Finance Jobs – A Better Career Option

iiiFinance industry in India has emerged as one of the main job markets with many new opportunities for the Indian Youth. The finance industry has great careers that are some of the most engaging, stimulating and profitable. Anyone thinking about going to this field has great choices to pick from and is sure to work at a job that will keep him/her constantly challenged. As a career, accounting and financial analysis are most sought-after by ambitious men and women. To grab such jobs, the related fields of study are finance, accounting, economics and business administration, among others.

Finance is a fascinating subject. It deals with money what everyone dreams about. It is needed everywhere and anytime; everywhere because no matter big or small; private or public everyone needs to know about money and its management, anytime because finance jobs are immune to recession. For career in financial sector or finance industry, one needs not be an extrovert but one must be hard working and comfortable with numbers and analysis. One should be reasonably good in mathematics and statistics and must have high levels of integrity. The financial companies offer jobs with profiles such as financial product sales, marketing, credit card sales jobs, personal loan marketing jobs and housing loan marketing jobs.

The simplest jobs in finance are analyst and account clerks. Corporate and institutional finance jobs can start at finance officer or finance manager level and end in Vice President Finance or Director Finance positions. The top level jobs carry lavish salary packages in the corporate sector. They offer jobs in investment banking, merchant banking, personal banking and wealth management, commercial banking, export finance, equity research, financial operation, taxation, venture capital, credit management, risk management, corporate finance and operations. Insurance is a growing sector which also needs finance graduates.

A majority of careers in finance are actually outside the financial services industry. Financial professionals are key employees in all industries as well as in the non-profit and government sectors. Therefore, there is no doubt that if a person opts to choose a career in finance then he/she will definitely earn big bucks and live a luxurious life.

Jack Daniel writes content about Technical jobs ,Finance Jobs and HR jobs . For more information visit at:

daily forex technical analysis

daily forex technical analysis https://freshforex.com//analitics/fresh-forecast/potencial/ is a method based on price forecasting information on quoted market prices (quotes), the amount (volume) and open interest (Open Interest).

The most important of these three components is the price. The study of the price of forex technical analysis methods is most convenient, because the information about the price, as a rule, available to the public, has a long history.

Note: the forex market technical analysis uses only data on pricing and volume tick (Tick volume is the amount of quotations) as the real volumes of data available, and the public interest is not calculated.

Technical analysis differs from other types of research also by the fact that it is based on mathematical, statistical, rather than economic calculations. All technical analysis methods are developed separately, so no strict system does not exist, there is only a set of methods or techniques, from the simplest (graphical analysis), to highly complex (eg, neural algorithms). Moreover, often various individual methods of technical analysis are contradictory. The only thing that links these individual techniques – general principles and axioms.

Technical analysis is based on three postulates, which are also sometimes called axioms. This analysis method differs from fundamental forex analysis https://freshforex.com/analitics/fresh-forecast/fa/. There are other indicators fundamental analysis in forex.

How does the Canada Revenue Agency find out about undeclared income?

The Canada Revenue Agency is extremely resourceful when it comes to finding out about undeclared income. The age of technology has made it very easy for them to find out information and when they do they will come after the taxes that they believe that you owe. So how does the Canada Revenue Agency find out about undeclared income?

Here are some of the common ways that the Canada Revenue Agency can find out that you have earned income that you haven’t declared:

• Audits. When one company is audited it often triggers a chain reaction. If you are self-employed and have performed services or worked for a company who is audited, the Canada Revenue Agency will often look at invoices and cheques that have been paid to other companies and then check to see if the other company is up to date in their tax filings or if the amounts of the invoices exceed the companies declared income.

• Tax Slips. Many contractors assume that because they are paid by cheque that the CRA won’t know about their income until they file a tax return. Companies must file a T4A for each contractor who they paid during a given tax year that includes the amount of income paid to the contractor for that tax year.

• CRA Snitch Line. The CRA has an anonymous phone number where people can report friends, family members, colleagues, suppliers etc… who have undeclared income. Commonly ex-spouses and business partners will exploit these services to wreak havoc on another which they once had a relationship with and now hold ill will towards them.

