5 Principles For Debt Management

Debt Management – 5 Principles to help you get your debt under control!

Introduction

It has been increasingly difficult to get credit these day, whether you’re looking for a car loan, credit card, or even a home loan. So managing your debt, and having a good credit score is very important. No longer are lenders handing out zero down and no interest loans. Credit card offers these days are reserved for those with good to excellent credit.

BusinessWeek says that total household debt in the US was more than 100% of our disposable annual income last year. The average person has more than $8000 in credit card debt.

The bottom line is that our personal debt is growing at an alarming rate. You can now charge your fast food meals at many restaurants, paying interest for years on something you consumed in one sitting. Many people have taken steps to address their debt problems, including consolidating debt to lower interest rate cards, or to home equity loans, or at worst case the dreaded “B” word, Bankruptcy.

5 Principles of Debt Management

1. Create an accurate assessment of your debt situation.
Make a list, chart or whatever you’re most comfortable with, of all your debts. Be sure and include the amounts, interest rates, and expiration dates (especially on any no-interest for ## days type loans). Be sure and note any old accounts that you’ve got “laying around”, such as that department store credit account that you opened to get the 15% discount.

You can now get a free credit report online. You should make sure that you’ve got a credit report and FICO score from each of the 3 national credit bureaus: Experian, Equifax, and TransUnion. The FTC advises monitoring your CREDIT REPORT activity ON ALL 3 BUREAUS. Under a new Federal law, you have the right to receive a free copy of your credit report once every 12 months from each of the three nationwide consumer reporting companies. AnnualCreditReport.com allows you to request a free credit file disclosure (ie. Credit Report) once every 12 months from each of the nationwide consumer credit reporting companies. This free credit report won’t include your credit score, but it does give you a consolidated list of your debts, a record of requests for your credit history, and a summary of your rights under the Fair Credit Reporting Act.

Once you’ve gotten your free credit report, you also need to get your Credit Score. You can get your Credit Score, along with daily 3 bureau credit monitoring and other great services from FreeCreditScore.com.

2. Make a budget and stick to it!
Making a budget helps keep from increasing your debt, while you’re trying to pay it down. Be specific and detailed in your budgeting. Except for emergencies, you should only be spending what is accounted for in your budget. Some people have found it helpful to keep a 30 day log of their spending. Carry a little notebook, or some index cards with you, and write down everything you spend each day. You’ll probably be amazed at how much money you spend on things you want, and don’t really need. The smallest things, such as that $3 cup of coffee every day, can slowly eat away at your finances. This will help keep you from getting further in debt. Your budget should define how much money you’ll send to each of your creditors monthly and how much you need for bills, and how much is left for discretionary spending. Try limiting your discretionary spending to things you can buy with “pocket cash”. This may be hardest thing you’ve ever done, but you won’t get further in debt if you only spend what you have.

3. Pay off the debts one by one.
Maintain minimum payments to the rest of the debts, but pick the debt with the highest interest rate, and send extra payments to pay it off. There is a proven psychological benefit to being able to take a debt off of your list.

4. Consider debt consolidation or debt restructuring and possibly refinancing your home mortgage.
Lower your credit card debt by 70% by consolidating. With interest rates down, it also may be time to refinance your home mortgage loan and cut your monthly payment. You can get free mortgage loan quotes at LowCostLending. When you refinance, make sure closing costs and other fees don’t outweigh the savings in your monthly payment. Another option is to get a Home Equity Loan. Home equity loans are good because they allow you to deduct the interest on your income taxes. Remember though, new credit is not a license to incur new or more debts. Once you’ve transferred a balance by consolidating, or refinancing, don’t add more charges to the old account. If you’ve got a lot of open accounts, you may want to close some of them, but you shouldn’t necessarily always cancel the old account. Having a good payment history with a few existing accounts can be better for your credit record than many canceled and new accounts.

5. If necessary, get help.
You may choose a credit counseling service, or debt counseling and debt help service to help with each step of your debt solution. Credit counselors can add accountability to your debt solution, and also serve as a source of encouragement. They are used to dealing with people with bad credit or poor credit, and can help you create a custom debt solution. They can suggest money lenders that might be more willing to make a loan to someone with a lower credit rating. Once you start reducing your debts without incurring new ones, you’ll start to see your credit score rise.

By following these simple principles, you should be able to get your debt under control, reduce it, and eventfully eliminate it.

