Start the New Year with Effective Ways towards Achieving Debt Relief

The New Year is a just around the around, and so you must be mulling seriously again, more than ever, on how you can effectively turn things around and enjoy considerable debt reduction or even debt relief for the coming year. 

Debt Relief
Debt Relief

Like everybody else, you seem to be all fired and ready to do what it takes to tread the right path towards debt relief. As it is, you are puzzled with the debt that you have, while frustrated that you have no idea on where you will get the money to pay off these debts every month. Hence, your resolution is to find debt reduction or even relief to your financial woes, and hopefully go through a better financial standing this New Year.

Suffice it to say that you must have a solid plan of action in place; one that is not only simple and convenient to perform, but effective as well. The following are some of the steps that will help you to gain positive results that can lead to debt relief.

Plan a set of realistic goals

Make your financial goals simple and realistic. Don’t set high and unattainable goals as they will lead to failure. Go for simple ones that you can perform, such as setting aside a small amount of money as savings every day. As you are able to achieve small goals, such a realization will build up your confidence; making you ready to take up more difficult goals and challenges.

Save before you spend

One of the seemingly difficult but achievable goals is to save a portion of your paycheck into your savings account. It doesn’t matter how small the amount might be; saving regularly will be a great help in building your confidence when it comes to money matters. In effect, it offers you a good sense of financial freedom.

Remember that even small savings of $25 a month counts a lot. The important thing is that you start to save. And once you become used to the habit, you will be enticed into saving a much bigger amount. You will be inspired to save more as you see your money grow in the bank. Ultimately, you’ll make savings a permanent activity.

Track spending activities

Others make the excuse that they cannot save since they don’t have enough money in their paycheck that can be saved. The solution to this is to use tracking systems that will help you to determine your spending activities and pinpoint the areas where you can limit or cut back on your spending.

Tracking your spending can be a tedious and time-consuming endeavor; however, it is the only effective means of finding out where you spend your precious, hard-earned dollars. People should refrain from being vague when tracking their savings, a habit that they do if they don’t want disclose non-important expenditures that consumed their cash. This must be disclosed during tracking to prevent them from doing the same mistake of unwise spending.

Use envelope for effective money budgeting

Many intelligent consumers still use the age-old method of using envelope for budgeting purposes. Basically, you must use an envelope for every area within your daily budget. As soon as you have your salary on your hands, distribute the right amount of money to each envelope.

Using this system is empowering since you know exactly where your money goes. It helps you to spend within the amount that’s found in the envelope. In other words, the money allocated in the envelope is the spending limit for this particular area of the household budget.

Following these steps is easy to follow as long as you are committed to doing them. At the start of the New Year and succeeding days, remind yourself that you are doing these steps to attain debt relief or fix existing financial problems. While they might be frustrating to do at first, positive results will gradually become evident. Finally, you will be elated that grand reward of financial freedom becomes in sight.

This guest post was provided by DebtSuccess.com, the debt management experts specializing in debt consolidation, debt relief, credit repair, tax debt, debt settlement and more.

 

Qualities of Trustworthy Lending Companies

Car Title Loans
Car Title Loans

Many car title loan lenders are put into the category of predatory lending companies. However, it should be noted that not all short-term lenders are untrustworthy. Some of them are just preying on individuals who are desperate of cash to increase their profits. It is a good thing though that finding the right one and eliminating excess debt in the process can be easy if one is acquainted with the right information. Below are some of the essential qualities of exceptional lenders.

Provide Clear-cut Information to their Clients

Trustworthy lenders always make sure that their rates and fees are carefully explained to their clients. They provide carefully written documents and make sure that their clients understand them before they are signed.

A lot of times, predatory lenders offer clear details on one document and then put hidden charges on others. Simply put, utilizing hidden fees is the primary scheme of predatory lenders.

Comply with State Guidelines

When it comes to car title loans, rules and regulations vary from one state to another and reputable lending companies see to it that they always comply with them. In the part of clients, opting for state compliant companies can help them achieve a sense of protection just in case something detrimental develops in the course of the loan.

Use Truthful Advertising

Reputable lending companies always make sure that their advertisements reflect their truthful services and refrain from spreading wrong messages. Predatory ones perform the exact opposite, they use very low interest rates in their infomercials to lure clients and then bombard them with hidden charges as soon as they sign up.

Give Customers a Chance to make up their Minds

The best practicing lending companies that offer car title loans give their customers a chance to make up their minds in case they do not agree with the payment timetable or the penalties. Such policies must be carefully presented in written documents so that they will be understood by their clients.

