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Can I Get a Debt Consolidation Loan?

Do You Have to Have Good Credit to Get a Debt Consolidation Loan?

If you're struggling to pay off your debts and can't find a good way to increase your income, you may be thinking about finding relief by other means. As you probably know, there's an entire industry that's devoted to helping folks pay down their consumer debts in a timely fashion. A significant amount of the activity that occurs in this industry involves a practice known as debt consolidation lending.

Debt consolidation loans are large loans that may carry relatively low interest rates. They are ideal for borrowers who carry large amounts of credit card debt. Debt consolidation loans enable these borrowers to pay off their high-interest debts and may dramatically simplify their debt payments.debt consolidation loan application form.

True to the "consolidation" in their name, debt consolidation loans are designed to reduce the number of monthly debt payments that a struggling borrower must make. Instead of 12 outstanding credit card bills, a credit card consolidation borrower only has to worry about making a single larger payment to his or her lender.

If you're behind on your credit card payments, you may be wondering whether you have to have good credit to obtain a consolidation loan. Unless you've been very lucky, your credit score is probably not as solid as you would like it to be. You might have a justified worry that you'll be unable to secure approval for your loan.

It would be ironic if you were unable to secure a credit consolidation loan as a result of your poor credit profile. After all, consolidation loans are designed to help borrowers who struggle with large amounts of credit card debt. Most such borrowers have less-than-ideal credit scores. Debt consolidation lenders that adhered to strict credit-score standards when screening borrowers would be cutting out a significant portion of their "target" clientele.

For this reason, it's possible to get a debt consolidation loan with bad credit. Many debt consolidation lenders are willing to issue loans to distressed borrowers. Unfortunately, such loans typically come with some problematic drawbacks.

High interest rates are one of these drawbacks. Whereas "prime" borrowers may be able to secure low-interest consolidation loans, borrowers who have poor or mediocre credit may have to pay through the nose for their loans.

Even in this low-rate environment, it's not uncommon for lenders to charge annual interest rates of 15, 20 or even 25 percent on their sub-prime loans. This might substantially raise your borrowing costs and negate any of your loan's potential savings. If you can't save at least 5 percent on your outstanding debts with a consolidation loan, this course of action may not be worth the hassle.

The potential need to collateralize these loans is another serious drawback. Although each lender's policy is slightly different, many may require you to put up some collateral as a condition of your loan. This could take the form of a car, house or other valuable asset. If you become unable to make the payments on your loan, this asset could be subject to seizure.

The prospect of doing further credit-score damage is a final weakness. Since these credit facilities are so large, the monthly payments on credit card consolidation loans can be massive. If you fall behind on your loan or become unable to make your payments at all, you run the risk of a credit-damaging default.

Once you default on your loan, your credit score will drop precipitously. In turn, this will make it difficult for you to take out another loan. Even if you can find a lender that's willing to approve your application, your new loan would probably carry a far higher interest rate than your original credit facility.

Before you take out a debt consolidation loan, you'll want to consider all of the credit relief options available to you. Although you may be able to secure a loan with a poor credit score, there are certain risks associated with this course of action. In the end, you're the only person who's capable of determining how best to tackle your unsecured debt burden.

by Lacie Kehm

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Financial Talk Before Getting Married And 6 Points To Cover

Financial Talk Before Getting MarriedOne of the things that are most dreaded by couples who are thinking of getting married is the financial talk. It is similar to being called by the principal in the office when you were still in high school. Or it can also be likened to when your boss calls you in for wanting to talk about something important. These talks usually do not end well.

When you are about to get married, there are are a lot of things to consider and focus on. One of these would be your finances. As much as love and compatibility is a major part of your relationship, money will play a crucial role in your marriage. How you handle your finances as a couple can even be a great indicator of how compatible you are with each other.

Having the financial talk prior to tying the knot also helps you prevent common money mistakes couples usually make. Rather than put off important conversations prior to getting married, you both need to make a conscious effort in planning it. Set a date when you are both free and sit down to talk about it. You can even make it fun for the both of you and do it while you are on a vacation.

One of the challenges in having this talk is knowing where to start. If you haven’t done it before, it would really be a challenging and at times, awkward ordeal for the both of you. Trying to ask each other about income, expenses, habits and even long-term plans can be quite scary. But this is something you need to do before you get into a lifetime commitment.

Here are a few things you need to cover when you and your partner decide to do a financial talk before getting married.

Debt level recently shared that about 38% of households in the country are managing varying degrees of credit card debt. Debt will form a part of your relationship before and after marriage. It just takes different forms and amount. With that being said, there is a big chance that you are bringing debt into your married life.

This is why talking about debt is one of the most crucial steps you need to sit down on before tying the knot. It does not help to know that one of the leading causes of divorce points to financial misunderstanding. You need to find time to talk about what debt you are bringing into the marriage. This gives you the chance to formulate a repayment program based on your income and budget so you can work on it together.

