General Personal Finance

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Top Ships Inc TOPS Stock News

Top Ships Inc (NASDAQ: TOPS) is having an incredibly strong start to the trading session this morning. When our partners at Trade Ideas alerted us to the gains, we went digging to see what was happening. However, the company hasn’t released any news. At the end of the day, shipping stocks make these runs often. Today, we’ll talk about what we’re seeing from the stock, what you need to know about TOPS, and what we’ll be watching for ahead.

TOPS Makes A Run For The Top

As mentioned above, Top Ships is having an overwhelmingly strong start to the trading session this morning. As indicators light up on trader screens, the stock is being pushed toward the top. At the moment (9:31), TOPS is trading at $0.71 per share after a gain of $0.17 per share or 31.22% thus far today.

This Is No Surprise

While there has been no news released by TOPS and the stock is running for the top, I’m not surprised. The reality is that we see these types of runs in the shipping sector all the time thanks to the volatile nature of the sector. Nonetheless, if you’re thinking about trading, by all means, do it! However, keep the volatility of the sector in mind and don’t hesitate when it’s time to exit because this thing will likely fall back down, and when it does, it will be a hard fall. However, if you’re thinking about going long with an investment in Top Ships, you may want to reconsider.

The reality is that the shipping sector has struggled for several years, about 9 years in fact. About 9 years ago, we started to watch as the bulk shipping sector felt the pain of the high cost of infrastructure growth with massive acquisitions at the time. From there, the sector continued to fall as shipping prices decreased thanks to reductions in demand as a result of low commodity prices. Through the past 9 years, the struggles have largely pushed companies stocks like TOPS, DRYS, DCIX, and SHIP to move forward with death spiral financing, keeping the company afloat at the cost of dilution and investor losses.

While the shipping sector seems to be going through a recovery at the moment, most of these companies, including TOPS, are still dealing with bad financial decisions. As a result, they are likely going to have to raise more funds ahead, leading to further dilution and further declines.

To make matters worse, Top Ships and companies like it haven’t acted in the best interest of shareholders over the years. Many of these Greek shipping companies have worked with Kalani Investments and other firms who have used the stocks like an ATM at the cost of investors. Sadly, because of where these companies are incorporated, laws surrounding fiduciary responsibility to investors are cloudy at best, making it difficult for investors to find a way to fight back when they are done wrong.

Considering the historic moves of TOPS and others in the sector, even with the shipping sector improving, we can expect to see moves made that are not in the best interest of investors. So, once again, if you’re thinking about investing, please consider doing some digging and looking into the financial data and financial history of the company before you pull the trigger on purchasing a position.

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What We’ll Be Watching For Ahead

Moving forward, the CNA Finance team will continue to keep a close eye on TOPS, as well as the rest of the shipping industry as many of these stocks are climbing. In particular, we’re interested in seeing if the company takes advantage of the changing tides in the shipping sector and can find a way to recover without causing pain for investors in the process. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!

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Best Buy Co Inc BBY Stock News

Best Buy Co Inc (NYSE: BBY) was off to a strong start this morning. While the stock started to give back some of the gains, that quickly reversed and the stock started to shoot toward the top as rumors started to break. As is almost always the case, our partners at Trade Ideas were the first to alert us to the gains. Currently (11:16), BBY is trading at $56.69 per share after a gain of $0.67 per share or 1.20% thus far today.

BBY Gains On Takeover Rumors

As mentioned above, Best Buy has been an interesting stock to watch throughout the trading session today. About 8 minutes ago, the story became more interesting as rumors started to surface on message boards about the company. The rumors suggest that BBY is going to be taken over. However, the suggested story of a takeover is one that’s overwhelmingly vague. There is no indication of who might want to purchase the company, nor at what price.

As is normally the case when rumors cause movements, we’d like remind investors that rumors happen all the time in the market. In fact, takeover rumors are one of the most common forms of stock market manipulation that takes place today. Like most rumors, market rumors very rarely prove to be true. In this particular case, because the rumor is so vague, we do not believe that it holds any validity. So, if you’re going to trade on this news, please be sure to do so with caution.