Practice Transaction Limits

Trustworthy lending companies seriously adhere to state guidelines when it comes to transaction limits. The said limits are specifically designed to make sure that the incomes of their clients are not compromised.

Conclusion

Car title loans are essential financial tools for those who need instant sources of cash. Despite the number of lenders out there, finding the right one can be downright complicated because of the number of predatory lenders that are present on the market. This undertaking can be simplified by taking heed of the information that is explained above.

How to Get the Cash You Need When You Need It

All of us encounter emergencies and other financial difficulties at some point in our lives. Perhaps you need to cash to repair the vehicle that you use to go to work, or perhaps you have run up a significant medical bill. For these occasions, credit is often a helpful tool for patching over rough spots and getting your life back on track.

Here are some possibilities for getting cash fast when you need it:

 
getting cash fast

Personal Loans

Personal loans are one of the best methods for getting the cash that you need for three reasons. First, personal loans come with zero restrictions on their usage. You can use personal loans to purchase assets, cover unexpected expenses, and even pay down existing debt. Second, you can often either customize or find a personal loan that suits your exact needs due to the sheer number of potential lenders and lending conditions that are out there on the market. Finally, many lenders have simplified and streamlined their loan application processes to make getting the cash as easy and as conveniently as possible. Getting a personal loan can be as simple as logging onto your account with the lender, filling in some personal information, submitting to a credit rating check, signing the loan agreement once the loan is approved, and then waiting a day or two for the cash to be deposited into your bank account.

In some cases, personal loans might be your only solution for getting emergency cash if you have a bad credit rating. There are a number of personal loans, such as payday loans, that are designed for people with bad credit. Getting the cash is fast and simple while approval is almost guaranteed provided that you have a source of income, but you are going to have to pay higher fees for such services.

Lines of Credit

Personal lines of credit refer to ready sources of credit that have been made available for usage by private individuals. Credit cards are perhaps the most popular form of personal lines of credit, but another common example is protection against overdraft for your bank account. Most people find personal lines of credit highly useful because the available cash can be used right away. You can take out more cash as you need it so long as you do not hit the limit on your line, and you can repay borrowed cash based on your own schedule so long as you make the minimal payments each month.

However, these conveniences also come at a price. Personal lines of credit tend to require better credit ratings to secure, compared to personal loans. Furthermore, lenders tend to charge higher interest rates on personal lines of credit and can change the terms on the lines, particularly if you currently have a poor credit rating.

Savings

Your savings are the best available means for covering emergencies. Even if you do not have enough to cover your needs, each dollar covered using your savings is a dollar that you do not have to borrow and pay interest on. Remember that your savings include not only the contents of your bank accounts but also the investments held in your possession, though these should not be touched without good reason.

Conclusion

Each of these methods for getting emergency cash come with upsides and downsides, making some more suited than others for specific circumstances. However, don’t forget that there are also other options available to you, such as asking for a payday advance from your employer and borrowing from your friends and family.

Written by Peter Coppola, a personal finance and insurance researcher. He enjoys writing for various personal finance blogs.

Debt Consolidation Loans: The Benefits

Are you looking a way out of your heavy debt burden? Timely pay-off is an obligation for every borrower. However, if you find it tough to make huge pay-off, you can apply for debt consolidation. It will reduce the size of payback through cut-back of regular installment or interest rate. There are a good lot of benefits that you can gain from debt consolidation loans. Let us have a quick go-through over them.

debt consolidation loans
Debt Consolidation Loans

Reduction in Interest Rate: That is the main attraction of debt consolidation program. It is possible to negotiate with your lender regarding rate deduction. Believe me; all of them are not bad as believed. If they are convinced that you have some genuine reasons to ask for ‘payment shrinking’, then they will surely come forward to your debt rescue. Once the negotiation is successful, the loan payment program will be restructured to help you manage the debt in a better way. You can directly talk with the lender in this regard or hire the service of a debt consolidation agency to do that on your behalf.

Single Monthly Payback: On consolidation, your existing debt is distributed in such a way that you are required to make only a single monthly payback. Debt consolidation does away with the obligation of multiple paybacks to several creditors at no identical interest rate.

Debt Repayment: Your creditors or debt collection agency will issue a debt repayment plan. This plan contains in-detail mention of your previous as well as current debt burden after interest rate reduction. The debt repayment is a clear picture of your standing after negotiation deal and helps you afford the principal pay-off in full plus some interest.

Late Fee Reduction: Defaulting on loans leads to late charges, penalty fees as well as interest rate pile-up. Debt negotiation reduces such extra payment for loan default. In some cases, such payments are completely eliminated.

