Commonwealth Secretariat


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Debt Management Program: Providing Valuable Suggestions

What is Debt Management Program?

Debt management programs just manage your existing debts in a way well suited to you for settling various debts. This type of program is beneficial to those who have borrowed a huge sum from the creditors and are facing difficulty in repayment. When a person opts for debt management program, it becomes the responsibility of the concerned debt management company to manage the existing debt of the client.

What is the Need?

According to a survey conducted, credit card debt has a share of 40% of the total debt at an average interest rate of 19%. 92% of the monthly installment is paid as interest leaving 8% for the actual debt. For the people living lavish life, repaying the debts is a tedious task. To repay a debt they go for another debt thus increasing the burden. Here debt management plays a vital role helping you to become debt free.

Helps in Repayment of over debts

Taking assistance from a debt management company is better than going for debt consolidation. What a person gets in debt consolidation is also a debt. Situations may arise when monthly repayment exceeds monthly income, and then debt consolidation is of no use, person should go for debt management.

In debt management, you are not going for another loan but the company takes a single fixed monthly payment which is paid to your existing loans and can manage any debts between £3000 and £250000. When you approach a debt management company, the company negotiates with your existing creditors over the monthly repayments and the existing interest rates. Monthly repayment fixed by these companies will be payable and well within your limits.

Advantages:

Literally debt management has no drawbacks, but company approached must be registered. Your monthly installment is reduced up to 75%. There won’t be calls from creditors.

Reading this you will be in a position to determine whether debt management will be advantageous to you or not. If your reply is affirmative, then without any hesitation go for debt management program and soon you will be out of your pending debts.

What can consumers do to get credit in todays world? A critical piece is knowing about your FICO® score, how it works, and how to make sure yours is the best it can be. Fair Isaac is helping consumers through a program that delivers FICO® scores free as part of online banking statements, and free information presented at www.myfico.com. Find out more in this short video from FICO™, the creators of the FICO® score that is used in most lending decisions in the US Darcy Sullivan of FICO™ interviews Mark Greene, FICO™ CEO, for this FICO Tech Talk.
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Hospitality Sales & Management International


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Sales Management: More, Better, Faster Requires Change

I’ve been doing some prospecting lately and found that every CEO and Sale Manager I speak with has issues with their sales, but few want to do anything significantly different about their sales issues.  Sure they want everybody to do more, better and faster.  However this is the classic definition of insanity – doing the same thing and expecting different results. 

Managers don’t want to change.  They live in the hope it will get better, or they make excuses, or they use the work harder tactic.  Whipping your horse that feels he’s going all out doesn’t work, and feeding him high energy motivation doesn’t last.  It’s better to teach the horse a different gait (if he’s capable) and then maybe he can go faster, do better, and accomplish more. 

Here is the key to your success.  Your sales will grow only as fast as you grow.  In other words;

1. Do something different
   a. Have a different kind of meeting, phone conference or review.
   b. Read a book and deploy 2 ideas.  I recommend Take Me To Your Leaders.
   c. Hire someone to run a teleseminar with one specific topic and then discuss how all of you will implement it.  Majority rules.
   d. Analyze each sale and lost sale.  What worked?  What didn’t work?  Then reinforce what worked and start implementing the opposite of what didn’t.

2. Buy Help
You ask your clients to buy your expertise.  How come you resist buying expertise for yourself?  Ego??  Face it if you knew what to do you would have done it already.  You like most people in sales learned by trial and error.  Since closing ratios average less than 33%, the errors dominate.  So admit it, you do not have the answer, the time, the energy, whatever. Something is missing.

Then there are the excuses of why not to buy help. 

Budget??  I don’t think so.  How many additional sales would it take to justify a M, M, M, …, investment??

Or, time out of the field??  Maybe, since average sales people have to spend 2-3 times longer than better sales people to make a sale.  Why you’d actually save expense account money by bringing them in for something to change their behaviors vs. wasting time and money on useless sales calls and blown opportunities.