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What We’ll Be Watching For Ahead

Moving forward, the CNA Finance team will continue to keep a close eye on BBY. In particular, we’re interested in learning if there is any truth to the rumored takeover. While we don’t believe this to be the case, anything can happen in the market. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!

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It is practically impossible to go through life without debts of some sort – you might be immune from debts if you have wealthy parents footing your bills – in which case, you wouldn’t be reading this piece. You’ll most likely have a credit card debt to help you make your regular purchases, you’ll have student loan debt from college expenses, many people also have auto loans, and mortgage loans to keep a roof over their heads.

When you take an objective look at your finances, it is easy to become despondent at the thought of the many unpaid loans. A recent Pew Research survey showed that 8 out of 10 Americans are in debts. 12% Americans believe they won’t get out of debt until they die. Escaping from the dark grip of debt could be difficult; yet, you can get out of debt. There’s no one-size-fits all solution to getting out of debt but this piece looks at three harmless actions that could make it harder for you to get out of debt.

1. Not mastering your emotions

Your emotions could becloud your judgment and make it harder for you to be objective about your debt situation. Starting with fear – fear might cause you to live in denial instead of confronting the reality of your debt problems. The dangerous effect of fear is that you can’t begin to take actions to eradicate your debt until you take the time to honestly appraise how much debt you owe.

Pride is another emotion that could cause you to cheat yourself out of useful resources that could solve your debt problems. For instance, your pride could give you the false confidence that you are still in control of your debt even when a debt consolidation program could relieve your debt burden. In the worst-case scenario, greed could stop you from declaring bankruptcy even though it is a legal option that could help you start afresh.

2. Taking debt with levity

Dealing with debt is a serious task that requires lots of commitment and dedication on your part. Many people find it hard to get out of debt because they don’t place a premium on becoming debt-free. However, the problem with debt is that it tends to increase when you don’t take drastic actions to stop it from growing. Debt will increase because of an increase in your expenses as you grow through life and the interest payments on unpaid debt will add to the debt burden. Unfortunately, your debt problem won’t disappear overnight even with the best of efforts and it is easy to give up along the way if you don’t understand that paying off debt is a long term game.

3. Making minimum monthly payments

Some people are stuck with a debt burden because they make only the minimum monthly payments. Paying the minimum monthly payments will save you from late payment fees but it will take you much longer to pay off your debt, you’ll pay more in interests, and you’ll have the emotional baggage of unpaid debt.

Many credit card companies often include a “Minimum Payment Warning” on credit card statements but most people tend to ignore such warnings. To get out of debt faster, you should stop adding new unnecessary debt by adopting a frugal lifestyle. You should also note that doubling your minimum payment requirement would halve the time it will take to pay off your debt.

Final words…

There are no rules of the thumb for getting out of debt because debt burdens vary in terms of monetary value, repayment terms, and interest rates among other factors. Nonetheless, if you master your emotions, you won’t be adding to your debt burden unnecessarily. Being honest with yourself to confront your debt problem will stop you from living in denial. Lastly, paying more than the minimum monthly payments will help you pay down debt faster and pay less money in interests. You won’t get rid of your debt problem overnight but taking consistent smart personal finance decisions could help you get out of debt much faster than others with the same amount of debt.

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Sell Or Scrap A Junk Car

Ah, the old junk car, otherwise known as that eyesore in the drive way. You may have thought of selling it in the past, but you just haven’t gotten around to it yet. You may have even thought of scrapping the car out yourself for a higher profit. So, which is the best way to go? Should you sell or scrap? Today, we’ll go over the process associated with both options and the pros and cons of both in an attempt to help you make the best decision.

The Process Of Selling A Junk Car

Selling a junk car is a relatively simple process. At the end of the day, it’s not even as difficult as slapping a for sale sign on the car and waiting for a call. All you need to do is make a couple of calls, or clicks for that matter.

