Tips For Paying Off Credit Card Debt

May 23rd, 2016

Debt repaymentCredit card debts are one of the dangerous types of debts. It is advisable to have planning as to how to pay off credit card debt. If you are not efficient enough to plan, this debt can increase to a great extent and can create great troubles for you. You can lose all your saving in paying off credit card debt. Many of the times, people also lose their property for the sake of paying off credit card debt. Hence it is advisable to have knowledge as to how to pay off credit card debt, here are some of the tips which will guide for paying off credit card debt.

  • Set a goal

It is really very essential to prepare a realistic goal for paying off credit card debt along with the other consumer debt. It will be very easy to use up all your balance in short period of time but it would on a contrary way too hard to pay off the used balance back. You have to exercise self-control while you are setting up goals and it very important to stick to those goals. Don’t forget to monitor your progress or drawback to stay on the track and make any improvement if necessary.

  • Put your cards on ice

It is difficult but for paying off credit card debt, you need to put aside you’re your credit cards. Don’t keep them in wallet and go out. This will definitely inspire you to spend more instead of saving. Put your credit cards away from you or freeze them in a bucket of ice till the time you completely pay off credit card debt. Try to pay your expenses in cash instead of credit card; this will give you a difference between your needs and your wants. This will help you save a lot and decrease your expenses. Always have a consciousness regarding your spending and think twice before you make any expenditure whether it is necessary or not.

  • Prioritize your debt

Put some time aside and make a list of all your spending and debts. Consider each and everything like outstanding balances, interest rate any other charges, loans, mortgages and any other such expenditure and prioritize your debt according to the importance and also according to the interest rate. It is advisable to pay off those debts first which has higher rate of interest. Priorities of paying off credit card debts can be different as per the person like some want to make the payment of pay day loan first while some want to pay the vehicle insurance first.

  • Trim your expenses to free your cash

One of the essential ways to pay off credit card debts is to maintain record of all your expenses you don in a moth and then scrutinize it and figure out which are the expenses which should be cut down and which are useless. Thus cut down on your useless expenses and focus on savings.


How To Choose A Student Checking Account?

July 24th, 2015

Student checking accountA student is not financially independent and stable. So if they are intending for a checking account, they will always prefer to have one which is less expensive and easily manageable. They will go for one which is easy in terms of fees, perks and accessibility. These are the factors to be kept in mind while choosing a checking account for the students. Usually students go for the university credit unions instead of banks. The preferable ratio of university credit unions is 88 times more as compared to banks. They put up a good fight.  Here is the detailed discussion about the three factors of choosing students checking account.

  • Accessibility factor should be considered

There was a FDIC survey conducted which revealed the fact that forty six percent of the respondents stated that the location of the financial institution is very important. It plays a vital role in choosing a checking account by the student. It becomes easy for them if the bank is nearby for them so that it becomes easy and quick to approach whenever needed. If the bank is close it becomes very convenient for the students. Along with this there should be surcharge free ATM in the campus or around the campus.

When seeing about the accessible and convenient banks or financial institution, how can you forget about the credit unions? Credit unions are comparatively smaller than banks and have lesser branches and ATM centers. To overcome their deficiency, many of the credit union indulges in shared branching and shared ATM centers. They allow the members to use the ATM and branch of others unions also for free. For computer savvy students, they are also availed with the option of the internet banking. In case of internet banks, checking accounts does not possess any fees for monthly checking, waived or reimbursed ATM or competitive interest rates.

  • Decide who has the lowest fees

It is next to impossible to find a checking account for free for those who are not students. In case of students you can find a free checking account. According to a survey, eighty two percent of the checking accounts of the students are free in banks and ninety nine percent of the students having checking account at credit unions are free. These are free along with no requirement of any minimum balance in the account. There is also a difference in the overdraft fees of each and every bank and ATM. Thus also check out the difference of the overdraft charges charged by the banks and credit unions.