Yeah, this is tough talk, but wake-up and do something different.  Otherwise, you’ll maintain your position and float down and up with the economy against competition – assuming competition does nothing.

So here’s an action item for you.  Do it now!!

Voice what’s on our mind regarding sales – your issues, your concerns, your challenges.  Call me if you’d like.  Say it to a mirror, but you have to get it out of your mouth.  Then you’ll hear it for yourself.  Write it down and now ask yourself, “What can I do about it.  Listen from within for answers and/or sleep on it until the answers come.  If you listen they will come.   If you don’t they won’t

Once these ideas start surfacing, again, writing them all down.  It’s critical to see them with your eyes.  Eliminate the least acceptable and select 2-3 good ones.  Commit to a date to complete each.  Speaking it, listening to it, and see it are all critical component for you to grow. 

So go out and make some changes.

Now I invite you to learn more.

Choose the Right Banking Account for Your Needs

I just saw the commercial of that bank down our street. It is offering a free bank account! Lets take it, my wife cried out. It sounds like a great idea but before you go sign up for that account and start banking with any specific bank you should know that bank accounts are not one size fits all.

When you understand the different types of bank accounts you can actually make your money work for you in the best possible way.

Different Types of Bank Accounts

The accounts offered on those commercials are usually the checking accounts. These are the most common type of bank account as they allow you to withdraw money from your account by writing checks and with a debit card.

People generally consider this as a great option as they get access to their money without having to jump through hoops or wait for a check to be cut, etc. Some checking accounts pay interest, allowing you to take advantage of average daily balances, but most typical checking accounts, also known as a demand deposit account, will not pay interest.

Money market accounts are those that offer interest on the accounts. It also allows you to write checks on it. A money market account allows for you to benefit from a higher rate of interest than your typical savings or checking account, but they do require that you have a higher minimum balance than you would have to have with other accounts.

Withdrawing funds from these accounts are not as easy as it is with a checking account. But you can still write checks on these accounts. In addition, there are usually more fees associated with this type of account, making it a good option for those that don’t necessarily need to access the cash.

One common type of account is the savings account. This is the type of account that most people use to keep the bulk of their money in. The difference is not having the benefit of being able to write checks. The benefit of interest still holds in these accounts. You may be limited as to the number of withdrawals or transfers that you are allowed to make each month and if you go over you may be charged a small fee.

Some of the other options include time deposit accounts, or certification of deposits or CDs. These accounts offer guaranteed interest rates and allow for the account holder to choose how long they would like their money to be on deposit, you can generally choose anywhere from a few days to a few years.

This account is not appropriate if you want to access the money but if you are looking to earn a high rate of interest on a specific amount of money then it might be the ideal type.

As you can see, there are many different account types for you to choose from. There are various choices of accounts that you ask your bank and then choose from them. If you still aren’t sure let them know what you will be using your account for and they will likely be able to help you make the right choice for your financial needs.

See how to do Linear Regression for determining what part of a mixed cost is a Fixed Cost and what part is a Variable Cost. Also See how to create a Scatter Diagram and add Trend Line. Excel Magic Trick # 265: Cost Accounting Linear Regression (Excel Magic Trick #265) This video is for a Highline Community College Cost Accounting Class. The SLOPE (m) function calculates the slope of the linear equation y = m*x + b The INTERCEPT (b) function calculates the intercept of the linear equation y = m*x + b The RSQ (r^2) function calculates the Coefficient Of Determination (how much influence x has on y) The symbol carrot ^ (Shift + 6) is used for exponents The ROUND function must be used when: 1) multiplying decimals; 2) you are required to round (money requires that you round because the smallest unit is a penny); 3) you will use your formula results in subsequent formulas To see how to use the Excel Add-in Data Analysis feature, see this video: Stats 08: Install Excel 2007 Data Analysis Add-in
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