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5 Financial tips for the last week of July 2011

Tip no 1 - Always send a debt validation letter to the collection agency before starting to make the payments against the account

Many a times, collection agencies contact consumers regarding debt payments. They call or send letters to the consumers regarding debts and ask them to make payments as soon as possible. If you have received such kind of a letter or a call from a collection agency, then you should make a written request to them for validating the debt via certified mail. Go through the debt validation letter minutely and find out if all the information is correct. If the collection agency fails to give you a proper validation letter, then send a Cease and Desist letter via certified mail to them.

Tip no 2 - Don't ever drive under the influence of alcohol

If you are returning from a late night party and are completely drunk, then it is better to ask your friend to drive you home. There is a high chance of meeting an accident when someone drives under the influence of alcohol.

The insurance companies go through the driving records of the consumers from time to time. They are most likely to reject your insurance application after discovering that you have been convicted for drunk driving in the past. Your existing insurer may hike the premium rate instantly. They may also nullify your insurance policy.

Tip no 3 - Make love not debt

If the person you love most asks you for a diamond necklace or a loan, then you should not give it to him/her without analyzing your financial situation. It will be very hard for you to not fulfill the wish and desire of the person you love dearly, but you need to do it for your sake. Financial issues may sour your relationship with that person. Worst, it can ruin it.

If your girlfriend asks you to gift her diamond watch, then you should explain politely that you’ll buy that item after saving the requisite amount in your savings account. If your girlfriend really loves you, then she will definitely welcome your decision.

Tip no 4 - Never reveal your financial details to anyone over phone

You should never reveal financial details to anyone over phone. This is because scammers often call the consumers and make lucrative loan offers. They call the consumers and offer loans at low interest rates. They ask the consumers to reveal their financial details over phone for loan application. Most of the consumers are not able to resist this temptation. They reveal their personal details over phone and get into money troubles later. The scammers use the financial details to drain out money from the consumers' bank accounts. There have been instances where consumers have become bankrupt due to this serious financial mistake. Make sure you are not one of them.

Tip no 5 - We can tell our values by looking at our check book stubs

This is one of the famous quotes by Gloria Steinem. In the present economic scenario, people determine your value on the basis of your pay check. The more you earn, the better is your value. If you get a fat paycheck at the end of every month from your employer, then society regards you as a valuable person.

For instance, when you apply for a loan, the prospective lender will want to see the copy of your last pay stub. If they find that your income is not good, then they will reject your loan application straightway.

With proper help you can
  • Lower your monthly payments
  • Reduce credit card interest rates
  • Waive late fees
  • Reduce collection calls
  • Avoid bankruptcy
  • Have only one monthly payment
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