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Debt Management Options

July 21, 2011 / Michelle Burton

Debt settlement can be a useful option when a consumer has acquired too much debt that he or she cannot afford to pay in full. With debt settlement, the creditor agrees to settle with the debtor for an amount that’s less than the actual amount owed.

Much like most other debt management options, debt settlement has its advantages and disadvantages. Debt settlement can reduce the total amount that is owed to creditors and it can also reduce interest on your debt. Debt settlement can eliminate any future fees on your debt, it can consolidate all of your payments under one creditor, and it is possible to become debt-free in less than two years. And, unlike a debt consolidation loan, you are not creating new debt by borrowing to get out of debt.

One of the disadvantages of debt settlement is the negative effect it may have on your credit report. Because you won’t be paying your creditors the usual monthly payments, this will be noted on your credit report. However, to some creditors this notation can also mean that the debtor did take responsibility in paying as much as he or she possibly could, which may help to offset the negatives. In addition, because your credit report will show that the debt is “paid” or “settled” rather than “outstanding,” this may have a positive effect on your credit history.

Another disadvantage to debt settlement is that any cancelled amount exceeding $600 is considered taxable income. If the creditor reports the forgiven amount to the IRS, you will receive a 1099-C form. In some instances, however, the IRS will decide that the debtor is insolvent, meaning that the debtor will not owe any Federal taxes on the amount.

If you decide that debt settlement is the best option for you, there are several ways to accomplish it. You may negotiate your own debt settlement agreement or you can hire a consumer law attorney to assist you. It is highly recommend that you hire an attorney, especially if your debt is substantial. When negotiating a debt settlement agreement on your own it is important to get everything in writing. Debt collectors typically deal with hundreds of cases per day, so mistakes can happen. To protect yourself, make sure you have agreement in hand before making any kind of payment. The agreement should clearly state the following:

-Payment due date
-How much you have agreed to pay (total amount and each payment amount)
-Method of payment (i.e. cashier’s check, electronic bank transfer)
-The debt collector will report to the three major credit bureaus that the debt has been settled or (if applicable) “paid in full”
-Any/all conditions of the agreement (consequences of late payments, consequences of breach)
-Any concessions that the debt collector has made

It is recommended that you contact a consumer law attorney to review the agreement to ensure that your interests are well protected. You can search for consumer law attorneys in your local area through the American Bar Association (ABA) website. Access to the ABA lawyer locator is free.

If you cannot afford a lawyer, but instead, you are considering a debt settlement agency — beware. There are several things you can do to protect your personal information and to ensure a smooth and lawful process. Before you do business with a debt settlement agency check to make sure that the staff consists of IAPDA (International Association of Professional Debt Arbitrators) certified debt arbitrators, that they belong to an accredited U.S. Chamber of Commerce, and that they are a member of the Better Business Bureau.

Uncategorized, Your Business, Your Compensation

Benefits of a Law Degree

July 18, 2011 / Michelle Burton

Obtaining a law degree doesn’t mean you have to go into a traditional legal job. True, many law school graduates do go on to become lawyers, but the skills learned in law school are directly transferable to more than 300 other professions. You will develop analytical, advocacy, research, and communication skills in law school as well as the ability to solve problems by breaking it down into it’s component parts.

Not only are the career possibilities endless for individual’s with a law degree, the opportunity for advancement and salary growth is high. Criminal justice careers, education administration careers, energy careers, and financial services all offer advancement opportunities and salary growth. The following are just a few career fields open to law school graduates. Others are:

-Alternative Dispute Resolution
-Civil Rights
-Contract and Procurement
-Court Administration
-Education Faculty
-Environmental
-Human Resources
-International Affairs/Trade
-Insurance
-Intellectual Property
-Intelligence/National Security
-Labor Relations
-Legal Administration
-Marketing
-Legal Documents/Information
-Legislation and Regulatory Affairs
-Management
-Publishing/Broadcasting
-Real Estate/Housing
-Taxation
-Transportation

To earn a law degree, you’ll have to start with a bachelor’s degree. Your degree must be from an accredited college or university. Although it is not necessary to major in these areas, many undergraduates major in legal studies, criminal justice, law and society or other similar degree. Majoring in a law-related area, however, can make earning a law degree much easier. After earning your bachelor’s degree, you’ll have to take the Law School Admissions Test or LSAT. With a high score in the LSAT and an excellent GPA in college, you should have no problems getting into law school. Just keep in mind that while getting into “a” program will be easy for you, getting into a top program could be challenging based on the overwhelming number of qualified applicants.