Source by Tom Sexton

The Advantages and Disadvantages of International Money Transfer Online Services

Advantages and disadvantages are attached to everything on the planet Earth. As far as money sending concerns; although the advancements in IT have made it possible to send money online in minutes, yet the dark side of the picture can not be overlooked along with appreciating the bright aspects. At first, let us take a view of the advantages of international money transfer online services:

  • The first and the most prominent benefit we get from these services is the rapidity. Gone are the days when people had to wait for weeks for transaction of money. At present, you can transfer money online from one place to another in minutes.
  • Various banks have featured power transfer, which enables you to track the money online whether you are a recipient or a sender of that money.
  • Lots of banks have featured remittance. With the help of this feature, you can receive money in your local currency and use right after you receive it.
  • Another benefit is that you can send money straightly to bank accounts via online banking now-a-days.
  • Online money transfer services have provided a platform to online business-groups where they can move fast and grow rapidly without wasting time in the formalities of sending money offline like waiting for the checks to clear.

Having walked through the advantages which online money transaction offers, now let us turn to the disadvantages it bears.

  • The weightiest disadvantage is the transfer fee taken by international money transfer online services. You must have to pay some fee to them, otherwise it is impossible to utilize the services.
  • Sometimes involvement of credit card and debit card in online money transfer leads to losses. In other words, you money is not hundred percent secure in process.
  • Some websites are used to keep money temporarily in case money is not sent directly to bank account. The user passwords for these websites can be hacked by hackers resulting in the loss of money.
  • When you send money online, you have to face the technical difficulties of the process.
  • You have to be patient because long queues are quiet usual in online money transaction.
  • The quick transaction in debit cards causes difficulties in recovering lost funds.

By and large, online money transfer services are neither from heaven nor from hell. In spite of all their advantages, lots of people rely more upon offline money transaction. And in spite of all their disadvantages, a huge percentage of the world population utilizes international money transfer online services on regular bases.

Source by Beenish Inaamulhaq Maya

Benefits of Payday Loans

Next time you are in dire need of some cash, and you want to get it quickly, you can consider payday loans. This type of loans is relatively new on the market.

So far, the traditional ways of procuring a loan were mainly through credit cards or by applying for personal loans. Certainly, these are well accepted and appreciated options for anyone, but they do come with their own limitations. When using credit cards, you are prompted to spend a lot more than perhaps you could afford. In fact, they were designed exactly for this purpose, as they allow you to pay a specified minimum amount, and thus extend the payment of your dues for a long time to come.

This design works to the benefits of the companies that issue credit cards, as they keep earning interest on the late payments made by you. Personal loans generally make a better option, but qualifying for such loans is quite cumbersome, needing a lot of time and a detailed check of your credit score before any answer is given.

This new product comes to the rescue of people who are unable to qualify for credit cards for whatever reasons, or who want to avoid the hassle of getting one. Though the reputation of payday loans is bad, they make a good substitute for traditional lending. They are highly popular with certain sections of our society. Here are the main benefits of payday loans:

  • The process of getting a payday loan is very easy, comfortable and fast. You may apply for a loan and expect the funds to be in your bank account in a matter of hours. No traditional bank can match that speed of sanctioning a loan. This is possible due to the online procedures for getting and disbursing the loans. The borrower simply needs to fill up an online application, giving some personal details, and then wait for the loan that will come through very soon.
  • Since these are short-term loans, you don’t need to face the problem for a long time. These loans are meant to help you overcome your financial problem for a short time. It is comforting to know that you won’t be under debt for long. However, most people tend to believe that you’ll land up in a big mess if and when failing to make your commitments; you should know that this is not true most of the time. The lenders offering payday loans do realize that there will be some defaulters, and they have accordingly designed their plans. Instead of taking any other action, they will just ban the client from utilizing the facility in the future.
  • Your chances of getting a loan from the businesses offering payday loans are certainly higher as compared to other financial institutions, like banks. The reason is that payday loans are available for small amounts of money, for shorter periods of time. Since the lenders realize that the associated risks are small, they can provide financial assistance to a larger number of consumers.
  • All the terms of the loan, including the fees and the interest to be charged by the lenders are clearly stated beforehand. So the borrower is well-informed on the amount he is liable to pay back. There are no hidden charges. This business is now highly monitored and controlled due to the bad publicity it has received in the past.