  • If it is a tie bonus can increase the sale

Checking account of students comes along with the perks and freebies which is not received by those who are not students. Credit unions are so active that it gives refund of ATM surcharges and also give financial literacy classes. The perks received by this student’s checking account includes free swag to free cash only for opening an account. They also get gift cards for restaurant.

Wealth Management Tips for Financial Stability

May 22nd, 2015

Wealth ManagementWealth is an essential part of our life. And we always manage important things of our life. Wealth flies away like dust in the air if not managed and planned properly. We all desire big things in life and it’s our mentality that we can achieve it through hard work and strong determination. But we are wrong focusing on only these things is not sufficient. Along with earning the wealth, it’s also really important to maintain and manage that wealth. Thus here are few of the tips that will help in management of your wealth for attaining financial stability.

Manage your income and expenditure  

For planning your financial budget, what you need to do is make a total of your income then add income earned from any other sources and make a grand total of it. After that, make a list of your main expenses along with any subsidiary expenses. Now watch out if there is any expense with can be avoided and that money can be saved. If yes cut off that expense. You should make sure that you are not underpaid for any of your work done. Being underpaid even for a small amount can affect your finance at varied levels.

Make savings 

After preparing budget, you get a relative idea as of your expenses. The remaining portion of your income must be put to savings. Many of the people invest their extra income into property and jewelry and other sources which is also good but it’s very essential to have cash savings. So build up a rainy day fund. For making a regular saving tendency, automate the saving process. Let some portion of income go directly into the savings account. This will guarantee and safeguard your savings. And interest yielding savings are even better.

Be conscious before going into credit

Before going into credit, you must be sure you will be able to repay it timely. It doesn’t mean credit is bad and one should not opt for it. Go for it but be careful and sure. It doesn’t matter if it is a mortgage loan, unsecured loan or any of the credit card loans, but you should handle it with delicacy. It would be easy to procure loan if your credit history shows timely repayment. It will create a good impression on the lender. But beware don’t let the loan be accumulate and delay the payment which will create a negative impact.

Set attainable financial goal

Set your goals according to the capacity of savings. Set small goals and accomplish that goal. If you set a goal you need to save your finance for its attainment before some time. When you accumulate proper saving then accomplish your desire. Don’t forget while achieving small goals don’t forget to manage your finance for long term. Attain small goals which in turn let you lead to the real long term and more beneficial financial wealth management.







5 Ways To Repair Your Broken Credit Score Into An Outstanding Score

January 31st, 2015

credit scoreA broken credit score is somewhat akin to a nightmare calling immediate actions for proper credit restoration. Are you too down with poor credit score of late? Well, that’s unfortunate but don’t let that nightmare stop you from living your life freely. There are various ways how you can transcend your poor credit score into an outstanding one. A properly repaired strong credit is much needed to re-establish your credibility quotient with creditors, bankers – to ensure a healthy financial outlook on your part.

1. Get a checking for your credit report

At times, erroneous credit reports are a major cause of poor credit score. Thus, your primary task is to get a checking of your credit report bureaus. Check out the reports very carefully and compare them to look for any error, such as incorrect late payments or problems with accounts. In case you locate an error, don’t delay to dispute it with your credit report bureau, along with supporting documents.

2. Get timely with payments

Delinquent or late payments is one of the major reasons behind broken score and your timely actions would do much to ensure an outstanding credit gradually. You should maintain a diary for all your payments to ensure a proper track. You can also ask your bank to send payment reminders through email or phone so that you don’t miss out on the payment dates. Besides, one of the best ways to solve the problems of late payments is automatic payment. In this you would have the payment debited automatically from the bank account to the credit card & loan providers. If forgetfulness is a serious issue with you, there can be nothing better than automatic payments.

3. Debt consolidation

If your debts are getting overwhelming for you, you can consider a debt consolidation program. In this case, you will have all debts merged into one single debt, carrying comparatively lower interest rate. If you are having financial issues given lofted interest rates on multiple loans, debt consolidation can render some relief to you. Thanks to the lower interest rate, you would be able to pay off the outstanding debt burden effectively, without much delay. As you get clear with the debt issue, you will definitely see a rise in your credit score.