Once the CRA thinks that you may have undeclared income the real trouble can start. If you are up to date in your tax filings they can audit or re-assess your tax returns. If you have not filed a tax return they can file a notional assessment which is filing your return on your behalf and then assessing income and taxes that you will owe. They will add penalties to any tax that you owe in association to undeclared income and charge interest on the tax debt and penalties retroactively. This can double and even triple the size of a tax debt.

So what can you do if you have undeclared income? First, don’t wait until the CRA catches up to you. If you know you have undeclared income, if you come forward and declare it under the voluntary disclosure program before they contact you about the undeclared income; you can avoid interest and penalties altogether. Organizations that specialize in helping people with tax problems can make an application from you under the voluntary disclosure program on your behalf.

If the CRA is already pursuing you about undeclared income, hire representation immediately. A representative who is skilled at working with taxpayers who have tax problems can act on your behalf to help you become tax compliant.

The worst thing you can do is ignore the problem because it won’t go away by itself. Failing to declare income is tax evasion under the income tax act and the CRA has many tools at their disposal to come after you including criminal prosecution. Time is your enemy and the faster you deal with your undeclared income the better!

New Inflation Linked Account from Principality Building Society

Principality’s Protected Capital Account pays interest based on changes in the Retail Prices Index (RPI – an index used by government to measure of inflation) plus an annual enhancement of 0.20%, over its five year investment term.

Principality Building Society has on 30 March 2011 launched its Protected Capital Account, which is managed by Credit Suisse. The Account gives savers an opportunity to protect the value of their savings from being eroded by inflation.

During the Account’s 5 year investment term, interest is calculated on an annual basis, using the percentage change in RPI (negative or positive) over that time. This will be enhanced by an additional 0.2% each year, so that savers can be sure that they are keeping pace with inflation each year.

Following maturity of the Account on 29 June 2016, savers will receive their full initial investment back.

The Protected Capital Account allows a minimum deposit of £3,000 and a maximum of £85,000. If savers haven’t yet used their 2010/11 Cash ISA allowance, they can use it to invest in the Account, provided they invest before 5th April. They can also invest their 2011/12 allowance and get the benefit of protecting their savings in a tax – free wrapper. ISA transfers are also permitted, up to the maximum ISA holding that a customer has.

Savers whose funds clear before 5 April 2011(11th April 2011 for deposits using the 2011/2012 ISA allowance) and hold the Account until the end of its term will also be awarded with an additional bonus of 0.50%.

Paul Straiton, Principality’s Product Manager, said: “We understand that some savers are concerned that the level of inflation is eroding the value of their savings, particularly as RPI has recently hit a 20 year high. For the first time we are delighted to offer savers an inflation beating home for their cash.

“We believe our Protected Capital Account can help savers outpace inflation and increase the purchasing power of their savings. If savers invest using their cash ISA allowance they can also protect their returns from income tax and capital gains tax, giving extra benefit to all tax payers but particularly to higher rate tax payers.”

Savers are urged to act quickly to take advantage of this Account as it may be withdrawn at any time and without prior notice.

Notes to Editors

Protected Capital Account

Base Index: All Items Retail Prices Index (RPI)

Investment Term: 5 years

Capital protection: Investors initial capital will be returned in full at the Plan Maturity Date

Available for: Direct Deposits
Cash ISAs
Cash ISA Transfers

Gross Annual Return:
Annual Period 1: RPI % published for April 2012 by the Office for National Statistics plus 0.20%
Annual Period 2: RPI % published for April 2013 by the Office for National Statistics plus 0.20%
Annual Period 3: RPI % published for April 2014 by the Office for National Statistics plus 0.20%
Annual Period 4: RPI % published for April 2015 by the Office for National Statistics plus 0.20%
Annual Period 5: RPI % published for April 2016 by the Office for National Statistics plus 0.20%

If during any of the Annual Periods the percentage change in RPI plus the additional 0.20% enhancement is zero or less, savers will not receive a return for that Period but they will not suffer any loss of their capital.

