It is very easy to point fingers at people who have chosen shopping spree as a way of life when it is about consumer debt. However, the real reason behind Americans getting caught in financial trouble and seeking payday loans online is not in any way related to the inability to resist temptation. It is in fact a matter of medical debt.

As per the Kaiser Family Foundation (KFF), there are over a quarter of Americans who struggle to pay their medical bills. This even includes those who have insurance, whether through an employer or independently. As a matter of fact, the No.1 reason of personal bankruptcy filings is medical debt and in 2014, approximately 40% of US adults ran into debt as a result of medical issue.

However, the shocking part is not that Americans have a hard time dealing with medical debt, but it is the extent at which even insured individuals struggle. The New York Times had reported last year that an estimated 20% of Americans under the age of 65 with health insurance had a lot of trouble paying their medical bills. Of those, 42% took up an extra job to cover their expenses and 62% claimed that most or all of their savings were used up to tackle healthcare costs.

Health insurance is not a surefire way to prevent Americans from falling victim to medical debt. But, you can take steps to build an emergency find so that you can safeguard yourself from unanticipated bills.

Emergency fund can offer relief

Not having enough savings to cover the unexpected costs is one of the main reasons why a lot of people get into medical debt. As per the GoBankingRates survey, sixty-nine per cent of Americans have less than $1,000 savings while 34% do not have any money in the bank.

Fortunately, there are things that you can do to have adequate savings. To start with, you can create a budget to track your spending accurately and also find ways to cut corners. Then, you can decrease spending from all categories that are not essential living costs, such as restaurant meals, leisure and even cable.

But, if that does not do the trick, you will have to make more significant changes like, unloading a vehicle, downsizing your living space or working a side job for the generation of extra income.

Bankruptcy creates future problems

It is best to avoid filing for bankruptcy because it is going to stay on your record for ten years. During this time, you will face a lot of difficulty finding an apartment to rent, secure an auto loan or even finding a job. Another thing about bankruptcy is that it takes a lot of money to file for bankruptcy. This is because the bankruptcy codes are quite complicated. You will have to hire a lawyer and also take care of any filing fees that you might incur along the way.

Moreover, there is really no distinction between filing for bankruptcy due to reckless spending or medical debt. Regardless of what it happened, bankruptcy filing is going to remain as a black mark on your record.

It might look tempting to fallback on the option of bankruptcy when your medical bills go out of control, but it is better to save up for a rainy day to help you cover the expenses. You can also closely analyze your health insurance plan and see if it would make sense to opt for a more comprehensive coverage.

Another great way that you can save some money is by not ignoring your health issues in its early stages. This is when health conditions are least expensive and easiest to treat.

Do not overlook the Social Security bonus

Retirees often tend to overlook their $16,122 social security bonus and they fail to include it as a part of their retirement savings. All you have to do is learn the tricks of how to unlock the Social Security benefits. If that also does not work, you always have payday loans online to rely on.

Have you ever wondered what is the value of financial security? Can an amount be actually added to an abstract factor like financial security? In this day and age of people literally loaning themselves money to survive, desperate people, taking cash advance in order to be able to pay bills, financial security does seem worth an awful lot. If you are head of an organization, you might be wondering exactly how much your fiscally protected workers’ worth is to your organization’s bottom line? Is their financial security a factor that improves productivity as much as it improves their life? This abstract question may soon enough have an answer and organizations will be enabled to solve it.

Financial Finesse is an organization dedicated to improving workplace wellness. They are always on the lookout for creating methods that can tackle such abstract concepts, asking questions like, ‘is it worth it’ in order to truly value the importance of certain workplace practices. Their team of analysts and developers said that it has come up a new prognostic return on investment model, a scientific approach that accurately gives descriptions of exactly how much a worker’s economic state is possible to effect both in a good or bad way, their company’s bottom line in important zones such as nonattendance or absenteeism along with other important factors. Absenteeism is absolutely condemned in any organization and it was important to incorporate that factor in. Another crucial factor is salary garnishments – in the event of an employee falling under heavy debt, the court may place an order which forces the borrower’s organization to pay the lender his or her salary for the month. Since this is a court order, the organization is forced to comply without considering factors like the employee’s performance that month or whether or not he or she deserves to be fired for bringing on such problems for the organization. Another chief area Financial Finesse focuses on is the factor of benefits involvement.