Perhaps, now you can better appreciate the reasons that prompt people to patronize payday loans. Their benefits include easy and quick availability, and if you realize how to best exploit these loans, you won’t be scared of utilizing them.

Source by Waheed Honey

UBC Vancouver Environmental Design Application: Architecture School Application Portfolios

I have been lucky enough to have been accepted into the University of British Columbia’s School of Architecture + Landscape Architecture Environmental Design Program. The Environmental Design Program, a third-year transfer program, offers a design intensive education that prepares its graduates for continuing on into a Master’s of Architecture, Landscape Architecture or Urban Planning. The program is relatively new to UBC’s School of Architecture but in its few years of existence has grown to hold a strong reputation for developing highly skilled students with strong work ethic, a broad scope of design-based knowledge, and an unprecedented ability to collaborate.

Like the hundreds of applicants each year, I was among those who read the pages of the program’s website until I nearly had it memorized. The online information discusses how this design school is proud of the diversity of the students it accepts and how the small class size fosters a strong sense of teamwork within the Environmental Design Community. In May of 2011 I was one of the 25 fortunate applicants to be accepted into this tight group of design-minded individuals. I started the school year with basic expectations; thinking that this year would be similar to my first two years of general university education. However, my expectations were soon blown away. I had no idea that architecture school would teach me skills that stretch so far beyond the immediate skills required to produce good design or that classmates could become a design family. For those who have not been through the Environmental Design program, the closest thing I can equate the experience to is A&E’s Project Runway. There were tears, throwing up, fits of laughter and risky design but in the end and through the process of working closely with extremely talented creative minds, good design was produced and a strong design team was formed.

If you are interested in also being accepted into UBC’s Environmental Design Program in Vancouver, British Columbia, then you need to know that the most important part of your application package is the portfolio. Here, I offer the knowledge gathered from my personal wins and losses with my ENDS application process. I hope that it may be helpful in your own work and I wish all potential applicants as this past year in ENDS was my most rewarding to date. The struggles were worth it and I would do it all again.

For Environmental Design hopefuls, the item that holds the most weight in determining your acceptance into the program is the portfolio of your design work. The best and only piece of advice I received regarding the application portfolio was to present as varied a body of creative works as possible. I submitted photos of my textile work, wood work, furniture, paintings, sculptures and charcoal drawings. After comparing portfolios with other classmates that had been accepted into the program, I realize that presenting a very diverse body of work was the way to go. If you are a great painter, excellent; submit your best two paintings you have ever done and then turn your creative focus to another medium. Some of the other members of my class submitted songs or plays they had written or documented an extraordinary hike that they completed. Stepping completely out of the box like this is great, and perfect for the ENDS community, however you need to know how you can relate these different experiences to design and you need to be able to explain it very briefly in a short description accompanying the piece you are submitting.

I’ll tell you right now, that one of the biggest lessons I learned this past semester is that everything, EVERYTHING, can be related to design in some way, shape or form. What makes a truly individual is being able to make the connection and explain it in such a way that the less creatively inclined can also understand the connection you are making.

Diversity of creative works are preferred, but beware of stretching yourself too thin in order to try something new. You do not want to sacrifice the quality or integrity of your work in any way. The application committee have their eyes trained to throw out portfolios that contain anything that is of poor quality and that was quickly done. Do not try to fool them, it just will not work. Take the time to produce the best work you can. I would highly recommend taking a few visual arts courses. They are extremely helpful in getting those creative juices flowing, especially for applicants who are predominantly interested in math and sciences. Please note that this does not make you any less qualified of an applicant as someone coming from a major in fine arts, it just means that you have different skills that will be useful to your ENDS community and that you have to be creative in coming up with a way to show the portfolio reviewers that math and science are extremely creative fields as well. Again, I’ve seen examples of this very thing in some of my fellow classmates who came directly out of majors in science and they are doing very well and have unique qualities to add to their own work and the work of the class. If you are in visual arts classes, the work produced in those classes are good candidates for pieces in your application portfolio, however, if you are submitting an art work that was a class assignment, make sure that it is your best work and that it is unique. School art projects typically tend to look like just that: school art projects. A few of these are fine as they demonstrate that your learned some useful skills, however the more art work you can submit that is 100% unique to you, the better.

