Online banking appeals to many because it's fast, easy and convenient. But some still shy away from it, and for all the wrong reasons, according to recent data.
The 2006 Identity Fraud Survey Report, released by the Council of Better Business Bureaus and Javelin Strategy & Research, provides new insight on how identity fraud occurs.
Bottom line? The Internet is safer than you might think.
According to the report, 90 percent of data compromise takes place through traditional offline channels. In fact, online banking can reduce the harm caused by identity theft because electronic account monitoring is the fastest way to detect fraud.
"Frequent monitoring of your finances is made easier through online banking," said Barry Miller, director of technology and information security for NetBank, an Internet-only bank. "A consumer who banks traditionally and receives a statement in the mail can only monitor their account activity every 30 days at best."
Online banking also eliminates the paper trail. The majority of theft cases, Miller says, are a result of information being obtained offline, through paper bank statements and credit card receipts, for example.
Based on the Javelin study, the Better Business Bureau and other experts offered some steps to protect consumers from identity theft, urging people to replace paper bills, statements and checks with online versions; reviewing bank, credit card and bill statements weekly, which is easy through online account access; and using e-mail-based alerts to monitor transfers, payments, low balances and withdrawals or to detect any out-of-pattern activity.
Online banking continues to grow in popularity. The Online Banking Report puts the number of U.S. households using online banking at 40 million. And according to a survey conducted by Feedback Research, customer satisfaction is high.
Eighty-three percent of the respondents who banked online were either "very" or "extremely" satisfied with their online transaction experiences, 79 percent said the transactions were easy and 77 percent said they were generally hassle-free. Almost 10 percent said they banked with an Internet-only bank. - NU
Wednesday, September 21, 2011
Getting Out of Debt, The Smart Credit-Card Plan, the perfect paydown strategy
Behavioral economist Meir Statman, recently said "getting out of debt is the financial equivalent of trying to quit smoking." Just like any bad habit, good intentions alone will not be enough. To ensure success, we need to break our underlying patterns of behavior. How is it we live in the richest most powerful country in the world, but the average American is more than $11,000 in debt. Our European friends who live by a mainly debit card system have an average savings of $13,000. On a recent visit to Germany, I was shocked to find that less than 35% of all the shops and restaurants accepted credit cards. What would we need to do to reverse this trend and get into a (plus) situation.
Plastic Surgery
If we are serious about paying off our balances. We don't have to literally cut up our credit cards, just stop using them routinely. We should go green for our everyday spending. Try carrying around a set amount of cash to use each week. We make better purchasing decisions when we actually have to hand over the green stuff plus there's a preset spending limit. When we run out of money, we stop spending it's that simple. When the only way to purchase is plastic, buying online for instance, then use your debit card. Your debit card can also be used as an emergency substitute for cash should you run out.
Leave Those Cards At Home
The best way to ensure that you enforce the cooling off period on new credit purchases is by taking the cards out of your wallet. You should store them in a place that's not easily accessible and safe. Do not let others know where you have hidden them.
Close The Accounts No Longer Needed
Having unused credit available from lenders with whom you've had a long relationship will help boost your credit score. Having too many will harm your credit score. As a rule, 3 credit cards is what works best and try to never spend more than 50% of the available credit on any of the cards. This will keep your score at it's highest. You should also consider closing all your store cards, if you need to make a purchase then use your credit card and pay it off at the end of the month.
Lowering Your Interest Rates
Start by reducing what you pay in interest. We can start by calling our current credit card companies and explaining that we intend to transfer our balance to another issuer unless our interest rate is lowered. Almost all credit card companies run promotional programs with low or 0% interest. They will be willing to put you on one of those rather than risk losing your business. All you need to do is ASK.
Tackling Those Credit Card Balances
Finally we need to develop a strategy for paying off our existing credit card balances.
Gather all your credit card statements together and make a simple table listing the entire amount you owe, and the minimum payment and interest rate for each card. This will help us determine the order in which we should pay off our cards. We need to focus on the highest interest rate cards first and pay off as much as you can each month while making only the minimum payments on our other cards. When the first card is paid off, use the same strategy on the next-highest interest rate card and so on until you're debt-free.
