The unpaid balance is the principal plus the interest that remains to be paid on a loan or the average of a loan portfolio (any term, installment, money order or credit card debt, on which interest is charged), for a period of time, usually a month.
The unpaid balance is money that is borrowed, but is not paid in full by the due date. The lender uses this balance to calculate on your statement how much interest is owed for that period. Credit bureaus base a borrower's credit worthiness on any unpaid balances they have.
The closer the borrower's debt is to its borrowing limit, the more it will be considered a financial liability. As with bad balances, credit bureaus also look at how credit is maintained with lenders.
Paying the unpaid balance on each statement in full keeps the borrower's credit at the highest level. It also gives a high credit rating to the borrower.
Characteristics
Credit providers report unpaid balances to credit reporting agencies each month. Credit issuers generally report the total outstanding balance for each borrower at the time the report is submitted.
Balances are reported on all types of debts, revolving and non-renewable. With unpaid balances, credit issuers also report delinquent payments that are more than 60 days late.
Factors for credit rating
Timely payments and unpaid balances are two factors that affect a borrower's credit rating. Experts say that borrowers should strive to keep their total unpaid balances below 40%.
Borrowers with total bad debt greater than 40% can easily improve their credit rating by making larger monthly payments that lower their total bad debt.
As the total unpaid balance decreases, the borrower's credit rating increases. However, punctuality is not so easy to improve. Late payments are a factor that can last three to five years on a credit report.
Average unpaid balance on credit cards and loans is an important factor in a consumer's credit rating.
On a monthly basis, average unpaid balances on active accounts are reported to the credit bureaus, along with any other amounts that are already past due.
Non-revolving loan balances will decrease monthly with scheduled payments. The balances of revolving debts will vary depending on how the holder uses his credit card.
How is it calculated?
The basic formula for calculating an unpaid balance is to take the original balance and subtract the payments made. However, interest charges complicate the equation for mortgages and other loans.
Because a portion of loan payments is applied to interest payments, an amortization table must be created to calculate the outstanding balance of a loan.
An amortization table allows you to calculate how much of the payment is applied to the principal and what part to pay interest. To create an amortization table and calculate the unpaid balance, follow these steps:
Create depreciation table
Loan details are listed first; for example:
- Loan amount = $ 600,000
- Amount to pay monthly = $ 5000
- Monthly interest rate = 0.4%
The monthly interest rate is calculated by dividing the annual interest rate by the number of payments made each year. For example, if the loan has an annual interest rate of 5% and the payments are monthly, the monthly interest rate is 5% divided by 12: 0.4%.
Five columns are created for the amortization table: payment number, payment amount, interest payment, principal payment, and unpaid balance.
Under "payment number", in the first row the number 0 is written. Below "unpaid balance", in that first row the original amount of the loan is written. In this example it would be $ 600,000.
Record the first payment
In the column "payment number" the number 1 is written in the row below payment 0. The amount to be paid monthly is written in the same row, in the column "payment amount". It would be $ 5000 in this example.
In that same row, in the "interest payment" column, the monthly interest rate is multiplied by the unpaid balance prior to this payment, to determine the portion of the interest payment. In this example it would be 0.4% times $ 600,000: $ 2,400.
This amount is subtracted from the interest payment to find the principal payment for this row from the total monthly paid amount. In this example it would be $ 5000 minus $ 2400: $ 2600.
In the column "unpaid balance" of the same row, this principal payment is subtracted from the previous balance to calculate the new unpaid balance. In this example it would be $ 600,000 minus $ 2,600: $ 597,400.
Unpaid loan balance
The process performed for the first payment is repeated for each subsequent payment that has been made. The amount shown in the “unpaid balance” column in the row for the most recent payment is the current unpaid balance of the loan, as highlighted in the image.
Interest on unpaid balances
Credit card companies show the interest rate as a monthly percentage. The interest payable depends on this rate, the unpaid balance, and the number of days the unpaid balance has unpaid.
Interest is charged on the unpaid balance only if the minimum or partial amount is paid on the specified date, not the full amount owed. This is called the revolving credit facility.