The ENDS application requires there to be no less than 15 and no more than 18 pieces in your portfolio. I would shy away from submitting the maximum number. If you can keep it around 15-16 pieces, it shows that you can say more with less, that you know how to recognize good from bad work and that you are able to self-edit. The criteria for the format of the portfolio is let completely open to the applicant. The one and only criteria is on the size: 9x12x1/2.” This is another place to show your creativity. This of the assembly and presentation of the portfolio as an art piece in itself. How are the pieces arranged? It is a book? A web page? A slide show on a disk? A miniature horse wearing a sandwich board with your portfolio posted on it? I heard of one student years ago who applied to another local design school by buying a Boler camper unit, gutted it and turned it into a mini, mobile gallery of his art work. He drove it down to the school and was accepted on the spot. Be as creative with the assembly of the portfolio as you were with the pieces themselves. If there is one thing to remember here it is to be consistent with your design moves. Every move means something whether it is a colour choice, paper size or thickness, digital or hard copy, black and white or colour, scrap booked or formatted in inDesign. My advice is to make your choice, and then stick with it 100%. If you are going to scrap book your portfolio, do it all the way and do it extremely well.

If you are unsure of how to take the portfolio assembly process to the next level, then the next best thing you can do is to produce the most professional work possible. Get yourself a layout program, I suggest the trial version of Adobe inDesign, and assemble crisp, clean-looking pages. Spend the money to get your work scanned or photographed at the highest resolutions possible for sharp images. If you are submitting a hard copy, invest in getting your portfolio printed at a respected print shop and on quality paper. The cleanest way I have found to attach the portfolio pages together is to leave a 1/2 inch margin on the left side of each page, punch holes straight through the entire stack (no more than two or three) and then insert Chicago screws. This is called post-binding and the screws can be found at any major hardware store, Rona or Home Depot for example. It is a two-part mechanism, so be sure to get both parts. This is just one suggestion for one method, but it is up to you to create the portfolio that best matches your style and your personality.

I would like to clarify that the information that I have shared is not necessarily specific to the Environmental Design Program at UBC alone and that the information in this article can be applied to a portfolio application to any design school.

Source by Emily Warkentin

Property Tax – Pros and Cons

Property tax can be the fairest and at the same time the not so fair tax collected by municipalities.

Two of the determining factors of how it can affect what an individual will pay for this type of tax are where you live and a person’s economic condition.

Even though we all can appreciate the good points of owning a home vs. renting, when it comes to property tax, renting is by far the better option. States will collect property tax on the following:

Any additions to the property such as improvements to the land

Land itself

Any structures that are not permanent to the property

The assessment is commonly made by an exclusive county tax collector in each state. An individual’s property and land will be appraised of its value and subsequently mailed as a tax payment notice. This usually is paid through a homeowner’s escrow amount stated on their mortgage.

Many times this can negatively affect a property or land owner as the taxes in a specific state can sometimes double or triple in amount and leave the homeowner unable to afford to pay their taxes, forcing them to sell their property or land.

People on a fixed income such as Senior citizens who have retired, can be greatly affected by the increase of property tax. The value of their homes increase, but at the same time they find themselves unable to pay their taxes because of their reduced income. Unfortunately, property tax doesn’t allow much wiggle room in the event of acts of nature or personal tragedy.

Although 2.3 seems to be the average percentage for property tax, it varies greatly from state to state, making it seem highly unfair for certain states such as New Hampshire, as it is a high 4.9 percent.

It also seem unfair when states like Alabama pay 1.3 percent and yet just a little distance away in neighboring Georgia would be required to pay 2.6 percent, then even more in Florida at a rate of 3.1 percent.

So who determines how the money generated from this income is spent or in some cases wasted? The state legislatures will determine this along with the decision to increase or decrease property tax and how frequent it is collected.

Even though property tax can absolutely help states with income,the amount of property tax to be paid can be a determining factor in one’s decision where to reside to achieve the American Dream of land or home ownership.

Source by Blayne Penton

Why Biomass Energy Is Better Than Other Types of Renewable Energy

There are many different forms of “green” or renewable energy available today and people are continually looking for more energy-efficient sources of green power as the concern about global warming and greenhouse gases comes to the forefront. For those looking to escape dependence on foreign oil and for those interested in reducing their impact on the planet, one type of energy stands out among the rest: biomass energy.

Biomass energy is energy derived from organic materials, usually waste materials.