4. Consult a lawyer

If your credit score shows a bad broken state or if you have been bankrupted, a smart solution would be to consult a seasoned lawyer- to ensure an expert guidance on improving the credit score. Bad credit or bankruptcy situations are perplexed and are not convenient to handle properly sans a professional and expert help. Make sure your chosen lawyer holds profound experience in enhancing poor or broken credit scores successfully.

5. Mind your expenses

When you are going through a broken credit phase, you need to be careful about your expenses to assure better savings and timely repayment of debts. Reduce the use of credit cards as these allow unmindful impulsive shopping at times, abetting the outstanding debt volume.

Why Do A Balance Transfer?

October 22nd, 2014

Balance TransferWhat is a credit card balance transfer? Well, balance transfer implies shifting balance from one credit card to another one- especially the one carrying reduced rate of interest. According to financial experts, the balance transfer act could be really helpful when you are tangle in high credit card debt. In fact, there are several advantages of transferring your balance from one card to another.

Save huge bucks

The most significant pros of transferring balance is that it allows the user to save huge bucks and the it is the very reason why balance transfer is very popular among smart credit card users. Balance transfers with 0 % are specifically great yet even some low-rate transfer could save good money in case your present card interest is high or moderate. If you are into $10,000 card debt & are paying fifteen percent rate of interest a year, a twelve-month 0% card balance shift can save you around 1,500 USD through a year.

Fast freedom from debt

This is another big reason why financial experts count on balance transfer when somebody is badly into credit card debt. Yes balance transfer is one of the major keys to get rid of credit card debt. The interest that you are paying for credit card is bank’s route to make profit from you every month & year. If you can transfer one or even more number of present card balances to a reliable 0% interest carrying card, it would be easier for you to pay off the creditors quickly. This is because your whole monthly payment would be moving towards principal & not interest- enabling you to come up with a faster debt-free life.

In case consolidating the card debt into a 0% interest card relieves some bucks in your financial sack every month, you might come up with extra payments for your debt- which will ensure a faster debt free life in turn.

Additional card perks

Another fantastic benefit of taking to balance transfer between credit cards is rewards or additional perks. You would be able to apply for cards which would reward your expenditure or offer your nice perks for shopping.
Say for example- rewards cards, travel cards & airline cards often extend amazing cash-back awards, free flights as well as great discounts on hotel charges. If your plain-vanilla card does not offer any extra perks, try to find out some balance-transfer deal which comes with good perks.

Simplified finance

Them the balance transfer process is also preferred since it assures simplified finance for the user. The process enables you to simplify and streamline your finances by a great extent. When you are moving the balance from several cards to one single card, you relieve yourself from all the hassles of going into several card payments for several credit cards. This way, the user is just left to work on the payments and paperwork for one single account. Isn’t it smoother to pay off balance of 1 credit card in place of paying off several balances?

How To Improve Credit Score In 30 Days

September 10th, 2014

Credit ScoreYour credit score plays quite a decisive factor in any of your financial investment aspirations- whether you are planning mortgage for a dream home or an auto loan for a treasured 4-wheeler, you have to be really good with the credit score. But what if you are down with a poor credit record? Would that mean end of your desired investments? Well, certainly not as there are solid strategies that can actually boost up your credit score real fast, say within 30 days.

• Clear off debts

This is the primary strategy when you are trying hard to enhance your credit score fast. You have to clear off or at least reduce the debt burden as much as possible. This will enhance the credit limits available that would add on some good extra points towards the credit score quickly. Bigger is your balance, better would be the points.

• Pay bills early

Then, try to pay off the bills prior to due date and avoid any sort of late payment regarding any bill. When you are paying the bill early, it sets a slow of timely on-time payment on your part that works to hike up the credit score. Just one single late payment can mean a huge drop to your credit score- so be careful. In case you’re having issues in staying updated with the bills, request the creditors to change due date or lessen the monthly payments.