Return will be paid out following the last day of each annual period:

Annual Period 1: 29 June 2011 – 29 June 2012
Annual Period 2: 29 June 2012 – 29 June 2013
Annual Period 3: 29 June 2013 – 29 June 2014
Annual Period 4: 29 June 2014 – 29 June 2015
Annual Period 5: 29 June 2015 – 29 June 2016

Early Investment Bonus: An additional 0.5% Bonus on the initial investment will be paid following the Plan Maturity date for cleared funds received by the Account Manager by 5 April 2011 (11 April 2011 for 2011/2012 Cash ISA investments).

Account Manager: Credit Suisse

Distributor and Deposit-Taker: Principality Building Society

Options Strategy Earns 100% Annual Returns Again!

Monday, January 24, 2001, to enter several BLIP swing trades and perhaps you may be interested in following in your virtual accounts. There are plenty of folks that are interested in learning about some new ideas and not have to spend or risk any money. This will be the our first BLIP swing trade for 2011 and hopefully will be able to pick up the pace. So, don’t worry about feeling you may be missing the boat. It is more important that you learn the process and how to exit the trade.

The ETF’s that I will be placing at the money options contract orders are listed below. I will explain the rationale for placing BLIP trades this week for each of the ETF’s. To learn more you can always visit our web site for more information and updates as the trades are completed. Please sign up for our overview of the strategies so that you understand the BLIP process and why I am selecting these ETF’s and how to exit the trade.

QUICK QUOTETRACKER TECHNICAL INDICATOR READINGS

We use the QuoteTracker software to monitor our positions. This software is free if you don’t mind the ads. Otherwise, you can simply pay the small annual fee and have not ads postings.Each of these ETF’s offer equity options in both types of options, such as calls and puts. This means that you can trade in both directions, one at the time depending on your investing objectives such as expecting a bullish or bearish price trend. As you can see in the charts, the price for each of the ETF’s is approaching a pivot point and there is a high probability that the price will continue in that direction. There are a few economic news items this coming week such as the President of United States, Obama’s, State of the Union Address on Tuesday evening. Already parts of the Obama’s speech and the nitty gritty contents are being disclosed and it sure looks like the US government is about to print more money to further stimulate the US economy or or at least make a last-ditch effort to generate more new jobs or any jobs to save face with the Amercan people. Needless to say, that will most likely fuel a market rally in the short term on this “sugar high” before the reality hits most folks that we will have to pay back over 14-Trillion dollars of debt someday and if we can’t even balance the 1.4 Trillion US annual budget deficit, how in the hell are we going to pay back all that debt without cutting spending which in turn means closing up shop and laying people off government jobs, which seems to be one of the largest overhead costs? Even the Tea Party elected officials all recommend cutting spending, but amazingly no one wants to actually document the details of who’s going take the biggest hit and for how long.

With a short-term bullish rally in mind, purchasing call options for the ETF below, which are at the money, and one month out before expiration may be the right approach. If you wish to be more conservative you may consider options that are two months before expiration. Therefore, we are talking about only the February 2011 or March 2011 expiration dates. If the ETF prices close to the next strike price, choose that one and look for a profit target of $.25-$.35 with a breakeven stop-loss if you wish to take your profits in multiple steps depending on how many option contracts you purchase.

THE TARGET ETS TO CONCENTRATE ON

DVY has been one of those ETF’s on my radar screen for several years. The reason is because this ETF owns companies which pays dividends along with capital appreciation. The net results are higher income combined than other investments. DVY carries far less risk compared to investing in just one stock for the dividends. Think of it as a self-contained mutual fund. With that said, purchasing the DVY call options may be a no-brainer for some quick profits as the price pivots to the upside.