Good Riddance from Debt: If you make sure to pay a little extra over the minimum on your credit card, it will take lesser time to clear the debt in full. A consolidation program is structured in such a way that you get freedom from debt shackles as quickly as possible. By consolidating your existing debts, you can clear your all dues within 5-6 years otherwise; it may take around 20 years or even more for debt elimination.

Credit Rank Improvement: Loan default, late fees, charged-off accounts leave a negative impact on your credit ranking. The scenario changes when you go for debt consolidation. Once the existing dues are paid off, your credit score shows consistent improvement.

No Collection Calls: Frequent calls from your creditors are more than irritating. But once your name is registered for debt negotiation, there will be no more phone calls from the lenders. Through registration in a debt negotiation program, you give a power of attorney to the consolidation agency. The laws strictly prohibit the creditors from calling you for payback and thus you get a relief from harassment.

Make the Most of Your Mortgage

Many people make the decision to purchase a home using a mortgage loan as financing. A home is a large, expensive asset, and most either do not have money on hand to pay for a home in cash. Even those who have the financial means to pay cash often choose to use a mortgage in order to keep their financial assets readily available in a savings account. A mortgage is a type of loan that is secured or collateralized by real estate, and there are many loan options available for home buyers. As a homeowner with an existing mortgage on your property, refinancing your home mortgage today may enable you to take advantage of a number of key benefits. Consider how refinancing your mortgage may help you in each of these areas.

Consolidating Debt:

Make the Most of Your Mortgage
Make the Most of Your Mortgage

If you have owned your home for at least a few years and have not refinanced your mortgage, you may have a considerable amount of equity in your property. Refinancing your home mortgage provides you with a great opportunity to pull equity out of the home and to use it in a beneficial way. The fact is that many home owners are living with high debt. Many types of debtshave high interest rates, and these accounts may include credit card accounts, car loans and more. Mortgage interest rates today are generally considerably lower than interest rates on other types of debts. By refinancing your home for the purpose of debt consolidation, you may eliminate high interest debt and save money in your monthly budget. This process can also make it easier to manage paying bills.

Making Home Improvements:


While equity can be used beneficially from your home through a mortgage refinance loan to consolidate debts, equity can also be used to make home improvements. Your home is a great asset, and you want to keep it in great condition in order to maintain its value. A home equity loan or refinance may provide you with additional funds needed to make improvements on your property which will improve its value.

Planning for an Earlier Retirement:


Many homeowners opt for a longer term when initially buying their home. A home mortgage with a 30-year term, for example, is common because it yields the lowest monthly mortgage payments. With a 30-year term, the homeowner will need to make regular mortgage payments for 30 years until the mortgage is paid in full. However, with low interest rates coupled with the reduction in your loan balance through years of regular payments, you may be able to refinance your loan with a 10 or 15-year term today. For many Australians, retirement cannot occur until the mortgage is paid in full, so refinancing to a shorter term can help you to more easily retire on schedule or even early. Some homeowners have discovered that, between the equity in their home coupled with low interest rates, they are able to refinance to a short term and still reduce their monthly mortgage payment! Australian readers can find low interest home loans at UBank.

Remember that you can make the most of your home by using it to your financial advantage. By making regular repayments on your home loan, you are making sure that your wealth is not wasted. Using the strategies mentioned above, you can stay one step ahead of the game.

3 Strategies to Maximise your Retirement Income

Saving money for retirement doesn’t have to be a complicated process. While many day-to-day sacrifices are required in order to maximise savings, the benefits of building a healthy retirement fund surely outweigh the small indulgences that are sacrificed in everyday life. One dollar saved today can turn into a hundred dollars for tomorrow.

Maximise your Retirement Income
Maximise your Retirement Income

1. TAKE ADVANTAGE OF EMPLOYER CONTRIBUTIONS

Depending on your location, an employer may be required to make a contribution to your retirement savings. If this is the case in your area, be sure to check with both government policies and your company to educate yourself on what you should expect. In some areas, employers aren’t required to contribute to your retirement, but will voluntarily match dollar per dollar. That is, if you contribute $6,000 to your retirement, they will contribute an additional $6,000 to your retirement within the same year.

In other areas, employers are required by law to contribute a portion of your salary – out of their pocket – to your retirement. For example, some areas require an employer to contribute up to 9% of your pre-tax income to your retirement. It may be beneficial to live or work in an area with such a rule, as it offers automatic retirement savings without additional effort on your behalf.

