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New Credit Card Processing Option from PayPal: PayPal Here

April 4th, 2012

Many online business owners rely on PayPal for credit card processing, but it’s not as convenient for a business that also has a storefront location or one that meets with customers in person. In order to become more convenient for cab drivers and small merchants looking to accept credit cards through PayPal, the company has created a card-swiping device called “PayPal Here,” that works with smartphones, to accept payments from American Express, MasterCard, Visa and Discover cards. The reader is a great option for individuals who sell direct sales products at in-home parties, or craft fair vendors and similar sales professionals.

Many small business owners who already use PayPal to process payments from customers will find the new PayPal Here card reader extremely convenient, as it won’t require another merchant account or bank account. They ca

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Tags: Card Processing, Credit Card, Credit Card Processing, Paypal

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The Budget: What to expect and what it will mean for you

April 2nd, 2012

On 21 March George Osborne will reveal the new budget to the House of Commons. The exact contents are a closely guarded secret and even David Cameron won’t know the intricate details until a few days before the announcement.

We can however make a few educated guesses as to what might make it into this Budget, and with the economy still looking sluggish and a big deficit still to cut, there is unlikely to be much in the way of good news for the average Brit. But what might it mean for you?

What will it mean for working adults?

Increasing the personal allowance ahead of schedule

The one possible bit of good news could be a rise in the personal allowance – how much you can earn each tax year before you have to pay any tax on your income. This currently stands at £7,475, and is already set to increase to £8,105 in 2012/2013. It is scheduled to rise to £10,000 by 2015, but Mr Osborne has been under pressure from Liberal Democrats including Deputy Prime Minister Nick Clegg to fast-track the process. It is

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Tags: Budget, Budget Expect

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Retirement income: the least-worst options

March 30th, 2012

If you’re about to retire, pension options look meagre

If you’re on the verge of retirement you probably aren’t too impressed with your pension options. In the past,anyone hitting retirement age tended to use their pension savings to buy an annuity. They then had an income for life and that was that.

But due to rock bottom gilt yields, annuities aren’t looking too attractive at the moment. Say you have toiled away for years and saved up £500,000 in a pension. You might have briefly thought yourself rich. But a quick look at the annuity tables will prove that you are not. Your income via an annuity will be around £30,000 if you accept that it will not be protected from inflation. Go index linked and it will be more like £18,000.

Given this, many people are turning to drawdown instead: this allows you to keep your pension money invested, take an income from it, and still leave the option open of buying an annuity later.

The problem? You rema

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Tags: Options

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Why Is My Credit Report Important?

March 27th, 2012

One of the most important pieces of personal information in your adult life is your credit report.  The credit filed used to compile your credit report contains a great deal of information about you, including how much credit you have available to you, your payment record with nearly every account you have, and whether you have defaulted on any of your debt obligations in the recent past.  Most of the information included on a credit report will remain there for a period of between 5 to 10 years, depending on the laws of the state that you reside in.

Employment

Your credit report has the ability to affect many different areas of your life, including your current employment prospects and your future financial stability.  Employers will request permission to view your credit report if you apply for certain types of employment positions, such as those handling money or those where you have any responsibility for the finances of the company.  These employers want to make sure that you are not experiencing any type of financial situation that would lead you to do anything detrimental to the company.

Housing

The information in your credit report can also affect your ability to obtain housing.  Everyone knows that mortgage lenders look at the credit reports of people applying for a mortgage, but many people do not know that landlords and apartment complexes will check your credit report as well.  If you are going to be renting a home, condo, or apartment, the owner wants to know whether you have a history of paying on time and whether you have been able to meet all of your current financial obligations.

Finances

A mistake in your credit report can be costly, resulting in hundreds of dollars in penalties and missed opportunities each year.  An error in your credit report that negatively impacts your credit history can result in a decrease in your credit score and the rejection of applications for positions that require a clean credit history.  You should review your credit report at least once annually to check for any errors that could be causing you difficulty financially.

Tags: Credit Report, Important

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Ten Effective Ways to Boost Your Credit Score in One Day

March 26th, 2012

Increasing your credit score may be a bit challenging but following several tips to keep those high scores coming will be all worth it. Here are guaranteed tips to increase your credit score which you would want to try:

1. Knowing where to start is very important as it gives you direction on what to do. Begin by ordering individual credit reports with each agency so you will have access to initiate a dispute online. It is more ideal to do it in isolation to keep you more updated with your credit reports information, ordering by bulk may take some time. Ordering in groups may be cheaper but keeping a close eye to your credit reports on time will definitely keep you out of trouble.

2. Credit card agencies give the best customer service to their clients, so take advantage of this. Call them to increase your credit card lines so you can have the chance to earn up to 60 points which will improve your credit to more available ratio amounts on your bank account.

3. Rearrange your debt in order to get the most economical debt-to-available-credit ratio which is 25%-35%.

4. Pay down the cards immediately as soon as you can until your credit reports recognize your desired ratio.

5.

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Tags: Credit Score, Score

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On The Way: More Stringent Mortgage Qualifications

March 19th, 2012

OSFI, Canada’s banking regulator, is leaning on banks and other federally regulated lenders to clamp down on underwriting practices. It released these draft recommendationsyesterday.

After reading through 18 pages of changes in detail, our immediate reaction was frankly, concern.

Thats not because the guidelines are greatly imprudent. Some are unnecessarily rigid, but most are sound policy.

It’s because OSFI risks tightening too much, too fast.

If the government also decrees new insured mortgage regulations (like these), and/or rates rise significantly, and/or unemployment unexpectedly spikes, it could form the proverbial perfect storm that blows over housing valuations.

Its one thing to induce a measured housing correction (which is probably needed in some regions), but a policy-initiated free-fall is another matter.

At this stage, OSFI’s proposal is not final. It is

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