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A loan is an amount of money that the lender gives to the borrower when the borrower needs money urgently for some specific purpose.

The borrower has to pay back the loan to the lender along with an additional amount, which is known as interest. The interest is calculated as a certain percentage of the unpaid loan balance.The percentage charged is known as rate on interest. The interest is charged annually on the unpaid loan balance. The loan has to be repaid along with its interest within a specified period known as the loan period. In the most common method of loan repayment, the borrower pays equal monthly installments throughout the loan period.Monthly installments contain both the principal and the interest elements of the loan. In case of interest-only loans, the borrower has to pay only the interest element of the loan throughout the loan period. The principal is repaid at the end of the term or the loan is renewed for another term.Another important element of a loan is its annual percentage rate (APR). APR is the effective interest rate that the borrower has to pay. It includes the advertised interest rate as credit cards listed by credit score well as one-time fees. APR does not represent the total cost of a loan since certain credit cards credit by listed score fees are not included in it.As mentioned earlier, the borrower has to repays the loan as per the terms and conditions. If however the borrower fails to repay the loan amount and is not in a position to repay even in the future, he is declared bankrupt.When the borrower is declared bankrupt, his assets are distributed among his creditors. After this, he is discharged from his debt obligations. Sometimes, the borrower files for bankruptcy even though he has the money to repay the loan he has availed. This is a crime for which he may be punished by the court of law.The borrower should consider several important factors such as the rate of interest before availing a loan. He should go for a loan that carries a low rate of interest since a low rate of interest will reduce his debt burden. Loan period is another important factor.If the borrower wants to repay his loan by way of small monthly installments, then he should go for a loan with an extended loan period.2

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Credit card companies are notorious for keeping people in debt. You may not realize it but chances are like most Americans if you just pay your minimum payments, it will take anywhere between 10-25 years to get out from under your debt. Recently new banking regulations were put in place and many americans now have to pay double payments. Needless to say this is making many people struggle to keep up. Credit card companies employ creative tactics to make you think you are making progress when you are just digging yourself a deeper hole.

Here is an example: If you made a payment they will lower your next payment or request no payment at all. Your interest rate keeps racking up and you ended up owing more money and making the bank all the more richer. Be wary of those great indroducory interest rates. The banks are just foaming at the mouth for you to miss one payment and then Pow! You will be paying the default rate of 29.9%. Over the limit and late fees are the banks greatest tools of making a lot of money off consumers. New bankruptcy laws are making it very difficult to start fresh and will also kill your credit for many years. To improve your credit start with the following:

1) Get a credit report

2) If there are any discrepancies disput them.

3) Payoff your credit card debt

4) You should not have more than 3 or 4 credit cards

5) Close out extra cards and get a letter stating it was done as per your request.

6) If you most of your debt is in collections join a debt

settlement program.

7) If your credit cards have really high interest join a credit counseling program.

8) Don't wait: The longer you wait to take action the more money you will have to pay back.

Linux is named after Linus Torvalds, a Finnish programmer. Today Linux is one of the path breaking software which has been recognized all over the world. Linus Torvalds developed Linux all alone, but today since the source code is free to access and change, Linux goes on getting developed further by thousands of programmers working in groups or all alone. Here it was the creativity of one brain which gave birth to a concept. This concept has been developed to its present form by groups of people spread all over, thanks to the Internet.

Innovative ideas do start in one mind before taking on the world. The radio, television, telephone, electric bulb etc. all were developed by genius scientists who had the ability and courage to think something different. It is a well known fact that Albert Einstein was the mastermind of the nuclear bombs which US dropped over Japan. It was Henry Ford who innovated the assembly line production of cars. It was after his success with the Model T that all other car companies copied him.

It may be argued that in the present world, all development takes place in the labs of huge companies by highly qualified technical staff. But once you pore deep into these teams, will you realize that there is an individual brain responsible for new innovations. It is true in the advertising industry. When a top creative leaves an agency, many clients follow suit with their accounts. David Ogilvy was king of advertising while alive. Today O&M runs on his name. Groups of people when working together have to deal with the whims and egos of each other. Some frequencies simply don't match. An idea which may be innovative and mind blowing for one individual may be a truly rubbish concept for another. The members are then forced to compromise to more conventional and pedestrian stuff. We have well known examples from our daily life. Microsoft founded by Bill Gates and Paul Allen took on IBM and soon became bigger than IBM. GE was the brain of Edison. Quite recently in the networked world, most new companies on the Internet, software arena are run by entrepreneurs. Venture Capitalists work on the same concept. They act as incubators- they fund an idea to make it a reality. Original and innovative thinking is revered all over.

The fact that people prefer to launch their own businesses and be their own bosses is due to the problems of working in groups or under pressure. Senior executives ignore creative ideas from juniors just because they are less experienced. Innovative thinking then suffers and comes down to a more conventional and acceptable level. It is noting these facts, that business houses all over are trying to have a more horizontal structure where juniors are given more encouragement and given more opportunities to contribute their thoughts.

The concept of the single person taking the final decision is age-old since the age of kings. It was the king or monarch who had the final say after consulting his council members, while today we have presidents and prime-ministers doing the same. Amazon started off with Jeff Bezos alone. Today it is called as the largest superstore on earth.

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