Posts tagged: debt problems

Clearing Debt Fast

clearing your debtsIf you’re in over your head with debt, you may be desperately seeking ways to get rid of it. Debt can hang over you like a black cloud about to strike you with lightning, but there are ways out. The first rule when it comes to clearing any sort of debt is to tackle it head on instead of avoiding it. Avoiding things like debt will just make the situation worse. So, how do you clear debt fast?

Plan It

Before you put any plan into action, you need to sit down and figure out where to start. What debt do you have? What are the interest rates on your Credit 24 loans and credit cards? Lay it all out in front of you, even if facing it makes you feel anxious. Common sense would tell you to pay a little towards each one every month, but it’s best to tackle the debt with the highest interest rate first. That’s not to say you should completely ignore the others, but if you can put more money towards the one with the highest interest rate, your payment per month should significantly decrease over time.

Transfer Your Balance

When you got your loans or credit cards, you may have been in a position where you had no choice but to go for higher interest rates because they were the only ones that would accept you. By transferring your balance to a loan or card with a lower interest rate or a 0% interest rate for a certain amount of time card, you’ll have the chance to catch up on payments.

Prioritize Payments

You shouldn’t take money that supposed to go towards your mortgage to pay a credit card. There are ways you can save money but you must prioritise your payments. Sort out the needs from the wants. For example, paying your electricity bill is a top priority, but paying for games on your Xbox is something you can cut back on. Here’s a list of other cut backs you can make to save money. The money you save can go towards paying your debt so don’t be tempted to use it on things you want.

Stop Using Credit Cards

There’s no point in working hard to pay off your debt if you’re still spending at the same time. It can be a habitat and an addiction when it comes to spending. So, if you don’t trust yourself with your card, ask a family member or friend that you trust to keep it for you. If you know you’re likely to spend again and end up in the same situation, maybe it’s time to give the card the chop.

The main thing to do when it comes to clearing debt is to not bury your head in the sand. If you need help, ask for it. There are many places you can get advice and it helps you to feel like you’re not alone. Just by reading this, you’re already on the right track. Good luck!

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Why You Should Consider Using Short Term Loans to Fix Your Budgeting Woes

putting your budget intact with loansTabling your household budget can be pretty tough on a good day, when your income covers all of your expenditures. But when you’re attempting to create a financial plan and the cost of your expenses outweigh your pay (and your savings), you can wonder how you’ll make ends meet. Unfortunately, you can’t blame your budgeting woes on dyscalculia or irresponsibility; sometimes the only reason why you’re in the red is because of bad luck. All you need are too many bills with overlapping due dates with not enough pay, and you’ll be struggling to create a budget that works. Luckily, there are helpful options out there that can help you get your finances back on track, like short-term loans from reputable direct online lenders.

What’s a Short-Term Loan?

Loans with this title have a fixed repayment schedule. Many of them are considered payday loans because they require full repayment by the time of your next paycheck. The best options for payday loans have low barriers for entry, which means you can acquire them quickly and easily, regardless of your credit rating. Many of these lenders, which includes MoneyKey, don’t look at your credit at all. As long as you’re an American citizen over the age of the majority with proof of income, a bank account, and an email address, short-term loans are a convenient and viable way to access the cash that you need. They’re extremely useful in situations when you need money as soon as possible – when surprise bills or repairs require payment according to a tight schedule.

Why Use a Direct Online Lender?

The Internet has simplified most areas of our lives, so it only makes sense that it has helped to streamline the process of acquiring loans, too. Now you don’t need to travel to a brick and mortar lender to get the money that you need. There are direct online lenders, such as MoneyKey, that offer all of the same services online. You can fill out their online application directly from their website, submitting the information mentioned above and get an online payday loan from Moneykey.com. By virtue of being processed online, you’ll receive a more immediate response to your application. As opposed to waiting weeks for a person to call or schedule a meeting about your funds, direct online lenders will notify you instantly of your qualification, and you’ll receive your small dollar loan within one business day should your application be approved.