Biomass energy is, of course, not the only type of green or renewable energy that exists on the market. Other popular options include solar power and wind power. However, while these other options get a lot of attention in the media, biomass is considerably better than these choices for several different reasons:

* Biomass helps keep waste out of landfills. While solar energy makes use of the power of the sun and wind energy harnesses the wind, biomass energy uses organic waste products to create energy. Approximately 70 percent of the waste products disposed of in landfills in the United States contain biomass and many companies produce a significant amount of biomass that adds to this number every day. Biomass keeps the waste out of landfills and harnesses it into something useful.

* Biomass energy has a very long track record of success. Biomass energy has been used in some form or another since the days of the caveman burning wood for fire. Biomass is not a new technology or a passing fancy but is instead a long-established source of energy.

* Biomass energy is a very reliable source of energy. You are not dependent upon the sun to shine or on the wind to blow in order to use biomass. This means it can be used in more places and by more people in a very reliable manner and produce the power necessary for many different applications. Many people are reluctant to switch to solar or wind power because of problems with consistent energy being available but this worry is eliminated when you make use of biomass. In fact, some companies produce enough biomass waste to provide all that they need for their energy production without depending on a third-party supplier, increasing reliability even further since there is always a ready source of biomass.

* Biomass energy doesn’t require an entirely new system or process to work. With co-firing, you can use your existing boilers and use biomass along with coal in order to reduce the amount of coal used by up to 20 percent. This is much easier in many cases than trying to entirely switch your power plant to solar or wind power.

* Biomass energy is the only form of liquid renewable energy that is available. This factor, along with the fact that it doesn’t depend on sun or wind, also helps to make it suitable for applications and uses where wind and solar power would not necessarily work.

All of these are significant advantages of biomass energy and they all help to explain why biomass is preferable to other sources of green or renewable energy. If you want to stay ahead of the curve; be prepared for new potential government regulations that limit energy use; and do your part to reduce waste and greenhouse gases, it is time to consider biomass for your industrial or commercial application.

Source by Pierce David

10 Services That Banks Offer

Whenever we are looking for a particular bank product, we of course always want the best for ourselves. There are numerous services that banks offer. The following article intends to outline 10 of the principal services that banks offer and the reasons why we would want the best in each one… for ourselves!

Wanting the best for ourselves is especially true when we are looking for a means to entrust the safe keeping of our money. So where is the best place for your money? Give it to a friend? Put it in a piggy bank? Hide it in a particular place where only you know? Put it into a bank? Well these are some of the possible places and means wherein you can keep your money. But there is one thing that these ways have in common: they are all actually risky. They are all risky in the sense that the money you have entrusted to them are in danger of being spent, destroyed or will be worth less to you when you take the money back.

Of course, entrusting your money to a reliable and trusted bank is one of the most trusted ways to keep your money safe. Of course to do this, you have to open a savings account first before you are allowed to deposit your money with a bank.

Before opening a bank account, it is best practice to carry out thorough research about any prospective bank. If you think you are satisfied with your research and think that the bank you have chosen can meet all your business and personal needs, then this will be the time for you to enroll yourself and begin to make your deposits.

I Now Have A Bank Account!

Now, you and your money are already relatively safe and secure. I have to congratulate you for finding the best bank for you. However, I would like to reiterate here that all banks vary in the services they provide. A good example of the common services offered is the savings account. This is basically the initial service one can ever have when joining a bank. With regards to services, there are also some cases where some banks offer one type of service and others do not.

10 Services Offered By Banks

For you to have a clearer view of a bank’s services, I have included 10 of the services that most banks offer to consumer banking customers.

  1. Savings and other Accounts
  2. Online Banking
  3. Wire Services (includes customer care service)
  4. Payroll
  5. CDs
  6. Payments
  7. Collection
  8. Transfer of Funds
  9. Bill Payments
  10. Loans

Source by Dave Cheeseman

How Cloud Computing Is Driving Unique Innovations?

There is absolutely no doubt that cloud computing, despite being a comparatively new concept, has become the dominant paradigm in the global IT sector these days. The evolution of cloud computing, in fact, has completely revolutionized the way how business people look at modern technology. Smart business owners, CEOs, and managers nowadays are looking forward to embracing new and innovative trends in the field of IT including big data and analytics and mobile computing, among others, to get their job done quickly and efficiently. But at the same time, most professionals are still dealing with their current information technology investments. This is where the pioneering cloud computing technology turns out to be the best possible solution to reap maximum benefits. It renders an easy, quick and convenient option not only to implement new business process changes but also, helps businesses to find effective solutions to draw attention and engage with customers.

