Easy Debt Relief!

Americans reportedly spend an estimated $294 billion on out-of-pocket medical costs each year, according to a study reported by CNN Money. The soaring cost of health care has prompted more and more consumers to consider medical credit cards as a way to pay for these unforeseen and necessary expenses.

Recently, I became one of the millions of Americans faced with this dilemma. As I sat in my oral surgeon’s office staring at x-rays of my soon-to-be-removed wisdom teeth, I was presented with the cold hard truth. This procedure was going to cost me nearly $3,000, none of which would be covered by my dental insurance. Suddenly a medical credit card was looking like one of my only viable options.

If you find yourself in a similar situation, here are some questions to consider before deciding to pay with a medical credit card.

What is a medical credit card?

Medical credit cards function like typical credit cards and are offered to consumers with large out-of-pocket health care expenses. M

Full Post…

This week the IRS published the following Private Letter Rulings relating to international taxation:

PLR 201201013: Late/retroactive PFIC QEF election

PLR 201201016: Gain on disposition of assets generating active financing income under Code §954(h) did not trigger Foreign Personal Holding Company Income

Children learn many things from their parents, and most of it is subliminal. We indirectly learn habits and behaviors by watching our parents, and when we become adults and have children of our own we pass many of those habits, behaviors and beliefs on to them whether we know it or not.

Here are the top 5 bad habits about money children learn from their parents.

#1. Arguing about money.

This is easily the most common habit picked up from parents, since money is often at the center of any disagreement between parents, and many people parents included do not know how to have constructive discussions on those disagreements. This can indirectly teach children that money causes problems, and lead them to place an unhealthy emphasis on money to the exclusion of all else.

#2. Spending money you dont have.

The average college student graduates with $4,000 in credit card debt.

Full Post…

The market is flooded with business credit cards. Then how do you know which one is the best suited for your purpose? Here are some tips that you can follow while choosing a business credit card for yourself-

1) Some business credit cards offer points along with keeping track of all your transactions. These points may be beneficial for your company.

2) You can go for a secured business card, these cards charge lower interest rates but you have to put your assets at risk as collateral is required.

3) The other option is an unsecured business card where you pay higher interest rates and none of your assets are put at risk as no collateral is required.

4) Before you take a business credit card make sure you already have an established business, else the high interest rates can kill the profits if your business has just started.

Full Post…

Many people considering bankruptcy opt to use a Chapter 7 bankruptcy filing to help them erase the pressures of mounting debt. However Chapter 7 bankruptcy remains on a credit report for up to a decade and it can be extremely difficult to obtain new credit while a bankruptcy is reflecting on your credit report. There is another option available for individuals and that is Chapter 11 bankruptcy filing. This particular bankruptcy allows you more flexibility to restructure your debts and is easier to work with than a more severe Chapter 7 filing.

In a Chapter 7 bankruptcy, your assets are seized and sold to recover the debts owed to your creditors. This type of bankruptcy is very severe in that it remains on your credit for ten years and your possessions may be taken to make up for the debts you owe.

Full Post…