Learn About Buying Gold Bars Online

July 23rd, 2014 Comments off

Although, the best place to buy gold is online, however online purchases are usually marred with a lot of fraud. The good side is that there is some due diligence that you can do to ensure that you reduce your chances of being swindled. Here are some of the things that you need to do:

Understand your investment

The first thing that you need to do is to understand the types of gold that you should invest in. Gold and Silver can be bought in number of forms. For instance, it can be purchased in the form of jewelry or in bars. Although, it can be bought in a number of forms, only handful options are needed for your needs. For example, if you are opening a gold-backed IRA, you need to know that high quality pure 24 karat bars and coins are allowed; therefore, if you buy other coins you will definitely waste your money.The proper way of understanding your investment options is by seeking advise from a metal expert. Well informed decisions can be very helpful long term.

Start Small

Risks are always involved when buying online; therefore, it’s always wise to reduce your risks by buying just small amounts of gold or silver.Many fraudsters are out there to steal large amounts of money; therefore, when you buy small amounts of gold, you keep them off. Although, many sellers come up with discounts when you buy in bulk, it’s always ideal to first test out before you invest huge.

Always Receive Documentation

Many legitimate dealers offer insured methods of delivering your products where the gold is physically delivered to your door step. If you don’t want to store the gold yourself, you should choose a reputable firm that will do it for you.Upon receipt of your physical gold product, the firm should provide all documentation about storing gold.. You should always make sure that you receive the documentation whether you store the gold in your bank depository or in an IRA custodial firm.

Don’t Submit To Sales Pressure

Fraudsters know that the easiest way of getting money from investors is by using high-pressure sales tactics. Here they scare you by prophesying that there is going to be an economic meltdown. When buying gold bars online you should be careful of such tactics. To be on the safe side you should always take your time to research before you part with your money. One of the best ways of researching is by consulting a professional.

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A “Charged-Off” Account: Is It a Good or a Bad Thing?

July 16th, 2014 Comments off

Some people may be inclined to feel relieved when they hear that their debt will be “charged off”. After all, it’s a debt they’ve been having trouble repaying and if it’s “charged off,” at least they don’t have to pay it, right? Actually no–that’s wrong. In fact, one of the worst things that can happen to negatively affect your credit worthiness and credit score is having your debt “charged off.” Although lenders benefit from this event in several ways, as the debtor, this will not do you any good, now or in the future.

First, let’s look at why it means to have a debt “charged off.” Creditors will often resort to “charging off” the balance when they realize that your account is so far behind that you will likely not ever make further payment on it. What this means is that they can now report this as a loss for tax purposes and the amount can be subtracted from their yearly reported income. By getting a tax break for it, creditors get to turn an unpaid receivable into something positive.

However, for you, the debtor, this “charge off” action will show on your credit report for seven years. This can seriously affect your ability to get a loan or line of credit from another lender because the charge off can remain on your credit report as a negative mark, even if you decide to pay it. While there is no way to hide it, it’s not the end of the road if a “charge off” does appear on your credit report because there are ways to overcome it.

To balance the negative “charge off” that potential lenders will see, it helps to add trade line or open accounts with positive information to your credit report. Lenders will see that the “charge off” was a one-time slip up–not a habit that you plan to continue – if there is a history of positive, paid on time accounts.

Also, paying the amount that was owed and then later “charged off” is also another way to let potential lenders know that while you may have gotten behind on your payments at one point, you still made good on your promise to repay the debt. While you should expect to receive higher-than-normal interest rates on any line of credit you receive until the “charge off” is completely gone from your credit report, this good-faith measure is often enough to help many lenders overlook the previous “charge off.”

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