There is an interest-free period during which the amount used on the credit card does not earn interest. This is the duration between the first day of the billing cycle and the payment due date.
An additional late fee applies if the amount due is not paid by the specified date. This service tax is applicable to interest and other fees, being included in the total amount owed.
Average daily unpaid balance method
Many credit card companies use an average daily unpaid balance method to calculate the monthly interest applied to a credit card.
The average daily balance method allows a credit card company to charge slightly higher interest; consider cardholder balances throughout the month and not just at the closing date.
By calculating average daily unpaid balances, the credit card company adds the unpaid balances for each day within the monthly billing cycle and divides it by the total number of days.
A daily interest rate is also calculated and charged by the number of days in the billing cycle to arrive at the total monthly interest.
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5 Tips to Prepare for Your Property Settlement
1. Insurance
Haven't organised insurance yet? Get it now! It can be a risky practice to rely on the vendor's insurance cover (or lack thereof) if something happens to the property during the period from exchange to settlement. Having adequate insurance in place will give you peace of mind.
2. Keys, codes and passes
Make sure you organise who has the keys and when you can collect them from the agent or your legal representative. Also, make sure you have the alarm codes (if any) and instruction manuals. Some purchasers want to collect the keys that day from the agent; others have the keys delivered to their solicitor after settlement. By sorting out the logistics beforehand, you can enjoy your property sooner (without setting off any house alarms!).
3. Final inspection
This is probably the most important inspection you will undertake, so you should organise it during daylight hours as close as possible to settlement and really take your time with it. Has any debris been left behind? Do the fittings and fixtures remain? Are the contractual inclusions actually in place? Have the exclusions been disposed of?
4. Final Title Search
Just like a final inspection, a final title search will inform you if there have been any dealings with or new interests in the legal ownership of the property. After all, you can't buy something from someone if they don't own it. You'll also need to remove any caveat you've placed on the title to enable the change of ownership to take place.
5. Cheque directions
Your legal advisor and lender will organise the cheques on your behalf, but it's up to you to make sure the settlement amounts and payees are correct before property settlement. Also, make sure the cheques have correct spellings - incorrectly issued non-negotiable bank cheques can hold up and delay a settlement, and that's the last thing you want!
7 Tips Every Homeowner Need to Know About Insurance
1. WHAT IT COVERS
Most home insurance policies will pay for damage to your home & possessions in the events of storms, fire, theft, or vandalism. Home insurance also provides liability insureance if someone gets hurt on your property and decides to file a lawsuit. Home insurance can also cover the costs of a hotel if you are temporarity displaced from your house.
2. WHAT IT DOESN'T COVER
Standard policcies have exclusion, including; earthquakes, power failure, war, nuclear hazard, government action, faulty zoning, bad repair or workmanship, and defective maintenance. Flooding and water damage are usually only covered in certain conditions
3. YOU SHOULD SHOP AROUND
Take the time to research your prospective insurance agencies before you commit to a policy. Read reviews and consider recommendations from friends and family. Finding a cheap rate is great - but remember that in the case of an emergency you will need to be dealing with the insurance company directly. Having an insurance company with great customer service can really help alleviate some of the stress in an already stressful situation with your home.
4. HOW TO LOWER YOUR RATES
Did you know that having things like a working smoke detector and burglar alarms can lower your rates Preventative actions can reduce premiums. Insurance agents typically price your premium based on how much risk they foresee. So, by reducing your liability risks, you can qualify for lower rates.
You may also save some money by bundling your other insurance policies, like car or life insurance, with your home owners.
5. DON'T WAIT TO FILE A CLAIM
Make sure you report any possible claims as soon as possible. Many insurance companies have a time limit for reporting claims. If you wait too long, you may not be eligible for benefits, especially if waiting has caused the problem to worsen. This is especially true in instances of water damage - where mold can set it quickly and raise the costs of repair.
6. KEEP A RECORD
It is important to document everything that occurs during a loss. Write down the damages, and what you have done to help mitigate the damages.