Credit score

Your credit score is something you do not talk about on a first date. However, as your relationship deepens and now that you are preparing to get married, it becomes an important financial factor. Just as lenders use the three digit score to assess your borrowing risk, you can do the same to quickly get an overview of how your significant other has been managing their finances.

This can also help you plan your financial goals better. Take a mortgage loan for example which is a popular option to help a lot of people in buying their own home. Your score will play a crucial role in the approval of your loan as well as the interest rate on it. There are ways to manage and improve on a score but the important thing is you talk about it.

Financial philosophy should be part of your financial talk

There is a big chance that you and your spouse would have a different approach to managing finances. This is because you both come from different backgrounds. From how each of your family managed their own finances to financial role models you looked up to. You can also have different strategies in saving money and varying beliefs on why you do what you do with your funds.

The goal of a financial talk is not to force one belief over the other. Or even to convince the other that one philosophy is better and should be the basis of your finances moving forward. The reason why you are having a financial talk is to try and understand where each of you is coming from. As you do this, you get a better understanding of each other’s financial approach and philosophy. You then are in a good position to look for ways to craft a win-win strategy. You can integrate both of your ways, take the best practices in and create a better approach.

Career goals

Another topic that you have to include in your financial talk would be your individual career goals. The reason for this is that it gives you an idea of each other’s future goals. In a way, it will give you a peek into your potential finances in the future. This is because your future career choices would have a direct hand in deciding your finances.

If you would be able to plot your career path and where you want to be in a few year’s time, it would give you a better idea of how much you would be earning. Not only that, it will also make you understand the time and financial investment you have to put in to get where you want to be in the future.

Children and finances

Marriage usually entails growing a family and children is a big part of this equation. As you prepare to get married, it would be a good idea to start talking about your plans of having children in the future. There are people who want to have children right away for a number of reasons. They might be considering their age, health or even financial status.

Then there are those who wants to postpone having children. Maybe they want to focus on their careers first or even pay up their student loans. You might have the same views with your spouse when it comes to having kids. However, on the off-chance that you don’t it is best to have this talk early on. This is because it forms part of your financial talk as it deals with marital finances. Deciding to have children will affect all areas of your married life including your finances. Be sure to touch on this topic as you prepare for a life of togetherness.

Here is a news report on how cost of childcare has affected families:

Retirement plans shares that average retirement age in the country is at 62 years old. It’s easy to just take this number and start planning for both of your retirement. However, there are a lot more factors to this number than you think. With this, you have to work back and determine how much you both have to save and at what point do you start saving.

What works best with your retirement fund is when you start as early as possible. In doing so, you have to consider how your spouse would like to plan for this fund. It is important that you are on the same page so you can smoothly execute whatever retirement saving strategy you agree on.

Having a financial talk prior to walking down the aisle and saying your “I dos” can save you a lot of trouble in the long run. Foregoing this conversation can lead to avoidable financial misunderstandings as you navigate through your relationship.

Tax Refund Check Is Coming And What To Do With It

Tax Refund Check Is Coming And What To Do With ItA tax refund check is one of the biggest money event for people and they starting to be given out by the IRS. According to, the agency started mailing out these checks to consumers in the middle of February. Of course, those that filed early will be the ones to get their checks first. The report also shared that average refund amount is well over $2,000.

For those who have past due IRS taxes, they may not see refund money in the mail. There is a bigger chance of getting a letter demanding them to pay up. However, if you diligently pay your taxes, there is a chance you have one coming your way. This unexpected check should be a great stimulus to your financial goals.

There are some people who are quick to point out that these refund checks actually do more harm than good. If you consider how it is really a non-interest bearing loan to Uncle Sam, you start to think of ways you could have used that money. If you have invested that money, you could have received some earnings on it over time.

However, some people point out that it is better to overpay for taxes rather than send in less than what is due. This poses a bigger problem and being audited can be a really stressful time. Regardless what your stand is, there is no denying that receiving a refund check on your taxes is quite exciting. You begin to spend the money in your mind way before you receive the funds.

Here is where sound financial decisions should come in. When you receive a tax refund check, here are a few things you need to consider. Forget that red sale sign plastered on the window display of your favorite shop. Think of your finances first so you can prepare for your future needs.

Pay Down Debt

This is probably one of the hardest things to do when you get your refund check. However, this can be a big boost for your finances down the road. One way to start with this is to pay off high-interest cards first. According to, the average interest rate on a card stands at 12.09%. If you pay off some of your card debt, it frees up future income for other saving goals.

You can also use the money to get caught up on past due bills. This can have a positive effect on your credit score and lower down your financial stress level as well. You can also look at enrolling in a debt consolidation program to have an easier time managing your payments. You can use the tax refund amount to get started ahead with the monthly payments.

One way to deal with debt payments is to use the money and make extra payments on your financial obligations. You can choose to make extra monthly payments so you prevent late fees and charges. Another way is to talk to your lenders and explore the possibility of making payments on principal. This can help lower down your balance and save interest in the process as well

Fund Your Emergency Savings

You need to have a good grasp on the importance of your reserve funds by now. The tax refund check can actually be used to beef up your reserves in case of emergency. This is your best weapon against unforeseen circumstances in the future. The more dependable this fund is, the better you are equipped in facing financial challenges head on in the future.

