Tips to Keep the Debt Monster at Bay

Ever found yourself saying, ‘It’s really easy to spend money, but difficult to pay it back.’ If so, you’re not alone. Many folks struggle with managing their finances. Consider that Americans typically spend $1.33 for every $1 that they earn. That means the US is a highly indebted society, and these trends are growing. The problem is overspending. Living beyond your means is a sure-fire recipe for disaster, and sound money management is needed to curtail these excesses.

Psychologists attribute overspending to emotional drivers. People routinely spend money to feel better about themselves. We spend money to combat boredom, uplift ourselves, or to alleviate stress. Fortunately, there are many other ways to deal with these anxiety-ridden emotions, notably finding zero-expense activities such as exercising, reading and studying, or simply spending time with friends and family.

Are Credit Cards Lifesavers?

Households must guard against the debt trap at all costs. When debt becomes impossibly difficult to repay, owing to high interest payments, a negative spiral ensues. It’s important to prioritize debt repayments, debt management, and debt alleviation above all else. The problem with debt is that it rapidly accumulates, and the interest repayments become untenable. Topping the list are credit cards. These pieces of plastic, infused with sophisticated chip technology, can be lifesavers in an emergency. However, if managed improperly credit cards have the potential to worsen your financial situation.

Consider some of the fees that you are likely to pay on credit cards: cash advance fees which range from 2% through 4% of the amount that you are withdrawing, in addition to a fixed ATM withdrawal fee. There are also late payment fees to consider, often in the region of $39 +, and if you go over your credit limit, a fee of $35 + may be added on to your bill. Many credit cards offer their services at zero annual charge, but others can charge anywhere from $25 – $400 per year. That’s a significant drain on your finances, given that the APR on credit cards is extortionary to begin with.

Always Read the Fine Print

Your first order of business when trying to get out of debt is to manage your outstanding credit card balance well. Transfer your balance from high interest credit cards to a low interest credit card (be mindful of the transfer fees) and pay it down as quickly as possible. In this vein, it’s important to make more than the minimum monthly payment on your credit cards. Consider that credit card companies can change their interest rates at their discretion.

Read the terms and conditions of your credit card provider carefully – you certainly don’t want to be caught unawares. If you are delinquent in any of your credit card accounts, or other lines of credit, you may be penalized with higher interest rates. Another thing to be careful of is the rewards program on offer. You certainly don’t want to be paying a high annual fee and not recuperating your costs in the form of generous cashback offers, exclusive rewards, and related benefits.

How Can You Live Frugally?

We have already established that spending money you don’t have is a recipe for disaster. Instead, look to other activities that are cost-effective and fun to pass the time. The benefit of low-cost rewarding activities far outweighs that of spending excessively and then having to worry about paying it back. People often confuse wants and needs. Wants are desires, and needs are requirements.

We need food, shelter, medical care, and transportation. We want sushi, palatial homes, Ferraris and the like. It is a fine line to balance our wants and needs, but that’s where living within your means comes into the equation. Frugal living allows you to plan for the unforeseen, put away money for retirement, and prevent the debt trap from ever occurring.

There are many theories on how best to deal with the urge to splurge. Some folks advocate freezing your credit card in blocks of ice and waiting for them to thaw when you feel the urge to spend. Others simply recommend cutting up your credit cards every time you are thinking of making a big purchase. What you are effectively doing in all cases is curbing your desire to spend money. That’s the first step in the right direction!

How to Deal with Debt in Australia

Debt can feel like an avalanche slowly rolling down a snowy hill. Starting as a snowball of one missed credit card payment, it can grow over time into several credit card payments, missed mortgage payments, and then utility payments. With the weight bearing down upon you, it’s easy to feel crushed by the responsibility. However, looking at ways to handle debt can sometimes add to feeling overwhelmed. Below are five

Refinancing with Lower Rates

Sometimes, getting ahead of debt is the best way to deal with debt. Refinancing can help lower payments if you’re able to get a good deal on your origination fees and closing costs. If you’re already feeling the pinch of debt, you can refinance to take out additional cash. One mortgage broker in Perth notes that a cash-out refinance offers a way to borrow at a low interest rate.