FAS is an ETF which concentrates on Financial Assets 3X Shares and is more aggressive. So, if you are the nervious type, you you might want to consider the other ETF’s which are much more tame. No doubt FAS will move faster than the other ETF’s that means it is a two edge sword. You can make more profits in the short period of time but you can also lose more. Only you can determine your tolerance for risk. Once again the calls options for a $.35-$.45 cents target profit would not be out of line. Needless to say, using limit stoploss orders is highly recommended.

EEM is and emerging markets Index ETF which means it carries many international stock companies which interact with the US economy and takes advantage of US exporting. The weaker US dollar makes it far cheaper for companies to purchase our items and that in turn generate profits for those companies with international reach. Again, this ETF may be moderate to slightly higher risk and therefore you should expect the price movements to be sharper and more pronounced. You can make more money in a short period of time, but you can also lose more. You be the judge. Keep an eye and a co-tracker price pivots for a better awareness of the end of the rally.

IWM is an ETF that consist of the Russell-2000 stock index and therefore consist of smaller companies which sometimes have the potential to move much faster (price wise) than the larger counterparts. Therefore, the price movements are exceptional when you purchase IWM and hold option contracts. The smaller companies tend to move later in the bull market runs near the end of the rally. Such as when the market is starting to taper off and rollover. I don’t predict that this is the end of the bull rally anytime soon. In fact are 39-week moving average indicator is still in a bullish mode and it has never been wrong in the 20+ years I have used it. Therefore it’s full steam ahead. We are in a bullish market.

Who Else Wants Low Cost Auto Insurance?

Those TV commercials featuring happy customers who saved money and got low cost auto insurance aren’t just hype. After many years of rate increases and premiums, the cost of auto insurance is finally starting to come down. But auto insurance companies are still choosy about who can get a break on their insurance costs.

It is wise to start with your current auto insurance company to make sure you’re paying as little as possible for your premium.

The next step is to consider other ways to get low cost auto insurance and the discounts you can take advantage of.

Effective Ways To Get Low Cost Auto Insurance

* Buy A Safer Vehicle. Premiums for collision and comprehensive coverage depend on accident and theft claims and the costs of repairing your vehicle. The more expensive the vehicle, the more you will pay. Buying a safer car can help you get low cost auto insurance. Simply look into vehicle ratings. Auto manufacturers have 1 to 5 star government crash test ratings. A 5 star crash test rating is the best a vehicle can get.

* Work On Your Credit Score. The better your credit, the higher your insurance score. This score is a slightly modified version of your credit score that insures use to help set rates.

* Combine Auto And Homeowners Insurance. You can shop for both as a package, and you can typically save up to 10 % on each. You can also add an umbrella liability, or a life or health insurance policy and get an even better price break.

* Clean Up Your Driving Record. Three years without a ticket or accident are usually enough to qualify you for low cost auto insurance premiums that are available.

* Drop Collision And Comprehensive On An Older Vehicle. You can reduce your premium by at least 1/3rd. Raising your deductible from $400 to $1,200 on most vehicles can save you as much as 40%. This is a very effective way to get low cost auto insurance.

* Ask For Discounts. Getting a 10% discount on a multicar discount may be automatic, but many other price breaks aren’t always as obvious. If you drive fewer than 7,500 miles a year, you can usually get you a 5% to 10% discount. You can get a lower premium if your vehicle has anti-theft devices and you may pay less if you have safety features such as ABS brakes and automatic seatbelts. Your type of occupation can also get you a low cost auto insurance policy discount up to 10%. Taking a safe drivers class can help you get a discount, but it has to be voluntary and not because of a traffic violation.

You can get low cost auto insurance with a little time and research into the many aspects that effect the cost of your insurance premiums. It’s best to get several auto insurance quotes online, so you can easily compare the best rates and plans.

How a Trust Deed could save your ‘castle’

In 1997, Marian van Overwaele refused to pay a £230 bill for bridalware. In 2010 – thirteen years later – she and her family are granted a 14-day reprieve from eviction of her home – Knockderry Castle – after the legal costs defending the non-payment of the bill reached almost £1 million and caused her to be sequestered. To this day, no-one really knows why the case became so drawn out, expensive and antagonistic, but one thing is clear; like many cases before this one, things got out of control quickly and points in the proceedings where everything could have been resolved were missed. A number of debt solutions were available for the debt to be paid, but none were used.