Start a College Savings Fund

As your children grow up, you would slowly find the need to start planning for their college needs. When this happens, it is quite impossible not to talk about the cost of attendance and student loans within that topic. As you mention scholarships and the difference of federal and private student loans, you need to seriously consider a 529 plan.

As the described it, the fund is a tax-advantaged savings plan. It was put in place to encourage parents to save for their children’s college expenses. There is no question that the cost of attendance in various colleges and universities are on a rise. You can help them offset this burden by saving up for them early on. Your tax refund check can be a great start in funding this plan

Invest in Yourself

There are a lot of options to invest your money. There are stocks or even bonds that you can choose from. However, do not forget that you can also invest in yourself. It can start from getting healthy by enrolling in a gym membership or choosing healthier food. You can also take classes to improve your skills. Using your tax refund check in improving yourself would benefit your finances in the long run.

Save for Retirement

The time will come when you eventually have to stop working and retire to a quiet life. When that time comes, you need to have enough retirement fund to cover your financial needs. The way to make that amount as dependable as possible is to start saving for it early on. Your refund money can be a good start and can help boost that amount.

Consider refinancing your mortgage

You can actually use your tax refund money to refinance your mortgage. This can help you save money especially when you have a better credit score now compared to when you took out the loan. So where does the refund money come in? As you refinance your mortgage, you need to consider some closing costs and fees. You can use your refund tax to cover those payments. Doing so and getting a better deal from a lender can save you a tremendous amount of interest payment down the line.

If you are happy with your interest rate at the moment, you can look at making renovations around your house. You might even be able to finally get some repairs done around the house. Getting renovations done can increase your home’s value and can be a good investment for the future. Repairs, on the other hand, gives you a proactive approach in preventing bigger expenses around the house.

Get that business idea off the ground with your tax refund check

You might have a business idea that you have been putting off for some time now because you lack the funds. This windfall money might just be enough to get you started. It would not allow you to start a big company right away. However, it can give you the chance to take some of the first steps. It might be enough to explore opening an online business at the moment as compared to a physical store. You can hire freelance workers to start with rather than forming a team but their salary is up in the air.

If you do receive a tax refund check in the coming months, it is best to take a deep breath and plan out how best to use it. It is easy to simply take that amount and spend them on various wants. It takes a lot of discipline to use the money on things that can benefit you and your finances in the long run.

Empty Nest Syndrome And What To Do With Your Finances

Empty Nest Syndrome And What To Do With Your FinancesEmpty nest syndrome occurs when the parents suddenly find themselves alone in the house after their children have moved out. Similar to how a bird’s nest would become an empty shell once the young ones fly off to start their own lives. The same with people because as soon as the children start attending college, they are off on their own.

According to, over 20 million students enrolled in higher education in 2016. This could mean that there are a lot of empty nesters out there trying to adjust to a new phase in their life. This means that their finances are also having to go through some serious changes in the process. This is on top of the emotional adjustments parents need to make when a child leave the house.

The problem is that this is not something that is on top of mind of parents when they start plotting out their financial timelines. For most, they would be focusing on the big things such as retirement planning or even a college plan for the kids. It can eve be how to save up for a downpayment on a mortgage loan or even starting a business.

An empty nest might not bother a lot of people too much because they associate the experience with that of freedom. Freedom to finally be able to use their child’s room and transform it into something else. They also start to look at their finances and get too excited. They know that there will be adjustments that would increase their cash on hand. There are money mistakes parents make with their kids but this is definitely something they are making on their own.

If you are experiencing an empty nest syndrome, here are a few of the financial changes you need to focus on. These can help you get through your situation and be able to take control of your finances.

Revamp your household budget with an empty nest shares that an average household spends about $55,978 a year in expenses in 2015. Of course, an empty nest could mean that expenses would go down because it would support fewer people. There will be changes across the board from the groceries to utilities and even save up for emergencies.

As this happens, you need to re-do your budget so you can take advantage of these changes in your finances. It would be such a waste when you simply start to inflate your lifestyle and check out every item in your online cart. You need to identify where the extra money would be coming from and adjust your budget accordingly.

Be aggressive with debt payments

One of the things you can explore is to be a little more proactive with your debt payments. As you might have been managing a lot of expenses in the past, you could be used to simply sending minimum payments. However, now that you have a little more elbow room in your finances, you can start paying your debts down more aggressively.

You can start looking at making extra payments on top of the minimum amount to be able to save money on interest payment. A little more extra money and you can either make extra monthly payments or even make principal payments on some of your debt obligations. This would allow you to pay off your debts faster. You can even enroll in a debt consolidation program to help you manage your payments a lot easier.  

This strategy helps you lower down your expenses, increase your net worth, as well as save more for the future. It can be doubling up on your reserve funds or even maxing out your 401(k) annual contribution. These financial steps that are available because of an empty nest can help you prepare for retirement better.