Debt Consolidation

Debt consolidation involves taking out a new loan to pay off existing debts. A cash-out refinance as discussed above is one way to do this. By putting all your debts in one place, you can streamline your payments into one bill. When interest rates are low, you’ll be able to get a lower interest rate through the loan than through the individual payments which can help lower your monthly bills. For example, if you’re paying off multiple credit cards and paying high rates one each one because you fell behind in your payments, consolidating your debt into one lower interest payment can help you climb out from under the payments.

Debt Management

Debt management, although often confused with debt settlement, negotiates old payments with new payment plans instead of taking out a loan to cancel previous debts. The process usually takes 3 to 6 years to complete. First, you will work with a credit counselor to review your overall finances to create a monthly budget. Then you will plan how to pay off the debt based on your monthly payment abilities and number of accounts that need payment. Finally, you may be asked to use a direct deposit program to pay your monthly amount and then cancel all your credit cards.

Debt Settlement

Debt settlement essentially creates a way for you to negotiate dollars owed to your creditors. This is a fairly extreme option since it will hurt your credit score. While you can attempt to negotiate your debts on your own, Quantum Finance offers resources to help you find a settlement agent. Settlement agents will work with you to review your debt, income, and savings to help you determine what can be used to pay your debt. Then they will have you sign a contract for you to pay the settlement agent instead of your creditors. The money is put into escrow until you have enough to pay off the negotiated amount. After that, they attempt to negotiate a new amount with your creditors where you pay a lump sum the comes from the escrow. It’s important to have a legitimate settlement agent otherwise they may not be able to settle for you. Keep in mind, that they will take a fee from a percentage of the escrow account. If they do not negotiate well, then you are worse off because you will be further behind in your payments since you paid your money to the escrow account not the creditors.

Bankruptcy

In Australia, you have the option to present a declaration of intention to present a debtor’s petition. This gives a 21-day protection period where unsecured creditors can’t act. This acts as a probationary period pending bankruptcy. If you then want to file for bankruptcy, you can. Filing for bankruptcy covers most unsecured debts such as credit and store cards, utility bills, and medical, legal and accounting fees. Before assuming it releases all debt, make sure to check with your creditor to see if it will erase Centrelink Debts, Australian Taxation Office debts, victim of crime debts, and toll fines.

Keep in mind that there are also several debts including court imposed penalties and fines, child support and maintenance, HECS & HELP debts, and unliquidated debts.

Simple Steps to Manage Debt this Year

Accumulating debt is something many people do at some point in their lives. This can be a result of purchasing a house by taking out a mortgage or getting an auto loan to buy a new car. College debt is another increasingly common factor in the US.

Even small purchases can put people into debt. Using any type of credit card to make purchases of any kind can cause debt to accumulate, so anyone with any amount of debt needs to know how to manage it so that it does not get out of control. If a person has too much debt, they may spend more time juggling payments than actually paying them off. A few simple tips can go a long way to help manage your personal finances.

Make a list of what you owe.

This list will include the creditor (like a bank, a mortgage company or other lender), the total owed, required monthly payment, and the date the payment is due. Cross reference the information on your list with a statement or by logging into your account online. Analyze your list every couple of months to see where you are with any particular debts.

Pay your monthly bill on time.

The late fee for missing a payment is easily avoidable and will only add to your existing debt. You will also likely end up with higher interest payments, adding to your debt. Create a reminder or an alert on a tablet or your smartphone of when payments are due. A reminder should be at a few days before the payment is due and not on the due date. Remember to take into account when your payment will be sent and when it will be received. If you are sending a payment on a Friday night, it may not be received until Monday.

Something you may want to do is sync your smartphone and tablet so a reminder or an alert will be displayed on both devices. You may also want to schedule your payments in advance if you have this option.

Create a payment calendar for bills.

If you have certain bills that will be paid at different time of the month, a payment calendar can help to keep you on track and manage personal finances in a simple, organized way. Indicate on your calendar which bills you will need to pay with each paycheck or expected payment. Sometimes due dates for bills can possibly get changed. This might mean you need to try and adjust your payment calendar so that you do not run short of funds.

