3 Ways You Can Save While Repaying Your Debt

Do I save or do I pay off my debts? This is an age old question. Often people think that these options are mutually exclusive and many Americans focus solely on repaying their debt, placing less emphasis on having savings. In fact, Americans are saving less as the years go on, with an average American saving only 3.8 percent of their disposable income in 2017. If you are one of the thousands struggling with debt but wanting to save, check out these simple tips.

1. Make A Game Plan

There are different methods of repaying your debt and one method does not suit all. You can choose the debt snowball method and begin by repaying your smallest debt first. Conversely, you can focus on those debts with the highest interest charges attached to it and get rid of those first. Whatever method you choose, be sure to take the time to take into account your own personal circumstances. Once the decision has been made, it is a great idea to set up a game plan on how much you will save each month and how much you will pay off in debt. Targets are great for this and can be set annually or monthly. The ratio split between savings and debt repayment is up to you and is influenced by your savings targets and debt position. Make use of the resources available online including debt worksheets and organisation calendars. Having a visual of your target and a countdown can be extremely effective.

2. Explore Refinancing

Refinancing or consolidating your debt may sound scary but in reality can save you a lot of money in interest charges. If you’re struggling with various credit cards repayments, consider whether a payoff loan is right for you. AAA Credit Guide researches Payoff.com and the benefits it can have, one of which is that your loan is most likely to come with a lower interest rate than your current credit cards. Most credit cards can carry an interest rate of over 19 percent. With lower interest rates rates and one streamlined payment each month, you can save a good chunk of money every month.

3. Make it Automatic

Make the effort to put aside some money each month or week towards your savings and retirement. One good idea is setting up a direct debit at the end of each month when your paycheck is paid into your account. Do this once you have worked out your bills and set a budget. By automatically having this money transferred into a savings account, you won’t be tempted to spend it and before you know it, it won’t be missed. It can be any standard amount each month, even that spare $10 normally spent on coffees.

Be sure to continue contributing towards your retirement by investing a set percentage of your income towards an investment portfolio or 401 k. This is another form of saving, putting away money for when your career ends and ensuring you have a future stream of income.

With more people carrying debt, the ever arising question is how do they manage it and still achieve their goals such as owning a home outright. If you are looking to bump up your savings and get rid of your debts, budgeting tools available are your best friends. Getting the balance right between repaying debts and savings is important and depends on your own personal situation. Start out slow and build an emergency savings fund, while paying the minimum on your debts due. Do this to protect yourself in the event of income disruption or those unplanned expenses that we all know can pop up. If you still find that your income is lacking, there are many options to earn extra cash available. Small adjustments like this will surely get you on your way to being financially comfortable and debt free in no time.

Take One Step Closer to Buying Your Own Home with Freedom Debt Relief

Saving for the purchase of a new home is sometimes easier said than done. You know that your credit needs to be in good shape, and you know you should have 20% saved for a down payment, but getting to that point can be difficult. To save for a down payment, you need to have extra money that you can put aside each month, which not everybody does. And the more expensive the home, the more you’ll need to save. If you are in debt and struggling to make ends meet, there is good news. The Freedom Debt Relief program could help you get one step closer to achieving your dream of homeownership.

Saving for a Home – Where Do You Start?

If you have made the decision to save for a home, the best way to start is with a plan. Research the market to get a general idea of home prices so you can determine how much you’ll need to put aside. Once you have a savings goal, try to decide on the ways that you can reach it. The fastest two ways that you can do this are by earning more and spending less.

You can earn more money by doing things like taking on a part-time job. This could be delivering pizzas, driving for Uber, or even babysitting. Or, if you have a talent or hobby that you enjoy such as making jewelry or woodworking, turn this into a side business and earn a little money off it too. Another way to generate more money is by selling things you no longer need. Have a garage sale or list things online for sale. Just make sure to stay disciplined with putting this money aside each month as you work towards your goal. 

By reducing your expenses, you can also free up money to save for a down payment. This can be done a number of ways. First, take a good look at what you are spending your money on. Is there anything that really isn’t necessary that you could give up, at least for a while? Be mindful and track your expenses. This simple awareness can shed new light on your spending habits. Additionally, take a look at the bills you pay each month. Are there ways to get these down? For example, adjusting the temperature on your air conditioner when you are at work each day could decrease your energy bill by up to 15 percent.

Speaking of bills, how much are you paying on credit cards each month? If you are simply making minimum payments, it could take a long time to pay them off. The money you are paying on these balances each month could be going towards your future home instead. And this is where the Freedom Debt Relief program could help. With this program, you could become free of credit card debt, leaving more money available to put aside for a downpayment on your home.

What is Freedom Debt Relief?

Freedom Debt Relief is a program designed to help you resolve your debt quickly and for less than you owe. The program is customized specifically to your needs by one of their Certified Debt Consultants. So, you could receive significant savings compared to making your minimum payments each month. Plus, you could pay your debt off much quicker. 

