Debt Declaration – Bad Credit Help & advice, Debt Settlement Tips

The U.S. Foreign Exchange Market

June 27, 2011 by · Leave a Comment 

The foreign exchange market is where most commercial banks in the United States buy and sell foreign exchange for their customers. But commercial banks are not the only corporations involved in 4X trade. In fact, over the last 25 years, many other dealers including investment banking firms and other financial institutions have joined commercial banks as major dealers in foreign exchange trading.

So just who are the major players in the U.S. segment of the foreign exchange market? According to the 1998 foreign exchange market turnover survey by the Federal Reserve Bank of New York, there are 93 major foreign exchange dealers in the U.S. Commercial banks made up the majority, accounting for 82 out of the 93 forex trading dealers. Eleven were investment banks or insurance firms. The entire group is made up of institutions located in New York, Boston, Chicago, San Francisco and other U.S. financial centers. A major portion of the group includes U.S. branches of foreign banks from Japan, the United Kingdom, Germany, France, Switzerland, and other countries.  According to the Federal Reserve, to be considered a major currency trading broker or dealer in the U.S., “an institution must be located in the U.S. and play an active role as a dealer in the market.”


June 14, 2011 by · Leave a Comment 

A pay day loan is a short term loan given out mainly to persons with poor or no credit. The lender will keep an uncashed check from the borrower or electronic access to the borrower’s bank account as collateral. The borrower has to pay within the given period (which is generally two weeks) the amount borrowed plus borrowing fees and if he is unable to pay it back on that day he will be charged an additional fee.

It is a very convenient way to get money in an emergency, but the danger lies in the extremely high Annual Percentage Rate (APR) charged on these loans. For example if you borrow $100, at the end of two weeks you will be paying a fee of $20 and in the event you are unable to repay it on time, the fees keep adding up. Not being unable to pay back on time means you are sinking deeper in debt which will have an adverse effect on your credit score.

Find an alternative way to raise the money needed, such as borrowing from a family member or friend on more reasonable terms.

Tips to be Successful in The Forex Trade

June 12, 2011 by · Leave a Comment 

Why do people get into Forex trade?

The answer to that question is to make a profit. However, if you are a beginner, you should be aware of the fact that the Forex market is complex, and you can literally lose your mind if you pay attention to the news that flows in every day.

Keeping it simple is definitely the best way to go (especially if you are a beginner), and finding a mentor to help you in learning the ropes can get you a long way before you start to invest independently.

But these are not the only things that will help you to succeed. Here are three tips that will hold you in good stead when investing in the Forex market:

Tip #1: Use Forex trading software

One of the smartest ways for beginners to learn the ropes is by finding the best Forex trading software that is out in the market today. One such example is the Forex trading eToro, popular for the numerous benefits that it offers to its customers. But the thing to remember here is that it always wise for you to find brokers and software that fit your needs in particular.

Tip #2: Stick to a trading strategy

The Forex market is not a casino. This is most important to remember as you will find that there are temptations to drop the strategy and trade based on a whim or emotion. Avoid doing this if you want to make steady profits in the Forex market, and in meticulously following your trading strategy, you’ll find your way sooner or later.

Tip #3: Training and practice

These two things are vital if you want to succeed in the Forex market. There are financial and technical aspects of the market that most successful traders are well aware of, and in following their footsteps in keeping track of the trends in the market (this is not just about the Forex exchange rates) with consistent practice, success will find you rather than the other way around.

Tips on How to Get a Loan For Bad Credit

June 11, 2011 by · Leave a Comment 

It’s a tricky affair to get a personal loan, especially if you have bad credit. Since it is a signature loan, this means you have to sign against your name, thus implying that you have to pay them back according to the agreed upon contract.

But there are ways by which can increase your chances of getting a loan for bad credit:

Tip #1: Collateral

Providing collateral, such as a car or home, that the bank can seize if you default on your payments can increase your chances of getting a loan. Depending on the amount of the loan, provide collateral to match its value. For example, jewellery, musical instruments, or even electronic items are good options.

Tip #2: Accept Higher Interest Rates

Whether you want bad credit car loans or even personal loans that are offered to those with bad credit, it is important to remember that one of the consequences of having bad credit is to be charged higher interest rates. If you have a chat with your banker and offer him substantial documentation of your income and assets, you should be able to land yourself a loan in no time, albeit at a higher interest rate. This isn’t very different with instant approval credit cards either!

Tip #3: Have Your Family Members or Friends Co-Sign

Another way by which you can increase your chances of getting a loan is by having your friends or family members co-sign with you. Ensure that you inform the person that they will be held accountable just as much as you will if you miss the payments agreed to.