However, a recent report from Javelin Strategy & Research shows that dealing with identity theft did get a little easier last year. The average time it took to fix fraud ticked down to 21 hours, which is a 30 percent decline.

Along with decreasing the amount of time it takes to resolve identity theft, more consumers are also taking the proper steps to help authorities deal with the problem. Of new victims of identity theft, almost half file a report with a law enforcement agency.

Doing so has doubled the number of arrests tied to the crime along with triple the amount of prosecutions.

Though consumers have been more vigilant when it comes to identity theft, the report also shows that the crime has increased. Last year, 11.1 million people were victims of identity theft, which is an increase of 11 percent. Total fraud associated with the crime came in at $54 billion, or a 12 percent increase.

If a consumers suspects they may be the victim of identity theft, one of the first things they should do is contact their lending institution and law enforcement authorities. They may also consider employing a credit freeze.

Have you ever heard of secured loans? These are loans in which the borrower has to pledge something that is of higher value than the amount being borrowed. It can be real estate, automobiles or even collectibles like valuable coins etc. But getting bad credit loans has become much easier with secured loans. Now anyone with a bad credit score can get a loan provided he can pledge something as security.

The Rules

When you pledge something as collateral, you do not hand over that particular thing to the lender unless it is a collectible item. If it is an automobile or real estate, you can continue to use it until you default on the payments. All that you have to do is sign a note which will grant the lender possession of the items incase of default. If you default the lender will automatically become the legal owner of the collateral. He may then seize it and sell it to recover his loan amount. This is called repossession in case of automobiles and is called a foreclosure in case of real estate.

Finding The Right Lender

There are very few lenders and banks who deal in any kind of secured loans other than second mortgages. You might have to specifically look for a lender that specializes in secured loans. The best part is that you will not have to do much effort in order to search for them. The newspapers, the yellow pages and more recently the internet are great places to start looking. In fact there are so many lenders who are listed in such places that once you look for one of them you will automatically receive a lot more offers from other similar lenders. But do not sign up for the first one that you come across. Make sure that you hunt around for the best rates. Compare the APR, the charges before you decide on which lender is the best.

The Difference in The Two

But what if you do not have any property to pledge yet need a personal loan? Well, in that case you might have to make do with an unsecured loan. Unsecured loans are far more difficult to come by and there are very few lenders who deal in unsecured loans. The major difference will be the rate of interest and the amount that you can borrow. While in secured loans, you can borrow up to 125% of the value of the collateral, you can only borrow up to a certain limit in unsecured loans. The interest rates will be much higher as compared to secured loans. The amortization period in secured loans will go as high as 25 years while in unsecured ones a maximum of 6 years may be given to repay the loan.

Tips

There are certain steps which you can take to ensue that your entire loan experience becomes much smoother. If you have planned it well in advance then you can work towards improving your credit score before you apply for the loan. Saving up is also a good habit as you can ensure that you pay a huge amount as down payment. This will help you a lot in reducing the interest rates.

Where can I apply for a payday loan?
You can either apply for your payday loan in-person at a retail store that offers payday loan services or you can apply online on the net. Applying online through the web is the most convenient way to get the quick, immediate cash you need to resolve any financial situation. You won’t have to step out into the cold, hot, wet or icy weather that is included in Canadian living. You can be multi-tasking at home with chores while applying for your Canadian payday loan and get the quick cash you need within minutes.

Check out your wallet. Tucked among the pictures of your kids, the grocery-store lists, and the crumpled receipts, there are probably more than a few pieces of plastic. In fact, the average household with credit cards has more than 16 plastic rectangles that family members swipe, dip, or flash when they don’t have the cash. The typical family carries a $9,205 balance, and about 20 percent of all cards are maxed out-but that doesn’t stop people from collecting more. Every year, credit-card companies issue about 150 million new cards.

In an ideal world, we’d stop buying things we can’t afford to pay for up front. But let’s face facts: Most of us have no plans to part with our credit cards. Still, we can be smarter when we use them. Here are the top ten moves to make-and some expert advice on changing the way we charge.