It takes a minimum of three years to complete a full-time program. It also takes time to study for and take the bar exam after you graduate. You’ll have to take the bar exam for the state you plan to practice in. If you plan to practice in multiple states, you’ll have to pass the exams in those states as well. Requirements vary state to state. In some states, you’ll even have to pass a Character and Fitness evaluation conducted by the National Council of Bar Examiners, which also provides exam materials to many states. The evaluation includes a criminal background check, driving record check, credit check, and medical records check. You may also have to take a drug test.

For more information about becoming a lawyer in your state, visit the American Bar Association at Americanbar.org. For a list of the best law schools, visit the U.S. News & World Report website and review the education section.

Your Business, Your Career, Your Education

Non-Profit Management Training

July 15, 2011 / Michelle Burton

There are more than 1.4 million non-profit organizations in the U.S., with more than 12.5 million employees. The non-profit sector expends $120 billion in annual personnel costs and represents $340 billion in total annual budget outlays. This means, if you’re lucky enough to land a job with a religious organization, hospital, university, foundation, or other non-profit organization, you can expect stability, salary growth, employment growth, and a variety of positions to choose from.

Most non-profit management personnel have an MBA in non-profit management. These professionals typically hold positions such as assistant director of fundraising, program analyst, program director, program officer, marketing/research manager, director, community outreach coordinator, finance director, director of information systems or director of public relations.

How to Find Non-Profit Management Training Programs

Non-profit managers usually hold a non-profit management MBA from an accredited college or university. Today’s MBA student has the option of obtaining a degree on-campus, online, or through a blended format. Blended formats allow students to complete half of the degree on-campus and the other half online. Blended and online formats make it easier for students to work full-time in the field while pursuing an advanced degree.

When searching for non-profit management training programs, try Princeton Review first. This is an excellent source for lists of top business colleges. U.S. News and World Report is also a great source. When you find a school you’re interested in, make sure it’s accredited by a U.S. Department of Education recognized agency. Just a few recognized agencies include:

-The Association to Advance Collegiate Schools of Business (AACSB)
-The Association of Collegiate Business Schools and Programs (ACBSP)
-The Council for Higher Education Accreditation (CHEA)
-Middle States Association of Colleges and Schools
-New England Association of Schools and Colleges
-North Central Association of Colleges and Schools
-Northwest Commission on Colleges and Universities
-Southern Association of Colleges and Schools
-Western Association of Schools and Colleges

Many online programs have also been accredited by:

-Distance Education Training Council (DETC)
-Council on Occupational Education (COE)

If you come across a school that has not been accredited by any of the agencies listed above, check the U.S. Department of Education website at ED.gov for a complete list of accrediting agencies.

Non-Profit Management MBA Program Curriculum

Non-profit management MBA programs prepare students for a career in management by teaching everything from business computing and business finance to principles of marketing and principles of management. Online curriculums should require the same courses as on-campus programs, so be sure to check the course listings for the online program you have chosen before beginning the application process. The following is a list of non-profit management degree courses to look for:

-Business Computing
-Business Finance
-Business Statistics
-Effective Career Management
-Entrepreneurship
-Human Resource Management
-International Business
-Legal Environment Business
-Organizations: Structures & Behavior
-Principles of Management
-Principles of Marketing
-Writing and Speaking for Business

If you would like more information about non-profit management MBA degrees or careers, the following websites might be useful visit the U.S. Department of Labor website at www.bls.gov.

Your Business, Your Career, Your Education, Your Workplace

Benefits of Foreign Language Programs

July 14, 2011 / Michelle Burton

The United States is home to the fifth highest population of Hispanics in the world. As of 2009, 44 million Hispanics lived in the U.S. and this number is expected to increase to over 100 million by 2050. Not surprisingly, Spanish is the second most common language in America. Spanish isn’t the only language that’s growing in America. Chinese is the third most common language in the country, followed by French, then German, Tagalog (spoken in the Philippines), Vietnamese, Italian, Korean, Russian, Polish, and Arabic.

