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Debt Management

Avoiding Interruptions In Your Debt Payoff

Paying off debt requires persistence and dedication. Sometimes in the process of getting the upper hand on what we owe, we can run into situations that threaten to derail our strategy. Some are of our own doing, others are external. Let’s review some of each.

Dealing With Lost-Work Injuries

Let’s face it. No matter what other strategies you have to manage your debt, the only way you can pay it off is to remain gainfully employed. And when you are doing everything right but end up off work because of someone else’s mistake, the damage to your life can extend far beyond a few weeks of missed paychecks. Indeed, everything you’ve been doing to try to improve your financial situation can be undone as quickly as a car can run a stoplight.

How do you respond when this happens to you? You can’t let an injury leave you off work with no money coming in. If you do, a vicious cycle can result in which you hurry back to work before you’re fully recovered. You then re-injure yourself and end up off work again, and so you hurry back to work again, and on and on.

This can’t go on. Mike Pines has represented many injured people who ended up without a paycheck because someone else was reckless. His background in the insurance industry makes him uniquely qualified to confirm the importance of recovering money for lost wages when you’re hurt. If you don’t pursue reparations for the full cost of your injury, your entire financial future is in jeopardy.

Avoiding New Debt

This may seem a little too obvious for someone already struggling to pay off existing obligations. But thanks to the availability of your credit score to would-be lenders, your mailbox may contain daily temptations to consolidate debts by taking out new loans.

You must resist those calls for your attention. Most local banks, employer credit unions, and other local lenders who know you better are a much better option for simplifying a jumble of loans and credit cards. The mail-based offers will feature sky-high interest rates, hidden fees, and interminable payoff calendars. You may think you’re doing better by cutting your payments drastically, but you will be stuck paying on it for much longer. Your total payout will be much more by adding all those extra months.

If you really are struggling to make payments, chances are you’ve checked elsewhere for better options. If you’re only looking at something new because of a flashy piece of mail, do yourself a favor and trash it. Remember, the best debt is the one you never owe.

Bring Home (Extra) Bacon

When you’re just barely making payments, it is much better to expand your income than to try to shrink your payments. For those who are already worked to the max, of course, this isn’t an option. Your health, your family, and your performance at your existing employer(s) demand that you have some amount of down time.

But if you’re just trailing along at 40 or 50 hours of work per week and you’d like to get more aggressive in your payments, investigate some options for other work. Maybe you could perform services through your own business, such as cutting grass. Some people have elderly or ill neighbors who can’t mow their own, and they’ll gladly pay the neighbor to do it for them.

There are also freelance writing jobs, part-time work on night shifts, and there really is legitimate online work. Again, ignore unsolicited offers on email or ads and take the initiative to find reputable employers yourself.

Living in debt is unpleasant. It can dominate your every thought, sapping all the enjoyment from your life. The faster you cut it loose, the faster you can enjoy your friends, family, and work. Do what it takes to speed up your payoff, and get ready to enjoy living again!

Debt Management

Getting Your Car Loan Refinanced Can Be A Great Option For You

If you are struggling with your car loan, and you think that it will not be possible for you to repay the loan on time, one of the best things that you can do is to get the loan refinanced. Refinancing a car loan often seems to be appealing, and there are many people in the recent years that go for this option. If you want, you can also go for the same. However, prior to finalizing your decision, it is crucial to acquire adequate information on refinancing so that you can be aware whether it is a suitable option for you.

Getting The Benefits Of Lower Interest Rate:

One of the most important benefits that you will get by refinancing your car loan is lower interest rate.  If you have a bad credit or no credit, you can check out the rates that you will have to pay on refinancing. This in turn might help you in improving your credit score over the years by means of which you will be able to get lower interest on refinancing. Consequently, you can be assured that it will be easy for you to repay your loans faster and get relief from your burden.

Getting More Money On Refinancing:

If you owe less than the total amount of your car loan, it might be possible for you to access more money with the help of refinancing. As you know that the interest will be lower, things will be easier for you. The loan that you obtain will also enable you to cater to other small requirements like home improvement. Make sure that you the loan that you obtain on refinancing is repaid on time. This will surely create a great impact on your overall credit score.

Flexibility Of Changing Lenders:

When it comes to refinancing, you have the flexibility to change lenders. If you do not have good relation with your current lender, or if it is difficult to get in touch with your lender, you can avail the option of changing lender and switching on to someone that is flexible. However, if you are comfortable with your current lender, you can get your loan refinanced from the same. Thus, it is rightly up to you to decide the lender from where you will get your personal installment loans refinances. On the basis of that, you can enjoy the benefits and advantages.

Lowering Your Payments:

Refinancing loan means extending the term period of the loan in order to enjoy some benefits. For instance, if the current loan term is two years, you can extend it for four years, or more. Thus, if you add few more years to your current loan term, it will be possible for you to reduce your monthly expenses based on the interest rate that you have to handle. It is true that you will be paying for two more years, but you will at least be able to reduce your expenses each month. Consequently, it can be helpful for you in your tough times.

Debt Management

Budget-Wise Tips This Holiday Season: Learn Them Now

Budget-Wise Tips This Holiday Season: Learn Them Now


The holidays are here again; the attractive deals, shopping-inspired atmosphere and wild rush to purchase “limited” goods. It is easy to get carried away in the melee of excitement.

Remember, you will have to take account of your finances afterwards. In a survey, about 43% of people admitted to financial regret after the fervour of the holidays was over. You don’t want this to be your lot.

In this post, our financial expert suggests savvy shopping tips that ensure you enjoy the holiday without making mistakes that will cost you, literally.