In addition to saving receipts, contracts, and appraisals, document phone calls by writing down who you spoke to and when. Insurance claims can be cumbersome and confusing. Don't depend on your memory alone to remember all the details.
7. HOW JEWELRY IS COVERED
Jewelry is usually covered in a homeowner's policy - but beware - it is typically only covered to a certain amount. When you sign up for homeowner's insurance, be sure to ask your agent about the limits. If you own jewelry which has a value that exceeds the standard policy, you may want to consider buying supplemental insurance so that incase it is lost or stolen- you are covered 100%.
8 Tip on Homeownner Insurance
1. You're a statistic
To an insurer, you're not a person; you're a set of risks. An insurer bases its premium (or its decision to insure you at all) on your "risk factors," including your occupation, who you are, what you own, and how you live.
2. Know your home's value
Before you choose a policy, it is essential to establish your home's replacement cost. A local builder can provide the best estimate.
3. Insurers differ
As with anything else you buy, what seems to be the same product can be priced differently by different companies. You can save money by comparison shopping.
4. Don't just look at price
A low price is no bargain if an insurer takes forever to service your claim. Research the insurer's record for claims service, as well as its financial stability.
5. Go beyond the basics
A basic homeowners policy may not promise to entirely replace your home.
6. Demand discounts
Americans waste money every year because they forget to ask for them!
7. Insurer isn't necessarily your friend
Your idea of fair compensation may not match that of your insurer. Your insurer's job is to restore your financially. Your job is to prove your losses so you get what you need.
8. Prepare before you have to file a claim
Keep your policy updated, and reread it before you file a claim so there are no surprise.
10 Legit Ways to Make Money and Passive Income Online
Did you know you can actually make money online? yeah that’s right, and all you need is a computer or phone with internet access. So in this video, I’m going to show you 10 websites where you can actual start making some side cash or if you are really serious, some good Money! isn’t that amazing! On some of these websites you can actually make as much as a 100 dollars a day or even more, and the best part is, you don’t have to quit your 9 - 5 job, you can make this money, working in your free time. On the internet, there are two distinct ways of making money. The first way is active income. With active income, its like your normal 9 -5 job. You only get paid for the work you do. If you do not work, you don’t make money, as simple as that. The second way is through passive income. This is my favorite method because, with active income, all you do is put in the work once, and the money in theory should keep rolling in, without you having to do any more work other then maybe promoting what you have made, or in some cases what other people have made. So let’s get to the video.
1. upworks.com
Upworks is a website for freelancers. With upworks you are making acvtive income. businesses and individuals post services on upworks that they would like to outsource such as article writing, video editing, app development, coding, there tons of jobs and services being outsourced on upworks… The beauty of all this is its low barrier of entry, you just have to be good at something. If there is something that you are good at maybe graphic design or coding or just about any skill, head over to upworks and start making some Money. Here's a tip if you are considering working on upworks, have a robust profile that looks good. This will drastically increase your likelihood of ever receiving job offers, from potential clients. Displaying your best work or highlighting specific experience can and will help you stand out.
2. YouTube
Not a lot of people know this but, you can actually make money with YouTube. If you are considering getting into YouTube to make money, make sure you understand one thing clearly. Thanks to the new rules, if you are planning on starting a brand new channel from scratch, you first have to reach the YouTube minimum threshold to get monetized. Which is you will need 4000 watch hours, and 1000 subscribers in the last 12 months. Once you have reached that, you can get monetized, how much can you make on YouTube? Honestly as much as you want! As long as you keep uploading good content that people are willing to watch your golden, and the longer the video the more money you can expect to make… you can make anywhere from 1$ to thousands even hundreds of thousands of dollars. The more views you are getting, the more money you can expect to make, and also you get more subscribers! With YouTube, what you are earning is passive income, make a few videos and they should keep making you money consistently. You can also make money with YouTube through paid sponsorships, but with paid sponsorships you will need a large audience, usually a minimum of 10k subs to do that. You can also make money through affiliates, but we will get to that later.