2. MAKING SMALL SACRIFICES FOR LONG-TERM GAIN

The final ten years prior to retirement are arguably the most crucial. Ramping up your savings by rerouting a rather generous portion of your income into a retirement fund or investment account is an aggressive, but often necessary financial choice. It is also a good idea to pay off the remaining balance on your mortgage in order to drastically slash your monthly expenses in retirement. Little else provides as much peace of mind as knowing that your home is paid that you’ll be safe in times of financial hardship.

If you haven’t saved very much for retirement, yet are soon approaching retirement age, it may be beneficial to seek additional part time employment and funnel the extra income into retirement savings. While this is an extreme measure, it is an effective method to drastically boost retirement savings within a short period of time.

3. SELLING ASSETS FOR A CASH WINDFALL AND SMART PROPERTY PURCHASING

Homeowners with substantial equity in their home may choose to sell large residences in favour of a smaller, more affordable property that can meet the needs of a single retiree or a retiring couple. Ideally, the proceeds of the sale will cover the full purchase of the smaller home, and the remaining funds will be transferred into retirement savings. However, trading in a large, expensive property in favour of a home with a more manageable mortgage can also be a smart move.

Business owners that aren’t ready to fully let go of their business can sell a majority share to an investor while remaining a silent partner. This option still allows for receiving monthly or quarterly profits from the business while remaining a vested partner.

Saving for retirement becomes far less of a chore when you are aware of the lifestyle you want and how much income it will take to maintain your desired way of life. Making use of the financial resources that are available to help you save for retirement, along with a firm mindset on pinching the dollars that can be squeezed can result in a sizable retirement savings. Planning and taking action are the two most important ingredients to success when saving for retirement.

Top Tips for Saving on Your Car Insurance

In this day and age, motoring is seen as a privilege as much as a necessity. The fact that fuel has risen in value massively over the past few years has given many car owners a headache they can do without, but when you add tax and insurance, they’re left to spend more than they feel is necessary on getting around. While the cost of both fuel and tax can’t be controlled, it’s possible to spend less than expected on car insurance, but how is that possible?

Car Insurance
Car Insurance

Car insurance can be bought for cheaper if you contact insurers directly. Doing so could mean you can get car insurance from 123.ie for less by making a phone call or sending them an e-mail inquiry. Meanwhile, if you’re pressed for time, a quick visit to a price comparison website may be what you need, as you can get quotes from a variety of insurers in just a few minutes. This method of trying to save money has grown in popularity over the past two or three years.

Driving carefully can reduce the cost of your monthly premium. Motorists who avoid accidents for a period of a few years are often given discounts on their insurance because they’re less likely to claim, and not claiming because you’ve not been in an accident will help you save money. Driving a smaller, more fuel-efficient car will help to save money on your policy too. Those models are less likely to be involved in accidents because they’re not as fast, plus drivers who own small eco-friendly cars are seen by many insurers as sensible.

How Home Businesses Can Save By Using Online Storage

Running a business from home has many advantages, the main one being not having to spend a single penny on office costs. Home-based businesses also save money on computing, lighting and furniture, but in terms of communication costs, further savings can still be made. With the help of online file storage from Egnyte, it’s possible to save money without compromising on the ability to store files safely and securely, but you may wonder how it’s possible.

Home Businesses
Home Businesses

How online file storage works is that any Office documents, PDFs or other files can be moved from a computer, laptop or even a smartphone to the ‘cloud’, a secure online location. From the cloud, files can be accessed, organised, amended and even shared with anyone you want to see them. Online file storage can also help to replace more traditional forms of file storage including file servers and external hard drives, which can be costly.

Servers in particular can be incredibly expensive to own and operate. As well as costing a lot of money to buy, they also use a lot of electricity as they need to be plugged in at all times. Also, they can only hold a finite amount of files, and sharing and accessing them can be difficult if you’re away from home. They can also take up a lot of room, something that may be an issue if you’re running your business from home.

Using online file storage is very easy for any company, from the smallest enterprise to the largest multinational. It enables file sharing, storing and organisation, and helps to save space as well as time, something that any home-based business will value. Aside from that, it also saves on maintenance costs, as servers often require a full-time IT technician to look after them. Cloud storage doesn’t need any of that, as it’s so easy to use.

10 Tips To Chose Right Family Insurance

Health Insurance Policy, family Insurance PolicyBuying health insurance will relieve you from bearing a heavy burden of medical expenses should any health related problems crop up all on a sudden. Considering the benefits that can be gained from an insurance scheme, it is important that you apply your acumen while choosing from a plethora of options.

HERE ARE 10 TIPS TO GUIDE YOU THROUGH MAKING THE RIGHT CHOICE OF FAMILY INSURANCE.