The background to case starts simply and then veers off into one of the most complex legal cases Scotland has ever seen. After Mrs Van Overwaele failed to pay a £230 bill, a bridalware company took her to court for non-payment and was granted a court order against her. Despite this, Mrs Van Overwaele still did not pay and in 1998 the courts served a demand for £1573, the original £230 bill plus interest, expenses and costs. Mrs Van Overwaele still did not pay. In January 2000 Mrs Van Overwaele is sequestered for non-payment of the debt and her case is handed over to an Insolvency Practitioner.

It was then that Mrs Van Overwaele tried to pay £1800 towards the debt, which was refused as by this time she was legally bankrupt and the debt had mushroomed to £30,000. A subsequent appeal by her to the Sheriff was turned down in 2001. Mrs Van Overwaele appealed against the sequestration to the House of Lords in October 2002 and to the Court of Session in 2004, both of which were dismissed. By December 2009, Mrs Van Overwaele had appealed to the Court of Session again, this time to stop the repossession and sale of her home – the £3million Knockderry Castle. This also failed. In January 2010 Mrs Van Overwaele sold the castle to her brother for £1million in an attempt to prevent it being sold by the Insolvency Practitioner. While the sale went through, the legal system did not see it as a legal because the castle did not belong to her but to the Insolvency Practitioner appointed to help her creditors recover their money. In October 2010 the bailiffs moved in to evict the family, but the family were given a temporary stay of execution and there they still are until the next round, some £700,000 worse off than they were 13 thirteen years ago and having cost the state and other parties concerned just under £300,000 to prosecute.

So what lessons can be learned about sequestration and debt solutions like Trust Deeds from this high profile case?

1) Complain quickly and use the correct procedures.

If you have a complaint about goods or services and you do not wish to pay, you must make your refusal to pay and the reasons why known quickly and in writing. If you do not tell a company and simply decide not to pay a bill, when you are taken to court you stand a greater chance of the case going against you for failure to pay. You are assumed to be happy with goods and services if you do not complain.

2) Do not ignore court orders

Whatever you do, do not ignore a court order and hope it will go away. By all means appeal, or if you feel that things are escalating beyond a point where it makes financial sense to carry on, pay what you owe and put it behind you. If you cannot pay at the moment, try and arrange a payment plan, either outside of or inside of a DAS or Trust Deed.

Refusing to pay out of anger, ‘principle’ or denial will only serve to make the case against you stronger and more likely to succeed if your creditors take you to court to request your sequestration to recover their money.

3) Understand the consequences of missing deadlines

Mrs Van Overwaele repeatedly failed to respond to important developments in her case. The only occasion where she attempted to make a payment was after her sequestration, far too late to do anything as all of her assets were the legal property of an Insolvency Practitioner. Perhaps she didn’t understand what was happening, perhaps she underestimated the severity of what was happening. She may even have been in denial that her home could ever be taken over a debt so small. Whatever the reason, missing deadlines for payment and legal responses has led Mrs Van Overwaele down the path she is on.

Trust Deeds can turn a really bad situation around very quickly, although they wouldn’t have worked for Mrs Van Overwaele, as she had the money to pay off the debt but for her own reasons chose not to. Hers was case of ‘won’t pay’ rather than ‘can’t pay’. However if your ‘castle’ is in danger of being repossessed because you are in financial difficulty or you have debts you can’t pay any longer, then a Trust Deed could help stop your problems spiraling out of control.

Internal Rate of Return: Understanding the Difference Between IRR, MIRR and FMRR

Internal rate of return (IRR), modified internal rate of return (MIRR), and financial management rate of return (FMRR) are three returns used to measure the profitability of investment property. Each method arrives at a percentage rate based upon an initial investment amount and future cash flows, and in each case (of course) the higher the better, but the procedure for making the calculation varies significantly as do the results.