Shift your finances

This is where this comes in because, with an empty nest, you need to re-focus your finances. When everyone was still at home, your children was your priority. Their needs came in first. From saving up for their college needs to making sure they have what they needed. With this, your finances would have revolved mainly around them.

Now that you have an empty nest, you can shift your focus back to you. As mentioned earlier, this can give you the chance to save more for retirement. You can even start to pursue and be a little more aggressive with your hobbies. Take cooking lessons or invest in photography equipment. These can even turn out to be a money making ventures for you down the road.

Consider getting back to work

There are a lot of reasons why parents would want to stay home. But one of the reasons for most parents is to have the chance in taking care of their children. Now that you have an empty nest, you have the option of going back to work. This can benefit you in a lot of ways starting with your finances.

Getting back to a corporate life can mean another set of steady income for you and your spouse. This can help you plan out that comfortable retirement you have been dreaming of. It can also help you reconnect and grow your professional network. This would be useful in case you want to pick up some extra work after retirement.

Check your insurance coverage

There are a lot of tips in buying insurance to help protect you and your family from unexpected emergencies in life. However, once your children start living their own lives and getting insurance coverages of their own, you need to adjust yours. Review your insurance policy to take advantage of your situation. Talk to your insurance company and explore the possibility of lowering down your premium because your dependents will not include your children anymore. Just be sure that your children have insurance policies of their own.

Consider a tiny home

One of the biggest changes you would have to get used to with an empty nest is the big space at home. Now that your children have moved out, do you really need three to four extra rooms in the house? You can choose to have them rented out but are you comfortable in having other people with you?

One thing you can do is to consider downsizing and getting a smaller house. As shared that a tiny home is a big decision, you need to carefully weigh the pros and cons of moving to a smaller house. It is best that you and your spouse agree on it. You can also let your children know about it so you can get their sentiment,

Here is a video to know more about living in a tiny home.

Being in an empty nest can bring a multitude of emotions. Sadness because your children are all moving out of your home. Happiness because they are starting to live their own lives. You can also feel a certain level of fear because you do not know what will happen to them. In all these, you need to understand that it is part of life. You need to move forward and that means staying on top of your financial journey in life.

Types Of Financial Personality Destined To Fail

Types Of Financial Personality Destined To FailPeople can have a particular financial personality that they attach onto and use all their lives. This can be something that brings them closer to their goals or a belief that is actually preventing them from reaching their dreams. The hard part is that once you associate with one personality, you are already set on it and find it hard to change.

Your personality towards your finances is important because this is one barometer financially successful people use to help them reach their dreams. There are a lot of factors that come into play when you start talking about your finances. And when you try to look at how your personality has formed when dealing with it, it is a culmination of a lot of factors as well.

You might still remember how your own parents tried to teach you about saving up using that small piggy bank at home. This already accounts to your financial personality. Growing up, you try to set up a lemonade stand with your siblings hoping to earn money so you put more in your account. You then started to take on more chores at home because you get paid at the end of the day.

When you get to college, you have to make a decision on how to pay for your cost of attendance. It is great if your parents were able to set aside a college plan for you. If not, you are faced with having to look for scholarships, students loans and repaying the same after graduation. You then start to look for a job.

Your financial personality starts forming from the time you were small up to present. From that lemonade stand to college loans and up to now while you are working. All these factors contribute to how you manage your finances. In a bid to understand these personalities a little more, here are a few of them and an insight if they are dragging you down into debt.

Being a dreamer

There is nothing wrong with having dreams in life. This is in fact where most people draw inspiration from to get to greater heights. As you grow up, you might have a dream of buying your own house or setting up a business of your own. As you grow older, you hold on to these dreams and it helps remind you of why you do things. But the problem is that there are constant dreamers who never gets around to acting on their dreams. This is not what refers to because that is acting out a dream when they were asleep as a sign of Parkinson’s disease. There are people who become comfortable that they are just satisfied in dreaming their goals away. This type of financial personality can be a great starter an ignite your passion but only if you act on it.

Being a lurker

One type of financial personality you need to guard against is being a lurker especially when it comes to investments or just merely making financial decisions. What these types of people do is they tend to just sit around and wait for other people to make decisions and see where it ends up. They are being overly cautious to a point that they tend to miss out on financial opportunities. It is important to be careful with investments but it is also dangerous to just sit around and watch what happens to other people. It is important to remember that each person’s needs and situation differs from the next and the outcome of their decisions might not hold true for the others.

Having a crab mentality

If you have ever observed how crabs behave when they are in a deep hole and one of them is nearing the top, you would understand what this means. What happens is that the other crabs grab the one on top even before getting out. This is a dangerous and toxic mentality and one that has an adverse effect on life. This is where jealousy breeds and where other people’s success is a chance to try and bring them down.

