Browsing Tag

Debt

Secured & Unsecured Loans: Which Is Best For You?

If you have been looking into consolidating your debts, or freeing up cash for an essential purchase, then you will have come across secured and unsecured loans. But which one is best for your situation? Find out right here.

Secured & Unsecured Loans

There is a simple difference between secured and unsecured loans. Secured loans are seen by lenders as lower risk because they are taken out against your assets – usually your home. If you don’t pay, the lender can foreclose your home and sell it. Unsecured loans usually have higher interest because they are far riskier for the lender to make; you are just promising to pay them back. So which one is better for your situation?

July 10, 2015

Debt

4 Ways To Clear Your Debt Quicker

If you don’t deal with your debts quickly and efficiently, it’s easy for them to get out of your control. Here’s how to clear your debts as quickly as possible.

1. Get Independent Advice

When you’re in debt, it can be hard to know where to turn. It seems like there’s nobody out there to help you when you need help most. But that’s not necessarily true. There are people to turn to, but some of them will charge you for it. Those are the companies you should stay away from.

Fee-paying debt management companies might seem like a good prospect when you’re desperate. But spending money on their services will make your situation worse. Instead, you should find free debt advice. There are lots of non-profit organizations out there that will help you out.

June 1, 2015

Debt

What Is The Difference Between Debt Settlement and Debt Consolidation?

Having a tough time managing your credit card bills along with your other outstanding loan amounts? Well, don’t worry because the well reputed financial institutions are always ready to bail you out from such hard situations. All you need to do is get in touch with a financial advisor who has years of experience in this industry and they will provide you the right guidance. While facing a financial crisis, the most common solution that comes across any individual’s mind would be debt consolidation or debt settlement and the tough part is to choose the right solution between the two. If you are also caught in this situation, then you can heave a sigh of relief because we are here to provide you the right assistance. This assistance will come through the process letting you know about debt consolidation as well debt settlement in the form of a comparative analysis and a detailed report on the same. Hopefully, that will go a long way in helping you decide for yourself which option you would like to choose. So without any further delay, let us take a quick look at these two financial solutions and the differences they have.

April 11, 2015

Debt

Want To Know How Debt Consolidation Can Save You Money?

Yes, Debt Consolidation Can Save You Money. Here’s how…

But I’m in debt

It can sound pretty incredulous to hear that you can save money when you’re already in trouble financially, and you are directing all your resources towards digging yourself out of that deep hole of debt. I admit, I also didn’t think it was possible. But there is a way you can save money while paying off your debts.

Have you heard about debt consolidation?

Well, even if you haven’t, the term is rather self-defining: you are simply consolidating all your multiple debts into one large debt. This may be done through what is commonly referred to as credit card balance transfers. You move all your balances to one low rate credit card and pay off that one card.

March 16, 2015

Debt

4 Quick Strategies For Paying Off Student Loans

Build a Solid Budget

It can be hard to adjust a budget to include a loan payment, especially if you’re not used to making one. A good rule of thumb is to separate your budget by the 50-30-20 rule: 50% of your monthly take home income toward living expenses, 30% to discretionary funds, and 20% to debt repayment and savings. Depending upon how many loans you have and the interest rate, you may need to get aggressive and contribute 30% to debt repayment and 20% to discretionary or “fun money”.

Try and find something that works for you, but that allows for you to make progress on your loans.

Set up a Great Debt Snowball

Repeat after me: Paying off as much as you can now will pay off big time later, to prevent compound interest from accruing.

One great way to accomplish this is by setting up what is called a “debt snowball.” In the debt snowball, you list all of your loan amounts and putting those with the highest interest rates at the top. The idea is to put all of your extra money to paying off the highest rate loans, and then when that one is paid off, on to the next loan, and so on and so forth. The advantage to this is that you could save thousands on interest.

The only downside to paying down loans with the highest interest rate is that it can take a long time for someone to pay them off and feel successful. So, if it makes more sense to you to pay off smaller loans first in order to feel accomplished and empowered, then by all means- do so. Many find this ”reverse snowball” approach essential to keeping motivated with debt payoff and avoiding debt fatigue.

February 26, 2015

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