Because our debt consultants are highly skilled in settlement negotiation, they will create the best negotiation strategy for your settlements, work through the timing and details of each one, and could also leverage your accounts against each other to negotiate even bigger savings. Once a settlement is reached with one of your creditors, they will contact you for approval. And you pay no fee until they have successfully settled the account for you. 

Want to learn more about how Freedom Debt Relief could help you get one step closer to home ownership? Give them a call today for your free, no-obligation consultation.

Working Your Way Out of Major Debt in the Most Stress Free Way Possible

At some point in our adult lives, the majority of us will experience debt of some sort or another. It's not surprising. You need to take credit out to improve your credit rate in the first place. However, it is so easy to misuse credit cards that some of us end up racking up debts that we begin to find it difficult to clear. Interest rates keep us stuck in a cycle of seemingly never ending repayments and late payments fees only serve to plunge us further into the red. So what should you do if you find yourself struggling to meet repayments and you start receiving debt recovery notices and letters through the post? Here are a few ways to cope and work your way out of debt in the most stress-free way possible.

Face Your Problems

The longer you ignore your problems, the more debt you will accrue and the more stressed you will be. Avoid falling into this vicious cycle at all costs. We understand it is easy to just bury your head in the sand when you face serious problems in your life. But the moment you start to face your problems is the moment that you can start being productive and resolving issues. So, start opening your letters. Check your balances. It is daunting but it is the only way to deal with things because your debts won’t just go away if you ignore them for long enough.

Know Your Debt

Once you have started opening your mail and facing your debts, you can start to work out exactly how much you owe and to which sources. This is the first step towards making the right decisions to clear your debts in the most effective and timely manner. Now is the time to start making a plan. This may sound excessive, but it’s the best way to make repayments and save yourself the most cash when it comes to interest rates. Work out which of your debts have the highest interest rates and prioritize paying these off first. 

Bankruptcy

Once you know the set amount that you owe and whether you can afford the repayments, you can come to a sensible and logical conclusion in regards to bankruptcy. This may be the last resort, but personal bankruptcy will be the best option for some who will owe more than they can realistically afford to repay at any point. Contact a professional for advice before filing a bankruptcy claim. This is a big decision and should be supervised from the outset.

Contact Your Lenders

If you decide against bankruptcy, you will have a clear mind and a sense of confidence in the process of repaying lenders. If you see that the repayments on all of your debts exceed your outgoings, don’t hesitate to contact your lenders. Most will be surprisingly helpful and understanding. You may be able to arrange lower repayment rates. This might come at the cost of having to pay a little more back over a longer period, but at least you will not be fined, and your credit rating won’t be damaged any further.

Know Your Enemy And Fight Debt

Debt is a nightmare that we hope we can all avoid, but the truth is, not many people do. 8 out 10 Americans are in debt and if you find that shocking, you shouldn’t. Debt is actually a built in part of society and the economy. In fact, the economy probably wouldn’t function too well at all without at least a small percentage of the population living in debt. There are too many products being sold that people buy when they can’t afford them, keeping the economy in check. Then there’s the situations where you have no choice but to borrow. If you have bought a home recently, you’ll know that you had to take out a mortgage. That’s a loan under another name and does leave you with high levels of debt. Student loans are another common cause costing upwards of hundreds of thousands of dollars.

Of course, we do have to distinguish between typical debt and high levels of debt that can’t be handled. If you’re desperate to avoid a situation where you have to sell your home to escape debt, it’s important to know the causes. If you know the causes, you should be able to avoid them completely. Or, handle them if and when they arrive. So, let’s look at some of the most common causes of debt in America.

Are You Feeling Alright?

You probably won’t be next time you take a look at your medical bills. Medical bills can be incredibly expensive. Typical procedures can cost anywhere up to ten thousand dollars, and you might think that’s manageable enough. You might, if you have the cash in your account, not even bother to use your insurance coverage. But that’s probably just the cost of certain medicine. If you need a surgical procedure or a transplant, it could cost you anywhere above five hundred thousand. That’s not so manageable, is it?

It’s unsurprising then that medical bills are one of the most common causes of debt. It’s not just the cost, it’s the fact that it hits you in one massive bill. And no, those costs aren’t immune to interest. You could very easily have paid a lot more than that by the time you escape your bills.

Thankfully there is help for situations like this. First, you might have been injured due to the actions of someone else. If that’s the case, then you can get help after an injury. You can speak to an accidental injury attorney. They’ll be able to advise you on the right steps to take to get the compensation that you might desperately need.

There are also people who help with expensive medical bills. You can consolidate your debt making sure it’s easier to pay off. They might even argue against the high costs if you are unable to afford them.