3. Amazon
Although Jeff Bazos, did start off the company selling books, amazon now sells almost anything you can think of. It’s not just a site for buying your favorite toys though, you can actually make money with amazon. And here’s three ways you how… The first way is Amazon Mturk – Mtruk is kind of like upworks, it’s a place where businesses outsource work that is too difficult for a computer program to do. Such as audio editing and transcribing, translating audio and video from different languages, testing webpages, writing reviews, and a whole lot of other services. You can make as much as $20, $30 an hour, by working on a few different tasks. This is a legit may of making money, and they do pay. This is active income though.
The second way is Amazon kindle publishing. Turn your ideas into an eBook and make money today. Every time you buy an ebook from amazon, amazon and the publisher make money, and you can too. The thing with kindle publishing is… you first need a book to sell. You can either write this book yourself or you can hire someone to write it for you. You don't have to be an established author, or find a publishing company to do this. You can actually do this from the comfort of your home and start earning some passive income. Sounds awesome right? and the best part is, it’s absolutely free, so sign up and start making some money.
Amazon takes care of the money handling shenanigans… and you can sit back relax on your couch, while making some good old… passive income. If you are really interested in kindle publishing, I highly recommend you do more research on this topic. You can find free videos and tutorials right here on YouTube that will teach you the basics. If you want expert advice, you might have to first pay for a course. I will link a really good one in the description, if you are interested. Some people make over $100,000 publishing Kindle e-books on Amazon. It’s definitely a market to look into. The third way is Amazon associates program.
This is a very popular and easy way of earning passive income. All you do is sign up to the amazon associates program which is free, than you can pick from thousands of stuff amazon sells on their website and start promoting. Amazon will give you a special link, and every time someone buys through your link, amazon will give you a commission anywhere from 5 – 10% of the sale. Amazon will pay you 60 days after a purchase and you can chose to be paid either through amazon gift cards, wire transfer to a bank account – although this is currently only available in the US but if you live outside America you can be paid via cheques, or you can have the money transferred to your amazon account and start buying stuff with it.
4. clickbank
Clickbank is a marketplace for product creators and affiliates to make money online buy selling their courses or services to the world. Clickbank only sells digital products, but the beauty about clickbank is that the, commission payout is so much higher than that of Amazon. Some affiliates pay you as much as 75%, for selling their services, while others pays as low as 5%, so keep that in mind. But with that said, you can make some really good money on clickbank, hundreds or even thousands of dollars. Simply head over to clickbank, pick something to sale and start making money.
5. flippa.com
Flippa is the number one marketplace for buying and selling online businesses. It attracts a huge audience, and it offers great tools to increase visibility, it’s an auction site really much like eBay, for those selling and buying digital assets, such as websites, apps, domains, shopify stores and amazon FBA accounts. If you are good at making apps or even websites… you can actually sell it online and make some money. Or better yet, if you have some money lying around and you are interested in buying either websites, apps, or ecommerce stores… that are already making money, you can do so with flippa. What happens is, you place a bid, much like eBay and if your bid is the highest, then congratulations because you just bought yourself an online business. You can also make money by selling online businesses. So that’s flippa for you.
6. Shutter stock
Basically shutter stock is a platform where you can buy or sell digital media. Such as pictures, music and video clips. Mainly created by freelancers and third parties, so if you might be particularly good at photography taking amazing pictures and videos. Or really good at making sick beats, you can monetize your talent on shutter stock. The way you make money with shutter stock is every time some purchases one of your pictures, you get paid a commission, usually a couple cents to a few dollars, if you are lucky. The trick to making a lot of money with shutter stock is to consistently keep uploading high quality images.
7. Rover
Do you like pets? Dog in particular? If so, then you should probably check out rover. Rover is a dog sitting service, but this is currently only available in the US and Canada. So if you live in any of those two countries then you can register as a dog sitter, and get paid for babysitting dogs. You can make anywhere between 80 - $100 a night, just by watching someone’s dog! You can literally make hundreds of dollars a week by just babysitting someone’s pet. Now how about that for a deal?!