That might come tremendously handy as an economic pressure in the office rises, it has a severe effect on an employee’s psychological and bodily comfort. Such stress can also cause major defects to the standard of work they can produce at work. Employers speculating the amount of money it could be costing their businesses, finally have a way of figuring it out.

The Financial Wellness Score has attempted to make this abstract calculation possible for companies to set a standard and calculate the return on investment related to refining workers’ levels of economic well-being. A state of wellness where a worker has minimal or no economic pressure along with savings funds to squash any unforeseen costs and a carefully designed strategy in place to achieve any targets in the future.

The return on investment model delivers businesses of variable scopes a procedure to set program standards, being able to determine the amount of savings that can be made through effective cutting down of costs, rank target worker populations and keep a record of development and actions over a period of time, in order for human resources and welfares teams to set quantifiable program targets and quantify the influence their financial well-being agendas have on the business’s bottom line.

The detailed study and analysis discovered that workers in the anguish and stressed groups affect their companies’ bottom line at an excessively high rate, be in the region of a yearly charge to the company of $198 and $94 for each worker, respectively. Workers with advanced economic well-being levels cost the organization less. In these desperate times where attaining services like cash advance has become many people’s last resort, it is important for organizations to act wisely.

As things stand right now, there are millions of American consumers who have subprime credit scores, or bad credit. If you are one of those folks it may be tempting to believe that you have to simply deal with your low credit score, until it starts to improve over the years. There are, however, some steps that you can take to improve your credit score a little faster. One of those things is – believe it or not – getting a new credit card.

Most people know that they have to use lines of credit and make prompt payments to improve their credit scores. Some of these people also believe that they have to settle for whatever terms credit card companies offer them. In other words, people with bad credit often settle for bad credit cards. This is not the way that you should handle the process of rebuilding your credit score. Just because you’ve had credit problems in the past that does not mean you have to settle for a credit card with terrible terms.

Here are some things you should look for when opening a new credit card when your credit score is low:

Make sure it is a card that will improve your credit score!

People often get new lines of credit, use the credit properly and pay their bills on time and then they find that the account activity is not even being sent to the credit bureaus. That is like doing a lot of hard work and never getting any kind of payoff. Check with credit card issuers to make sure the card you apply for reports activity back to the major credit bureaus, like Equifax, Experian and TransUnion. You don’t want to spin your wheels on cards that won’t help you rebuild your score, so don’t waste your time applying for any credit card that doesn’t provide you with this perk.

Choose a Credit Card with Affordable Fees

Many times, people with bad credit wind up stuck with credit cards that charge expensive fees. The last thing you want to do is pay too much for the card you use regularly. Look for a credit card with no annual fees. If you cannot get one, then don’t pay more than $30 or so for a secured credit card. If you have bad credit, expect balance transfer fees to be between 3 and 5 percent. Don’t use a credit card for balance transfers if the cost is any more than 5 percent. And look out for “extra” fees. Some credit card companies try to hit consumers with maintenance fees, processing fees and other added costs that you simply shouldn’t have to pay.

Move from Secured to Unsecured

Many people with lower credit scores find that they have to start off the process of rebuilding their credit by opening secured lines of credit. This is sometimes a necessary evil, but if you have had a lot of problems with credit in the past, you may have to use a secured card for a while. Make sure, though, that the secured card you choose to open lets you graduate to an unsecured card in the future. When you open a secured credit card, you have to pay a deposit. The ideal credit card in this type of situation would allow you to open the account, check your credit activity for improvements over time and then to get your deposit back as you progress to an unsecured account. This can be a confusing process, so you may want to speak with a customer service representative to make sure this option is available to you.

Keep these tips in mind as you work toward building a higher credit score and a more promising financial future.

dollar-squeezeSometimes the regular pay check just doesn’t stretch as far as it should. Many times we find ourselves staring at an unexpected expense, without enough money in the bank to pay for it. It’s just these types of situations that lead many people to go online to take out payday loans. If you suspect that you need to get some fast cash in the bank, and plan on taking out a payday loan to get that money you are currently in need of, this post should help you to sort out all the facts to make a smart choice for your upcoming online borrowing needs.

