There is a lot of talk and coverage from the media the last few months about the current financial problems the US economy is facing that threatens to drag the whole world into a global recession. But what will be the consequences of that crisis to the MLM industry?
Actually, the MLM network marketing industry is to benefit from all this turmoil for many reasons whether we dive into a recession or hopefully manage to avoid it. First let us take the worst case scenario that we do get into a recession or even a depression.
In that case, many corporations will start lay offs in a big scale and many people will find themselves unemployed, while others under reduced salary. Such things could lead to an increase in the people who are looking for opportunities in order to start a home based business and supplement their income. Of course the great increase won't come for those who lost their job, as they would be desperately looking for a new job to survive, but from the rest. It would come from people who will keep their jobs, but would keep feeling a constant threat that their job is the next in the line if another round of lay offs would happen. Probably a percentage of them would be working under reduced salary, so they would have another incentive to start looking for alternatives to supplement their income, as probably their paycheck wouldn't suffice.
Many MLM opportunities are poised to benefit from that influx of new members and many distributors would manage to fill their downlines fast and build networks that would give them passive income in the years to come.
But even if we hopefully manage to avoid a crisis and things would go back to normal, many people took their lesson from what little we have experienced till now. While not in a big scale we still had lay offs, and many people saw their investments in the stock market falling. Investments that were supposed to provide for them when they reach the age of retirement. Add to that that the decline in the house prices hurt a lot of people that were relying on the increasing value of their homes in order to draw equity from them through refinancing to cover a part of their expenses, and you realize how hard people were hit.
Under all this, it is natural that many people learned how dangerous is when you rely on others for your economic future and are going to seek for alternatives. Alternatives like having and running your own home based business instead of relying exclusively to employment for a source of income. And of course a percentage of them will get into MLM as it is offering many advantages that is very difficult to be found in other business models.
Learn the tips and tricks that can help you succeed in MLM and build a big downline in any network marketing opportunity. Knowledge is vital when it comes to building your home business in any multilevel marketing company and you should always allocate a percentage of your time to your training as it would define your future success.
Article Source: http://EzineArticles.com/?expert=Chris_Kosman
Monday, September 28, 2009
Friday, September 25, 2009
The Smart Way Out of Debt!
With the way our world has changed you need to know what the best way to take care of debts is. There are many companies preying on the teachings of how to get out of debt and some are good, but others are not and could even be scams. There are good ways to get out of debt and bad ways. Here are a couple things to avoid and one great solution for your debts.
First, if you are not unemployed with over $100,000 of unsecured debts, then bankruptcy should not even cross your mind. This is the way out that those that are weak and cannot keep their word choose. It does not teach you anything about managing your money and it just gives you a way out that is way too easy to be worth the time and money you will spend to file your bankruptcy.
Second, when it comes to how to get out of debt you need to avoid any of the credit counseling agencies as well. These are good for the individuals that do not mind selling everything they own and moving into a very cheap home to get out of debt. They will show you how to manage your money some, but this is not good for your credit and in the long run there are better options.
Last, if you want the best way for how to get out of debt you need to look online and find a debt relief agency that will work with those that have at least $10,000 in unsecured debts. They will give you a free consultation and they will also help you get out of debt within 36 months or less. They will work with your budget and negotiate with your creditors to get you lower payments, rates, and balances.
Article Source: http://EzineArticles.com/?expert=Jared_McDermott
Read more...
First, if you are not unemployed with over $100,000 of unsecured debts, then bankruptcy should not even cross your mind. This is the way out that those that are weak and cannot keep their word choose. It does not teach you anything about managing your money and it just gives you a way out that is way too easy to be worth the time and money you will spend to file your bankruptcy.
Second, when it comes to how to get out of debt you need to avoid any of the credit counseling agencies as well. These are good for the individuals that do not mind selling everything they own and moving into a very cheap home to get out of debt. They will show you how to manage your money some, but this is not good for your credit and in the long run there are better options.
