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Monthly Archives: October 2018

Organize Finances for New Year

Review all your statements

Make sure you set time aside monthly to review all your bills and statements. This is a good time to look for things you are paying for but no longer need or especially for things that you can cut back on. A good online app that can help discover interest increases or add-on charges or even auto-renewing subscriptions is Truebill.

Check out your credit union’s online money management tools

Credit unions offer online tools to help with your financial management. How can I save for that hot sports car, that dream home or those toys for the boys? How much down payment do I need to save for that shack at the shore? What type of investment is the best for me? Play with their calculators to make your financial decisions easier. And if you want to set up a budget and track your spending take a look at their FREE personal financial management software which can aggregate all of your financial relationships and help you set goals.

Financial calculators will help you understand APRs, APYs, amortizations, and the power of money. Just go on your credit union website and select a category that peeks your interest:

Always prepare for the unexpected

As we all know, life can throw you some curveballs. Life’s challenges like the loss of a job, or medical issues can leave you drowning in a sea of debt. As I’m sure you have heard before, it’s essential to build an emergency fund that can cover three to six months of expenses. Even if you can save only a little each month, you can grow a financial protective cushion.

Cut loose of debt

Are you that person that makes just the minimum payments on your credit cards or other major debts? Did you know this means you’re paying mostly interest and barely even shaving away at current balances? One effective method for reducing debt is to concentrate on your highest-interest balances first, while still making timely smaller payments on all other commitments. When you have your high interest debt paid off, concentrate on the most expensive remaining balance, and continue this way till you’re debt free.

When your financial obligations are truly out of control, combining your debts into a single payment may provide the relief you need. Streamlining multiple debts into one single lower monthly payment can help you pay off your bills sooner. Your options include home equity, personal loans and zero-interest credit card balance transfers.

Get Out of Credit Card Debt

There are more than one way that a credit card issuer can get their money, one of the most common being lawsuits. Very often they file a civil suit; If a creditor obtains a judgment against you they can place a lien on your assets to recover the money or even worse: garnish your wages by sending the required documentation to your employer, which is required to comply by law. A good way of preventing these problems is to seek help from a professional credit card debt settlement company.

It will make it harder to find a new job

If it wasn’t hard enough to find a job with all the competition out there, staying in debt can make it a bit more difficult for you. This is because employers in many states can check the credit reports of job applicants, and a record filled with late payments and court proceedings may not let you be seen as a reliable candidate. Employers are able to do this because of the Fair Credit Reporting Act. Companies must have your permission to view your credit reports.

However, this usually only affects people who are searching for a upper management financial position. The reason is because your potential employer may view you as a person who cannot make responsible financial decisions because of your own financial problems. Before applying, check any accounts that may have debt. If you see anything that may cost you from getting hired, quickly work on repairing the problem.

Mortgage, Rental and loan rejections

In addition to your debt issues, reports indicating nonpayment of credit card debt not only decrease your chances of securing a mortgage, you are also less attractive as a rental candidate, since in many cases landlords often check the applicant’s credit before agreeing to hand over the keys. Likewise, if you are trying to apply for a loan at the bank, by having active debt somewhere else your chances of getting approved for a loan are between probably not and absolutely not.

Your debt can increase

In some cases people find themselves in a tight situation financially and they may chose to default on one high-interest card to keep the lower-interest ones to make purchases. What many people are not aware of are the penalties that come with not paying and/or paying late.

The reason that strategy will not work is because many credit accounts have “universal default” clauses in their agreement, which state that if you’re more than 30 days late on any one account, they’re allowed to raise your interest rates based on the increased risk, hence increasing the debt balance.

Potentially losing a job promotion

Again, this only affects for people that are in line for a promotion to a position where they have to handle money, credit checks, or make financial decisions. If you believe you may receive a job promotion in the future make sure to settle any debt you have because it could keep you from getting promoted.

Eliminate Your Debts

1. An Accurate Current Status

To start off, you need to have an idea of what debts you have, their remaining balances, minimum payments, and their current interest rates. Create a list that contains this information, along with the company you owe the debt to. Once you have that completed, arrange the list in one of two ways.

One way you can arrange your list is by using the remaining balances. Start with the account that you have the highest amount left to pay and work your way down the list to the lowest remaining balance. Another method for creating your list is by using the same procedures but start your list with the account that has the highest interest rate. Continue with your list until you are sure you have not forgotten any debts.

To help you decide which method for creating your list is best for you, ask yourself two questions: Are the amounts of your remaining balances fairly high, and how many payments do you have left to pay? If you have a substantial amount of money left to repay, go with the interest rate method. By eliminating the debt with the highest interest rate, you will save money in the long run. However, if your remaining balances are low to moderate, go with the remaining balances method. Once you eliminate the largest debt you owe, you will have more funds to apply to the smaller debts.

2. Arrange Your Funds

With list in hand, set aside enough money to cover the minimum payments on each debt. With the funds you have remaining, apply an additional payment amount to the debt that is on the top of your list, in other words, make two payments. If the minimum payment is too steep and you do not have enough funds for making an additional payment, move down your list to debt that you can afford to make an additional payment on.

Yes, you could go ahead and apply your remaining funds to the remaining balance on the debt that you have on the top of your list, however, our goal is to pay off your debts, not pay them down. This will all become clearer a little later on.

3. Set’ em Up and Knock’ em Down

Once you have started this plan, keep going until you have the first debt completely paid off. When it is gone, you can take the money from that payment you no longer have and apply it to the next debt on your list. If you had to skip the top debt, go back and see if you now have enough to be able to make two payments. Continue paying off your debts in this manner until you have completely cleared your list. Before long, you will have accomplished what you initially thought would be impossible, you have eliminated your debts.

Does this plan sound familiar? It is commonly referred to as the “debt snowball”. No, I am not saying this little slice of genius is my creation. I am simply saying that it is the best way to eliminate your debts without causing, even more, financial hardships. Just keep in mind that if you are having a hard time making even the minimum payments, you will have to either find an extra source of income to initiate this plan, or look for financial counseling to help via alternative methods.

Credit Card Processing

A proper Credit Card processor provides support to every aspect of your business starting from merchant account processing by providing you with merchant processing account. The processing of credit cards and debit cards with a fast response from both the front-end and backend is the key to a proper business merchant processing. The charges may vary according to the payment gateway, but you can find yourself relieved of the hassles you otherwise had to take. They take care of the details of cards along many devices like mobile device, POS, etc., and verify the data according the card holders name. The transfer request is sent almost immediately for crediting the same amount to the merchant’s account.

These companies are already developing their commitment towards the security of transfers. Even the small businesses are relying more on the cashless transaction, thus the small business merchant support is also being provided by many such processors. They accept credit card payments and process them taking utmost care to provide security and speed.

To assure the merchant of the security and speed of the processing, the companies are engaging their efforts in making the payment gateway more encrypted. Thus any chances of forgery or hacking are obliterated. With the latest 128-bit SSL algorithm, only the merchant and customer have the right to know the required part of the transaction, I. e. PIN number or identification number on the part of customer and another PIN number for the merchant. This classified information provide the base of the secure mode of payment.

Knowing the basics of any operation can make the most of your business, and the Card processors are taking care of that. Carrying cash is not at all mandatory for the customers nowadays and merchants are providing enough facilities to make the payment options more efficient with a bit of help from technology through card processing companies. Above all, payment gateway continues to be the ultimate protector of the security of the transaction.