1. Pay up in bigger chunks
Every time you make a payment for no more than the minimum, you’re wading one step deeper into quicksand. That’s because most of what you’re paying is interest-not principal.

Let’s say you’re a member of the average family, trying to pay down a $9,205 credit-card debt with a typical interest rate (15 percent). If you send in the minimum payment each month ($184, a mere 2 percent of the total), it will take you almost 39 years to pay off your balance! In the meantime, you’ll pay a whopping $14,798 in interest alone. And that’s assuming you never charge another dollar. We know you know this, but we’ll say it anyway: Pay up each month until it hurts, and wipe out your balance as quickly as possible.

2. Choose the right card
The top five card companies alone offer 30,000 different credit-card options. Your task is to pick the one that matches your spending and payment habits. If you carry a balance, you want a card with a low fixed-interest rate. If you’re loading up on expensive baby gear, a card that doubles your warranties or offers cash back could pay off. If you’re saving for a minivan, a card that offers points toward that purchase is worth investigating.

Fewer than 20 percent of bank credit cards charge an annual fee. Don’t pay one unless the rewards far outweigh the cost (usually $25 to $125). For example, if your yearly charges are enough to earn you a free domestic airline ticket, go for it. If it takes you two years, however, you’re probably paying more than the ticket is worth. And remember that there may be restrictions on when and how such tickets can be used. Don’t be seduced by perks you won’t actually use.

3. Cash in on freebies
Paying with credit provides protection that you don’t get when you pay by cash or check. That’s because credit-card companies have clout with retailers and because federal law says they are obligated to help you if there’s a dispute over a charge. Some companies will replace your purchase if it’s stolen or lost. Others extend warranties on the items you buy. Read the details of the agreement your company sends you. Then, if you’ve got a benefit, use it!

4. Slice up some plastic
Sure, it’s nice to get 10 percent off your kids’ summer clothes when you open a Gap credit-card account, but the more cards you have, the more likely you are to rack up debt. If you end up overextended, you could have a harder time getting a mortgage or an auto loan in the future. The ideal number of cards is two, according to Robert D. Manning, Ph.D., author of Credit Card Nation: The Consequences of America’s Addiction to Credit. Sign up for one with lots of perks (and very likely a high interest rate as a result) and another with a low interest rate that you can transfer your balance to if need be. And if you have a favorite retail store whose card offers exceptional perks that you really use, it’s okay to hang on to it. But don’t just cut up those extra cards. Contact each lender to cancel them-otherwise the accounts will stay active on your credit report.

5. Prioritize payments
Not all bills are created equal. You’ll have to decide which payments are most urgent, says Lewis Mandell, Ph.D., author of The Credit Card Industry: A History. Let’s say you have three cards, and you can’t afford to pay them all off at once. Rather than dividing your money equally among the three, pay down the card with the highest interest rate first. Pay the minimum on two cards and funnel the rest into the third until it is completely paid off.

6. Be demanding
It costs a credit-card company $80 to $200 to attract a new customer. So your company is probably willing to hustle a little to keep you—especially if you’re a longtime customer or you normally carry a balance. Ask a customer-service rep for an occasional concession-an annual-fee waiver, a lower interest rate, an extended introductory rate, or cancellation of a late fee. If you’re turned down, ask to speak with a supervisor, who has more authority.

7. Study the fine print
That microscopic legal babble on letters from your card company really does matter. So sit yourself down and start reading about the fees, limitations, and benefits of your contract. For example, just one late payment could send that low introductory interest rate to the moon. Or you may find that the low interest rate applies only to balance transfers. You may also owe a fee if you don’t use your card for a few months.

8. Steer clear of cash withdrawals and those convenience checks
Think carefully before using your credit card at the ATM. When you make a purchase with your credit card, interest charges don’t kick in until the next billing cycle. When you withdraw cash, however, you may be hit with an up-front fee of 2 to 4 percent-plus, interest on the cash is charged from that day forward.