The truth is that there are entire businesses that revolve around this type of thing. These businesses make it their mission to find as many junk cars as possible and buy them outright, even though they don’t run. The goal for them is to sell the parts and scrap metal that comes with the car, hopefully making a profit in the process. At the end of the day, it takes 3 steps to sell a junk car…

Step #1: Find Someone To Sell It To – In order to sell your junk car, you’re going to need to find a buyer. This is simple as there are junk yards everywhere itching for a lead on a car to buy. One of the best national options is Peddle. You can go to their website for a free quote here, or call them directly at (855) 672-8243.

Step #2: Schedule The Appointment Once the buyer has given you a reasonable quote for your junk car, it’s time to schedule a time for a pickup. Keep in mind that not everyone will arrive on time. So, make sure to give yourself an hour or so of waiting time in the schedule.

Step #3: Sign Over The Title – When the buyer arrives at your home or designated pickup location, all you’ll need to do is sign the title over. From there, you will be handed cash on the spot or a check and the junk car that has long been an eyesore is history.

The Process Of Scrapping A Car

While scrapping a junk car will lead to more money in your pocket, the old saying proves to be true, “anything worth having is worth working for.” When it comes to scrapping a car, trust me my friends, you will be working. Here’s what’s involved in scrapping your car…

Step #1: Remove Anything Of Value From The Interior – The first thing you’ll need to do is remove anything of value from the interior of the car. This includes seats, mats, speakers, radio, steering wheel, and more. If you can put a price tag on it, and it’s inside your car, take it out.

Step #2: Remove Exterior Parts Of Value – Now, start ripping the outside of the junk car apart… do it safely of course! The exterior parts of value include, but are not limited to, undamaged body panels, hood, and trunk door. You’ll also want to remove undamaged doors, headlights, tail lights, glass, bumpers, and anything else of value.

sell your car that doesn't run

Step #3: Disassemble The Engine – Now it’s time to take the engine apart. When doing so, make sure that you are careful about the parts of the engine that still do work properly. You don’t want to damage these parts as they will likely be the vast majority of the profit that you make from scrapping your junk car yourself.

Step #4: Clean Everything! – Now that you’ve taken everything of value out of the junk car, it’s time to clean everything you have. Keep in mind that you are selling these parts. No one wants to buy dirt. A cleaner product will generally sell faster.

Step #5: Take Pictures – Next, it’s time to take pictures of all of the gold you’ve pulled out of your junk car. Try to put the parts on a nice background. I’ve spent my entire working life in the world of online marketing and sales, and if there’s one thing I’ve learned, it’s that the way you display the product is key. If you just set the product on a concrete slab, it’s not going to sell as fast as if you set the product on a well staged background.

Step #6:List Your Parts For Sale – Now that you’ve got pictures of everything you’ve taken out of your car, it’s time to list the parts you’ve cleaned and photographed for sale. This is done by signing up for various websites. First, you’ll need a way to process the payments for your sales. One of the best ways is using PayPal. You can sign up for their service here. Once you’ve got that set up, it’s time to go to online sales sites. Try to hit all of the big names, especially eBay and Craigslist. Once you’ve signed up for these websites, start posting your parts for sale. Consider reasonable prices, or even put them up for auction. However, when pricing your parts, it’s important to remember that the condition plays a big role. Used parts will not sell for the same price as new parts, so try to be reasonable.

Step #6: Ship The Parts – While it may take some time to sell the parts, orders will start to come in eventually. When they do, it’s time to ship the parts to the buyer. When shipping the products, if they are of high value, it’s a good idea to purchase insurance in case anything should happen. Also, make sure to take enough care that when the boxes are thrown in the back of a shipping truck, they are not broken. This means packaging tight and using plenty of cushion!

Step #7: Cash Out – Once your shipments are out and your clients are happy with the parts you’ve stripped from your junk car, it’s time to cash out. Withdrawal your funds from PayPal and enjoy the fruits of your labor.

Pros Of Selling And Scrapping Your Junk Car

Selling Your Junk Car Pros

Scrapping Your Junk Car Pros

Selling a junk car is an incredibly fast process. Scrapping will lead to a larger profit.
Selling leads to a quick payday. Get the satisfaction of knowing that you did it yourself and made the most money from your car.
You help the environment. When selling your junk car, a lot of the scrap metal, rubber and other materials are recycled.