Sorry, We’re Going To Have To Let You Go

It’s just one of the many sentences that strike dread in the hearts of employees. However, that sentence has clearly been used a lot because according to statistics over 94 million people are unemployed across America. That’s just above forty percent of the population, and it is staggering.

If you are unemployed, you’ll be under immense financial pressure. You’ll struggle to pay the bills, keep up with mortgage repayments and generally, keep your finances in check. Although, there is a way lessen the blow of unemployment and make it easier to find a new job. While you are employed, you should be working to boost your skills and your experience. This will make you a far more desirable candidate for employees.

As well as this, you should be searching for jobs while you are comfortable working for a company. That way, you’ll already know what’s out there and hopefully, have a few positions in mind if unemployment does rear its ugly head.

Aside from this, you may want to consider setting yourself up as an independent worker as well. As an independent worker, you will be able to open yourself to freelance possibilities. Short term contracts may not be the final solution to your problems, but they could help a great deal.

On Credit

Although debt in some ways benefits the economy, it’s clear that too many people are living past their means. There are numerous possible causes for why this is. Perhaps, the cost of living is simply too high, and people have no choice but to live on credit. This is particularly true for those individuals with disabilities who have more trouble with debt that almost anyone else.

However, there are also those people who can afford an average quality of life and want more. So they borrow, mounting up credit card debts right up until the point where they can’t borrow any more money. The problem with credit cards is that you can use them for a lot longer than you should be able to. And as usual, it’s the interest that’s the real killer. Once the interest starts building on the money you’ve used, it can quickly grow out of control. That’s why if you are using credit cards you should work to pay off any bills as quickly as possible. Don’t let them mount up as this will almost always lead to debt.

If you do need to rely on credit for expensive bills, you should look into interest-free options. This will allow you to borrow money without the threat of interest as long as you pay it back within the time limit.

Bad Loans

Alternatively, you could end up in debt because you have borrowed from the wrong source. Some lending companies are nothing more than debt traps, charging obscene levels of interest and hidden costs. While there is movement in Congress right now to limit the power of these companies they still exist. You can borrow thousands online and find thousands added onto how much you owe in just a few months.

You should always research and read the terms of a loan carefully before you commit to taking money from any lender.

A Step-By-Step Guide To Dealing With Debt

Debt is an unfortunate by-product of modern living for many people across the globe. Year upon year, the number of people experiencing crippling debt rises and rises. There is enormous variation in debt; the amount you owe, and who you owe that money to, make a significant difference. No two situations are ever the same. But there is one thing which all debtors have in common: their debt is having a negative impact on their way of life. No matter the size of your debt, it is likely to be affecting your life in ways which you would rather it wasn’t.

There is good news when it comes to debt, however: it is manageable. All debt, regardless of its size, can be improved and managed effectively. All it takes is the right approach - and some time. How much time does, of course, depend on the debt and the individual - but it is always possible. This is important to remember if you are in debt, as your psychological state makes a huge difference. Being stressed about it generally causes people to overspend, and so get in more debt. That’s why the first step in debt management is to try and adopt a healthy approach to your finances. But what about after that? Let’s take a look now.

Budget

The first thing you must do when you need to take care of your debts is to spend some time focussing on your outgoings. It is important that you take the time to sit down and work out what you are spending. Write it all out - how much are you spending per week, per month? On what? If you are diligent in this process, you should soon be able to spot those areas which are prone to overspending. You can then start to work out a way of improving those areas.

Let’s say you have identified that you seem to overspend on your grocery shopping bill. Now that you know this, you can take active steps to resolve it. This might include shopping at a cheaper supermarket, for example. Or you might decide to start planning out more of your meals. This step alone can make a dramatic difference to your expenditure. Most people tend to overspend on food, so adopting a planned approach to eating can make an enormous difference. Another typical scenario is that you might notice areas of indulgence purchases which you do not need to make. In this instance, it is a simple case of cutting out those unnecessary expenses.

This first step is imperative because you cannot reasonably expect to make a dent in your debts if you have not first cut your spending. Cut your spending, and you can then start to look into reducing your debt.

Check Your Accounts

It is now time to check your bank accounts to ensure that you have the best deal possible. This stage of the journey is important for similar reasons to the first stage. Just as you need to reduce your spending to be able to make a difference to your debt, so do you need to stop giving money to banks needlessly. Many bank accounts take money from you without you even noticing it.

Firstly, if you have an account which charges a monthly fee just for having it - switch banks. These days, there is no reason at all to have an account which charges you money for no reason. Shop around and find one which is better suited to your purposes. With a little effort, you should be able to find an account with an introductory interest rate. These are ideal for raking in a little extra cash.

Also, ensure that you avoid overdrafts like the plague. Overdrafts are a way of borrowing money which can easily get out of hand. It is best to steer well clear. Another good tip to consider at this stage is to transfer your credit card balance. Transferring to another bank offering a 0% interest offer can save you a tremendous amount of money on your repayments.