Pay more than the minimum when you can.

Paying more than the minimum payment for bills like credit cards helps keep your balance in check; if you only make the minimum payment, interest will add to the balance in time. Keep in mind that when you charge more than you pay each month, your debt will grow.

Prioritize your existing debts.

Certain debts need to be paid before others. The debt with the highest priority is typically the payment for a credit card. The credit card with the highest interest rate should be paid first (while still making at least minimum payments on all other cards, of course). A trick you can use to help decrease interest charges is to transfer balances to a lower rate card. This may be a good option for anyone who has multiple credit cards with payments at different times of the month. Another option could include making a payment on a credit card that has the highest balance.

Create an emergency fund.

Unexpected events can happen at any time, and you never know when you might need funds for something unplanned. These events could include getting let go from a job or maybe an accident that has damaged your vehicle. Try putting something like $25 or more every week into an account at any bank or credit union. After a year you will have $1300 to use as an emergency fund. If you keep adding to this fund, you will have a solid cushion for three to six months of living expenses.

Create a monthly budget.

Knowing how to set up a budget is a great way to know what you can spend each month. If this is done at an early age, managing money in the future will become that much easier. The best thing about setting a budget is that any funds left over each month can be saved or even used to make an additional debt payment.

Breathe.

Debt will not go away overnight. But having a system in place and keeping on track will allow you the joy of watching your debt decrease. Once you’re out of debt, it’s important to keep the system going to ensure that you can live without the fear of debt and can eventually achieve the financial freedom that everyone looks for.

 

 

Cut To Hecuba With A Quick Cash Advance

Has running from pillar to post just to get information on the cash advances that financial institutions give people dissuaded you from getting one? Want an incomparable financial product that can be availed just by comparing it with the others without the need to run around? Such valuable information can be easily available at the click of a mouse button but all you need to do is give it a chance, to begin with.

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Quick on the uptake? Get quick info

Are you the kind that grasps concepts fast? Then, there are resources like lainaaege.fi for people like you in the virtual world. Neither will you need to borrow money from loan sharks, who would chase after you later on nor will you need to worry about repaying it once you make an educated decision by comparing the variegated financial institutions online. Back in the day, you may have had to struggle just to get a loan from the bank but now, it is not difficult to get one and fast at all. With information readily available at your disposal, there is nothing to be worried about. Besides, being well armed with the right information at your fingertips can prepare you for any situation.

Need help? Get a true friend

Not everyone in this world readily helps another and this is more so the case when someone needs financial assistance. In case your near and dear ones do not help you out in times of need, you can always approach an organization that lets people avail cash credits without the hassles and tassels. Don’t want the bells and whistles because you are scared of the terms and conditions in small print? You can always go for an unsecured cash credit that does not need you to produce a guarantor or even collateral. Not sure still that there are no other hidden conditions that maybe imposed on you all of a sudden when you are least expecting them? Fret not. The Finnish government has made it impossible for banks to do so anymore.

The Aurora Borealis of monetary info

Don’t like the fact that most people beat around the bush? Then, let virtual resources such as lainaaege.fi guide you without making you wait for the actual point to be made. Consider such virtual resources to be like an Aurora Borealis that lights up Finland and gives the people light and new hope even in darkness. While not every bank will give you loans at low or zero interest rates, some are ready to do so and it depends on their policies too. Even if you don’t want to repay those cash credits later on due to your inability to do so at that time, you can always get it waived off well in advance. Don’t avail cash advances just because you are awed by the amount of money the financial institution is ready to lend you but go by the interest rates they will charge you. On the other hand, if you are already neck deep in debts, consider going for an alternate source of finances.

Thaw Your Frozen Financial Options With Hot Loans

Giving the choices you have in front of you a cold look is not going to be of much help to you. When you need money and quickly to take care of an emergency, you don’t need a summary of your finances that look bleak lying in front of you on your desk but a friend, who can get you out of the situation sportingly.