Last, if you want the best way for how to get out of debt you need to look online and find a debt relief agency that will work with those that have at least $10,000 in unsecured debts. They will give you a free consultation and they will also help you get out of debt within 36 months or less. They will work with your budget and negotiate with your creditors to get you lower payments, rates, and balances.
Article Source: http://EzineArticles.com/?expert=Jared_McDermott
Thursday, September 24, 2009
5 Steps on How to Manage Your Credit Card Debt!
To spend has become our habit and nature, especially when we are suddenly handed down with a bunch of cash. However, most of the time, we spend in advance even without the cash in hand. With the introduction of credit card, we all, human beings after all, crave for things to satisfy our desires and lusts. Seeing other people having them, we also want the same thing and experience.
Here's probably an experience you could relate.
Beginning of the month, one fine sunny afternoon, a truck stopped in front of your neighbor house. Of came two men, unloading a big flat box. Out of curiosity, you went out to look what's happening. Out came, your neighbor, smiling happily and greet you. Hey man, what's up? You neighbor replied, "Oh, I have just bought a new 36 inch LCD flat panel TV, come in and have a look". The two men brought in the stuff, unpacked it, and setup it on the living room. Power it up and "Wow", a sleek beauty of thinness of the screen displaying your favorite home movie. You are so intensely and engross with the picture sharpness, clarity and crispness. Best of all, it came in with full-surround mode speaker, and thrill and delighted you even more with the surround sound. You heart keep on telling, "Hey, I got to get one, I ought to have it, I am going to buy it". The next day, you went to the store where your neighbor bought the LCD TV, without even having a thought of it.
So, on the day, the same truck appears now in front of the house, and you got a nice LCD TV, setup in your living room. The picture, the sound, the experience, is indeed overwhelming and the feeling is good.
Come to the end of month, a letter is posted in your letter box. You open it up; $3,500 is printed in the credit card bill. You are shocked, and your mouth is wide open. Oh me gosh, how I am going to pay this?
You got yourself in debt! Out of your Impulse!
Did you know?
In the US, credit card debt has risen over 25% in the past decade with an average balance over US$7,000. Over half of citizens carry a balance every month one in five citizens carries a credit card balance at annualized rate of over 20%. Over 22% of the debts incurred are because of poor debt and credit card management.
Bank of England revealed that Britons owed an outstanding £1 trillion in consumer debt including credit cards and estimated that this debt was rising by £1 million every four minutes.
Here the simple math!
With and outstanding of $1,000 and with minimum monthly charge of 5%, it would take 5 years and eight months to settle the total debt and over and above that, you will be paying $382 in interest based on an annual percentage rates of 18% per annum.
If you are drowned with credit card debts, here are the simple 5 steps to manage your credit card debts!
Step 1
* Understand terms and conditions and charges. This is a very important point. You got to know how much is the Annual Percentage Rates (APRs) for the card you are holding. Some banks may have higher interest rates, or different rates for purchases, cash advances, tiered APRs, penalty and others. A single credit card may have several APRs. One APR for purchases (e.g.14%), cash advances (e.g. 18%) and balance transfers (e.g. 19%) There is also a Tiered APR, which is different rates are applied to different levels of the outstanding balance. For example, 16% on balances of $1-$500 and 17% on balances above $500. A penalty APR is the APR that may increase if you are late in making payments. For example, your card agreement says, "If your payment arrives more than ten days late two times within a six month period, the penalty rate will apply. If you carry over a part of your balance from month to month, even a small difference in the APR can make a big difference in how much you pay over a year. If unsure, ask the bank or agent for clarifications of the terms and condition of the APRs. Be alert to changes in policies and rates.