Being a pessimist

Another type of personality people tend to develop when talking about their finances is being afraid to fail and choosing to look at and dwell on what might go wrong. In every decision, it is important to weigh all the sides because it increases your financial capability to make the right decisions. But there are people who get trapped in looking at just the bad side of things. This is not a nice place to get stuck in because it is one of the most depressing things you can do in your life. You are never happy and always point out the bad things that can happen.

Being judgemental

There are also people who have become expert critics of what others are doing wrong for a number of reasons. It is possible that they do not want to be criticized for what they might do wrong. They could also simply just lost interest in actually reaching their goals. And rather than be criticized for it, they just go on judging other people’s output.

If you have made a self-assessment and believe you belong to one of these financial personalities, here are a few things you might want to look into to help you correct your ways.  

Act on your dreams

You need to establish what you want to get in life and act on those dreams. One of the most important steps you can ever make in reaching those goals is to take the first one. It would also help if you are able to align your passion with your career goals to make it easier for you to report for work. If you love photography, take concrete steps to help you become better every day. If you want to take control of your budget, take control of your income and expenses to be better in managing your money.  

The important thing is to take that first step and will yourself to move forward every single day towards your goal. One place to draw inspiration from is your favorite athletes. Just imagine how it is to wake up every single day getting to play the sport you love. They also get paid huge amounts of money to do something they already love in the first place.

Just start

Little steps add up and when you put one foot in front of the other, the next thing you know, you are already running. The same thing with your finances – you just have to go out there and start with a plan. If you are trying to save up for a down payment on a house, just start to set aside an amount each month towards that goal. If you are trying to pay off your student loans, just start as soon as you are earning money. You can even consolidate your student loan debts to get a better handle on your payments and even lower down your monthly expenses.

Your financial personality will in part help determine how you approach money management. It would be a good idea to make an assessment of your own personality and see if it is something that would benefit you down the road. If not then it’s high time that you look at changing your ways to make it easier to reach your financial goals.

How to acquire and Pay off a Consolidation Loan in North Las Vegas, NV

Is your phone always ringing with countless messages and calls from collectors? If yes, then you might need to find the best loan services from a respectable debt consolidation firm in Las Vegas.

Customarily, North Las Vegas debt consolidation means meeting up with a credit counselor and signing up for a debt management plan. Your debt expert will take the initiative to negotiate interest rates and credit terms that will be more favorable to you. Therefore, if you are ready to become debt-free, then it is time to find that Las Vegas debt consolidation firm that suits your needs.

In most cases, the people who are in debt will have had their business affected by the negative effects of bad debts including but not limited to bad financial reputation and poor credit scores. And because as a business man you might find yourself sucked up in the debt circle, it is important that you come up with an effective solution; one that will leave you free of debt for good. Consolidating your debts as a business owner is the most effective way to improve your cash flows and keep the business alive.

How to acquire a Debt Consolidation loan

  • Finding a trusted debt consolidation company is easier said than done. For every reputable debt consolidation firm, there is also a voracious one out there that is eager to take advantage of your vulnerable self.
  • Don’t be fooled by a company’s marketing strategies because even the bad ones are good at marketing too. Reputation and word-of-mouth referrals are the best way for you to find out if the company you choose to work with is good enough for you.
  • And as we all know, once you sign a debt consolidation contract with a company, there is no going back. Therefore, take your time and do extensive research before making that final decision.
  • Finally, you need to consolidate your debts because they are getting out of hand. If your debt consolidation terms are not favorable, or better yet, if they are not lifting a weight off your shoulder, then try some other company. At the end of the day, consolidating your debts should ease your financial burden.

How to Pay Off Debt Consolidation Loans

Now that you understand why you went into debt in the first place, then it is obvious that you want to do everything possible so that you don’t end up in the same situation in the future. However, for you to successfully settle your debt consolidation loan, you have to accept that you are using the loan not just because of its lower monthly payment but also because you want to pay off your outstanding debts for good. Additionally, ensure that you know the terms surrounding debt consolidation loans and rules that protect you as the customer.

  • To ensure that the payment process is stress-free and manageable, start by choosing a close-ended loan. Compare the options on the table before settling for one. For example peer-to-peer loans and home equity loans are close ended-loans and have a fixed payoff date. Therefore, for you to have an idea of the exact time that all your debts will be cleared, choosing a close-ended debt consolidation loan will be best for you.


Relief from Debt- How to Choose a Debt Solution

A key step towards enjoying a debt-free life is acknowledging that you need to get a debt solution. In order for you to be able to get the help you need to get rid of debt, it is important to choose the best option for your situation. This is a major decision that is based on understanding the solutions that are available. When you know your options and what they entail, it will be easier to determine the direction that you should take.

Handling Debt Alone

Depending on the amount of debt that you are dealing with, how much disposable income you have and level of discipline, you might have the ability to eliminate debt with a tighter budget and increasing the monthly payments that you make to creditors. This is not usually a viable solution for people who are already in debt because better money management would have helped them avoid going into debt.

Many people realize that it takes them a long time to pay off debt without help because of the high rates and fees. With minimum payments being made on a monthly basis, it could take several years to pay off credit card balances.