Cons Of Selling And Scrapping

Selling Your Junk Car Cons

Scrapping Your Junk Car Cons

It’s unlikely that you will get as much money as you want, the buyer needs to make a profit too. There’s a ton of work involved in the process.
One upset buyer could make it nearly impossible to sell the rest of your parts with something as simple as an online review.
You will need space to store the parts of the junk car.

Final Thoughts

sell your car

At the end of the day, a junk car isn’t really junk. In fact, it’s cold, hard cash! How much cash all depends on how much you want to work at it. If you’re pressed for time or simply lack the expertise involved in scrapping a car, you can sell your junk car fast for a quick profit. On the other hand, if you’ve got the time, desire, and willingness to take the car apart and sell what you harvest, you could be in for a much larger payday.

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Valeant Pharmaceuticals Intl Inc VRX Stock News

Early retirement can be thought provoking for many people but only a few get to live the dream. The reason behind the low numbers of people who manage to successfully transition from employment before reaching their retirement age is due to the financial planning required as one plans to retire early. Unlike the normal retirement where you leave your employment at an advanced age, with early retirement you are leaving at a tender age with a lot of financial responsibilities to handle. This therefore calls for a thorough personal financial planning and budgeting before you take the bold step of stepping out of employment at an early age.

In personal financial planning, you start with your projected monthly regular expenses and how you expect them to grow over time as your family expands and your children start going to school. Depending on the age at which you would like to retire, the figures can vary significantly and getting the exact amounts can be a toll order. It is therefore advisable that you work with rough estimates and assumptions based on comparable households living the kind lifestyle you envision for your family as it grows. In addition to using the current household expenditure figures from comparatives; you should also add a premium to take care of inflation and other unforeseeable incidences that might require a budgetary allocation.

Once the expenditures are in place, the tough work of now sourcing for funds to meet those expenses starts. The first point of call for salaried employees is usually their monthly salaries; with promotions being their first strategy of increasing their incomes over time. However, when you are planning to retire early, your salary alone cannot suffice to meet your costs of living in the initial days after retirement and thereafter. You will therefore need to look for other alternative ways to earn extra incomes which you will then pull into your early retirement fund. When choosing alternative sources of income, you have the conventional and unconventional channels to choose from.

Unconventional sources of extra personal income

Top on the list of the preferred unconventional alternative sources of income is online trading. Online trading is preferred due to its ease of learning how to trade and the ability to trade from anywhere for as long as you have an online trading account and internet connectivity. In most cases your focus will be on predicting the direction the price of the underlying asset and if you get it right you get you returns from the margins between the opening and closing price of the underlying asset. In online trading, you have the opportunity of leveraging on the float provided by the broker and earn returns in the north of 80% of your original investment from one trade. However, with these high profit margins also comes high risk of loss if you have not learnt the market trends for your preferred underlying asset well.

To ensure your online security is guaranteed while trading online, you will need to open an account with a credible online broker after conducting a thorough due diligence. In addition, daily market reviews such as those offered by Lionexo on their online channels are also a key consideration when choosing from your array of potential online trading platforms. Once you find a trustworthy broker with reliable trader support systems, you can then start learning how to trade and allocate a part of your monthly income to online trading; in order to grow your money much faster in preparation for an early retirement.

Conventional sources of extra personal income

For the risk averse individuals, online trading may be too much for them despite of the high returns it can earn you over a short period of time. For such individuals, the conventional investment channels provide a good source of regular extra income to contribute to your early retirement fund. The basic and the most common investment by most salaried employees is saving through a fixed deposit account; where they make regular monthly deposits and earn interest income from it. However, the returns here are minimal and for a person planning to retire early; this might not be lucrative enough.

Other conventional channels include investing in government bills and bonds. These will give you higher interest incomes but still not significant enough to help you save enough to fund your initial days after your early retirement. To get higher returns, you can choose to invest through mutual funds and unit trusts and carry over the investment into your retirement. For even higher returns, you can delve into investing in equities through the stock market for listed companies or through venture capital where you buy a stake in startups; and enjoy regular annual dividends after your early retirement. Investing in real estate is also a great channel that will earn you a regular monthly income in form of rent for as long as your property is occupied and maintained in good condition.