Your Payday Loan is an Unsecured Loan

Not all loans are created equal. For example, some loans are secured loans. This means that you have to offer your personal property – vehicles, homes, etc… – as security on your loan. When you take out an online advance cash loan, however, you are getting what is called an unsecured loan. You don’t have to put your property on the line as collateral for these types of loans. Since most payday loans are smaller than the traditional bank loans that you might be familiar with, there is no need for you to offer up any security to your lender.

Cash Loan Bad Credit FACTS

Bad credit can be a hindrance to you in many areas of life. There are even some people who are finding that they can’t land their dream jobs because their potential employers won’t even hire new employees with low credit scores. You can breathe easy when you apply for an online payday loan, though, because lending companies do not require you to submit a credit check. To make a long story short, your lower credit score will not stop you from getting loan approval online.

Advance Cash Loan: Cash Loan Review Websites

You must be careful when using online reviews to find your advance cash loan. There are many loan review sites that are nothing more than advertising portals for popular lenders. We take a different route on this website and offer you the ability to submit your loan request to a large network of lenders. Every lender in this network is known for offering professional lending services to their clients. If you have any doubts about the lenders you find on those review sites, you’ll be glad to know that you only work with the top lenders when you apply for your loan here.

How Much Can You Borrow on a Payday Loan?

You can borrow between $100 and $1500 when you take out an online cash loan. Choose wisely to get enough money to take care of expenses without overextending your bank account too much on your upcoming payday.

When Should You Pay Back Your Payday Loan?

Advance loans, like other loans you take out, should always be paid back on time. You should pay back your online lender two weeks after you receive your loan money. This allows you to avoid accruing extra debt and prevents additional loan fees form kicking in.

Here’s your direct line to a successful payday loan online

You are now aware of some very important facts about finding a lender and getting an advance loan online. When you get your loan money you can use it to pay for any expense that you want to pay for. Your payday lender will never ask you to justify why you need to borrow money. And you can actually get the loan process going right now by filling out the secure, online loan application form that is located on this very website. This is your fast, secure portal to the best payday lending companies doing business today.

It is nice to have the bragging rights that come with having a high credit score, but there are other reasons you should do all that you can to improve your credit rating. Your credit score is an important aspect of your life, and one that can impact several areas of day-to-day living.credit-score (1)

It’s no secret that our credit scores are closely scrutinized for everything from applying for a new job to getting a new insurance policy. If your credit score is low, you may be suffering from the effects of bad credit without even being aware of it.

If you are on a mission to rebuild your credit score, it is important to be armed with the information you need to meet your goals. It all starts with pulling your credit report. But there’s more to your credit rebuilding master plan that you need to know about. Here are the things you need to do to take a day-by-day approach to improving your credit score.

Start off by Assessing the Situation

Once you have your credit report, take a look at the details to see if there are any errors. If you find errors, work with the credit reporting bureau and any creditors involved to get those issues resolved. You should also take a look at your credit score. If your FICO score is lower than 620, many creditors will consider you to have subprime credit. This means that immediate actions must be taken – and sometimes repeated – to improve your credit score. Don’t get discouraged if your credit score is lower than you thought, as there is no such thing as having a score so low that it cannot improve.

Open a Line of Credit

If you don’t have a credit card, getting one can be tricky. Thankfully, though, there are things that you can do to work toward opening your first credit card, or getting a new one if your credit score is low. Start off small by applying for a store or retail credit card. These types of cards are easier to qualify for and making timely payments improves your credit score, little by little, every month.

You may also want to apply for a small loan at your local bank branch. Be prepared to get turned down, but do your best to apply for a small loan. Your goal right now is to show that you are a responsible person and that you pay your bills on time every month. You can’t do that unless you are regularly paying on loans and/or lines of credit, so you will have to bite the bullet and see if you can qualify for small dollar loans or lines of credit to get the ball rolling in the right direction.

Avoid the Temptation to Have too Many Credit Cards

There are people who go overboard and end up opening too many lines of credit. Remember, your credit score is calculated via five different factors: payment history, total debt amount, length of time you have had credit, the types of credit you possess and recent credit card activity. Your payment history and total debt amount added together account for 65 percent of your credit score. Reducing your credit card balances and maintaining a spotless payment history will do a world of good when it comes to improving your credit score.

A great credit score doesn’t just happen overnight. You have to take matters into your own hands. Making smart financial decisions can take practice, but before too long it becomes a habit – something you do day in and day out. That habit will ultimately increase your credit score.