Debt Management

Debt management plans are used to consolidate unsecured debts into one payment for each month. The objective is to attain favorable repayment terms from lenders such as reducing interest rates and waiving late fees. This allows you to pay off the debt much faster than you would be able to if you did it alone while making the minimum payments that are expected by the creditors.

Debt Settlement

Another debt relief option is debt settlement. Debt settlement plans constitute negotiations with creditors on behalf of the debtor to accept a percentage of payment of unsecured debt towards satisfying the entire debt.

The monthly payment is held in an account for the purpose of building its value until the settlement offer is accepted by the creditors. This is one of the appealing alternatives to filing bankruptcy and is ideal for people who are wiling to pay a part of what they owe and are unable to afford the original monthly payments.


Bankruptcy involves a complicated legal process and is aimed at providing relief for people who are dealing with financial difficulties and are no longer able to pay their debts. This is generally regarded as a last resort or drastic option but if your financial circumstances stop you from making payments to creditors regularly, you can seek legal help. Consult a lawyer and find out if bankruptcy is a practical option in your situation.


If you want to handle your debt problem on your own, you still need to get familiar with financial management. Getting expert help from specialists to get rid of debt will give you access to a guided process that will determine the right option according to your current financial situation. Factors such as total debts, income, expenses and budget are used to get insight into your debts and payment statuses as well as establish the option that will be suitable for your needs.



Money Mindsets That Are Pulling You Back

Money Mindsets That Are Pulling You BackThere will be a lot of financial considerations which will pull you back and keep you away from your goals and one of them are your money mindsets. This is basically some of the beliefs that you have formed over the years which affects the way you view your finances. It can be derived from actual experiences or even formed from what you see from the people around you.

These mindsets can be both good and beneficial beliefs as well as bad money habits that have been with you all these years. Some, as you might attest to are actually helping you reach your goals. You are able to pay off your bills and send those payments out on time because you believe in the value of maintaining a high credit score.

But there are times when these mindsets that you have formed over the years are proving to be detrimental to your financial objectives. It can make you look at money in a different light and make you act in a way that pulls you further apart from the things that you are trying to get to. In fact, one effect of poor money mindsets is how shares in an article how 80% of Americans are in debt and it includes a lot of accounts.

Consumers are trying to balance a lot of financial responsibilities nowadays which can include mortgage loans, credit card debt as well as student loans. The problem in money management starts when payments are not done on time. This creates a ripple effect that puts consumers in a direct path to debt and a long repayment timeline.

Here are a few financial mindsets that will make it harder for you to move forward with your financial plans.

Money is never enough

You might think that regardless of your budgeting skills, money will never be enough so there is no use to budget for your needs. This is one of those mindsets that can really put your back against the wall because you are already defeated even before you begin. You are looking for ways to help you not pursue your goals.

The way to look at this is to understand that money is just a tool that you use in reaching your goals. Much like a carpenter, it is not the number of hammers they have, it is how they use it. There are rich people who can’t seem to have enough. On the other hand, there are below-average income families that are happy and content with their finances. When it comes to money, how you use it is much more important than how much you have of it.

Why bother? My situation isn’t going to change

Money mindsets can play a big part in helping you either move forward or get stuck with financial plans in life. One of these is resigning to the fact that your situation will not change so why bother making an effort. There are a lot of areas in your life that you can change and one of them is your attitude. Taking on a positive mindset can be a tremendous help.

If you start believing that your situation can and will change with effort on your part then that is a good start. Look at the things you can change for now like your attitude towards the problems. There will be factors beyond your control but over time, you can change them as well. If your salary is really low at the moment, you can acquire new skills that will change that in a few months. There are ways around it and a positive attitude will help.

You only live once is one of the dangerous money mindsets

If you have heard, much more used the “YOLO” (you-only-live-once) and “FOMO” (fear-of-missing-out) catchphrase then you might want to rethink your strategy. This mindset is more apparent with the younger generation. They seem to have a hard time realizing the urgency of early financial planning. What they fail to understand is that their youth is their most powerful tool. shares that as prevalent this mindset is in social media, it ripples out to real life situations as well.

The way to correct and actually take advantage of these two money mindsets is to apply it as you set your sights in the future. Thinking that you only live once and it would be hard to come back and try to save up again might make you put in more work at present. If you have that fear of missing out, then think of how it would be like when you are already retired and unable to pursue a quality life much like other people because you did not save up.

Here is a short video clip to help you understand how YOLO and FOMO affects people and how we should all make it suit our own need.

Now that you have an idea on some of the money mindsets that affect your finances, here are some positive actions you can take to help you get ahead of the game.

List out your goals

It is important that you list down your goals so you can be reminded why you are doing the things you are doing. Why are you in the office every day and trying to put in some overtime work? Why are you pursuing that hobby? There could be times that you find yourself questioning the things you’re doing and listing your goals can help you get back on track.