Late Payments
Are the number one cardinal sin of debt management. You get hit with hefty late fees and very high penalty rates that can go to 30%, plus of course your credit score will take a big hit.
We all have a responsibility to improve our financial literacy and develop the required skills and practices for effective financial management. There is a real need to get away from the "Someday things will get better in my life" or the "Someday I will be able to earn enough money to stop worrying about the bills. There is a lot more to life than that, but it has to be said and understood that the only person that can change your life is YOU. There is NO substitute for Action! With Action, you will overcome your fears and hesitations and accomplish everything you set out to do and more.
Have an opinion or a question you would like me to answer, then write me! http://www.CarlHampton.com
Behavioral economist Meir Statman, recently said "getting out of debt is the financial equivalent of trying to quit smoking." Just like any bad habit, good intentions alone will not be enough. To ensure success, we need to break our underlying patterns of behavior. How is it we live in the richest most powerful country in the world, but the average American is more than $11,000 in debt. Our European friends who live by a mainly debit card system have an average savings of $13,000. On a recent visit to Germany, I was shocked to find that less than 35% of all the shops and restaurants accepted credit cards. What would we need to do to reverse this trend and get into a (plus) situation.
Plastic Surgery
If we are serious about paying off our balances. We don't have to literally cut up our credit cards, just stop using them routinely. We should go green for our everyday spending. Try carrying around a set amount of cash to use each week. We make better purchasing decisions when we actually have to hand over the green stuff plus there's a preset spending limit. When we run out of money, we stop spending it's that simple. When the only way to purchase is plastic, buying online for instance, then use your debit card. Your debit card can also be used as an emergency substitute for cash should you run out.
Leave Those Cards At Home
The best way to ensure that you enforce the cooling off period on new credit purchases is by taking the cards out of your wallet. You should store them in a place that's not easily accessible and safe. Do not let others know where you have hidden them.
Close The Accounts No Longer Needed
Having unused credit available from lenders with whom you've had a long relationship will help boost your credit score. Having too many will harm your credit score. As a rule, 3 credit cards is what works best and try to never spend more than 50% of the available credit on any of the cards. This will keep your score at it's highest. You should also consider closing all your store cards, if you need to make a purchase then use your credit card and pay it off at the end of the month.
Lowering Your Interest Rates
Start by reducing what you pay in interest. We can start by calling our current credit card companies and explaining that we intend to transfer our balance to another issuer unless our interest rate is lowered. Almost all credit card companies run promotional programs with low or 0% interest. They will be willing to put you on one of those rather than risk losing your business. All you need to do is ASK.
Tackling Those Credit Card Balances
Finally we need to develop a strategy for paying off our existing credit card balances.
Gather all your credit card statements together and make a simple table listing the entire amount you owe, and the minimum payment and interest rate for each card. This will help us determine the order in which we should pay off our cards. We need to focus on the highest interest rate cards first and pay off as much as you can each month while making only the minimum payments on our other cards. When the first card is paid off, use the same strategy on the next-highest interest rate card and so on until you're debt-free.
Late Payments
Are the number one cardinal sin of debt management. You get hit with hefty late fees and very high penalty rates that can go to 30%, plus of course your credit score will take a big hit.
We all have a responsibility to improve our financial literacy and develop the required skills and practices for effective financial management. There is a real need to get away from the "Someday things will get better in my life" or the "Someday I will be able to earn enough money to stop worrying about the bills. There is a lot more to life than that, but it has to be said and understood that the only person that can change your life is YOU. There is NO substitute for Action! With Action, you will overcome your fears and hesitations and accomplish everything you set out to do and more.
Have an opinion or a question you would like me to answer, then write me! http://www.CarlHampton.com
Will The Iraqi Dinar Rise Now That The Constitution Is Approved?
The current constitution of Iraq was approved by an October 15, 2005 ratification vote. The proposed constitution was drafted in 2005 by members of the Interim Iraqi Government to replace the Law of Administration for the State of Iraq for the Transitional Period, which had been put in force by the Coalition Provisional Authority after the Iraq War and occupation of Iraq by the United States and Coalition forces.
The drafting and adoption of the new constitution was not without controversy, however, as sectarian tensions in Iraq figured heavily in the process. The deadline for the conclusion of drafting was extended on four occasions because of the lack of consensus on religious language. In the end, only three of the 15 Sunni members of the drafting committee attended the signing ceremony, and none of them signed it. Sunni leaders were generally urging the electorate to reject the constitution in the 15 October referendum, but were overwhelmingly rejected by the voters.