8. Takelessons.com
Take lessons is a website where you can teach any skill. Everyone has a skill, that they can teach, whether that might be, teaching someone a language, how to cook, how to play a musical instrument, how to solve complex math equations…any so much more. Anything that you think someone else might not know, you can teach people on takelessons, and start making money.
9. Fiverr
You have probably heard of fivver mentioned a lot of times, because it’s a simple and easy site to start making money. But if you haven’t, basically it’s a freelance website where you can literally outsource anything and I mean anything… as long as its legal, for as little as $5 There are so many different ways to make money on fiverr, just to name a few. You can do animations, Logo Design, Packaging Design, Web & Mobile Design, Social Media Design, Photoshop Editing, Architecture & Floor Planning, 3D Models & Product Design, T-Shirts & Merchandising, SEO and so much more. If there is anything that can be outsourced, you can most likely find it on fiver. Head over and check out fiverr guys, it a legit of making money.
10. Drop shipping
With drop shipping, what you are basically doing is selling someone else stuff for a small or large profit without having to deal with the shipping. So basically you are acting like a broker or a middle man. You can do this by opening up a shopify store and then linking it up with oberlo. Oberlo is basically an app that integrates with shopify, and it is what a lot of people use to source for stuff that they would like to sell on their stores. The basic principle of drop shipping is, you create a store or any channel where people can buy stuff from you. Then once they buy something from you, you pay the manufacturer, usually for a lot less then what you got it for, and then have the manufacturer ship it to the customer. All without you ever seeing or touching the product.
The best part of drop shipping is that you set your own price of the product you want to sell, then take the profits and pay the manufacturer the rest. So yeah that’s drop shipping in a nutshell. If you are interested in drop shipping, there are a ton of tutorial here on YouTube, that will show you the step by step guide of creating your store, finding products, advertising, finding influencers, and finally shipping and getting paid. It’s a bit complicated to start, especially in the beginning, but you can make a ton of money… with drop shipping. With that said, thank you for watching guys, please subscribe, enable notification and I will see you on the next one.
Top 10 Ways to Make Money Online
Are you tired of the 9-to-5 routine? Did our Worst Jobs video do nothing to make you feel better about your current employment? We may be able to help you, as always, with another great installment! This time, we’re tackling the top ten real ways you can make money online! These may not replace your full-time job immediately, but with a little time, patience and imagination, you could go create a career out of the comfort of your own home!
10. Online Psychic and Tarot Readings
Regardless of what you believe, there are those out there that swear by astrological readings, tarot cards, and psychics. That also means there are people out there that would pay others to provide said services, turning what some would consider ludicrous into a viable business. Via websites like Kasamba.com, alleged psychics can sign themselves up for paid live chat sessions and charge a specific amount per minute. Tarot readings are a bit more complicated to get started in, mostly because there are so many free services offered, but Craigslist has proved a viable starting point before moving onto your own online tarot reading service.
9. Online Surveys
Ever wonder how some companies make the decisions they do? Sometimes it’s an internal decision based off of figures and estimations, but consumer opinion can be a big part of change; but where would those opinions come from and how do hey coax people to take the time to do a survey? Well, with online surveys and cash money, of course! There are plenty of websites that offer compensation for surveys, so much that the market is getting pretty saturated, but some sites are a bit more generous than others. If you aim to make some extra cash through online surveys, recommended sites include SwagBucks.com, OpinionOutpost.com, and Toluna.com, or for Android users, the app Google Opinion Rewards is a great way to earn a few bucks towards your Google Credit account.
8. Online Focus Groups
Like online surveys, online focus groups allow for convenient consumer and political research, but they require a bit more from the participants than clicking a few radio buttons. Rather than gathering a group of people in one location, though, everything is done in an online forum. As there isn’t much of an inconvenience to participants, not every online focus group pays, but if you’re looking for a quick buck, FocusGroup.com is a valuable resource. A moderator will steer the discussion, which is held over a web-based technology like WebEx and GoToMeeting, and you won’t have to deal with the awkwardness of face-to-face iscussion.