Start something small

You might be surprised that some people are able to get their money mindsets in the right frame early on is because they are inspired. Inspiration can come from different sources and when you are talking about finances, it can come from small wins. Try to pay off a small credit card debt and that can push you to tackle on bigger debts. These small bursts of inspiration can propel you to take on bigger problems.

Track your progress

As you try to reach your goals, you need to track your progress in order to know if you are making any headway with your plans. It is a good strategy in allowing you to benchmark your efforts and compare your past with your present financial status. It can serve as an inspiration on how far along you have come in your financial journey.

Make changes when necessary

One of the most constant things in life is change and even with your finances, you have to account for it. Changing your ways can help you reach your financial goals especially if you have been accustomed to living a poorly managed budget. However, even if you have been very successful in putting together and following your financial budget, you should not end there.

This is simply because the factors that affected your budget then might have already changed by now. The changes around you can differ from an increase in your salary, amount you’re putting into your 401(k) or even going into a debt consolidation program for your financial obligations. These factors would have changed your income and expense amounts and you need to adjust accordingly.
Money mindsets play an important role in your financial journey in life. It is better to have the right approach to help you achieve your short and even long-term financial goals.

Financial Lessons From Entrepreneurs

Financial Lessons From EntrepreneursPersonal financial lessons are easier to remember and apply because it is a first-hand experience. From buying a television set by saving hard for it and having to replace the same because you broke it in a matter of days. Money lessons can come from both good and bad experiences and what is interesting is that people usually remembers the most those that come from bad experiences.

That being said, it might be a sad learning process when all your lessons would stem from negative experiences in life. The time would come that it would be difficult for you to find the lesson in the middle of all your troubles. As much as these types of challenges would make you stronger, there are other ways to gain insight from financial lessons.

With that in mind, you can look at other people’s experiences and lessons to help you learn a thing or two in managing your finances. The good thing about this is that you no longer have to experience them first hand. You try to pick up valuable lessons from other people’s experiences. The good thing is that you do not have to just have to search for financial heroes. It can be almost anyone.

This is where entrepreneurs come into the picture. They are a great source of financial lessons simply because they are enablers. Their journey is full of twists and turns that you can pick up various money lessons along the way. And as explains that households in the US carry an average of $16,000 in credit card debt, these financial lessons will come in handy.

They commit to their dreams

Entrepreneurs once started as dreamers much like everyone else. There could be instances when you find yourself wishing you can buy your own house. It can even be looking forward to driving your own car or finally being able to pay off your student loans. One of your financial goals may be to save enough money to retire early. For some, it can be as simple as having the courage to go into debt consolidation.

Entrepreneurs do not end with that dream, they look for ways to commit to it. They see it as a target or a goal to aim for.Entrepreneurs start looking at ways on how to achieve them. They commit to seeing it through by plotting out a roadmap. Figuring out what they need to do now in order to realize their dreams in the future.

You can take the same approach and use them as financial lessons to help you achieve your dreams. You need to understand that your dreams are your goals in life. With that goal in sight, put together a road map that you have to follow to reach your goal. Just like retiring at an age that you want means working backward to know how much you need to save up a year. Same with buying a house, figure out the down payment to know how many years it would take to pool that in.

They have an appetite for knowledge

No one is ever born an expert on anything. One of the reasons those successful entrepreneurs are able to be on top of their game because they never stop learning. Getting a higher education and at times, a post-graduate degree would be a big help. However, it should not stop there. There are skills that they have to learn to remain competitive.

Financial literacy for teens is critical in raising financially independent adults. But as adults, you need to have that appetite for knowledge in learning the things you need to realize your goals. If you want to take full advantage on how a 401(k) can help you in the office then read up about it. Buying a house can be a stressful moment in your life and a few research on what to expect can help you go through it with the least amount of challenges as possible.

Failure is part of the financial lessons

Regardless how much you plan for it, there will be times when things will not go your way. Life can throw things at you which you never planned for. As you try to save for a downpayment on a house, you might fall ill and need some serious medical attention. You can end up using that money to get some surgical operation or buying expensive medicines.

Failure and challenges will always be part of life and entrepreneurs go through it as well. They know it is part of the process and usually, have plans in place in case it happens. If you leave everything to chance, forego financial control and fail to accept failures as part of the whole process,  you are most likely on your way to failure.

Giving up is never an option

When entrepreneurs encounter challenges and even failure with their business dealings, they have two choices – give up or move forward. If entrepreneurs simply gave up when faced with challenges, they would not succeed in their field. What the successful ones would do is to learn from those challenges, persevere and simply move forward.

This is one of those financial lessons you need to pick up from the business community. As you try and reach your goals in life, you will come across challenging moments. You have the choice of waving the white flag or moving forward. Succumbing to these problems will impede your progress and move you further away from your goals. You need to learn from these challenges and put one foot in front of the other and push forward.

They address a problem

Some of the most successful entrepreneurs are able to stay on top simply because they address a problem or need their customers need help with. From clothing to food or even services that make their lives easier. This is one of those financial lessons that you can learn from and use as you try to make headway with your financial plans.

