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Monthly Archives: June 2017

Reduce Debt

Consider the reasons for debt

Of all the money goals that you can set, decreasing debt is one of the most difficult to accomplish. Borrowing can sometimes be an insidious activity that initially seems to help you pay bills or attain your dreams; but you can quickly become entangled in its clutches, just like a fly in a spider’s web.

Many persons take on debt without first determining if borrowing will actually resolve the financial issues they are facing. For example, borrowing to ease a chronic budget shortfall never works. Although a loan may temporarily fill the gap, eventually the debt only makes your situation worse.

Other people run into debt difficulties because they fail to calculate whether they can really afford the loan payback. While a loan may appear to be the way to acquire your desired car or home, the monthly repayments may reduce your ability to pay other bills and prevent you from saving for the future.

Obtain all the details of your debt

After identifying the root causes of your borrowing, you then need to evaluate the total sum owed, the monthly payments required, the loan interest rates, and the time remaining for payback. If you have several loans, create a spreadsheet to help you track your debt.

Reviewing your loan situation on one sheet will allow you to create a debt reduction plan. Your aim is to prioritise the loans to pay off quickly so that you can improve your cash flow. The tracker will also help you to be honest about your obligations, instead of ignoring them to your detriment.

Ask your lending agencies if they offer any solutions to mitigate your debt. It may be possible to renegotiate the loan to pay a smaller monthly amount over a longer period. You could also try to consolidate multiple debts into one more affordable loan, to ease the pressure on your budget.

Find drastic ways to pay down debt

Even if you are able to obtain better terms for your loans, your foremost objective is to seek to reduce your debt aggressively this year. This will require making extreme sacrifices, such as selling possessions like your smartphone, or using the collateral holding against the loan to pay it out.

If you really want to make a dent in your indebtedness, then you also have to be willing to do things differently with your spending. Review your budget and radically trim expenses such as cable, entertainment and clothing. Squeeze every dollar that you can find and redirect it into paying debt.

If you are in a negative cash flow crisis, then you need to get creative in sourcing extra money to deal with your obligations. Look for products in demand that you can offer to colleagues, and dig deep within to unearth hidden talents that can be turned into income-generating opportunities.

Money Is Better Off With Credit Union

Personalized Customer service

Because credit unions are banks for the people by the people and have smaller memberships than the typical larger institutions, you are able to get customized personal service. It’s much more of an intimate relationship than you would have at a traditional bank. The credit union employees actually know you and are invested in your success as a member. That’s because their focus is on making every consumer interaction a personal one, void of lines, long phone waits, and canned responses.

Accessibility

Since they serve their local communities, most of the time branches are not available outside of their service area. To make up for that they sometimes reimburse members for ATM fees or offer a shared ATM network if members have to go out of network to have access to their money.

Structure

Credit unions are owned and operated by their members. The minute you make your first deposit, you will have voting rights.

Lower Account Fees

They also have fewer fees across the board because they have lower overhead costs. Because they are typically smaller operations than big banks they can pass their overhead savings on to their members. According to Bankrate.com more than 75% of credit unions offer free checking, compared to 40% of banks. And many don’t stop there. They even pay members rewards in the form of high interest or dividends, cash back, and other perks, like ATM fee refunds.

Monthly maintenance fees are lower and members don’t have to keep as high a balance in the accounts to escape these fees.

Serving the Underserved

Credit Unions serve those that are usually locked out of the traditional banking system. This covers the large number of immigrants in communities that would otherwise not have access to necessary financial services.

Supporting the local community

The money that is deposited in your local credit union supports its members and the local community. They channel funds back into the local economy in the form of loans in support of small business, home purchase and loans that help members accomplish their financial goals.

Interest Rates

They offer higher-yield savings and checking account rates. Good luck finding an interest-yielding bank account at a megabank. They yield next to nothing for their account holders.

No scams:

Employees aren’t pressured to meet unreasonable sales goals. So rest easy, no one is going to open a secret account behind your back.

Federally Insured

Your money is no more safe at a big bank than it is at a local credit union. Just like the FDIC at a traditional bank, deposits up to $250,000 at a credit union are insured by NCUA – a federally backed agency.

Paying for Merchant Fees

There are so many companies to chose from that do merchant processing and it is extremely hard to choose the right one. All of them say pretty much he same thing and say they offer the same services till you are set up and your rates start to vary, hidden fees start popping up every month and then you call to cancel and you find out that you are locked into a 3 year contract.

Make sure the company that you choose offer these:

Lowest Rates Available Anywhere
Quick Settlement Approval
Increased Sales Opportunities
Free Equipment
Fast and Easy Transactions
Dedication To Customer Service
Increased Efficiency – Next Day Funding

Look for a company that is in the business to save the most possible money and increase the bottom line of our clients by offering the best possible rates possible.

HOW CAN SOME COMPANIES OFFER THIS – Simple these companies only work solely with “Low to Medium Risk” Merchants and not work with “high risk” merchants, which allows them to offer the best possible rates every time. More or less dealing with mom & pop shops and small to medium businesses. If your company has a minimal “chargeback” ratio then getting you set up with an amazing rate should not be in issue.

Being a profitable business today is hard enough, conducting business in today’s world is hard, being a small business is even harder. Having the right merchant company honestly should not even be a concern that you have to deal with. But the problem is they are such a key part of the business, without a merchant processor you could not accept payments. Do your self a favor shop around when choosing a merchant company and if you are already processing and have a merchant account it is a smart idea to still shop around to make sure you are getting the best service and best rates out there.

Go With Private Money

Private money financing is popular among real estate investors because it is fast. Lenders know the urgency involved in real estate investing. They know the competition is tough and that if you need funding, you need it fast. They understand this and this is how they operate. Despite higher risks, hard money lenders approve or reject loans in just days. They even extend credit to those who have poor credit scores. Their way of assessing applications enables them to release loans in just days.

Lenders in this kind of financing will hardly care how much you earn from your office job, in case you have one. Unlike banks, they do not evaluate borrowers based on credit scores or credit reports. What lenders care about is the deal you plan to close using their money. In short, you must convince a lender that your project is worth funding and that you will be able to repay them through this.

Let us take rehabbing houses as an example. In case you need private money financing for a rehabbing project, lenders will evaluate the property you want to rehab. They will determine whether it will result in positive returns. If you are able to prove that your plan to rehab that property will bring you profits, the expect the loan to be approved. Now that’s easy money.

Hard money, unlike traditional loans, can also finance 100% of a rehabbing project. That means you get yo buy a cheap property to rehab and repair it using one loan. This is possible because of an unconventional way of computing how much money you will get from a lender.

Hard money lenders usually give between 60% and 70% of the after repair value of the property, better known as ARV. This is usually enough to shoulder both purchase and repair costs. It some cases, it can even answer closing costs. If you went to traditional lenders, for example a bank, you are likely to get an amount just enough to buy the property you want to rehab. As for the repairs, you will have to apply for a personal loan for that or use your personal money.