Month: June 2016

Simple Ways to Manage and to Limit Family and Personal Credit

Experienced shortage of money? Have difficulties in managing your credit? You are one of those who had trouble with their credit.

Credit is a byword everywhere because seldom can you find a person who do not have any form of credit. It is sometimes beneficial provided you know how to manage and to set limits to your personal debt, otherwise, you will be caught off-handed and experienced budget deficits and shortage of funds. This problem can only be solved through careful planning and management of one’s credit and finances.

Credit management implies a lot of things to companies and individuals alike. To some it
means the imposition of policies and rules aimed at mitigating and reducing the debt, while to others it means avoiding extending credit terms to bad debtors.

Despite the difference in meaning, it only means one thing, that is, the management of one’s finance to reduce and to manage personal debts. It takes a lot of motivation, dedication and courage to control one’s finances.

To regain financial stability, pay your debts and loans on time because your credit record is not only affected by the amount you pay, but also on how quickly you pay them. Most often, late payments of loans and credits had their associated interest fees, the greater the amount borrowed, the greater the interest once you defaulted on them. Good credit score is important in obtaining financing from banks and other financial institutions.

To control your monthly expenses, develop a budget scheme to save money and to set aside payments for outstanding bills. Prioritize payments for important items, like food, medications, education and gasoline. If you plan to have a vacation or a holiday, set aside money ahead of time. Most important of all, save money for emergencies.

Reduce your interest obligations by monitoring the interest rates of your credit cards, mortgages, personal loans. Make sure that interest rates are not above 12%, otherwise negotiate with your creditor to get it lowered. If it hesitates to lower the rate, transfer to another financial institution that has lower rate. Monitor and pay your interest obligation monthly.

When paying for interest rates, pay first those with highest interest rate and largest debtor because it will give you best satisfaction.

Before applying and committing for a loan, know and understand the credit agreement, interest rate and terms offered. Select those that has the smallest term and fixed interest rates.

If you fail to pay your loans and creditors hunt you, take time to call them and ask for extension or credit workout scheme. Majority of them want to work with you to get things sorted out, rather than bring the matter to court.

If you have defaulted on your credit cards, call the credit card company and ask for their assistance. Ask them and negotiate to reduce your interest rate. Some firms are willing to decrease the interest rates because they do not want you to default on your loan and they want to get the principal amount back.

If all steps failed, always make it a point to consider debt consolidation or consumer credit counseling agencies your last resort. Some of these companies can help you by offering debt reduction plans to help you pay your debts.

The Credit Preview for Equipment Financing and Leasing

Many companies have been affected by the fluctuations in the economy the last couple of years. Sales would surge one month, completely go flat the next and it has been difficult for many of us to manage cash flow and the repayment of debt. Company and small business credit has taken a hit and damage has been done, yet we still push forward to improve our businesses and try to grow them into the future. The situation makes us hesitant to take on new debt or try to finance new equipment even though it is absolutely necessary if we are to survive. New equipment will allow us to offer the latest product or services or simply keep up with the growing market trends in our industries.

It’s time to apply for that new machine but we cringe at what the procedure might reveal. A solid solution which many progressive finance companies are offering is called the Credit Preview; it is a step which can take a lot of pain out of the application process. A preview doesn’t cost you anything and will provide valuable information on the condition of your company.

The Credit Preview entails taking your basic minimal business and financial information and reviewing it to determine if there is good potential for a finance approval without requiring all of your tax returns, financial statements, debt schedule, etc. It will save you time, stress and energy since the preview will offer quick feedback on the chances of getting approved. Finance companies understand it doesn’t make sense to dig out 2-3 years of financials if your business has no chance for the type of approval you’re wanting.

A standard Credit Preview only requires the following:

1) Credit Application – should be completely filled out, legible and be sure to sign

2) 3 months of current bank statements – all pages should be included since the underwriter is trying to determine the money coming into your business

3) Vendor Quote or Proposal detailing how much equipment, labor, etc. is involved. The underwriter wants to see how much “soft” costs like labor and consultation is part of the purchase as opposed to “hard” costs like equipment and machines.