Buying a home for the first time can be scary. You are new to the whole process and may be unsure of how to go about doing things. There are things that every first time home buyer should do to make sure they are on the right path to buying a home.

The first thing you need to do when you are thinking about buying a home for the first time is to take a good long look at your credit report. If it is not in the best shape you should fix it. Get your credit score up before you apply for a home loan. If you have good credit when you apply for a home loan you can get a better interest rate, which will make the home cheaper in the end.

Semi-detached houses in Croydon for sale

Once you have your credit where you want it you need to prepare a down payment for your home. If you have not picked out a house that is not a problem, you can still save up for a down payment. Do not forget about closing costs. You need to make sure that you save money for closing costs as well as the down payment. Back in the day it was standard to put twenty percent down for a down payment. These days people only put about three to five percent down. So you just need to figure out the maximum you plan to spend on your home and save up at least ten percent of that. That way you will have money for a down payment and for closing costs.

The next step is the hunt for the house. Look at different neighborhoods and schools if you have children. Decide on an area; look at the houses for sale in that area. Figure out what kind of house that you like and what you want in your house. Look at the prices of the home around the house you are looking at. You do not want to own the most expensive house in the neighborhood but you also do not want to own the cheapest house in a neighborhood. You want to buy a house that falls somewhere in the middle.

Being a first time home buyer can be frightening. You can benefit from an experienced real estate agent. They know the market, the value of homes in the neighborhood, and negotiation strategies to help you to get the best deal on the house. If you are a first time home buyer find a real estate agent with lots of experience and get them to help you. They have so much information that can be beneficial to you.

Do not be scared when you are looking to buy your first home. Getting an experience real estate agent will help you along your journey to buying your first home. Do your homework and do not rush into anything. Know what you are getting into, and have a plan.

Not everyone can afford to buy a new car and often you can find a good deal on a used car from a private seller. Not all private sellers are honest though, some will try to scam you. Before you go to look for a used car from private sellers, know these various scams that they use to take your money and leave you with a hunk of junk.

If the seller wants money or a wire transfer but you have to wait to get the car, let this be a red flag that it could be, and most likely is, a scam. There may not even be a real car for sale. The supposed seller wants to take your money and then not contact you again. You should not have to give any money for a car until you are able to take the car from the seller.

If the deal seems too good to be true, then it probably is. If the car seems to be in great condition and the price seems to be super low, expect that something is wrong. Most private sellers who do this will not tell you that something is wrong with the car. The best thing you can do is take the car for a test drive to your mechanic and have them look it over and let you know what is wrong with it. If you do it that way, at least you know what you are getting into and are not buying a car thinking it works just fine just to have it break down a week later.

Ford Corsair V4 estate 1966. The stylish Corsa...

If the private seller is trying to offer you a third party protection plan on the used car that they are trying to sell you, know that it is a scam. The people who do this know how to make it seem like you are talking online with someone from the company when in reality it is just them reassuring you. Then when you purchase the plan, they get the money, but you do not get the protection plan.

If the seller suddenly changes gears in the middle of the negotiations take that as a red flag, it is a scam! If their story suddenly changes then you know that something is wrong. Take that as an opportunity to just get out of the situation before you get scammed and lose money.

If the seller tells you that the car that is for sale is not at their residence, then you should see a red flag. Typically when a vehicle is for sale it is either at the person’s home or somewhere it is easy to advertise that it is for sale. Depending on where they say it is, you should be able to determine whether or not it is a scam. If it is sitting out where it is easily seen then you do not need to worry as much. However, if the seller tries to tell you it is at their friend’s house, you might want to forget about that car all together.

When you are buying a car from a private seller you can get a better deal, if you are careful and know what you are doing. You always have to be careful of scams. There are plenty of people out there who would not think twice about scamming you and you should not think twice about walking away from a car if you feel a though you could be in a situation where you could be scammed. If you know the most common ways that people try to scam others then you will have a better defense against getting scammed, which is always a good thing.

01.06.2014

There are many myths out there when it comes to credit scores. You have most likely heard at least some of them. No one really knows where they came from, but we do know they are myths. If you are unsure of what is a credit score myth and what is a credit score fact you should continue reading so you know fact from fiction.

