a grammar checker. He can’t always remember the little, tricky grammar rules so he uses a checker to make sure it is perfect.

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Lower Monthly Payments = Higher Total Interest

The main difference between these two options relate to monthly payments. With a 30 year mortgage the monthly payment is lower than with the 15 year option. However, because of this, you will pay more in interest fees. For that added 15 years there is a potential for you to pay an extra $100,000 in interest payments alone.

That may sound like a huge “con” in terms of the 30 year mortgage option but it’s not if you’re driven by smaller monthly payments. In the same above example that worked out an extra $100,000 in interest fees for a 30 year mortgage, will also show a monthly payment difference of roughly $400. That’s $400 that could go to any number of other expenses, like childcare.

So the main question to ask yourself about 15 and 30 year mortgages is how much do you want to pay monthly? If you’re fine with paying more in interest fees, go with the 30 year. If you’d like your monthly payment to be a bit higher to get out of debt faster, then choose the 15 year.

You also want to consider how long you plan on staying in the house. If you’re considering retiring to a different location sooner rather than later then a 15 year mortgage may be a better option. But if you’re just starting a family in a home and neighborhood where you feel comfortable and plan on staying then a 30 year may be better suited for you.

The best way to go about this process is to do some initial research that outlines all of the fine print differences between these two mortgage options before you talk to a lender. In most cases it’s more beneficial to take a 15 year mortgage if possible because of the interest fees. But if you go with a 30 year mortgage you can invest the money you’re saving in monthly payments and still have the option to pay off the loan in 15 years. It’s a personal decision that’s different for different situations. Consider yours carefully before heading into a lender’s office. The last thing you want is to lose your house so make sure you choose a mortgage that you can live with.

Northwest Georgia Bank is a leading Chattanooga home loans bank that offers Chattanooga mortgages for first-time home buyers and those looking to build or buy second homes for their growing needs.

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Don’t Ignore Correspondence from Creditors

If you ignore these letters asking you to pay your debt, you do so at the risk of worsening your situation. Every attorney you speak to will need to see these letters to help better prepare your future finances. Every letter that makes its way to your mailbox should be kept and shown to your legal counselor. Saving these letters will help you avoid going on wild goose chases later to find them; they are crucial in the bankruptcy process, and you should have them available at all times.

Don’t Use Retirement Funds to Pay off Debt

Creditors cannot access retirement funds. If you use these funds to pay off the debt to your car, the creditor can now have access to the freed up equity used from your retirement funds. It’s better to speak to a certified Woodland Hills bankruptcy lawyer than run off and make payments to debt that you shouldn’t. Save your money and consult with an attorney first.

Don’t Transfer Property

If an individual transfers property to another individual in an attempt to deceive, this can automatically bar an individual from qualifying for bankruptcy. If you make the transfer before filing for bankruptcy, the trustee can simply undo the transfer and reclaim the property, making for one giant waste of your time. Never transfer property to someone else, as creditors will find out ways to undo this.

Don’t Avoid Filing Your Taxes

You may think that by not filing taxes, you’ll be able to still file for bankruptcy; this is incorrect. You need your current returns to prove to the courts that you are indeed struggling to make payments. If you hope to get most of your debt wiped clean or qualify for reduced payments and interest rates, you’ll need your tax returns. Always remember, before you do anything, speak to a bankruptcy attorney in your area, whether it’s a Sherman Oaks bankruptcy lawyer or an Encino counselor.

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