Step 2
* Prioritize your payments. If you currently have credit card debt, focus on paying off balances on cards carrying the highest interest rates. If you have a 17% APRs credit card, focus to settle the balances, as it will save you a lot of interest. Another way is to transfer the balances to a cheaper interest rate e.g. 8%, but however read the fine print before you do that. You could also negotiate with your current credit card banker to lower the interest, provided you have a good credit rating which means that no late pay notations on your credit report and a good credit score. Otherwise, if the bank do not obliged you to reduced the APRs, just transfer to the cheaper interest rate bank. Make sure you transfer to the credit card that has a low annual percentage rate and be aware of incidental fees and charges.
Step 3
* Limit the number of credit cards. Decline new credit card offers, and cut into half existing cards with paid off balances. In the competitive world, banks are trying to entice consumer with lots of goodies, e.g. free lifetime membership, free gifts upon signing up and etc. No matter what, if you already have one credit card, that is more than good enough. Keep only one, declined other rest, no matter what sort of offer the bank comes out with. Keep in mind, the more cards, the more headaches in trying to keep track of the each card account balances.
Step 4
* If you were forced to use your credit card for an emergency, do attempt to pay off the balance immediately. By paying minimums each month only leads to prolonged and growing debt. If you can't pay full, then you must make attempt to pay more than the minimum.
Step 5
Don't ever... ever... ever... spend beyond your means. Spend within your means. Buy only what you really needs, not the nice to have stuff. Buy what you could afford. Most people will shop for the latest fad cell phone that have touch-screen feature, email function, mp3 players, video player and so on and so forth. However, think about it, what is the main function of the phone: that is to make a call, and probably send some short messaging message. Do you really need all the other gadgets, and do you really need to utilize all the fancy gadgetry stuff the manufacturer pack into the phone. If you really must buy the phone, ask yourself whether you have the budget or money for it. You must also practice delay gratification. Do mind your debt. This sort of credit card debt can be avoided by following one simple rule "If you don't have the money to pay for it, then don't buy it."
Well, that is the 5 simple steps that could indeed be a great help to manage your credit card better.
Article Source: http://EzineArticles.com/?expert=Jayzee_Jon
Read more...
Here's probably an experience you could relate.
Beginning of the month, one fine sunny afternoon, a truck stopped in front of your neighbor house. Of came two men, unloading a big flat box. Out of curiosity, you went out to look what's happening. Out came, your neighbor, smiling happily and greet you. Hey man, what's up? You neighbor replied, "Oh, I have just bought a new 36 inch LCD flat panel TV, come in and have a look". The two men brought in the stuff, unpacked it, and setup it on the living room. Power it up and "Wow", a sleek beauty of thinness of the screen displaying your favorite home movie. You are so intensely and engross with the picture sharpness, clarity and crispness. Best of all, it came in with full-surround mode speaker, and thrill and delighted you even more with the surround sound. You heart keep on telling, "Hey, I got to get one, I ought to have it, I am going to buy it". The next day, you went to the store where your neighbor bought the LCD TV, without even having a thought of it.
So, on the day, the same truck appears now in front of the house, and you got a nice LCD TV, setup in your living room. The picture, the sound, the experience, is indeed overwhelming and the feeling is good.
Come to the end of month, a letter is posted in your letter box. You open it up; $3,500 is printed in the credit card bill. You are shocked, and your mouth is wide open. Oh me gosh, how I am going to pay this?
You got yourself in debt! Out of your Impulse!
Did you know?
In the US, credit card debt has risen over 25% in the past decade with an average balance over US$7,000. Over half of citizens carry a balance every month one in five citizens carries a credit card balance at annualized rate of over 20%. Over 22% of the debts incurred are because of poor debt and credit card management.
Bank of England revealed that Britons owed an outstanding £1 trillion in consumer debt including credit cards and estimated that this debt was rising by £1 million every four minutes.
Here the simple math!
With and outstanding of $1,000 and with minimum monthly charge of 5%, it would take 5 years and eight months to settle the total debt and over and above that, you will be paying $382 in interest based on an annual percentage rates of 18% per annum.
If you are drowned with credit card debts, here are the simple 5 steps to manage your credit card debts!