The text of the proposed constitution was read to the National Assembly on Sunday, 28 August 2005. It describes the state as a "democratic, federal, representative republic" and a "multiethnic, multi-religious and multi-sect country".
Excerpts From The Preamble
We the sons of Mesopotamia, the creators of the alphabet, and the cradle of arithmetic: went by the millions for the first time in our history to the ballot box, men and women, young and old, on January 30, 2005, remembering the pains of the despotic band's sectarian oppression of the majority; inspired by the suffering of Iraq's martyrs - Sunni and Shiite, Arab, Kurd and Turkomen so we can create a new Iraq of the future, without sectarianism, racial strife, regionalism, discrimination or isolation.
Some References To Monetary Concerns From The Body Of The Constitution
The Arabic language and Kurdish languages are the two official languages of Iraq. The use of both languages is officially endorsed in any setting enjoined by the principle of equality such as bank notes, passports and stamps.
The Central Bank of Iraq is a financially and administratively independent institution and is responsible before the Council of Representatives.
The federal government shall have exclusive authorities in the issuing of currency, formulating monetary policy, and establishing and administering a central bank.
Now, will the Iraqi Dinar rise?
This currency has already gained 25% the past half year. The more stable Iraq gets the more the dinar will rise in my opinion. This is only one of the many steps Iraq has to make but for exceptance by the world bank a big one.
Still keep in mind that investing in Iraqi Dinars should be on the most risky side of your investment portfolio.
The drafting and adoption of the new constitution was not without controversy, however, as sectarian tensions in Iraq figured heavily in the process. The deadline for the conclusion of drafting was extended on four occasions because of the lack of consensus on religious language. In the end, only three of the 15 Sunni members of the drafting committee attended the signing ceremony, and none of them signed it. Sunni leaders were generally urging the electorate to reject the constitution in the 15 October referendum, but were overwhelmingly rejected by the voters.
The text of the proposed constitution was read to the National Assembly on Sunday, 28 August 2005. It describes the state as a "democratic, federal, representative republic" and a "multiethnic, multi-religious and multi-sect country".
Excerpts From The Preamble
We the sons of Mesopotamia, the creators of the alphabet, and the cradle of arithmetic: went by the millions for the first time in our history to the ballot box, men and women, young and old, on January 30, 2005, remembering the pains of the despotic band's sectarian oppression of the majority; inspired by the suffering of Iraq's martyrs - Sunni and Shiite, Arab, Kurd and Turkomen so we can create a new Iraq of the future, without sectarianism, racial strife, regionalism, discrimination or isolation.
Some References To Monetary Concerns From The Body Of The Constitution
The Arabic language and Kurdish languages are the two official languages of Iraq. The use of both languages is officially endorsed in any setting enjoined by the principle of equality such as bank notes, passports and stamps.
The Central Bank of Iraq is a financially and administratively independent institution and is responsible before the Council of Representatives.
The federal government shall have exclusive authorities in the issuing of currency, formulating monetary policy, and establishing and administering a central bank.
Now, will the Iraqi Dinar rise?
This currency has already gained 25% the past half year. The more stable Iraq gets the more the dinar will rise in my opinion. This is only one of the many steps Iraq has to make but for exceptance by the world bank a big one.
Still keep in mind that investing in Iraqi Dinars should be on the most risky side of your investment portfolio.
Prospecting Sucks
Let me say this: prospecting sucks. For 5 years I have been an avid student of network marketing. I've listened to hundreds of tapes and filled my library with all of the right books. I got into the right mindset, put affirmations all over my home office, and I've worked – HARD. I purchased opportunity seeker leads, learned how to set up an autoresponder and tweaked those campaigns for YEARS. I tried every recommended lead provider I could find and jacked up my credit card bills to buy said leads. I pumped those expensive, and not so expensive babies through my autoresponder and watched as my live leads poured in, WOW! Now we are getting somewhere, I thought…
I called every one of those hard-earned live leads. I sponsored upwards of 50 people relatively quickly. But they dropped. 99% of those people dropped. They couldn't duplicate what I was doing. They especially couldn't pick up the phone and make the calls,
because prospecting sucks.