With so many languages and cultures flourishing in the U.S., businesses, colleges, government organizations, and others feel that being bilingual, or even multilingual, is an asset. In many instances, companies will hire a bilingual or multilingual candidate over one that speaks only one language—even if the candidates’ backgrounds are nearly identical.

In addition to being a plus in the working world, there are a number of jobs for individuals with a degree in foreign language. These jobs are available in education, government, aviation, law, the arts, finance, journalism, tourism, social service, customer service, and many others. Just a few job titles for foreign language graduates are foreign service officer, foreign service peacekeeping, air-traffic assistant, paralegal, art dealer, importer/exporter, professor, consultant, international banking officer, cultural attaché, linguist, interpreter or translator, customs/immigration officer, travel writer, foreign exchange trader, UNESCO official, and foreign diplomat.

While a foreign language degree is the minimum requirement for some of the positions listed above, a degree in say finance, along with fluency in or a certificate in a foreign language might be the only requirements. If you already speak a second language such as Spanish, but have never taken a Spanish class, that doesn’t mean you can teach Spanish. In a language program, you’ll learn the technical aspects of the language and the proper way to speak it.

The type of foreign language program you should take will depend on what you plan to do once you’ve learned a second language. If you plan to learn a second language for personal growth, taking a foreign language program at a language center or community college may be sufficient. If you prefer to work independently, you can purchase any number of language learning software packages online or at your local software emporium, bookstore, or electronics store. If you plan to make a career of it, a foreign language program at a two- or four-year college is your best bet.

Some of the best colleges for foreign language majors are:

-Georgetown University
-University of Chicago
-Harvard University
-Princeton University
-Columbia University New York
-Stanford University
-Brown University
-Tufts University
-University of Colorado
-Southern Methodist University
-Dartmouth College
-Brigham Young
-University of California-Berkeley
-University of Pittsburgh
-University of Rochester
-Duke University
-Vanderbilt University
-The University of Texas

A Bachelor of Science or Bachelor of Arts in Foreign Language takes four to five years to complete. Colleges that offer the program online may offer the option to take an accelerated program, which means, you can complete the program in two to three years, with no breaks.

For more information about language in America, visit the U.S. Census Bureau Language Use page at http://www.census.gov/hhes/socdemo/language/.

Your Business, Your Career, Your Education, Your Workplace

3 Ways to Assess the True Worth of your Degree

July 12, 2011 / Staff

The job market has always been competitive in one way or another. No matter what the job, you as a potential employee need to somehow stand out from the rest of the applicants.

These days, employers are turning their sights towards potential candidates who possess more than just a standard college education. Those on the job hunt who possess advanced degrees often look more appealing than other candidates.

Check the Accreditation of the School

If you are going to pursue advanced education, check to make sure the school offers accredited programs. It would be a terrible feeling to get to the end of a course in higher education and find out you have an unaccredited masters.

Employers will generally tend to only acknowledge advanced education degrees from accredited schools. You want to be fully recognized for all of your hard work in your advanced degree. Researching each school thoroughly will help to avoid heartache in the future.

Know the Outcome of Your Chosen Degree

While many people choose to undertake an advanced degree to benefit their current career, there are many others who choose to pursue the degree to start a new career.

If you are one of the latter, it’s a smart idea to fully research the types of jobs and potential careers that will be available to you upon completion of your course. A course may sound appealing, but it’s no good if you can’t get the kind of job you want out of it.

Ask Those in the Know

There’s no better way to find out the true worth of a degree than directly asking someone who has the same one.

Also, if you know of anyone currently working in the field you want to get into, have a talk with them and ask them what kind of advanced degree they have. There may be a better option out there that you have not yet researched.

It might also be a good idea to ring around to various companies that you could see yourself working for, and asking the human resources department exactly what type of advanced degree they would be looking for in a potential applicant.

Ringing around to businesses is also a great way to network and make some employment contacts for the future. It never hurts to get started early!

Any degree is a lot of hard work for anyone. Make sure you will be fully recognized for all of the work you have put in, and employers will then start to recognize you!

What kind of advanced degree are you thinking about pursuing? How do you know it is accredited?

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