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The new Finnish lifeline

Own a small farm but have very little money to continue being the country’s lifeline? Then, you need someone as reliable as a reputable Finnish fast loan provider to be your lifeline. During the past few years, some people have been highly skeptical of the very thought of borrowing money but change their minds when they realize that they need not always repay the loan or can pay it back in installments. Plus, the chances that they may have to repay the loan with an astronomically high interest rate dissuade them from looking at the big picture. On the other hand, if they compare the products and services of one bank with another all at the click of a mouse button to see which one is more feasible, they stand a chance of getting a new lease of life.

Speedy cash for seed money

If you are just getting started out as a farmer, you can bank on one of those banks that provide speedy cash against absolutely no collateral. What’s more, you need not have a person to sign the papers as a guarantor either. Of course, this is what most banks and financial institutions in the Land of a Thousand Lakes have to offer but you would stand to lose nothing if you compare the policies of each institution online with the others just to ensure that you are not really under an obligation to repay a loan in case you should find yourself in financial trouble on the day your repayment deadline approaches. Nothing that is going to happen in the future can be predicted accurately. Mere speculations can be made but they are not necessarily going to help anyone. So, apply to get some speedy cash before it is too late.

Look at the big picture

Even if you are living in a country where the conditions can become extreme during the winter season, you know that you have sworn to yourself that you will work hard to improve the agricultural production. Nonetheless, you need a strong shoulder such as that offered by a Finnish fast loan provider to cry upon along with some help to let you soldier on by providing you information on quick loans at a click when you need them the most. Now, you can freely look at the big picture without any worries. Don’t get ready to hit the Finnish line yet just because you are worried about the possibility of being unable to pay up your debts in the future. If you begin sowing the seeds of a better future right now after acquiring a loan by making an informed decision, nothing can stop you from achieving your goals. Not even the cold winter.

 

Three Ways a Jumbo Reverse Mortgage Can Help Boost Retirement

If you have a high-valued home in a competitive real estate market, you may assume that you are not the typical reverse mortgage borrower. In fact, the Federal Housing Administration sets a lending limit for the reverse mortgages it insures at $625,500. But there’s a specific type of reverse mortgage available that can help borrowers access their home equity beyond that limit: a “jumbo” reverse mortgage.

Even if you don’t feel you need a windfall right now, a jumbo reverse mortgage can be used as a strategic tool to boost your retirement and, in some cases, act as a safety net for the future.

Jumbo reverse mortgages are for people 62 or older who have a sufficient amount of equity in their home, but for which their home value exceeds the federal lending limit of $625,500. People who apply for jumbo reverse mortgages often use the loan as part of a comprehensive financial strategy to help them plan for retirement.

Because jumbo reverse mortgages aren’t usually used when homeowners are in dire straits, the homeowner may have more flexibility when it comes to strategizing on how the loan proceeds are used.

Here are three ways a jumbo reverse mortgage can help retirees.

To protect investments

One approach for those who are eligible for a jumbo reverse mortgage is to look at it as something you can tap into to avoid losing money if the market isn’t doing well.

According to *All Reverse Mortgage’s calculator with a property value of $2,000,000 a federally insured reverse mortgage reaches maximum available proceeds of $421,000 where a jumbo proprietary option produces an available loan of $880,000 over double the amount available under the federally insured home equity conversion mortgage program.

The downside is that the jumbo reverse mortgage only offers a single lump sum disbursement where the federally insured reverse mortgage provides more flexible payments such as an open line of credit.

*Commercial site. This was the only calculator available online which allowed for a comparison of both federally insured and jumbo programs without being required to input your personal and private information.

To manage healthcare costs

Health care costs continue to rise year over year, and even if you have a sufficient amount of cash in your various retirement accounts, one illness or accident could have the potential to derail your retirement altogether.

Most people don’t think about tapping into their home equity until it’s too late, but if you can tap into it earlier when you are healthy, you won’t be as stressed out if a financial burden relating to your health does come up. The proceeds from a reverse mortgage can be used for any purpose, and if you can make a backup plan and secure a jumbo reverse mortgage even if you don’t necessarily need it, you may be able to avoid some potential hardships.