Somewhere around my third year I got enough guts to start calling other networkers to see if they'd be interested in looking at our opportunity. I made 50-100 dials a day for weeks on end. I'd get totally burnt out and take a few days off, then go back to it. I faired no better than I had before. The only difference was that the networkers were nicer to talk to!
Finally, in June of last year my business changed forever. I learned exactly why I had been 'spinning my wheels', and why I was only making a fraction of what I should have been making after all of those years of hard work. Most importantly, it was as if all of the bits and pieces from everything I'd ever read came together and it was like 'Ah HA!', I get it. I immediately stopped doing all of the silly crap I'd been up to- and went to work with the knowledge that my work would actually pay off.
So what did I change about my business? I decided I would make money, not spend it! Seems obvious, but if you realize that most home businesses fail because they are too expensive to maintain, I think you'll have to agree with my changes. I changed the way approached my business in three fundamental ways:
First, I made the decision that I would NEVER spend more on my business than I would receive as a check for said business. That meant that I would even cancel my autoship if my check did not exceed the cost of product.
Second, I realized that I could not buy a single lead, or place a single paid ad. I had to generate my own leads, for free. I had to do the legwork to find out where the best advertising spots were, and I had to take the time to post in these spots on a daily basis.
I learned to use free ezine ads, forums, and networking sites.
Third, I learned the best way to construct an ad so that people absolutely have to click! I learned about psychological triggers and how to apply them in different ad types.
After taking the time to learn these new tactics, I developed a system and found that I could effectively work my business without making 100 dials a day or selling my first born to the leads companies. I still have leads to call, but they are exclusive, live leads that I generated for free. I am making money, not spending it. I share these tactics with my newly sponsored folks and get them started making money right away, instead of spending it.
So yes, prospecting sucks- but it can be easier, if the right marketing tactics are used. When you work smart, not hard, the end result is time and financial freedom…what was promised to you when you first signed up!
Happy Networking!
I called every one of those hard-earned live leads. I sponsored upwards of 50 people relatively quickly. But they dropped. 99% of those people dropped. They couldn't duplicate what I was doing. They especially couldn't pick up the phone and make the calls,
because prospecting sucks.
Somewhere around my third year I got enough guts to start calling other networkers to see if they'd be interested in looking at our opportunity. I made 50-100 dials a day for weeks on end. I'd get totally burnt out and take a few days off, then go back to it. I faired no better than I had before. The only difference was that the networkers were nicer to talk to!
Finally, in June of last year my business changed forever. I learned exactly why I had been 'spinning my wheels', and why I was only making a fraction of what I should have been making after all of those years of hard work. Most importantly, it was as if all of the bits and pieces from everything I'd ever read came together and it was like 'Ah HA!', I get it. I immediately stopped doing all of the silly crap I'd been up to- and went to work with the knowledge that my work would actually pay off.
So what did I change about my business? I decided I would make money, not spend it! Seems obvious, but if you realize that most home businesses fail because they are too expensive to maintain, I think you'll have to agree with my changes. I changed the way approached my business in three fundamental ways:
First, I made the decision that I would NEVER spend more on my business than I would receive as a check for said business. That meant that I would even cancel my autoship if my check did not exceed the cost of product.
Second, I realized that I could not buy a single lead, or place a single paid ad. I had to generate my own leads, for free. I had to do the legwork to find out where the best advertising spots were, and I had to take the time to post in these spots on a daily basis.
I learned to use free ezine ads, forums, and networking sites.
Third, I learned the best way to construct an ad so that people absolutely have to click! I learned about psychological triggers and how to apply them in different ad types.
After taking the time to learn these new tactics, I developed a system and found that I could effectively work my business without making 100 dials a day or selling my first born to the leads companies. I still have leads to call, but they are exclusive, live leads that I generated for free. I am making money, not spending it. I share these tactics with my newly sponsored folks and get them started making money right away, instead of spending it.
So yes, prospecting sucks- but it can be easier, if the right marketing tactics are used. When you work smart, not hard, the end result is time and financial freedom…what was promised to you when you first signed up!
Happy Networking!
Subscribe to:
Posts
(
Atom
)
