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Debt Management

Car Title Loans in Houston Are a Safe and Legal Lending Option

Car title loans have received a bad reputation. People say that these lenders are without conscious and make their money simply by charging exorbitant interest rates. Naturally, there are some bad lenders out there. The reality is, however, that car title loans have given people the help they need during some very difficult times. So long as you know what to look for, these loans can be very beneficial. And since they are now government regulated, there are far fewer risks as well.

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What Is a Car Title Loan?

A title loan is a unique construction. Technically, it is a secure loan, as you put up the title deed of your car as collateral. This title will remain with the lender until such time as the loan is paid off. However, in the meantime, you can continue to use your car. The amount of money you will be able to borrow depends on your vehicle. Generally speaking, you will not be able to borrow more than 50% of the value of your vehicle and most lenders will not issue more than $2,500. The money should be in your account the same day, or the next business day if you applied too later.

You do, however, have to understand that if you apply for car title loans in Houston, there is a chance that you will lose your vehicle. However, this will only happen if you do not meet the repayments on your loan. If there is a chance of that happening, you should not apply for a loan in the first place. It would then simply be better to sell your vehicle, as you would probably get more money cash in hand then as well.

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More and more often, car title loans can be paid back over a period of time. At first, they were short term loans that would have to be paid back within 30 days, but this is now changing. Additionally, while the interest rates are high, they are now regulated on federal, state and local level. Strict laws are in place that lenders have to adhere to. As a result, you should no longer find yourself in a situation where you obtain a loan from a disreputable lender.

However, you should still take the time to review the different options that are out there. A quick search for title loans in Houston will reveal a great number of results and it is important that you find the one that is most suitable to you. Some of the things you may want to take into consideration in order to choose a lender include:

  • What percentage of your vehicle’s value are they willing to borrow you?
  • How do they determine the value of your car?
  • What is the interest rate?
  • What type of repayment options do they offer?
  • What happens if you can’t pay your loan back?

Car title loans are great solutions for people with an immediate financial need.

Debt Management

The Basics of Debt Management

Debt management is a buzzword that commonly gets thrown around but what is it really and what does it entail? More importantly, what can you expect to see in a debt management plan and how can you use this to your advantage? Likewise, where do you get proper debt management help if you are at a loss as to how to proceed from your current situation? 

Here are a few basics on debt management that are designed to help you understand about securing the right debt management help to help you erase your financial problems. 

Debt management is essentially a series of concepts and ideas implemented to arrest and reverse the continuing growth of personal debt. While debt is something that happens to everyone all the time, it becomes a particularly critical issue during these times when the economy is weak and jobs are hard to come back. In essence, debt management encompasses the following areas: 

  • Debt management plan. This is the actual step-by-step strategy that one executes to arrest debt growth. It should include payment schemes for multiple debts, including but not limited to prioritizing which ones should be paid off immediately, which ones can be re-negotiated to a lower rate, and which ones ca be deferred without incurring extra late payment fees from the creditors.
  • Debt management consolidation. This is one of the more infamous strategies towards debt settlement because it can be wrongly used and in turn, can backfire. Debt consolidation simple means securing a loan that is then used to settle all your debts so instead of looking at multiple payables, you are left with just one. The disadvantage with this approach is if its done only to temporarily resolve debt problems without addressing the root cause of the issue: poor spending habits. Debt consolidation should only be done once and as a last resort to debt problems and not on multiple occasions becoming a force of habit that worsens your debt situation. 

To get debt management help, there are plenty of organizations that offer debt management advice as well as an overview of the concepts and strategies that one can implement to minimize debt problems. There are also plenty of internet resource materials that explain these concepts in detail. Further, if you want to personally talk to a debt management professional, you can approach banks and financial consultation institutions to provide personal counseling for a fee. These are all geared towards making you learn the concepts of debt management and practice it in your everyday life. 

So check out these resources and improve your grasp of debt management concepts so you can use it to your full advantage in resolving your financial dilemma and reversing your fortune towards financial freedom. 

Debt Management

Can A Car Title Loan Help You Rebuild Your Credit?

Can A Car Title Loan Help You Rebuild Your Credit

It’s a tough world out there, especially as you begin taking on large financial responsibilities and accruing debt. And the more credit cards and loans you take on, the harder it can be to maintain the financial responsibility to stay current on payments. After some time it begins to affect your credit, so that any large purchase you plan to make someday—which requires a credit check—becomes more difficult, if not impossible. 

If you have bad credit and are stuck on finding solutions to rebuild it, title loans are one of the many ways that you can regain control. If you do your homework and plan it out right, there are helpful resources like TitleMax that have valuable information on how to get your finances back in order. Title loans can help you to pay off other debt that might be causing you trouble and start building your credit back up at the same time. 

Make payments on time 

Making timely payments on a title loan is key to regaining a decent credit standing. The purpose of the loan is to give you short term access to cash. And because of that, the terms of the loans will put you at higher risk and have larger repercussions if you start to miss payments. As you make payments, however, you are showing financial responsibility while reducing other debts that play a role in your credit report. 

Can I keep my car? 

Taking out a title loan will not affect your day to day life, as most lenders allow you to keep your car while you are in repayment. Thus, you still have access to get around and continue working. This is a large benefit for this type of loan, as it provides you with quick money in an emergency or for when an unplanned cost gets thrown at you, without the inconvenience of actually giving up your car. 

Use it to pay off other debt 

Most people are reluctant to take out title loans because of their high interest or because they risk forfeiting their car if they fail to make payments. While this is true, it really comes down to you and making sure your payments are on time. As previously noted, you can use a title loan to your advantage to pay off other debt that is bringing your credit score down. 

The sooner you can eliminate debt, the sooner you can move on and begin looking towards other purchases, like a new house or a remodel. If you need a quick fix for your climbing debt, or a long term fix on your credit score, consider a small title loan to get rid of any other debt quickly and (hopefully) painlessly. The burden of unpaid debt can be stressful. The best way to fix your debts quickly is to eliminate them once and for all. With a good plan and responsible planning, you can quickly get yourself back on track. 

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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?

If you want other people to become resourceful be sure to spread the word and use the icons below to share this post.

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!