7. Etsy
Feeling crafty and don’t know what to do with those 25 scarves you crocheted? You can try your luck at an arts and crafts show, spend the money to secure a table, and enjoy the blistering heat, or you can simply open an Etsy shop and sell your handmade product from the comfort of your own home. Members of the eCommerce site specialize in handcrafting unique items, leading to a community of over 1.6 million sellers and $2.39 billion in annual sales in 2015 alone. Additional to arts and crafts, Etsy also allows shops to carry vintage and antique items that are at least 20 years old.
6. eBay
Have a lot of junk that you think may be worth something? Since 1995, the online auction house has proved to be a fine means of unloading your unwanted stuff. While you’re free to sell just about anything you can find, those that have the potential to make the most money tend to either focus on limited collectibles, antiques or open their own eBay Store and specialize in stocking and selling anything from clothing to electronics to niche items like, uh, erotic postcards. One of the best ways to find stuff to sell on eBay is by visiting local thrift stores, garage sales and estate sales. Be sure to bring a device with an internet connection so you can price-check your lucky finds before you buy them!
5. Owning or Building a Website
Have a service you think you can offer? Is your mind filled with things that you’d love to throw out for the world to read? Think you have the know-how to turn an online space into an advertising mecca? You may want to shell out the minimal start-up cash to build yourself a website. Making money from a website is a long-term endeavor that takes a lot of patience and time, but if the formula can be perfected, your bank account can grow from ad revenue. If you are the creative type and know your way around Wordpress, or even better, can code, there are plenty of small brick-and-mortar and service companies looking to have a website built, and will often pay in the $1,000's.
4. Virtual Assistant
Thanks to the wonders of the internet, some jobs are able to leave the office setting and be done from the convenience of your home. One position, which offers the perks of a home setting and independence, is a virtual assistant. Much like an in-office assistant, virtual assistants act as a sort of liaison for a higher-up employee, scheduling meetings, fielding phone calls, performing research and record keeping, and partaking in conference calls and online meetings. Via e-mail, telephone calls, and online meeting software, virtual assistants communicate with fellow employees and not once do they need to slip into high heels or throw on a tie to get the job done.
3. Online Tutoring
Maybe you’ve pursued a career in teaching but find that it’s not at all what “younger you” thought it was cracked up to be. Maybe you’re in between teaching jobs or are just waiting for summer break to end. Whether the situation, your schooling doesn’t have to go to waste, especially not with online tutoring as a feasible alternative. Cutting out the need to deal with children in a face-to-face setting, online tutoring allows you to use your educational background to help people of all ages with homework, basic and advanced test prep, and general coursework. Even if you’re still pursuing a degree, so long as you’re a Sophomore in a 4-year degree program, sites like Tutor.com will consider you for an online tutor position.
2. Freelancing
If you have an ability to create something others may struggle with, such as an informative piece of writing, beautiful graphic logo, or piece of music, you could have a future as an online freelancer. Typically, freelancers are responsible solely for content, whether it be a company logo, website design or podcast theme song. Just knowing how to create something is one part of the battle as marketing yourself and finding clients can be far more frustrating and time-consuming. Websites like PeoplePerHour, Upwork.com, Fiverr.com and FlexJobs.com are vital resources for starting freelancers looking to remain and succeed in an online setting.
1. Own a YouTube Channel
It’s true, you can make quite a bit of money by owning and operating your own YouTube channel. What isn’t true is any inkling you may have that it’s easy to do. Many different factors go into what makes a YouTube channel successful, first and foremost being whether or not the idea is original and appealing. Though that doesn't mean you need any talent or expensive equipment, there are plenty of channels that have started or continue to use sub-par equipment, yet have a huge following. YouTube GradeAUnderA is a prime example - a channel that went from 50,000 to 2.8 million subscribers in just one year, utilizing only Microsoft Paint and Movie Maker to make his videos. YouTube is all about creativity and finding an audience that enjoys your content. Chances are if you find something funny, entertaining or educational, then someone else will too - so don't be afraid to start creating content and starting your career path on YouTube!