You’ll also be paying it back at a higher interest rate than your regular charges carry-typically 21 percent, says Kristy Welsh, author of Good Credit Is Sexy. This is not easy money! In addition, lenders often send convenience checks that you can make out to yourself or anyone else. But those can be deceptive-expect a high fee and immediate interest charges if you use them.

9. Scrutinize your bill
People make mistakes—a charge can be run through twice, or a waiter may misread your handwriting. Hold on to receipts until the end of the month, and check your statement against them. “If you don’t recognize the charge, call the number on the charge description before you call the credit-card company. The merchant may be using a name you don’t know,” says Eva Rosenberg, publisher of taxmama.com.

10. Find the right help
If your credit-card debt is greater than 20 percent of your annual income, you need to get serious. The best first step: Consult a credit counselor, who can help you devise a plan for cutting debt. Get a directory of low-cost advisers through the National Foundation for Credit Counseling. “Be aware that most credit counselors are paid by creditors, who prefer that customers not declare bankruptcy, although it may be legal and beneficial,” says Dr. Mandell.

By Reshma Memon Yaqub

1. Protect Your Assets: Step one in your financial crisis debt cure is to make sure you have the basics of insurance which includes homeowners/renter’s (including flood insurance), auto, health, life, and umbrella. After you have followed the remaining steps below then look into adding long term care and disability insurance. It only takes one disaster to disable your financial situation so don’t skimp on the insurance.

2. Of Course, Your Quick 5 Step Financial Adviser Says, “Get Rid of Your Debt!”: It is hard to save in a financial crisis but when you can save, before saving for anything else, college or retirement, get yourself out of debt. Once you are out of debt you can catch up fast on your other savings plans with all the extra money you will have left over. Start with the smallest amount you owe first and pay that off. Next take what you were paying on that bill and add it to the next smallest amount until all debts are paid. The last thing to pay off would be your mortgage and at this time you can start your other savings plans while paying extra on your mortgage. By paying off the smallest debt first it enables your momentum of seeing a payoff and you are more likely to keep paying them all off.

3. Save for Retirement: After your debt is paid off don’t go and get a loan for a new car! Buy a nice used car with cash and start beefing up your retirement. Yes, even in a financial crisis you should still invest for your retirement. After contributing the maximum to your employer’s 401K, look into an annuity for an extra retirement vehicle. Also, start a college savings plan for your children. One thing that you should not purchase just for a retirement plan would be life insurance.

4. Don’t Pay to Much for Health Insurance: If you are paying outrageous amounts for your health insurance try purchasing a high-deductible emergency plan then use a health savings account to pay for all your regular yearly costs. In most cases this option can save a lot of money for a family that is basically healthy. Also, if you are low income you or your children may be eligible for your state sponsored health insurance plan. Sometimes even if both parents are working you may still fall into the low income bracket. In addition, shop around. Health insurance prices can vary dramatically from company to company.

5. Stick to This Plan and Share Your Spare: Yes, I know this can be a given but these steps take a lifelong commitment that can be hard at times. You may fail. You might just buy that dress in the window you did not need instead of taking that money and paying off your debt, but if that happens just start over again. Once your debt is cured you will have a greater understanding and responsibility of your money and you will probably be finding yourself more inclined to reach out to others with your spare money instead of buying things you don’t need.

A mutual fund pools money from hundreds and thousands of investors to construct a portfolio of stocks, bonds, real estate, or other securities, according to its charter. Each investor in the fund gets a slice of the total pie.

2. Mutual funds make it easy to diversify.

Most funds require only moderate minimum investments, from a few hundred to a few thousand dollars, enabling investors to construct a diversified portfolio much more cheaply than they could on their own.

3. There are many kinds of stock funds.

The number of categories is dizzying. Some examples: growth funds, which buy shares of burgeoning companies; sector funds, which buy shares of companies in a particular sector, such as technology or health care; and index funds, which buy shares of every stock in a particular index, such as the S&P 500.