What distinguishes the cloud computing technology is that it delivers a proficient and flexible platform for technology experimentation, rapid development, and distribution of advanced solutions, which used to be a part of IT department a few years ago. There are more than just a few advantages of cloud computing such as higher IT cost savings, improved accessibility and efficiency, reliability, manageability and unlimited storage and backup etc. Not only does working with the data in the cloud saves businesses thousands of dollars but also provides them with much-needed freedom, agility, and convenience and If used properly and to the necessary extent, cloud computing can benefit the companies of all sizes and types.

Below mentioned are the emerging trends in cloud computing that are gradually encouraging and speeding up the process of moving to the cloud:

  • Interconnecting systems of records with futuristic systems of engagement: Business organizations worldwide are amalgamating the systems that support their internal operations like accounting and finance, human resource and warehouse management etc. to advanced systems including email, social networking or collaboration hubs, which eventually help them to get connected with their business partners, associates, employees, and end-consumers. The reason behind this is to make the most productive, creative and effective use of the available information and data collected by the businesses. The cloud, being an easily accessible and highly scalable platform, is constantly propelling such unique trend, which is only going to help business organizations in the coming days.
  • Harnessing the power of the cloud to boost innovation:Cloud computing, since its initial days, has been laying a foundation for a more flexible and efficient model, not only to tap into technology investments made by businesses in the past but also to empower them to swiftly transform their business models and practices. Businesses worldwide are taking both services and data and combining them together to develop cutting-edge applications as well as innovative business processes. By choosing a safe and secure cloud environment, they can rest assured that their sensitive business data will be protected.
  • Streamlining services in a hybrid cloud setup: Business organizations, particularly the large ones, can actually see, manage and control how their services are being used to ensure their privacy and security by automating services in a distinct cloud environment. Most of them are making a significant investment to create applications and technology-based business models or working with collaborative communities. This is indeed a very noble way of thinking from past approaches in cloud computing where businesses assumed that they were losing control over their resources that were located in huge centralized data centers. With modern cloud computing technology, it has become relatively easier and hassle-free for businesses to be resilient and nimble.

Cloud computing is no longer limited only to those who are tech-savvy. Even managers and accountants with little or little technical knowledge these days are harnessing the power of cloud computing technology to grab real opportunities and add more value to the organizations. Simply put, cloud computing has come a long way from being a technology that was earlier seen as a way to reduce operational costs and attain higher efficiency to a powerhouse of innovation that can benefit businesses of all shapes and sizes if used in the right way.

Source by Tina S Smith

How Relevant Are Unemployed Loans in the Present Scenario?

If you are out of a job, it clearly means you have no income source. Devoid of any steady income, you will find it tough to cover the basic expenses. You may try to borrow some money from friends and family, but that’s more of a temporary arrangement. What about trying out a loan instead to tackle the needs, until you find a new source of income? The problem is lenders are not interested in offering financial assistance to people without any regular salary or job. Nevertheless, there are certain provisions made available and all you have to do is to look for a viable alternative that can support you, when not working. This is precisely where unemployed loans gain prominence, since it is conceptualised to provide convenient finances to settle the various needs of those with no active income.

Unemployed Loans for all

To begin with, unemployed loans are not very different from other similar arrangements. What really has changed is the attitude of the lenders, who are now more accommodating to the needs of those with no access to any income. Therefore deriving some cash relief to deal with certain expenses does not really seem to be much of a problem.

But there are certain key factors that play an important role, when it comes to accessing the credit. If you are having a good credit history, Then it means you have maximum chances of getting a suitable offer on this loan. At the same time, when you have arrears and dues, Then obtaining the funds does become a bit tricky, considering the situation. This does not really mean that you have run out of options. In fact, you will have a fewer options available and these will come at a greater cost.

Loans for Unemployed and its various types

If you are of the view that it is possible to get the best possible rates and feasible repayment options, then you are getting wrong information. As far as the loans for unemployed are concerned, you have the option to go for secured variety and an unsecured variety. If it is about deriving a larger amount with an elongated repayment terms and you have the asset to pledge as collateral, then you can prefer the secured option. On the contrary, the unsecured option is more sought by those in particular who are looking for a limited amount for a relatively Short Term period.