How Can You Protect Yourself?

Though short-term loans are a convenient way to getting the money you need, it’s not always easy to get a product that reflects your financial capabilities. There are some lending companies that offer small dollar loans with unmanageable rates, terms, and conditions that make their financial products difficult to repay. They do this on purpose in hopes you’ll rollover your payments to incur late penalties and more interest. State governments have stepped into limit these lenders abilities to scam consumers by introducing laws and regulations limiting the rates, terms, and conditions of lawful small dollar loans. Make sure the direct online lender you turn to for assistance can provide their state licensing to prove their financial products are in accordance with the law.

Find a loan that has a repayment schedule you can manage, and you’ll have the financial assistance that will help you pay for your surprise expenses without putting your budget into flux. While you shouldn’t rely on these products month to month, they act as a pinch hitter when your income fails to cover your expenses.

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How Shaking Your Debts Off Might Be Easier Than You Think

pay back your debtsDebts are an unfortunate part of life. Unless you come from a particularly rich family and have all the luck in the world, you’re going to have to deal with debts at some point. It might be loans for education, your home or your business. It might be because of credit cards that we’ve lost track of. Or perhaps overdrafts that we dug into a little too far. How much you dug into debt doesn’t matter all that much. What does is taking control and getting back out of it. Below, we take a look at how exactly that might happen. Whether it’s managing or getting your debt forgiven altogether. Or whether it’s rolling up your sleeves and organising your finances like you’ve never organised before.

Student loan

The biggest loan that most of us will carry on our backs is a student loan. Even if you’re not in trouble with your payments, it can weigh heavily over you. How do you take care of it? Do you save to get rid of it now in place of your retirement fund? Do you stick to having it cut out of your wages for years to come? Paying off your student loan can negatively affect your credit rating but that will repair in time. Freeing yourself from it early can let you save for the rest of your life a lot more consistently. Public service loan forgiveness is also available, helping some in getting their student loan shaken off.

Better organisation

The key to paying off their debts quicker for most people means putting a lot more money aside for it. This takes the skill set of managing more money on the side without seeing how much you’re actually putting together. The right usage of online resources can help you manage your finances with all the more precision and mindfulness. For example, online banking allows you to track your spending in real time. That way, you know whether or not you’ve gone over your budget every time you take money from the bank. Similarly, using Google Sheets or Microsoft Excel can help you turn all your earnings and outgoings into an easily tracked sheet. With the right forward planning, you might find yourself shaving off a lot to put towards repaying your debts.

Debt consolidation

Consolidation is a bit of a wary subject for a lot of people. Many don’t really understand how it works and whether or not it will actually benefit them. It’s an important question to ask before jumping at it. Consolidation can, indeed, be the exact wrong move in situations. If you’re worried about multiple credit card debts for example, you won’t want to consolidate. Debt consolidation companies and banks don’t have the upper limit on their interest that credit cards do. However, with other debts, it can be an easy way of making it more manageable if it’s reduced to just owing one company money. Check the interest rates carefully before you agree to anything, however.

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Are You Broke? Learn How To Turn That Problem Around Today!

financiaal issuesIt’s a sad fact of life that many people are broke. What might surprise you to learn is how many folks have well-paid jobs. They just can’t afford their monthly outgoings and often live above their means.

The turbulent economy is one reason for that problem. The cost of living rises each year. It’s even worse for people that have families to support. If you’re fed up of being broke, this blog post could be your light at the end of the tunnel.

Here are some tips to help you turn that problem around and lead a happier lifestyle:

Make a list

Lists are great! They help us to keep track of things and work out the best ways to action problems. In this case, you should make a list of your income and expenditure.