Choosing between the different investments options to diversify your income before retirement will be determined by many things. Among the top factors to consider however is how many years you have before you retire and the kind of lifestyle you want to adopt after your early retirement. You will then need to find a source of income that will be able to raise the needed early retirement fund within your specified period of time before you retire; and start investing and trading immediately.

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If you’re preparing to get a loan, you’re probably on your way to achieving a major new goal. Maybe you want to buy a house. Maybe you want to expand your business. Maybe you just need to renovate your bathroom. Whatever the case, borrowing other people’s money will certainly help.

But loans don’t just grow on trees. Depending on a number of personal qualifications, you may have a lot of loan options or very few. Of the available loans, you might only have options that are very expensive, especially if your credit score is very low. Most people don’t have a detailed understanding of credit scores, especially as they pertain to borrowing money. For a basic understanding of what scores are high and low, check out these credit score ranges presented by To learn about improving your credit score for the best possible loan possibilities, read on below.

To understand how to improve your credit score, you’ve got to understand what factors cause it to increase or decrease. Your credit score doesn’t just happen. It’s managed by three different Credit Reporting Agencies, each of which is a private company empowered by the government to keep track of consumer credit.They keep these records because lenders need to know how much risk they are taking on when giving loans to specific individuals. For example, Joe Tently might occasionally forget to pay his utility bills. Over the past two years he has had three different payments sent off to collections for failure to pay.

When Mr. Tently requests a loan, a lender will see that his credit score is low because of these three infractions. They will determine that he is somewhat likely not to pay back the loan they give him. The lender will either charge him more for the loan in interest and fees, or they’ll deny him a loan altogether.

There are many reasons why a credit score might be low. One is lack of credit history. If you’ve never had a credit card or borrowed money, you’ll want to do so before requesting a major loan. Open up a credit card account and never close it, even if you never use it to make purchases. This card will be a tent peg, marking the beginning of your personal credit history.

You can also improve your credit score by making sure to always pay your bills on time. If you have any unpaid bills (often represented as negative items of your credit histories, available online from the three credit reporting agencies mentioned above), try to pay them off. Clearing your unpaid debt history will dramatically improve your credit.

Also, pay off or relocate any credit that surpasses 30% of available credit on any individual account. Using more credit than this makes it look to creditors like you can’t make ends meet with your own income.

There are other ways to improve credit, but most of them are related to sensible and responsible financial habits. Do your best in this area, and your credit score will eventually represent the effort, providing you with the most and cheapest loan possibilities.

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Cellceutics Corp CTIX Stock News

Cellceutics Corp (OTCMKTS: CTIX)

Cellceutix is having a pretty good day in the market today. At the opening bell, the stock was trading slightly in the green before spiking upward. While the stock has corrected a bit since then, it is still trading on decent gains. Below, we’ll talk about what we’re seeing from CTIX, why, and what we’ll be watching with regard to the stock ahead.

What We’re Seeing From CTIX

As mentioned above, Cellceutix is having an interesting day in today’s trading session to say the least. When the opening bell rang, the stock was already trading slightly on gains. Since the opening bell, we’ve seen extreme upward movement followed by a correction, but the stock is still trading green. Currently (10:07), CTIX is trading at $0.95 per share after a gain of $0.02 per share or 2.15% thus far today.

Why The Stock Is Up

As is the case almost all the time, our friends at Trade Ideas were the first to inform us of the gains on CTIX. As soon as we received the alert, the CNA Finance team started digging to see what was causing the movement. It didn’t take long to dig up the story. It seems as though the gains are being caused by a clinical update provided by the company early this morning.

In an update, Cellceutix announced interim results from the first two cohorts of an ongoing Phase 2a clinical trial. The trial is assessing Brilacidin for the treatment of mild-to-moderate Ulcerative Colitis. All 12 patients in the first 2 cohorts have completed their dosing schedules. The company also said that patient enrollment for the third cohort of the study is currently underway.