  • You can always invest in a family insurance policy even at a tender age. According to general rule, there is an inverse relation between age of the insurance holder and the volume of premium. As a young individual, you are unlikely to have developed some important pre-existing conditions. These conditions will be excluded from insurance coverage. The old persons too can go for family insurance as there are always some benefits to reap at any point in life.
  • Not having enough of coverage for your family is worse than having no insurance at all. Note that as it is not an individual insurance, so you need to consider what will work right for the entire family. Does the policy include accident coverage or just the health related issues are addressed? More the coverage, higher will be premium payment. But then you will always have a peace of mind that there is something to take care of your high medical bills in the event of serious illness or accidents.
  • You are required to provide the correct information in your insurance form. Health record of the entire family must be up-to-date, otherwise your form may be cancelled or you may end up paying high for insurance premium.
  • Go for a policy provider who can offer you a lot of options to choose from. A wide breadth of options help you get the best workable family insurance plan.
  • Never sign up the dotted line before you understand every point of the insurance terms and conditions. Also do some research about the available schemes especially those are offered by the reputed insurance companies. It will help you compare the plus points including the coverage and cost factor. If you are to take experts’ advice, then get at least three policy quotes to make a more educated choice.
  • Insurance premium is what you have to pay after regular interval. If you want to keep it low, then consider about paying a higher excess fee.
  • Seek advice from an independent consultant if needed. Forward your queries because you need something that is worth your investment.
  • How much can you afford? If you are a person with low income ceiling, then it will not be right to choose a costly policy. Find the equilibrium point where you will get maximum insurance benefits for your family subject to your pre-estimated budget.
  • Make sure that you lead a healthy lifestyle because it will cut down the chance of some serious health hazards like heart attack, high blood pressure etc. This way you can avail a low premium health insurance policy. Also give up bad habits like smoking, drinking because these add to the risk of heart attack, cancer, kidney failure etc. Watch your weight and keep it in control.

Never feel frustrated if you have a low budget. There is always something for everybody. It will take time to find out a low-priced yet good insurance plan, but then you will surely stumble over one that serves your purpose in the best way possible

Advice on Looking For a Mortgage

Buying a home and choosing a mortgage is one of the biggest decisions you’ll make. It’s important that you choose wisely and don’t make any decisions that you’ll regret. If you’re buying your first home, remortgaging or moving house, what should you be looking for?

BEFORE YOU APPLY

Advice on Looking For a Mortgage
Advice on Looking For a Mortgage

If you’re looking to remortgage then have an idea of how much your house is currently worth and the loan-to-value percentage. If you have a good loan-to-value then you’ll be offered a better rate. Before you apply for a new mortgage you should save the largest deposit you can. The best rates are reserved for those with good deposits, so it’ll save you money in the long run.

Before you approach a lender make sure you check your credit file for any problems before they carry out a search. If there are any discrepancies you’ll still have time to sort them out or speak to an IVA expert before they cause any problems.

Once you’re ready to apply for a mortgage have a good look around and see what’s on offer. You should research all the major lenders and use comparison sites to see how much you can borrow and at what rates. This way you’ll be more aware of the different products that are available and be able to choose the best deal for your circumstances.

FINDING THE BEST DEAL

Many buyers shy away from fixed rates, as the monthly payments are generally higher then with tracker products. The base rate has been low for a considerable amount of time, but that’s no guarantee that it will remain so. If you want to ensure that your payments stay the same, then you should opt for a fixed rate. If you are considering a tracker mortgage, make sure that you could afford the extra if rates were to increase.

WHEN YOU APPLY

When you’ve chosen your preferred lender don’t be tempted to go with what they say. If you’re remortgaging or moving house, you may be offered the option to extend the term of your loan by starting the 25 year period again. This may seem tempting as you’ll save on your monthly payments. However, you need to consider how much extra you’ll be paying by increasing the length of the loan.

Similarly, if you’re switching to a better rate you may have lower repayments. If possible you should continue to pay the same amount as before, as you’ll pay less overall and repay the loan sooner. You should check with your lender if this is possible, but many mortgage deals allow you to overpay a certain percentage.

Many applicants forget to take into account the fees that lenders levy on mortgage products. Usually the cheaper the deal, the more the fees will be and you should consider how much these will cost in interest over the period of the loan.

We may still be in the middle of an economic downturn, but there are good mortgage deals out there. However, you need to shop around, have a decent deposit and a good loan-to-value percentage. When you’re researching deals, don’t be tempted by the headline rates. Make sure you delve into the hidden costs and charges and know exactly what you’ll be paying.