Despite meeting all the desired pre- requisites, getting the loans and utilising it is always a challenge. Apart from the higher interest rate and the other hurdles, it eventually comes down to handling the pressure. But when you avail the loans and make sure to keep up with the payments, it does help to improve your credibility as a borrower.

As far as relevance of unemployed loans is concerned, it does help when it comes to seeing through the crisis. But then, it is necessary to minimise the borrowing and limiting the expenses. The best you can do in these circumstances is to stay away from borrowing any money.

Source by Angie Rees

How to Write an IB Economics Evaluation Essay

Economics evaluation essays are often regarded as one of the most difficult assessment components of the IB Economics program. Students often struggle with structuring their evaluations and applying their economic knowledge to the question. However, evaluations do not need to be difficult and students often overcomplicate their thinking when writing evaluations. In this guide, we will examine first, the wrong way to approach evaluation essays and then how to correctly structure an evaluation. For this, we will use this question to demonstrate the essay writing process:

“Evaluate the extent to which a depreciating exchange rate may benefit or harm an economy.”

The wrong way

Many students adopt this approach when writing evaluation essays:

1. Define

2. Descriptions and analysis

3. Evaluate

Evaluation should not be the “icing on the cake”. Rather, the evaluation should be the cake itself. Writing an economics essay using the above approach can easily lead to the mistake of describing everything about a depreciation and leaving only a small part of the essay for evaluation.

The next problem is that, when reading this type of essay, it is unclear as to what the student is evaluating until near the conclusion. As the student, it’s also easy to get sidetracked.

Some students using this approach may often run out of time and not do any evaluation whatsoever, which will make earning even a 6 difficult.

Finally, this with this approach, it is difficult to effectively tackle different types of economics essays. With the approach in this guide, evaluations can be tackled almost systematically which means that less thinking time is required, leaving more precious writing time.

Note: This approach can work and I’m sure there are students who have scored 7s with this approach. But it is much more difficult to learn if you are unfamiliar with economics evaluations. What I recommend, is to use a systematic strategy and structure that can be applied to almost all types of essay questions.

The correct way

First, let’s think about what evaluation actually is.

This can be found in most economics mark schemes:

Effective evaluation may be to:

· Consider short-term versus long-term consequences

· Examine the impact on different stakeholders

· Discuss advantages and disadvantages

· Prioritize the arguments.

The third description is the one that we recommend as it can suit the widest range of possible examination questions. Stakeholder and long run versus short run analyses are often subsets of a discussion of advantages and disadvantages, i.e. the advantages and disadvantages to different stakeholders, or in the short run and long run. Regardless of the question, there will always be advantages and disadvantages. However, there may not be enough to discuss regarding short run versus long run, or regarding various stakeholders.

You should prioritize your arguments anyway, listing the most important advantages/disadvantages first.

The approach I recommend can be used for almost all types of evaluation essays (With some minor tweaks). The key here is that with practice, you can do evaluations almost systematically, which saves on planning time and keeps your essay focussed.

So, the 5 steps to getting full marks in your economics evaluation essay (Using the advantages and disadvantages approach):

1. Define key terms in the question

This is fairly straightforward. The mark scheme awards a few easy marks just for defining the key terminology. It also helps to focus the essay and for the student to get into “essay writing mode.”

2. Answer the question in 1-2 sentences

Essentially what this means is, summarise the entire essay into 1-2 sentences. This sentence is crucial and is designed to focus your essay. All of your future paragraphs from here will support this.

It is also important to demonstrate your intention to evaluate here. Your 1-2 sentence summary must have elements of evaluation – i.e. useful phrases to use include, “it depends on” or “there are advantages and disadvantages” or “there are many costs and benefits associated” etc.

This sentence can be fairly vague. What’s important is clarification on the direction you will take with your essay.

3. List and explain advantages

Note: For policy choices, this can be replaced with “benefits” and for questions where you are required to evaluate a statement, simply replace this with “arguments supporting the statement”

The more detailed the explanation of the advantage, the fewer advantages you need to discuss and vice versa. Aim for at least 2 and at most 3, although in rare instances you may only have one advantage that you discuss in length.

With practice, you will intuitively work out how the length and detail that each advantage needs to be discussed in. Ideally, include one diagram per advantage discussed.