What We’ll Be Watching For Ahead

Moving forward, the CNA Finance team will continue to keep a close eye on CTIX. In particular, we’re interested in following the company’s ongoing work with regard to Brilacidin. Of course, we’ll continue to watch the story closely and when the news breaks, we’ll be the first to bring it to you!

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Business Success

Many new businesses die before they’ve had a chance to live – in fact, experts believe that about 50% of new business fail within the first year and about 95% of them won’t live through the first five years. Interestingly, many of the businesses that fail had wonderful ideas but they often falter at the altar of execution.

However, you can improve your odds of success by taking some proactive steps even before you launch. The article provides insight into 5 things prospective business owners should think about before starting their business.

Think about the skills you have and the one you lack

Going into business requires more than just scrapping up a few thousand dollars and getting someone to call you boss. You’ll need to be ready to sell your products and services, negotiate hundreds of deals monthly, and make some really hard decisions. Hence, the first step that any prospective business owner must take is to take time to access their strength and weaknesses. Knowing your strength and weaknesses will help you to optimize any learning or skill-acquisition you need to do and it could help you make the best hiring decisions from the onset.

The SBA has a business readiness assessment guide that could help you evaluate your experiences, temperament and your skills. You should also consider looking for a successful business owner who would be willing to provide you with mentorship and guidance as you prepare to undertake the entrepreneurial journey.

Think about how you’ll sell your products or services

Many prospective business owners often fall in love with the idea of their product and services and they expect every other person to feel the same way about the products. However, in real life you’ll need to get objective feedback about your products and service in order to gauge the potential demand. Getting feedback before launching will help you develop a product or service that people will actually be interested in buying. Objective market research will help you find a unique selling proposition in your sales, marketing, and pricing.

Think about how much money you’ll need

Many businesses often falter and fizzle out in the first couple of months or years after the ribbon-cutting event even before the business has had a chance to live and thrive. One of the biggest reasons for business failure is lack of cash because cash is the lifeblood of any business. You’ll need to know much startup capital you need to execute your idea, how much running costs will keep the business alive, and how you’ll handle your cashflow to avoid too many instances of a cash crunch.

If you don’t have enough money to keep your business solvent, it might also be a smart move to educate yourself on how to get business loans even before you launch. You may want to think about getting investors/partners on board in order to secure funding for your business.

Think about the demands of running a business

Running a business is exponentially tougher than working a regular nine to five job. When you are the employee, you only need to show up, do the tasks expected of you, and punch in the clock. You can also expect extra pay for overtime and you should ideally have paid vacation. However, when the tables are turned and you are the employer, you’ll most likely be working for most of your waking days. You might function like “normal” worker during the day, but most of your evenings and night will be spent agonizing over administrative tasks and other small details.

If you are planning to start a business so that you can take control of your time and your life, you should know that the business will probably “own” you in its earliest stages. More so, you’ll need to put in long hours, you won’t have off days, and you would most likely won’t get paid for your troubles at the start.

Think about the factors standing against you

When you choose to start a business, you’ll be up against a number of factors that would attempt to make it hard for you to succeed. You’ll need to think about factors such as government regulations and municipality ordinances, state of the industry, getting a suitable location, building a reliable supply chain, and staying one step ahead of the competition. It is important that you think about these factors and mitigate the risks they might pose to your success even before you launch your business.

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Chesapeake Energy Corporation CHK Stock News

Chesapeake Energy Corporation (NYSE: CHK)

Chesapeake Energy had a rough start to the day today. As soon as the market opened, the stock started finding its way to the red. Throughout most of the morning, we saw steady declines, bringing the stock lower and lower. Nonetheless, it seems as though investors have come to their senses over the past hour or so, and the stock is nearing the green again. Below, we’ll talk about what we’re seeing in the market, why, and what we’ll be watching for with regard to CHK.

What We’re Seeing From CHK

As mentioned above, Chesapeake Energy wasn’t off to the best of starts in the market today. When the opening bell rang, the stock quickly started making its way downward. Throughout most of the morning, we saw a continuation of downward movement. However, as we transition into the afternoon, we’re seeing an incredibly quick recovery. At the moment (12:08), CHK is trading at $7.33 per share after a loss of $0.02 per share (0.27%) thus far today.

