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Debt Management

Don’t Let Debt Overload You

Debt is a huge burden when it’s accumulated for the wrong reasons. Using credit cards to by the next big thing is never the way to go when it comes to being financially responsible.

However there are times when debt is ok. For instance, you want to buy a house. Yes it is possible to buy one with cash but that would probably take a decade if not more. So getting a loan for something like that isn’t a bad thing. If you can benefit from going back to school in order to be able to get a better job in the future, private student loans will also be debt that is ok as it may be impossible to pay a university outright.

A car loan also isn’t that bad because a car is a necessity for most people. Of course you should be getting it for it’s purpose if you’re going into debt and not necessarily because it’s the best looking sports car available.

And another time it’s ok to get a loan….a significant hit to your finances. For instance you lose your job and you’re about to be homeless. Getting a loan to cover your mortgage isn’t the worst thing you can do. Of course, you should have cut everything to the bone as far as your expenses.

Debt is everywhere and most people have it. But don’t let it take over your life.

Surprised at the state of UK consumer loans? View how quickly UK consumers accumulate debt with this live debt ticker.

Breaking down UK loans infographic

This infographic is brought to you by QuickQuid

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

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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