As you become more advanced in your essay writing, it is often useful to qualify these advantages as well. Rather than simply writing “One key advantage is that the policy will reduce unemployment,” write “Given that the economy is likely to be experiencing a deflationary gap, an key advantage of the policy is that it will help to bring the economy closer to full employment.”

4. List and explain disadvantages

Note: Replace with “costs”, or “arguments against the statement” as appropriate to the question.

The principles behind this are the same as for advantages.

5. Weigh up advantages and disadvantages

It is often the case that the advantages and disadvantages do not carry equal weight. Depending on what is being evaluated and the economy in consideration, it is often more appropriate to lean one side or another rather than simply writing “it depends.”

This is essentially your conclusion. For the vast majority of evaluations, this should be a tentative conclusion, i.e. “It is likely to be advantageous overall” rather than “It is definitely advantageous overall.”

For evaluations of policies, it may be powerful here to consider some alternative policy options. Remember also that doing nothing is a possible policy choice.

Key things to remember

1. Your essay’s purpose should be to evaluate. Evaluation should not be the “extra” part you add on for bonus marks.

2. Answer the question and only the question. But use the question as an opportunity to show off your economic knowledge

3. Diagrams should always be “sandwiched.” Relevant text should always be used to introduce the diagram and subsequently to explain the diagram. Do not have a diagram hanging at the end of a paragraph or randomly inserted before a chunk of text.

4. Diagrams must be labelled accurately and titled. Diagrams should also show a shift of some kind. This can be done by using an arrow. I also recommend labelling diagrams Figure 1, Figure 2 etc. This makes them easier to refer back to.

5. Use real world examples. Tackling this is easy. Go on Google and find a statistic for:

a. A country that is experiencing rapid growth (Hint: China)

b. A country that is experiencing very slow growth

c. A country experiencing high inflation

d. A country experiencing low inflation or deflation (Hint: Japan)

e. A country with low GDP/capita

f. Countries with high and low income inequality (HL)

g. Countries with fixed and floating exchange rates

h. A country with high levels of debt

i. A country that is a net exporter

j. A country that is a net importer

The list goes on. Basically, you can get some quick and easy marks just by having some real world knowledge handy.

6. Have some original thought

Original thought is essentially using your creativity to add a little extra flavour to your response. Try to go a little beyond what is mentioned in the text book. The easiest way to do this is to qualify your advantages and disadvantages to the question specifically.

For instance, if the country has high debt levels and you are evaluating depreciation, it may be useful to include something like: “Given that the economy is experiencing high debt levels, a depreciation is likely to make it more difficult to service debt repayments.”

Your essay should not be generic. To achieve the highest marks, it needs to be targeted to the question. This is especially true for the 8 mark data response evaluation question.

7. Explain concepts linearly

What this means is don’t have your analysis jump from A straight to D. Explain your reasoning in a step-by-step manner, as if you are an economics teaching explaining the concept to a student.

For instance, if you are trying to explain that lowering interest rates is likely to increase aggregate demand, your explanation should look something like this:

“Lower interest rates represent a lower cost of borrowing. As such, firms more likely to invest in capital, which is likely to increase the level of investment in the economy. Furthermore, a lower interest rate results in a lower return on savings, which is likely to result in a lower marginal propensity to save and thus a higher marginal propensity to consume. All else being equal, this is likely to result in higher consumption. Since investment and consumption are both components of aggregate demand, lowering interest rates are likely to lead to an increase in aggregate demand.”

The wording could probably flow a little better, but you see the point. Explain concepts in a linear fashion or the examiner may get lost, or assume that you don’t fully understand what you are writing.

8. Practise, practise, practise!

Write as many economics essays as possible before your final exam. This is the only way that you will be able to master the art. After you have written each essay, ask for feedback from your economics teacher. If you are doing past paper questions, look at the mark scheme to see what you may have missed.

In your final exam, do not expect to have much time left remaining. Through practice, you will be able to write faster and not need to commit as much time to thinking. In your final, planning time should take no more than 5 minutes and for the most part, if you have this structure memorised, you should be able to think ahead as you are writing.

At first, it is acceptable to use the textbook/Google as you are writing. But I have a rule for this – don’t use the textbook twice to look up the same concept!

9. If you’re doing HL, make sure to include HL content.

Source by Owen Yang