Step 1
* Understand terms and conditions and charges. This is a very important point. You got to know how much is the Annual Percentage Rates (APRs) for the card you are holding. Some banks may have higher interest rates, or different rates for purchases, cash advances, tiered APRs, penalty and others. A single credit card may have several APRs. One APR for purchases (e.g.14%), cash advances (e.g. 18%) and balance transfers (e.g. 19%) There is also a Tiered APR, which is different rates are applied to different levels of the outstanding balance. For example, 16% on balances of $1-$500 and 17% on balances above $500. A penalty APR is the APR that may increase if you are late in making payments. For example, your card agreement says, "If your payment arrives more than ten days late two times within a six month period, the penalty rate will apply. If you carry over a part of your balance from month to month, even a small difference in the APR can make a big difference in how much you pay over a year. If unsure, ask the bank or agent for clarifications of the terms and condition of the APRs. Be alert to changes in policies and rates.
Step 2
* Prioritize your payments. If you currently have credit card debt, focus on paying off balances on cards carrying the highest interest rates. If you have a 17% APRs credit card, focus to settle the balances, as it will save you a lot of interest. Another way is to transfer the balances to a cheaper interest rate e.g. 8%, but however read the fine print before you do that. You could also negotiate with your current credit card banker to lower the interest, provided you have a good credit rating which means that no late pay notations on your credit report and a good credit score. Otherwise, if the bank do not obliged you to reduced the APRs, just transfer to the cheaper interest rate bank. Make sure you transfer to the credit card that has a low annual percentage rate and be aware of incidental fees and charges.
Step 3
* Limit the number of credit cards. Decline new credit card offers, and cut into half existing cards with paid off balances. In the competitive world, banks are trying to entice consumer with lots of goodies, e.g. free lifetime membership, free gifts upon signing up and etc. No matter what, if you already have one credit card, that is more than good enough. Keep only one, declined other rest, no matter what sort of offer the bank comes out with. Keep in mind, the more cards, the more headaches in trying to keep track of the each card account balances.
Step 4
* If you were forced to use your credit card for an emergency, do attempt to pay off the balance immediately. By paying minimums each month only leads to prolonged and growing debt. If you can't pay full, then you must make attempt to pay more than the minimum.
Step 5
Don't ever... ever... ever... spend beyond your means. Spend within your means. Buy only what you really needs, not the nice to have stuff. Buy what you could afford. Most people will shop for the latest fad cell phone that have touch-screen feature, email function, mp3 players, video player and so on and so forth. However, think about it, what is the main function of the phone: that is to make a call, and probably send some short messaging message. Do you really need all the other gadgets, and do you really need to utilize all the fancy gadgetry stuff the manufacturer pack into the phone. If you really must buy the phone, ask yourself whether you have the budget or money for it. You must also practice delay gratification. Do mind your debt. This sort of credit card debt can be avoided by following one simple rule "If you don't have the money to pay for it, then don't buy it."
Well, that is the 5 simple steps that could indeed be a great help to manage your credit card better.
Article Source: http://EzineArticles.com/?expert=Jayzee_Jon
Wednesday, September 23, 2009
What You Must Know About Your Credit Cards!
There are many credit card debt facts that you should know, but we are going to cover the most important ones to help inform you of what you are facing. Those with these types of debts know the crazy amount of stress that comes along with knowing you owe someone money. They are like loan sharks and they are no fun to deal with. Here are some of the things you need to know about these debts.
1. They are negotiable
The first of the credit card debt facts that you must know is that most of the time you can negotiate with the creditors that you owe. The older the debt is or the more late fees you have been charged the better. This leave you more room to negotiate. Usually you can cut a credit card balance in half by agreeing to pay it off in full or use three payments over three months to do so. This is one option to try.
2. They will not go away with minimum payments
The second of the credit card debt facts that is necessary to know is that if all you pay is the minimum balance due you will never get rid of them. Did you know that a $1,000 credit card balance will take you nearly 25 years to pay off if you pay only the minimum payment. This is insane and the problem is that you are going to pay well over $5,000 to pay off $1,000. This does not seem right, but it is very true.