Once you’ve made your list, it’s time to work out which expenses you can live without. There will be some outgoings that you need to leave on there, such as the mortgage and shopping. But, things like Sky TV and Spotify can get cancelled. They are what we class as “luxuries.”

Next, work out if your income covers the expenses you have left. If it does, that’s brilliant! But, if you’re still short of money, read on for some more money management tips.

Merge your debts into one

It’s likely that you have a few credit cards and loans in your name. The trouble with several sources of debt is the interest you have to pay. Credit cards, in particular, will eat up a lot of your income.

One practical solution is to consider loans for debt consolidation. This is where you borrow money to pay off all your debts. The result is you end up with a lower monthly payment. Plus, there will be less interest to pay.

Find a better mortgage deal

Do you have a mortgage on your home? If so, you might not know it but you could be paying less for it! Mortgage offers only last for a certain period. After that, they revert to default interest rates. They can often be high, believe it or not!

Spend some time online and check out the best mortgage deals on the market. You may also wish to speak with a mortgage adviser on the subject. That way, you can make an informed decision.

Get rid of your car

Do you only use your car for work and to do the shopping? Does it get unused at other times? If there’s a good public transport network where you live, sell your car.

You can use it to commute to work and back. Sometimes you might be able to car-share with another employee that lives near you. When it comes to shopping, order it online and have it delivered to you in the evening or the weekend.

Now you won’t have to pay for fuel, insurance, tax, and servicing costs. Trust me; it’ll make a big difference!

Thanks for reading today’s guide. I hope you find it useful.

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Top Tips to Getting on Top of Debt

Top of DebtIntroduction to Debt

It is almost inevitable that we’ll run into debt at some point in our life; whether that’s on credit cards, loans, overdrafts or any other item of credit. Debt shouldn’t be feared; in fact without it we’d never be able to establish a good credit score.

The only time debt can become a problem is if you let it run out of control. For example, having large outstanding balances on credit or store cards while attempting to repay car loans and arranged overdrafts is likely to cause financial problems. This is why it is important that you take action as soon as you feel your debt is becoming unmanageable.

Face the facts

Often the core reason people get into heavy debt is because they’ve buried their head in the sand and continued to spend in the same way they always have. Your first step to financial freedom is facing the facts and subsequently working on a recovery plan. Naturally, you will have to make some cutbacks, meaning for the foreseeable future luxuries will be out of the question.

Draw up a spending plan

Drawing up a budget that breaks down all sources of income and outgoings will help you to understand your current financial situation. It will also highlight areas where you’ve been overspending thus giving you a chance to make cutbacks and increase your level of disposable income.

Set Financial Goals

Having drawn up a budget you can then start to set some financial goals. We always recommend setting a list two different types of goals; short-term and long-term. Your short term goals should include things like clearing all loan arrears, clearing your overdraft or paying off the outstand balance on a credit or store card. Naturally your long term goal should be getting debt free; however it’s important that you set a date of when you want to be debt free by. By being both ambitious and realistic with your timescales you will ensure you’re never short of motivation.

Frequently reassess your situation

Throughout your journey to financial freedom it is likely that your finances will be consistently changing, this is why it is important that you continually refresh your budget. For example, if you pay off a credit card balance this is likely to leave you with some extra cash each month that you can churn back into something else e.g. overdrafts or loan repayments.

Ensuring that your budget is always fresh should also give you some idea of your progress. Initially it may be tough, but sticking to your budget is the best way to financial freedom. In order to motivate yourself you could offer incentives or rewards in conjunction with your financial goals. For example; treat yourself to a meal out when you pay off your first item of credit.

Seek Help

If at any point you feel like you’re struggling to stay on top of your finances then seek advice. There are loads of ways in which you can do so; the internet is a great way of doing so if you’re not confident with speaking face to face regarding your problems. Many debt charities will also have trained agents at the end of the phone who help people like you on a daily basis. Try to avoid public forums, these are generally full of people who simply offer their opinion rather than trained advice.

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