By definition, internal rate of return is the discount rate at which the present value of all future cash flows is exactly equal to the initial capital investment. To make the calculation, negative cash flows are discounted at the same rate (i.e., the IRR) as positive cash flows.

Let’s consider the following investment with the initial investment as CF0 (always a negative number because it is cash outflow) and subsequent cash flows as CF1, CF2, etc., with some negative and some positive.

CF0 -10,000
CF1 -100,000
CF2 50,000
CF3 -60,000
CF4 50,000
CF5 249,300

IRR = 30%

Seems all well and good, but the problem here is that the calculation assumes that the cash generated during an investment will be reinvested at the rate calculated by the IRR, which may be unrealistically high and therefore will overstate the return on initial investment. Likewise, since negative cash flows are also discounted at the IRR, if that rate is fairly high, the investor might not accurately estimate the cash required to meet those future negative cash flows.

To deal with this shortcoming many real estate analysts use a method known as MIRR (i.e., modified internal rate of return). In this approach, the assumption is that positive cash flows the investment generates during its life can be reinvested and earns interest at a “reinvestment rate”, and negative cash flows must be financed at a “finance rate” during the life of the investment. In other words, rather than simply using one rate (i.e., IRR) to deal with both negative and positive cash flows, MIRR introduces the option to use two different rates.

By applying a finance rate of 5% and a reinvestment rate of 10% here’s the result using the same investment criteria as we did earlier.

CF0 -10,000
CF1 -100,000
CF2 50,000
CF3 -60,000
CF4 50,000
CF5 249,300

MIRR = 18.75%

Okay, then along came the financial management rate of return (or FMRR). Though it also provides two separate rates to deal with negative and positive cash flows known as the “safe rate” and “reinvestment rate”, FMRR takes it a step further. The assumption here is that where possible, all future outflows are removed by using prior inflows. In other words, negative cash flows are discounted back at the safe rate and are either reduced or eliminate by any positive cash flow that it encounters. The remaining positive cash flows are compounded forward at the reinvestment rate.

We’ll apply a safe rate of 5% and a reinvestment rate of 10% to our investment criteria to show you the result. But this time we’ll also include a table to show you the adjusted cash flows.

CF0 -10,000
CF1 -100,000
CF2 50,000
CF3 -60,000
CF4 50,000
CF5 249,300

CF0 -111,717
CF1 0
CF2 0
CF3 0
CF4 0
CF5 304,300

FMRR = 22.19%

The financial management rate of return is difficult to compute, which is why most real estate investment software solutions opt for the modified internal rate of return (MIRR) calculation. But after learning about it from CCIM, I considered it a beneficial return for real estate investment analysis, so I included FMRR my ProAPOD real estate investment software as well as my ProAPOD mortgage calculator software. To learn more please visit the link provided below.

Today’s Credit Cards are New Examples of an Old Idea

The average consumer does not think about the long history of the credit cards in their wallet. Today’s sleek, plastic cards are the latest members of an illustrious lineage going back centuries, and they are still evolving.

Nationwide and worldwide plastic credit cards are a fairly recent invention, but they are based on a concept going back centuries. Merchants have long realized that their customers would buy more items if they were allowed to pay for them later, so a mechanism permitting this was advantageous to both merchant and customer. Arrangements for purchases on credit probably go back as far as trading itself, and history recounts several examples dating back to the 18th century.

An example is furniture seller Christopher Thompson, who made the first recorded advertisement for credit in 1730. This was a simple offer to split furniture payments up into weekly installments, an idea that would receive wider use from armies of traveling salesmen for the next two centuries or so.

These worthy individuals took to the road in response to hard economic times, becoming known as “peddlers” or the less complimentary term, “drifters.” They sold everything from shoes to kitchen pans, bringing small bits of civilization to rural locales that would otherwise have been completely isolated. Since most of their customers were poor, the only way the traveling salesmen could do any business was by allowing purchases on credit, collecting payment on their next trip through the area.