3. You can get help
If you are not sure you can handle all your debts on your own and you want help dealing with them, then you can get it. If you have $10,000 or more in unsecured debts, then there are many consolidation companies that will work with you regardless of your credit. They will provide you with one payment to cover all your debts and they will help you pay them off within about 3 years or less.
Article Source: http://EzineArticles.com/?expert=Jared_McDermott
Read more...
1. They are negotiable
The first of the credit card debt facts that you must know is that most of the time you can negotiate with the creditors that you owe. The older the debt is or the more late fees you have been charged the better. This leave you more room to negotiate. Usually you can cut a credit card balance in half by agreeing to pay it off in full or use three payments over three months to do so. This is one option to try.
2. They will not go away with minimum payments
The second of the credit card debt facts that is necessary to know is that if all you pay is the minimum balance due you will never get rid of them. Did you know that a $1,000 credit card balance will take you nearly 25 years to pay off if you pay only the minimum payment. This is insane and the problem is that you are going to pay well over $5,000 to pay off $1,000. This does not seem right, but it is very true.
3. You can get help
If you are not sure you can handle all your debts on your own and you want help dealing with them, then you can get it. If you have $10,000 or more in unsecured debts, then there are many consolidation companies that will work with you regardless of your credit. They will provide you with one payment to cover all your debts and they will help you pay them off within about 3 years or less.
Article Source: http://EzineArticles.com/?expert=Jared_McDermott
Wednesday, September 16, 2009
Financial Problems - How to Repair Bad Credit History
Tips on how to repair your credit score is usually tips on how to prevent bad credit score. There is really nothing much you can do about it once you have already blundered. The most you can do is to be a good credit individual again. So here are the first principles you should remember:
Pay on time
Only a careless individual would not pay his or her bills on time even if he or she has the funds to do it. There are thousands of cases when you can have problems with your credit simply due to carelessness. People make up so many excuses such as "I woke up and totally forgot about it because I was too busy on other things" or "I misplaced the bill." Remember that there are measures to avoid these things such as keeping reminders such as post it notes, and simply being more organized. If you fail on this step, then you are most likely the type of person not responsible enough to have excellent credit in the first place.
Three things that will pull you down significantly
Try to stave off bankruptcy as long as you can afford to. The same thing goes with collections and liens for mixed tax payments (remember the first step is to pay on time in the first place). Remember that bankruptcy will stick to your credit history for up to a decade. Collections will last up to 7 years and unpaid liens will last you till you die. Remember to cross out these three things because they are the most dangerous things for your credit health. If you get one of these bad records, your score will immediately go down. This is one of the best tips on how to repair bad credit score for good reason. Though these problems are recoverable, you can't simply rebound from them right away. They will way you down for a long time and you will realize just how heavy they weigh you down through the years when you could have used a loan or good rates but could not get them due to your low FICO score.
Keeping clean with your credit cards
Do not keep too many credit cards. The temptation to use all these cards up will be simply too great. Manage your financial affairs by closing credit card accounts are not used that much or simply do not get new credit accounts in the first place. These just add up to your temptation. Then, after you close an account, report this to the three major credit reporting agencies. Aside from not getting a lot of credit cards, you should also learn to manage the credit cards you already have.
Checking your credit report
Now here is one of the best tips on how to repair bad credit score that some consider as not merely preventive. This can actually bring down up your credit (although technically, you are just correcting it). Did you know that there are many people who have mistakes in their credit score? Credit reports are done by machines. A small mistake in spelling of you name or address, un-updated personal details, just one additional zero to a transaction, each of these things can lead to mistakes that lower your score. Thus, it is advisable to get your free yearly credit report from the three major credit reporting agencies. Study them carefully and dispute the mistakes in them.
Article Source: http://EzineArticles.com/?expert=Joel_Owens
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