Prioritise Your Debts

Now that you have started to get your everyday finances in order, it is time to take a look at your debts. Everybody’s situation is a little different, so nobody really knows as well as you do what your debt is like. However, it is advisable to prioritise your debts before you start repaying them. There is little use, after all, in paying your debts off in the wrong order. You may as well pay as little interest as possible, and therefore have less to pay back overall. The first thing to mention here is that if you have any debts which have caused a court action to be issued to you, deal with those first. This should be obvious, but it is worth saying. Beyond that, it is a case of deciding which debts are most important. Priority debts include things like: mortgage and rent, tax, energy bills, and court fines. You should pay these off first to avoid any strong reactions.

After that, it is a matter of taking care of those debts which are costing you the most. Credit cards, overdrafts, loans - all these need taking care of in due course.

If All Else Fails

There are alternative routes to take if you decide that you cannot repay all of your debts. This should be considered a last resort, but it’s good to know it is there if needed. Filing for bankruptcy is a route you can take to avoid harsher penalties for not paying fines. Bankruptcy offers the honest debtor an opportunity to start afresh with their financial life. If you do choose to do this, then bear in mind that you will require a top-rate attorney. Contact Ronald D. Weiss Law Office for further information on bankruptcy as a viable option.

Start Saving

As soon as you have begun paying off your debts, you should also start putting some money aside. This is a sensible step to take for a number of reasons. Most of all, it acts as necessary security against any future debts. If you do fall into the debt trap again in the future, then having savings to pay them off with is a huge boon. Hopefully, you won’t need to do that. In that case, you can use your savings for that much-deserved holiday!

Manage Your Finance – Debt Management Solution

Managing your finances can be tough when you have several loans hanging and all the repayments needed to be paid at once. It can damage your budget and leave you with no money left for bills and household necessities. This is where debt management solution can come in handy. It is a type of financial advice to manage expenses along with debt repayments the easiest way possible. The most common recommendation financial advisors would give is the consolidation of debts. This term can be explained in a single line as taking one loan to repay all your debt and then deal with the repayments of that single loan. So what is the best type of loan to remain with in Fairfield CA?

Emergency Fast Cash Loans

Emergency fast cash loans are known for their immediate availability and conditions that are hard to refuse such as cash within minutes, no credit checks, and bad credit history is acceptable etc. Fast cash loan options include: car title loans, payday loans, pawn loans, home equity loans and credit card cash advances. From these options car title loans in Fairfield are most recommended. The reasons lie in the 10 benefits (represented in the infographic below) they have over all the other types of loans. As you pay back the loan, the installments become smaller, debts become les, the interest rates go down and slowly you will enjoy a freer life. Taking a car title loan and paying off all your other debts can help you control your finances better and even start saving for the future.

In a nutshell, when you lose control over your finances and get into one too many debts, you can turn to debt management solutions and write off 90% of your debts the fastest way possible. Managing one single loan is always better than trying to control several others and worrying about all the different repayment dates. Financial advisors agree that car title loans provide the best option to repay all the other debts hanging.

Take control and start saving!

Business debt options - Best possible ways to get rid from it

In this day and age, businesses are having a generally hard time and the need to keep on top of your finances as a business owner is more than imperative. There are other companies out there that will be happy to jump on you as soon as something goes awry in terms of finances, and it’s up to you to be able to deal with them if that time ever comes.

Those in retail will have felt it the hardest in recent years, but almost everyone has been affected by the crippling effects of the recession. Even the most established or organisations have had to close their doors permanently, but with the right guidance and available options, you can steer your way out of debt and other financial qualms.

Business loans and business debt are the most common place areas where companies fall down, even though these are often necessary evils to help a company develop and go forward with new strategies. The problem is, is that the businesses’ income has to match repayments, which to some regard is what Business Debt Management Help is all about.

Business debt management, if implemented effectively, can help irradiate debt over time and there are several ways to be able to achieve this.

A plan can be applied that allows smaller repayments to ensure that they meet your monthly income and maybe even the capacity to freeze any further interest on the account. If this is possible, you’ll be able to avoid announcing bankruptcy.

The business may also be able to receive early invoice amounts in order to have early income going into the company’s account; this can enable you to get at least a percentage of an invoice that wouldn’t normally be due until the end of the month.

Other options include applying a commercial mortgage on any property owned by the business, as well as selling property and assets that isn’t integral to the business. Going through business debt management may also alert a potential investor who, if you’re lucky enough, will be able to write off your debts through buying the company.

The ability to show where the company fell down financially will be able to be told by companies such as Business-Debt-Management.co.uk and is a great way to be able learn from past mistakes.

Sam writes for Business-Debt-Management.co.uk, a company who offer business debt management & advice.