Both the salesman and his customers were often illiterate, so the standard way of keeping up with a customer’s account was to carve notches on a wooden stick. Notches representing the customer’s debt were cut into one side of the stick, and another row of notches was cut into the other side to represent payments. When the two lines were equal, the debt was fully paid. The sticks were called tallies, and the traveling merchants were the tallymen. This may be the first use of a physical object to represent credit.

As the Industrial Revolution progressed, a middle class emerged and provided a new market for consumer goods and the concept of buying them on credit. This led many British banks in the 19th century to institute overdraft insurance. This a mounted to a credit program, because it allowed customers to overdraw on their bank accounts and pay the excess amount at a later date.

The use of cards as credit vouchers began with Western Union, which in 1914 started issuing small metal plates by which customers could defer payment. Metal was used because this service was seen as benefitting travelers reluctant to carry large amounts of cash, meaning that the cards would be subjected to heavy wear during travel. By modern standards, it was a great deal, since it the overdraft amount did not accrue interest.

Also aiming for travelers, the General Petroleum Corporation began issuing metal credit cards in 1924. This expanded the concept, since it allowed the cardholder to purchase a wide variety of goods and services at automotive service centers in many locations.

As the 20th century proceeded, the idea of nationwide cards for credit became more widespread, but they were always for specific businesses. AT&T’s phone cards came into use in the 1930′s, and the Ford Motor Corporation opened loan offices specifically to help people buy its cars.

However, the concept of the modern credit card, usable at many locations and for a variety of products nationwide, was originated by Diner’s Club, whose cards became a ubiquitous part of American culture in the 1950s.

The first bank to issue cards was New York’s Franklin National Bank in 1951, but their “Charg-It” card could only be used in a limited number of businesses and was not honored nationwide. The modern era of plastic money can be traced to the birth of the American Express Card in 1958.

Other landmarks followed. BankAmericard started the idea of revolving credit by allowing the customer to select different payment plans. Master Charge arose as the other king of credit, later changing its name to MasterCard.

The concept of credit companies and the growing number of functions for their cards continues to evolve in the 21st century, and the cards of tomorrow will far surpass their predecessors.

Switching Current Accounts – Does It Risk Your Credit History?

Are you hesitating to switch to a new current account because you’re worried that your credit history will be affected? Do you feel that switching to a new bank and a brand new current account means you have to start all over again in terms of building a good record of credit?

There is absolutely no reason to fear that your past credit record will be wiped clean and that you have start afresh. This guide on currents accounts will help clear up those myths.

Banks often share information about a customer’s financial track record. If you have a clean and positive history you have nothing to worry about. With the sophisticated data sharing that’s in place, all your information is transferred to the new bank. This is done through third party financial data processing companies like Equifax, CallCredit and Experian who help out banks when they need to make decisions about loan approvals or the terms of setting up a new account.

The records maintained about you include information such as

• whether you are registered to vote
• if you have a bad credit history
• if you have applied for loans from various agencies
• whether you have been unsuccessful with prior loan applications
• the number of years you have banked with other banks

Being with the same bank does have a positive impact on your credit record, but moving to another provider does not in any way harm your rating. It also does not cause any problems if you apply for loans in the future.

If you want to switch current accounts, then ask your new bank if they will bear the liability for any mistakes they make while moving your account. Some banks offer cash rewards and incentives to encourage you to make a move. Banks also like stability. While handing out loan approvals, banks would like to know that you will stick around long enough to pay back your debt.

How can you enhance your credit rating? You can bolster your credit score by making your credit card payments promptly within the due date without fail. To achieve this end, stick to just one or two credit cards, and cancel any cards that you don’t use. If you own property, it can be of help because bankers like to lend money to homeowners rather than tenants. Getting yourself registered on the electoral rolls is another way to boost your credit score.