4. Bond funds come in many different flavors too.

There are bond funds for every taste. If you want safe investments, consider government bond funds; if you’re willing to gamble on high-risk investments, try high-yield bond funds, also known as junk bond funds; and if you want to keep down your tax bill, try municipal bond funds.

5. Returns aren’t everything - also consider the risk taken to achieve those returns.

Before buying a fund, look at how risky its investments are. Can you tolerate big market swings for a shot at higher returns? If not, stick with low-risk funds. To assess risk level, check these three factors: the fund’s biggest quarterly loss, which will help you brace for the worst; its beta, which measures a fund’s volatility against the S&P 500; and the standard deviation, which shows how much a fund bounces around its average returns.

6. Low expenses are crucial.

In order to cover their expenses - and to make a profit - funds charge a percentage of total assets. At no more than a few percentage points a year, expenses may not sound substantial, but they create a serious drag on performance over time.

7. Taxes take a big bite out of performance.

Even if you don’t sell your fund shares, you could still end up stuck with a big tax bite. If a fund owns dividend-paying stocks, or if a fund manager sells some big winners, shareholders will owe their share of Uncle Sam’s bill. Investors are often surprised to learn they owe taxes - both for dividends and for capital gains - even for funds that have declined in value. Tax-efficient funds avoid rapid trading (and high short-term capital gains taxes) and match winning trades with losing trades.

8. Don’t chase winners.

Funds that rank very highly over one period rarely finish on top in later ones. When choosing a fund, look for consistent long-term results.

9. Index funds should be a core component of your portfolio.

Index funds track the performance of market benchmarks, such as the S&P 500. Such “passive” funds offer a number of advantages over “active” funds: Index funds tend to charge lower expenses and be more tax efficient, and there’s no risk the fund manager will make sudden changes that throw off your portfolio’s allocation. What’s more, most active mutual funds underperform the S&P index.

10. Don’t be too quick to dump a fund.

Any fund can - and probably will - have an off year. Though you may be tempted to sell a losing fund, first check to see whether it has trailed comparable funds for more than two years. If it hasn’t, sit tight. But if earnings have been consistently below par, it may be time to move on.

• Federal student loans made to students directly: No payments while enrolled in at least half time status. If a student drops below half time status, the account will go into its 6 month grace period. If the student re-enrolls in at least half time status, the loans will be deferred, but when they drop below half time again they will no longer have their grace period. Amounts are quite limited as well.
• Federal student loans made to parents: Much higher limit, but payments start immediately
• Private student loans made to students or parents: Higher limits and no payments until after graduation, although interest will start to accrue immediately. Private loans may be used for any education related expenses such as tuition, room and board, books, computers, and past due balances. Private loans can also be used to supplement federal student loans, when federal loans, grants and other forms of financial aid are not sufficient to cover the full cost of higher education.

• credit card debt
• personal loans
• bank overdrafts
• credit facilities or lines of credit
• corporate bonds

The interest rates applicable to these different forms may vary depending on the lender and the borrower. These may or may not be regulated by law. In the United Kingdom, when applied to individuals, these may come under the Consumer Credit Act 1974.

In a loan, the borrower initially receives or borrows an amount of money, called the principal, from the lender, and is obligated to pay back or repay an equal amount of money to the lender at a later time. Typically, the money is paid back in regular installments, or partial repayments; in an annuity, each installment is the same amount. The loan is generally provided at a cost, referred to as interest on the debt, which provides an incentive for the lender to engage in the loan. In a legal loan, each of these obligations and restrictions is enforced by contract, which can also place the borrower under additional restrictions known as loan covenants. Although this article focuses on monetary loans, in practice any material object might be lent.

Acting as a provider of loans is one of the principal tasks for financial institutions. For other institutions, issuing of debt contracts such as bonds is a typical source of funding.