How to Shop for Car Insurance

While we at Efinancial are very concerned about your life insurance needs, we realize you have other insurance needs as well.  So today we’d like to help you drive a better bargain with the one form of insurance you are legally required to possess if you get behind the wheel of a car:  Auto Insurance.  You cannot drive in the United States without having an automotive insurance policy. Yet it often proves to be very difficult to buy exactly what you need at the price you want.

Here are some tips to keep in mind when determining who your auto insurance provider will be.

Learn more about how to get the right type of insurance

Mission: Regulation Innovation

On a mission to provide a new level of financial services safety, prevention and consumer protection, Treasury Secretary Timothy Geithner has presented a slew of changes to the current regulatory agencies, all with the goal of creating greater economic stability.

There are a few major changes that highlight the new administration’s goals.  The first would be to give new powers to the Federal Reserve to monitor the largest American companies deemed “too big to fail.”  This new capability on the part of the Fed is designed to prevent companies from having to be bailed out, or fail, both of which are dismal.  Under the new plan, the Federal Reserve will be responsible for regulating and supervising at-risk companies, which will likely include not only major financial institutions, but also holding companies and other large commercial institutions.

Read More About Innovation in Regulation

Managing Student Debt: A New Government Program

For many people, debt begins at the age of 18, when they begin their college education.  Sad to say, many student borrowers don’t recover from this debt for many years, even decades.  Debt has the habit of snowballing: it piles up and before you know it, interest rates have caused it to grow to huge proportions.

So how can students begin to cut off debt before it gets the better of them?  There are a plethora of programs out there to help manage student loan debt, but that debt still exists, it’s just a matter of when it gets repaid.  A new program is designed to decrease payments and cut off debt.

Learn more about managing student debt

Credit Card Reform: Is it Good for the American Consumer?

A few weeks ago Congress passed the Credit Card Bill of Rights Act, a bill designed to curb many standard credit practices used in America today.  The bill was passed overwhelmingly by Republicans and Democrats alike, on a 90-to-5 vote in the U.S. Senate.

The bill is aimed to protect the 78% of American families that hold credit cards, about half of whom have credit card debt averaging $5729.  New York Senator Charles Shumer claims the legislation is a victory for “the little guy.”  The Bill of Rights will require credit card companies to give 45 days notice and a simple explanation before raising interest rates (currently they can raise interest rates substantially whenever they deem it necessary) as well as place a limit on penalty fees.  The bill further restricts credit lenders to only being allowed to raise interest rates if a payment is over 60 days late, instead of the status quo where they can raise rates for paying even a single day late.

Insure your credit rating by reading more

Insurance Bailout. Putting the Government Behind Your Protection

At Efinancialblog we keep a watchful eye on all things financial, especially the insurance industry.

The recent federal intervention in the financial services industry is well known when it comes to banks.  An underreported fact is that, as of last month, the Treasury Department has also extended bailout funds to help bolster America’s insurance companies.  While federal bailout funds were originally approved to help banks alleviate toxic loans, the Treasury Department has used such funds to help industries such as the auto industry and now the insurance industry significantly strengthen their financial status.

Read about government support for life insurance

Saving on Summer: Budgeting a Vacation

During uncertain economic times, one of the first expenses to be shed is often a family vacation. Not everyone can afford to take time off from work, and besides, vacations can be expensive. In the spirit of fun and recreation this summer, we’d like to pass along a few vacationing tips.

Where to go

Even while the U.S. dollar is stronger abroad than it has been in some time, not everyone can afford to jet around the world, visiting exotic locations. A vacation destination certainly does not have to involve going far away either. A bit of common sense is to take a vacation closer to home. It doesn’t have to be a “stay-cation” either, where you vacation at home, although that can be both relaxing and stress-free. Maybe you live near the shore or there is an exciting  big city near you?  This will put the cost of airfare right back into your pocket.

Learn more about cheap vacations and smart vacation planning

Planning for a Newborn? Good Financial Advice.

July and August have the highest percentage of births for any month in America.  For the soon to be parents:  Congratulations!  Parenthood is a wonderful and life-changing experience.  As with most life changing experiences, as you may have determined after reading many of our posts, there are life changing financial aspects to deal with.  The blog www.cashmoneylife.com recently had an article spotlighting the different things to prepare for as a parent, and we would like to highlight some of these, and some of our own, for you.

Check and update your life and disability insurance

Could your family survive a disaster if you weren’t there to assist them?  What would happen to them if something happened to you?  These are the reasons for life insurance as well as disability insurance and both of these become even more important as your family begins to grow.  Make sure the beneficiaries of your insurance are your spouse and children and your policy is not outdated.  You would be surprised at how often that happens.  Make sure you have enough insurance to cover the expenses ahead so your new child has a fair shot if disaster strikes.

Discover more about budgetting for newborns