When you apply for loans, limit the number of banks and lending agencies you approach. If you make too many applications for loans, it will be flagged as desperate behavior which could earn you a black mark on your credit rating. Your rating might even be downgraded if the banker or lender does a full credit check against your name every time you apply for a loan. These checks will be registered in your credit history – and not in a nice way. Before applying for a loan, it may be smart to discuss with the bank to see if they would insist on conducting a complete background check. A simple credit check, however, will not get recorded in the register. If your loan application is rejected this also is recorded in your credit history.

What to do with your old current account? It is best to leave your old account open until you have settled into your new account. Under Office of Fair Trading rules, it is legal to maintain as many current accounts as you wish in your name. If you have several standing orders and direct debits set up with your previous account, and some of them don’t get transferred to your new account on time, it might lead to unpaid bills. This is rare, but can leave an adverse impact on your credit rating.

In case you wish to close the old account once you are comfortable with the new one, then simply inform your old bank and submit the relevant forms and documents to close it. You can also take this opportunity to cancel any credit cards that you are not actively using, which can further enhance your credit score and help with any loan applications you make in the future.

What You Need to Know About Government Christmas Benefit Payments

If you are receiving government assistance under specific schemes, you will be eligible for a yearly Christmas benefit payment, also called a Christmas bonus. While this payment isn’t huge, it might come in handy. Your Christmas payment can be applied towards a Christmas meal, energy costs, or any other needs you might have around the end of the year. Not everyone can receive this payment, and whether or not you are eligible is based on a single week, which is usually the first week in December. This is called the qualifying week. Even if you were on a qualifying assistance program throughout much of the year, you won’t get the Christmas bonus if you were not on the assistance program during the qualifying week.

Who Qualifies?

Only UK residents who are in the UK, Channel Islands, Isle of Man, Gibraltar, any EEA country, or Switzerland during the qualifying week can receive Christmas benefit payments. Additionally, you must get a financial assistance benefit during the same week which is on the list of qualifying benefits. Government benefits that will make you eligible for the Christmas payment include: disability living allowance, war widow’s pension, mobility supplement, carer’s allowance, and the widowed mother’s allowance. For a full list of the assistance schemes that automatically qualify you for a Christmas bonus, you can visit Gov.uk.

What is the Value?

Christmas benefit payments are generally in the amount of 10 pounds. All people who qualify for this payment are given the same amount, regardless of other factors such as their additional income or the assistance programmes for which they qualify. While the value of the benefit is subject to change from year to year, all qualified individuals always receive the same amount in any given year. The money is disbursed in a single one off payment. Even if you receive multiple assistance checks, you will only get one Christmas bonus.

How Are You Paid?

The funds for your Christmas bonus will be transferred into the account that you use to receive your other assistance payments, such a pension payment or disability assistance. This might be a bank account, credit union account, building society account, or National Savings account. If you typically receive your assistance money through the post, you may be sent a check for your Christmas benefit payments. The deposit may appear as “DWP XB” on your account’s statement. The money is automatically transferred during the disbursement period.

Do You Need to Claim It?

You don’t need to specifically claim the Christmas benefit payment. The fact that you receive a form of public assistance named in the list of qualifying programmes is enough to generate a payment for you at Christmas time. If you think you qualify for the payment and you don’t get it by the end of the year, you can contact the Jobcentre Plus or Pension Centre that typically sends you assistance payments. Bear in mind that if you were out of the country or did not receive assistance during the qualifying week, this might explain why you did not qualify for the Christmas this year.

Other Considerations

The Christmas benefit payment is tax-free, meaning that no taxes are deducted from it when you receive it and you don’t need to claim it as taxable income next year. If you are married to someone or in a civil partnership, you and your partner may both independently qualify for the payment. When that is the case you will each receive a separate benefit payment. Your Christmas bonus payment will never affect the other assistance payments that you receive throughout the year.

The UK government sends out Christmas benefit payments to help those in need make it through the holiday. While the payments are nominal, they might be able to keep your heat on or even put more food on the table at a time when your kids are home from school and you are responsible for the care additional family members. If you need this payment as financial assistance throughout the holiday season, be sure that you meet all of the qualifications during the qualifying week at the start of December.