The idea is to look at the challenges you have and address them with your plans. If you are struggling with impulse purchases, make it a habit of using cash instead of a credit card to help you budget better. If your present income is coming up short, look for ways to earn passive income so you can augment your current earnings.

They act

These entrepreneurs are dreamers as earlier mentioned but they act on those dreams as well. Apart from having a plan to get to where they want to be, they commit to action. The same thing can be done with your personal financial plans, commit to action and follow through with concrete steps. This should help you reach your financial goals in life.

Financial lessons are an important part of your learning process. As much as you need to process personal experiences, there are also lessons you can get from other people. You just have to look for them around you and process the information.  The more you do it, the better you become in being able to discern valuable money lessons all around you. This will go a long way in helping you learn and become a better version of yourself in terms of managing your finances.

4 Reasons why you need a debt consolidation loan

get debt consolidation loanIf there is one thing that many people do not love to be associated with, it has to be debts. Most often, you will run away from debts not thinking about how you can put it into good use to bring about improvement. Most people will stay away from loans because they probably lack the discipline of paying back a loan in time.

If you are a business person, then you must know the importance of loans. People use loans to grow their business, to start business among many other things. Only risk takers may be able to reason with me in this. Business people should always be risk takers. You need to be in a position to go out there and do whatever it takes to bring about progress to your business.

Most businesses will require you to take more than just one loan. In such a case, you will find yourself in multiple debts. This should not make you tremble thinking that you may be bankrupt. Instead, think debt consolidation. This would be the best way to settle your debts in the event that you are in multiple debts.

Debt consolidation is simply taking all your loans, putting them together then paying them off as one loan at a lower interest rate. A debt consolidation plan for your business would benefit you for many reasons. Some of them are:

  • Pay off loans faster

It is only with a debt consolidation loan that you will be able to pay off your loans faster and more conveniently. This is because you will only need to pay to one account, which will then be responsible to pay your other creditors. You will not have to worry about paying money to several accounts every end of the month.

Had you not had a debt consolidation plan, you may not be able to follow with what loan you cleared and which is still pending, how much you have paid so far and what not.

  • Enjoy reduced interest rates

You cannot compare the interest rates of 5 different loans being paid independently to that of one loan. Having your loans put together and paid off as one will get you to pay off your loans at an interest rate of even 10% or lower.

  • Gives you an easy time with your business

You must be aware of the very many notifications that you get once you take up a loan and it is time for you to pay it back. With a debt consolidation plan, you will no longer be receiving those numerous mails every now and then reminding you to pay off your loans. Your lender will be the one to deal with that.

  • No more loans until you are done

A good debt consolidation plan will instill in you the discipline of clearing one debt before you take up another. Most debt consolidation top debt consolidation companies will not allow you to take up another loan until you clear the existing one.

How Consolidation Loans can be Effective in Getting Rid of the Debts?

So, you have been saddled with huge credit card debts with high interest rates, making scenarios extremely critical. Well, there are better ways to repay the debts than you may have ever thought about. If you look into the market, there are several credit counseling agencies that offer zero-interest balance transfers to existing, as well as, new consumers, post the holiday season. Availing such schemes is beneficial for repaying the debts, without incurring any interest due to the availability of a grace period of 12-18 months. However, if the consumer fails to repay the balance, within the grace period, a higher interest rate will be levied on the existing amount. You may watch out for the balance transfer fees. Any typical credit card issue charges roughly a maximum 3% for transferring the balance. There is also a certain category of credit card companies offering zero-fee balance transfers, merely as a promotional scheme for branding purposes.

Taking a Personal Loan to Repay Existing Multiple Debts

There are several online lenders that offer debt consolidation loan schemes at lower interest rates. However, you need to be eligible for the part. Search online and you may just figure out online credit counseling agencies offering loans at a mere 7% interest rate. But, such loans are unsecured and, hence, the overall interest rates can be higher at times, due to the fluctuating nature. The best option is to go for personal loan-based consolidation schemes that allow you the option to consolidate your existing payments into one fixed payment option, while offering a period of 3-5 years to get the debt cleared off, under the smart EMI schemes.

Opting for Home Equity Option

The housing market has seen much improvement in the last couple of years. This has allowed banks to offer easy and smart home equity lines of credit than they used to do beforehand. The interest rates are on the lower side for home equity lines of credit. You can find home equity lines of credit at interest rates of 3% – 4%. But, then, mortgaging the assets is a bigger issue, with such options. Mortgaging your house can be a risky affair. Henceforth, such options can be only chosen during situations of large and unexpected expenses.

Many people think of debt consolidation as an easy step to repay the loans. While it can be beneficial or situations can worsen, in case you miss out on a single month’s pay. Yes, repaying the consolidation loan should be carried out properly while ensuring that not a single EMI amount is missed. You miss a month’s EMI and the interest rate grows up the ladder. Also, you should only opt for debt consolidation schemes, if you have the necessary financial support to repay a single loan amount, under Easy Monthly Installment scheme, without facing any critical consequences.
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