Why The Stock Is Heading Upward

As usual, as soon as the CNA Finance team was notified by our partners at Trade Ideas that CHK was making a run toward the top, we started to dig to see what was going on. The truth is that there hasn’t been any fundamental news released today. However, yesterday’s news led to strong gains. From there, we saw an early morning correction followed by investors thinking, “OK, time to bring it back to the green.”

The truth is that there’s a good reason for the gains. OPEC recently announced an agreement that cuts 1.2 million barrels of oil from global production daily. Yesterday, news broke that Russia, Mexico, and other non-OPEC nations also reached an agreement. These countries are cutting around 550,000 total barrels of oil from global production daily. With these cuts, oil is likely to head upward in value ahead. Ultimately, CHK and others that make their money in the industry will likely see further gains.

What We’ll Be Watching Ahead

Moving forward, the CNA Finance team will be keeping a close eye on CHK and others in the oil industry. With so much oil being cut from global production, we could see incredible opportunities ahead. We’ll also be keeping an eye on global supply and demand data. Many argue that the supply glut is still larger than demand, even after the cuts. However, the data will settle the argument soon enough. Nonetheless, we’ll keep an eye on the news and bring it to you as it breaks!

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Bankruptcy is an interesting topic. The truth is that no one ever wants to file bankruptcy. After all, doing so will cause major harm to a credit portfolio. However, if you’re dug in too deep, it may be an impossible to avoid reality. So, should you even try to avoid it? Well, that depends on how far in you are. Today, we’ll talk about the idea…

What The Law Requires

First and foremost, it’s important to keep in mind that under Federal law, you can’t just file bankruptcy. At some point, you have to seek some sort of credit counseling service. So, if you haven’t done so already, that’s where you’re going to want to start.

The Most Important Thing To Figure Out If You’ve Already Took A Shot At Credit Counseling Once

The truth is that in this situation, you’re trying to do what you can to protect your credit. If you have good credit, life becomes a whole lot easier, and we all know that bankruptcy will tarnish that. While most people considering bankruptcy often think about how bad their credit will be, they generally don’t know what their credit score is right now.

The truth is that if you’re considering bankruptcy, chances are that you’ve already done the damage to your credit. You’ve tried to make your payments on time, but often came up short and were forced to send it late payments. As a result, your credit score has fallen. So, if you’re thinking about bankruptcy, don’t want to do it because of your credit score, make sure that you know what your credit score is and what you’re really protecting.

Understanding The Damning Effects Of Bad Debt

The truth is that it’s possible to recover from bankruptcy in as little as 3 years. I know because I have family members that have done so. However, if you have bad debt on your credit report, the debt can keep your score down for far longer.

There are several factors that make up your credit score. One of those factors is debt to income ratio. If you have far more debt than you do income, it’s going to take a very long time to pay off your debt. During this time, you’ll have to deal with less than perfect credit. In many cases, this period of time is far longer than the 3 to 7 years it may take to recover from a bankruptcy.

Answering The Big Question Here

So, going back to the beginning of the article, the big question here is should you even try to avoid filing bankruptcy? To answer the question, simply follow these steps…

  • Seek Credit Counseling – If you haven’t done this, you are going to have to do it at some point.
  • Check Your Credit – As mentioned above, most people that try to avoid bankruptcy do so for credit reasons. However, if you’re in need of bankruptcy, your credit is probably already damaged. So, check your credit and make sure that you know what you’re working so hard to protect.
  • Gauge The Affect Of Your Debt – Knowing that bankruptcy will take 3 to 7 years to recover from, take a look at your debts. Do you realistically believe that you will be able to get your debts under control over this period of time? If not, chances are that bankruptcy is your best option.

Final Thoughts

Bankruptcy is a hard decision to make. However, at the end of the day, filing for bankruptcy isn’t as bad as you may think The truth is that it doesn’t come with the stigma that it did 30 years ago. No one will treat you any different. When making this decision, simply think about what’s best for your overall financial stability! If bankruptcy is the answer, set your pride aside and call a bankruptcy attorney!

[Image Courtesy of Pixabay]

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