One of the most common troubles regarding late payment is forgetfulness. If you too have been a victim of such a condition despite having adequate balance for timely bill payment- go for automated payments so that your bills are automatically paid every month on-time.

• Limit unnecessary extravaganzas

You must be careful to limit unnecessary extravaganzas when you are looking forward to improve your poor credit record fast. Any undue splurging here might hike up your due debt, adding further wound to the misery.

• Check the credit report

This is another important point to consider when you are trying hard to enhance your declining credit score quickly. According to experts, you should obtain the free of cost credit report document from the 3 renowned credit-reporting bureaus- Experian, Trans Union & Equifax. The information obtained from the 3 agencies might vary slightly. It’s to mention here that at times the credit reports do come up with erroneous information- the bureaus do not take much time for the verification of data received from the creditors. Thus, you must make sure to look thorough into the credit report obtained to tick out the wrongful information. A lot of people have been able to improve their credit score fast by rectifying erroneous credit history on time.

In case, you find any error in your credit report, do not waste time to dispute it. You should contact the credit-reporting bureau with a written application citing all the documents and details that proves the alleged inaccuracy. The credit-reporting bureau will take some time to investigate & rectify the mistakes.

How to secure a pension plan?

August 12th, 2014

pension planAre you about to retire soon and looking for ideal pension plan? Well, the retirement is the time to relax after your years of hard work and hence you need to get hold of the pension plan that would accommodate a great life for you -even when you are not having the monthly salary. It is said that a retirement backed by a good pension plan is the ideal retirement. Now, there is a great bunch of pension plans around but not all would be compatible for your specific needs. Moreover there are many scam plans in the market as well. Thus, you need to be really careful while securing the best possible pension plan for you.

Before getting into the tips for securing a suitable pension plan it’s to note that you have to be careful about your needs or desires post retirement while choosing the pension plan. Whether you want to go out on a world tour or lead a quite life at the countryside- each of your needs will have a profound influence on your selection of pension plan.

Comparative study

This is one of the significant points while choosing the right pension plan which many tend to miss out. You have to take a thorough market study on minimum 5-6 potential pension plan providers before you finally sign up with the one. Follow the market reputation of the providers, service approach and customer testimonials. Besides, you should always check out key facts on each of the plans studied. The key fact is like the summary on the plan to ensure an easy understanding at a glance. The plan providers are bound to offer you the key facts & you have the right to complain if they aren’t acting accordingly.

If studying each of the providers individually seems strenuous, go for the comparison websites.

Check out contributions

You have to ensure that you are okay with the pension plan contributions. There might be some minimum payment requirement which the plan holder would have to submit to the provider. If you are on taut budget or struggling with irregular income, you have to check out beforehand whether you will comfortable with the contributions or not.

Be careful about charges

Check out what charges you would be paying & when. These would include transfer charges, administration fees, charges for investment management, penalties on payment miss out or early pull up of pension. Charges which are extracted from the policy holder’s fund would affect the pension amount he would be receiving end of the day. Charges for the stakeholder pensions tend to stay restricted to some set level.

Consult financial adviser

Before you finally sign up with a pension plan, it’s advised that you consult with an independent financial consultant. Pension plans are complex affairs and it’s not possible for a layman to understand the exact risks and benefits of the policies. A neutral financial consultancy would be an excellent help here to ensure a comprehensive grasp of all the points of the pension plans.

Paycheck Planning (Plan On How To Use One’s Paycheck Funds)

March 5th, 2014

Paycheck PlanningAre you struggling to make the most of your paycheck funds? This is common in most of the families, especially in case of young couples. After paying the taxes, you are left to pay up the outstanding bills finding it harder to make place for savings. But savings is really crucial, particularly when you are starting a family. However, not to worry as there are some really effective strategies that can help you to make the best of your paycheck funds.

401 (k) plans

It would be good for you if you are with an office with 401 (k) plans. You can take to the automatic deduction schemes where your contributions made to 401 (k) plan would be extracted from the check prior you get to spend it. As the 401(k) contributions come with pre-tax benefits, your net taxable earning would be less every year- & that might even place you in a lower tax circle.