That’s all that is needed. The Credit Preview process will provide a much better analysis than those online “quickie” finance credit reviews which only checks your credit score; the preview checks 8 different areas to get a true picture of where you stand and how to move forward. Even with damaged credit, at least you will know some of your alternatives.

Consider Online Credit Card Applications

Why should you consider online credit card application rather than doing it manually by going to the bank? Yes, both ways have their ups and downs, but take a second look at online credit card application to see the difference.

Probably the best trait of online credit card applications is the speed of finishing the process. When you go online, you have to fill-out at least a page or two of questions regarding your finances, credit rating and other personal information that they would require to complete the application. For manual applications, you still have to wait in line and wait for your turn to be interviewed. Most of the online credit card applications will be approved as long as you completely fill out all the information needed by the issuer of the credit card.

You could be rejected in your manual application since you will talk with someone that may be affected by their surroundings. Sometimes, their moods would dictate what to do, and if you’re on the receiving end, you’re in trouble. Online applications are objective, and within minutes, you will immediately know if you have been approved or not. Even though both of them can issue the card after a week or two from the application, the online process could be finished in two minutes while manual applications could take longer before you actually finish the transaction and get your credit card approved.

Another great thing about the online credit card application is the idea of shopping for the best rates and cards. If you have a certain hobby that involves computers, cars, or books, there is a credit card company that gives rebates on certain purchases and you can go with these because the hobby that you really like gives rebates on most of your purchases. You can also choose based on the higher credit limit given by the issuer. Most would choose to have the credit cards that promise the best rates. If you are going for a manual application, shopping for the best credit card would take you more than a week and would require you to get in line.

You will also go through the credit card processor who might make subjective decisions regarding your credit limit and rate. This could be beneficial for you in some ways, but it will not help you in your spending habits. If you do the application online, a system will take a look at your background and give you the rate fit for you. Not only it will give you the ease that you need, your spending will also be based on how you originally spent.

Go for an online credit card application. It’s faster, safer and the options that you can have for a credit card are endless. There are hundreds or even thousands of companies in the country who are willing to help you with your credit card needs, and it would be almost impossible for anyone not to find the best credit card company for their needs.

Credit Card Debt Consolidation Counseling – Key To Rescue Your Credit

Credit card debt consolidation counseling services are the saviors of the people who have a poor record of maintaining their credit card debts. The growing figure of these credit card companies baits you to accept their credit cards and then fleece you from all nooks and corners of your finances. Credit card debt consolidation counseling helps you to take care of these financial strains. They can be approached by submitting some essential documents.

The documents required for Credit card debt consolidation are related to credit card debts, which you owe to different creditors. Taking in view of your financial standing and ability to pay, these counseling services design and suggest a debt consolidation program to pay off your debts. The services rendered by them help you in paying your debts in easy monthly installments. Negotiating on your behalf, they try to bring down the rates of interest and erase the penalties charged.

An Effective Service To Pull You Out of The Debt Marsh

Credit card debt consolidation counseling helps you to ease the ever-mounting pressure of credit card debts. The credit card debt increases manifold in a short span of time as for their high rate of interest and simultaneously the penalties charged every time for non-payment of dues.

These counseling companies are generally non-profit making companies and hence advise you on free credit card debt consolidation program. Counseling companies do not charge for their services, instead help you to reach a level, whereby you are able to free yourself from the clutches of credit card companies. Do remember that whichever Credit card debt consolidation counseling company you choose, it should give you debt consolidation quote free of cost.

Credit Card Debt Consolidation Calculator – A Great Reliever

The credit card debt consolidation calculator is a great reliever when it consolidates all your debts to your convenience. Using these calculators, you can consolidate your total debts into single monthly payments and keep a track of the stipulated period, to pay back your debts. A particular rate of interest can also be fixed as per your repaying capabilities. Optimum advantage can be achieved from these calculators by getting a helping hand from your Credit card debt consolidation counseling company.