To supplement Social Security

 Another way to boost your funds in retirement is to defer drawing on your Social Security for as long as possible. This is because for each year after you are eligible to collect Social Security and don’t collect it, the amount you can receive increases by approximately 8%. Even if you hold out on collecting Social Security for a few years after you retire, you can drastically increase your payments.

This is where a jumbo reverse mortgage could come in. If you take out a jumbo reverse mortgage and use the funds when you need them, those funds from the loan may offset the payments you could be collecting from social security benefits and leave you with a higher amount in social security benefits down the road. Many retirees have successfully used a reverse mortgage to “bridge the gap” between their working years and claiming Social Security so that they can maximize their benefits.

If you would like more info on how to strategize for retirement using a jumbo reverse mortgage, contact a reverse mortgage professional or your trusted financial adviser who can help advise on your particular .situation

The Benefits of Using the Services of Personal Loans Providers like Rescue One Financial

According to data published by Bankrate, 24 million Americans will have taken at least one personal loan by the end of 2016. Industry experts and analysts expect this number to continue growing in the near future due to a better economic environment as well as low unemployment rates. Compared to traditional loans, personal loans are beneficial in several ways. Here are the benefits of using the services of a personal loans provider such as Rescue One Financial.

Minimal or No Collateral Requirements

An article published by CNBC says personal loan lenders mostly do not require borrowers to provide collateral when applying for personal loans. This aspect makes such loans attractive to consumers who are disillusioned with the bureaucratic red tape employed by mainstream lenders such as banks. The same article also states that personal loans also appeal to millennials who are shaping up to be the most influential generation in US history.

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Affordable

Contrary to popular belief, personal loans are quite affordable because they generally offer competitive interest rates. For instance, the latest data published by the Board of Governors of the Federal Reserve System shows that the seasonally adjusted annual consumer credit rate stood at 5.75% in July 2016. This compares favorably with the fixed rate of 5.99% offered by Rescue One Financial.

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Fast Processing

Unlike traditional financial institutions, companies that offer personal loans services generally process loan applications quickly. In fact, Rescue One Financial says it can deposit funds into the accounts of borrowers immediately after reviewing their applications. This makes a personal loan the ideal financial solution if you need money for an emergency such as paying a hospital or car repair bill.

Convenience

The beauty of a personal loan is you can apply for one online from the comfort of your office or home. In comparison, most banks require loan applicants to visit their offices in person where they have to fill multiple forms and answer numerous questions. However, this does not guarantee that a loan application will be successful because each borrower is subjected to a risk assessment that may take weeks to complete. Besides this, Rescue One Financial personal loans do not require payment of cash-advance fees.

Access Substantial Amounts of Money

Traditionally, only banks could lend huge sums of money to consumers. This is no longer the case with companies such as Rescue One Financial offering personal loans ranging from $1,000 to $100,000. In fact, you can use a personal loan to make a mortgage down payment, purchase a car, or even fund business operations such as expansion. As such, Rescue One Financial personal loan solutions are useful to the average consumer as well as businesses.

Fixed Rate

Rescue One Financial offers a fixed personal loan rate, which means the underlying debt is not affected by interest rate volatility or economic downturns. This also makes it easier for borrowers to plan and budget their finances more accurately because the monthly payments do not change throughout the lifetime of loan.

No Early Payoff Penalties

If you borrow a personal loan from Rescue One Financial, you do not have to worry about payoff penalties. At this point, it is worth noting that such penalties or variants have tarnished the reputation of the payday loan industry. In fact, most US states have enacted laws governing the operation of payday loan lenders. With this in mind, take note Rescue One Financial does not engage in such financial malpractices because its aim is to enhance the financial freedom of its clients, not impoverish them.

Why You Should Choose Rescue One Financial

Rescue One Financial is a personal loans services provider based in Orange County, California. The company has also been voted the top place to work in Orange County because it treats its staff well and offers its clients quality financial services.

Conclusion

Rescue One Financial is one of the leading personal loan lenders in Orange County, California. The company offers its clients competitively priced personal loan products ranging from $1,000 to $100,000. What’s more, clients do not require collateral to get a loan and do not have to worry about early payoff penalties.