One credit score myth is that you should never close a credit account. This is a myth because it is not always the case. There are times when this is what you want to do. Typically if you want to get a loan in the near future you do not want to close a credit account. However, if you have plenty of credit accounts, and you see no need for a loan in your future there is nothing wrong with closing one.

Credit Rating

Credit Rating (Photo credit: Match Financial)

Having tons of credit cards means you will not be able to get a loan is one myth that people think is true. At one point in time it was somewhat true. The fear was that you would go out and run up huge bills on those credit cards only to default and wind up in over your head. What has been noticed however, is that those who have been able to handle many credit cards for some time without issue will not just go out overnight and max out all of their cards. They have shown their responsibility by not keeping them maxed out, thus they are more trustworthy than once thought.

Another myth is that you do not need to worry about your credit score. This one is absolutely crazy! Of course you need to worry about your credit score! You credit score will determine what your loan rates will be or even if you can get a loan. Your credit score is very important and you need to pay attention to it. Remember the higher your credit score the better off you will be.

One rather strange myth is that you have to be in debt to have a good credit score. This is so not true. The thought behind this is that if you have a debt and are making your payments on time every month your credit score will go up. While that is true, you do not have to be in debt to have a good credit score. Say you have a credit card and make a purchase with it and then immediately pay it off. You do not have debt but it did help you build up your credit score.

Do not believe all that you hear when it comes to your credit. If you are unsure of something do your own research. You have the ability to find out for yourself if something is a myth or if it is a fact. The more you learn the better you will be able to separate credit score fact from fiction.

Emergency

Emergency (Photo credit: Tax Credits)

Not everyone thinks about what would happen financially if an emergency were to happen. Often most people end up in a financial emergency when another emergency happens. They do not have the money to take care of whatever they are going through. Ask yourself, are you prepared?

If you do not want to end up in a financial emergency when you are in another emergency there are things that you can do. You probably already have a retirement savings account and a general savings account, but you should open another savings account. This account will be your emergency fund.

You do not have to stress yourself out trying to make sure that you build your emergency fund as fast as you can. You really only need to add what you can to your emergency fund. You still have a budget to stick to, but this should be added to it.

Everyone will have their own amount that they will need as a minimum in their emergency fund. It will depend of various things such as if you are single or married, if you have children and if so how many, how many bills you have, and so on. You need to sit down and figure it all out. Generally experts say take that amount and have a minimum of six to 12 months worth of income that will cover that amount in your emergency fund. Of course it does not hurt anything to have more than you need in this account.

Always remember that this account is for emergencies only. Do not use it for any other reason. Do not rationalize something as an emergency in order to use this money. This money is to be used for real emergencies only, this is important. If you do ever take money out of this account, even if it is because of an emergency, you should replace it as fast as you can.

It is a good idea to sit down with a pen and paper and make a list of what you consider a real emergency. If you have a list of what you will allow yourself to use your emergency fund for, you will be less likely to try and use that money for other things. This is not money to use because you want to go out and are short on cash, or because you forgot to budget for a haircut. This is for true emergencies only so that is what should be on your list.

Having an emergency fund will help you make it through any emergency, without having to go through a financial emergency on top of it. This is something not many people have thought about, but is really important to have. It is one of those things where it is better to have it and not need it than to need it and not have it, so go set up an emergency fund today.

payday-loans-for-people-with-bad-creditPayday loans are there when you need a small amount of Financial Relief after a particularly bad financial month. If you had to spend money on a car repair, or a trip to the emergency room, there is a pretty good chance that you may need a little bit of extra money to make sure that you pay your bills on time. You won’t get thousands of dollars with a payday loan, which is kind of the point of what makes it so beneficial for people. You don’t have to take on a bunch of money that you don’t need if you are simply looking to pay off a bill that you owe. You take a payday loan when you need that small amount of money to make sure that you get the relief that you need.

While a payday loan is something that can be beneficial to you, it should not be the type of thing that you make a habit out of. Loans are there for when you need them sparingly, not as a crutch. If you find yourself month after month needing what a payday loan can offer you, you need to adjust your finances so that you can get out of your habit. While there may be little risk to a payday loan, when one makes a habit of getting them run the risk of putting together some pretty substantial debt, especially if they are not paying them back in time. One can find more info by taking a look online.

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