Automatic savings

This is one of the most significant steps when it comes to paycheck fund planning. Go for a good auto savings plan that would automatically take out a scheduled amount from your specified bank account every month so that you don’t get to waste it unmindfully. Most importantly, as the amount would be extracted monthly in little quantities, the sacrilege won’t be heavy on you. The monthly extraction from your funds might pinch you initially but just imagine how much it contributes to your future savings. According to surveys, 57 percent of people who took to automatic savings have been hugely successful in effective management of their paychecks.

Monthly budget plan

You have to chalk out a serious budget plan for every month. Count the amount left after your tax and monthly deducted savings and plan out how to skillfully utilize it every month. Make a list for your mandatory expenses which should be met religiously. It would include your utility bills, the debts to be cleared and other inevitable expenses. Then settle some money for emergency purposes like sudden clinical fees or car repairs. The last remaining amount would go for your luxury indulgences- stick to the set budget and never go beyond your own specified limit.

Paying debts

When it comes to clearing the pending debts it’s advised that you proceed with the one with highest interest. This will help to lower down the pending burden gradually as you go.

5 points to remember before taking a credit card

February 8th, 2014

credit cardThe concept of credit card can be a boon for many but can also be a curse for many. There are several considerations before taking a credit card. Here are some of those given below:

• First of you need to ensure the purpose of the credit card and for what you will be using it. If it is to pay monthly bills then you must choose the bank that has got no annual fees and also has the facility for longer grace period. If you want to keep a minimum balance then the bank with lowest possible interest rate should be selected. That bank will also have a low introductory rate. If you use it on a daily basis then the best card would be the one that has got a generous credit limit. It should also contain a solid reward program. If it is for emergency purposes then the bank with no frill should be selected. They also have low fees and low rate of interest.
• Second point is the interest rate. The interest rate of credit cards is denoted by APR which is annual percentage rate. The rate can either be fixed or variable although in most cases the prime rate prevails. It is better to choose a credit card that has got a fixed rate of interest. This will help you to calculate the accurate amount of interest at the end of the month.
• Credit limit is another thing that you need to consider. This is nothing but the amount which the bank would let you borrow. This can be selected according to your choice because you would be the best person to decide how much you can spend in one month depending on the purpose for which you are using the credit card.
• Before selecting a credit card you must analyze the credit score you got. This would help you to know which type of credit card you would be eligible for. Those who have a poor credit record are not eligible for credit cards which have a good credit limit.
• The fine print of the credit should always be checked before you finally decide to take one. It would tell you the fees which will be charged annually. There are times when you want to transfer some balance from one card to another. You must ensure that the charges are really for these things.

Investment tips for newly married couples

December 27th, 2013

Investment tips for married couplesWhile you are up there on the aisle exchanging vows with your soon to be life partner, the last thing on your mind is joining the assets and income sheets of each other and starting to plan for the future. However, the quicker you discuss these issues with your partner, the better it is for the future of not only the marriage, but also the family.

You might be already investing a particular amount before marriage. But once married, almost all situations change. Expenses automatically increase, and you must keep aside money for sudden expenditures such as an impromptu trip to a relative out of a station, a family ceremony, or health related issues.

If you or your spouse have an existing loan, it is advisable to stop the monthly investment and then use your savings to pay off the loan. If you have a credit card loan or a personal loan, this should be the strategy to follow.

If neither one have an outstanding loan, you are one lucky couple. Now sit down with your spouse and discuss and analyse the collective income with the total home expenditure and other bills on a monthly or quarterly basis. Once you know the total savings that both of you make at the end of the period, you can start thinking about the goals and dreams you have shared for long. The most common one that almost all couples have is starting a family. There are other goals as well such as purchasing or building a house, an expensive holiday or buying a new car.

You then need to calculate when exactly you need to make the investment, and how much should the amount be. Tag the savings to your goals, both short and long term. Decide on which goal you wish to achieve first and in which order, make the investments and enjoy the benefits.