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Archive for July, 2009

Friends, many of you all are not fully aware of the use and significance of checking accounts. May be you know, but not fully. So, I am here enclosing some essential facts about checking accounts so that you can enjoy using it for borrowing personal loans, unsecured loans or any type of personal finance.

Financial institutions and banks avail their customers i.e. individuals and businesses with the service of deposits and withdrawal of money from an account that is protected by the federal government. Every financial institution may have a different term of checking account. However, a user of a checking account can utilize his account for cashing and depositing their personal cheques instead of using cash for the payment of their debts. Suppose, if they need to borrow cash loans, tenant loans, car loans or any other type of unsecured loan products, they can borrow them against providing a post-dated cheque to their lender including the loan repayment amount with the evidence of which, lender transfers the loan amount into their checking account.

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For accessing individual’s account or proceeding with cash withdrawals with the checking accounts, ATMs and debit cards are also allowed to the customers.

People who do not possess any checking account are recommended to have one because it will be feasible for you to maintain your finances, especially you do not have any bank account till now. So, I will be back in my new post afterwards continuing this topic.

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The recent recession has undertaken the middle Britain in to devastating debt crisis, not even the unemployed ones but also people well settled with good job have deeply suffered from this huge recession.

Even I have observe the 500% increase in the number of debt advice centres since last 5 years. Daily a huge crowd of people seeking financial help knock the doors of these centres. When they could not find any solution, they choose the way to suicide due to the fear of shame and despair.

When I met a financial expert, he gave me some examples confirming deepness due to the crisis followed:

A TV manufacturer is in a debt of £75,000 for a year including £28,000 of credit card and other debts and £22,000 in the loans secured against collateral.

A retired sales manager on £120,000 of debts from 15 loans and credit cards who annually earns £35,000.

An IT professor who has £30,000 debts along with a judgement of county court against him is on £30,000.

The budgets of many households collapsed and are beyond the cheaper deals of mortgages, due to severe crunches faced by the global economy. The bills for food, petrol, utility and other essentials have grown double.

It has also seen that people who were tempted by the banks with the offers of cheaper credit options over the last 20 years are now finding themselves unable to meet the repayments of the debts.

The wave of debt-threaten sufferers is returning back from the debt consultants to find new solutions to remove this burden. This is because the experts are few and the sufferers are many, they feel difficult to manage such a huge crowd of credit victims.

No body can say what will be the situation in future or after 1 to 2 years. According to a financial expert, till now 300 applications for consultancy is lying pending. They will get the chance of inspection after 1 or 2 years, I don’t know what will be situation for them.

This situation of credit crunch has really become an obstacle to our smooth routine life. However, we can only pray for the good time to come ahead.

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Fight RecessionPrevailing financial circumstances of the world are really troubling, but could not be said as unbeatable as several measures are still available there to recover through the devastating effects of credit crunch.

Nowadays, everyone is forced to alter his traditional way of managing funds along with adopting more effective financial management tactics for keeping away the possibility of borrowing finance and debt emergence.

Experts after reviewing the situations say that people borrowing property for the first-time should remain a bit careful about their rates. These days, the demand for houses and other rental properties have raised and obtaining a personal finance has become tough; thus, builders and property owners have started misusing this opportunity along with selling their properties at much higher rates than the actual ones. Searching around and negotiating for best deals can become a suitable option for these situations.

Similarly, making cutbacks on fuels, electricity, grocery and minimizing borrowing any small-term or short-term finance along with enhancing a fixed percentage of savings can help the individuals to get rid of high cost of living. Practicing these measures will be supportive for preventing the emergence of debts, especially due to borrowing a credit like payday loans etc and other financial problems that can trouble them.

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The world is right now struggling with the severe defects of recession and thus, adopting effecting financial management can really become beneficial to overcome through these solutions.

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