1.    Value your relationships

Everybody has a list of people they would like to gift something this holiday. However, careful planning is key to avoid putting pressure on your finances. Write down a list of your loved ones and friends. Put a certain amount you wish to spend beside their name. The price limits will help keep your holiday budget in check.

2.    Compare prices with your phone

There are many gift ideas available in all the retail stores. Don’t make the mistake of deciding on the first place you come across, or you may end up paying more when you could pay less. Rather, use your phone to compare the price of the same item in other stores. This should present you with cheaper- even better alternatives.

3.    Don’t put off shopping until it is late

The holiday shopping experience banks on one thing; “limited offers”. Even though some of these items may not be limited, marketers use the scarcity principle to drive sales. When you buy early, you are somewhat immune to this effect. Moreover, you don’t get involved in the rush that is common with late shopping sprees. It is safer and more wallet-friendly.

4.    Research your options thoroughly

During the holidays, most people are in a hurry to secure the ‘best deals’ that they let down their guard. Online fraudsters capitalise on this to scam unsuspecting shoppers. Beware of deals that appear too good to be true.

Always research the vendor. Protect the details of your current account (or any other bank account) online. Watch out for fake websites, phishing scams and products that are not really there.5.    Consider making gifts

The beauty of giving gifts to loved ones is that it doesn’t have to be expensive. As they say, the joy is in the gesture. If you are good with your hands, put on your creative hat and get crafting. There are many good ideas on DIY websites. Consider beautifully framed photos, cookies for your kids’ teachers, knitwear and so on. They are practical and cost effective.

6.    Manage your spending

Prepare a budget for your expenditures. It is essential to pen down a total amount you plan to spend this holiday. Watch the cash flow and note when you go off track.

It is easier to remain in control when you spot heavy spending early. Factor in additional expenses like delivery and shipping costs so you don’t get caught off guard. If you are travelling, create a travel budget too.

After the holidays, do a review of your expenses and write down lessons learned.

Debt Management

Different Ways Of Repaying Your Student Loans Faster

In the recent years, the costs of education have increased to such a great extent that without student loans, it is difficult to continue higher education. There are many reliable lenders like banks that grants student loans at various interest rates. Getting access to these loans is not difficult. However, the major problem is that students find great difficulties in repaying the loans because of the high interest rates and lack of proper jobs. Moreover, there are variable loans and loan from the government. The combination of these things can often make situations difficult. If you are fighting with your student loan, you will have to find out easy means to repay your loans.

Choose The Right Repayment Plan:

It is extremely crucial to make sure that you are successful in choosing the right federal loan with proper repayment plan. Different loans offer different repayment options, especially in the context of federal loans. The loans range from the standard plan to a term period of about 10 years. There are even income-based repayment options that can have lower interest rates. Make sure that you acquire information on different repayment options so that you are successful in selecting the best.

Paying The Private Loans First:

There is another important thing that you should always remember in the context of private loans. These are variable loans and the interest rates on these loans no credit check are higher. Thus, you should try to pay off these variable loans first. Rates can also climb in the next few years, and you do not want to pay the high interest rates. Therefore, it is always better to pay them so that you are relieved from a majority of loan terms. Once you have repaid the variable ones, you can now concentrate on the fixed ones granted by the federal agencies.

Make Frequent Payments:

The easiest way to pay off your student loan is to pay more every month. Based on the monthly amount that you have to pay each month, you can try to pay slightly more. The lender will accept the extra amount and this will reduce your burden over the student loan. Decide a percentage of extra payment that you can afford to pay each month on the basis of which you can set up a plan. If you are able to pay off greater amount of money, it is obvious that your loan will be repaid and you can save money on your interest rates.

Budget Better:

The first and the most important thing that you should not forget are to create a proper budget. Lack of a proper budget will not enable you to understand and determine the amount that you need to pay. A better budget will surely help you to save more money so that you are able to repay your loan. Getting rid of student loan or any other loan at the earliest is essential because it can create a good impact on your overall credit score. This can be a great option.

Debt Management

Do Not Be Scared About Debt, Do This Instead

Hello my fellow Financial Freedom Guerrillas.

I know being in debt can seem overwhelming but you can win if you don’t curl up and die. The last thing you want to do is freeze up, because then the debt will have won. You are stronger than that and I know you can overcome it.

There are a lot of things in life to be scared of, but debt isn’t one of them. The boogie man, Loch Ness monster, Bigfoot, those are things to be scared of. Debt is just an over indulgence of life.

Instead of being scared become resourceful. Think to yourself “what can I do to get out of this situation?”, “What can I do to kill this debt?”

Do you need to get rid of some things? Do you need to cut back on your monthly expenses? Do you need to make more money?

Think about it this way, If you were stuck behind enemy lines and you only have the clothes on your back, would you just lay down and die? I would hope not. I would hope that you would find a way to make it home alive.

Do that with debt!

Use all the resources available to you. Do you have somebody you can stay with? Do you have somebody that can help you come up with a plan? Do you have somebody that can help you learn to fish, instead of giving you the fish?

We are lucky to be at a day in age where we have a huge resource available to us for free. The Internet! Use it to help you find answers to what you’re scared about. Write down all the reasons why you are scared and Google them.

I promise you are not the only one who is scared. Look around and you’ll find other people that have become resourceful and didn’t let being scared stop them from overcoming debt.

Just don’t let that paralyze you, don’t give it power over you, don’t let it eat you alive. Become Rambo and do what it takes to defeat your debt.

Your dreams are waiting for you, so start heading towards them. I’m knocking down all of the barriers in between. Don’t let debt conquer you and kill your dreams, conquer it and make your dreams a reality.

Are you ready to defeat your debt?

How are you/have you become resourceful?

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