Have you ever obtained a new job, or had a raise and thought “Great, now I can pay off my cards even faster?” Credit card debt relief is what everyone struggling with their cards is looking for. The ability to spend your own money on what you want and not have to use it to pay off some company at very high interest rates. If you are in this state your personal finance knowledge should now be telling you all this is true.You might not realize it but one of the most important results of obtaining credit card debt relief is the fact that it will de stress you. Once you start on a program of budgeting and watching your money, your stress levels will correspondingly start to drop as you see results.Try and think of some of the goods you want right now. Now compare owning them with being able to pay off your cards each month. It takes getting into credit card debt for some people to realize that having your own money in the bank is preferable.The first thing to do in order to get to this stage is to develop a budget for yourself and stick to it. Try using cash instead of your card when making purchases.You can also try debt consolidation to lower your monthly payments. This is a popular and successful method of reducing the amount you are paying off tour cards each month. Of course you should do your own research and choose depending on your own circumstances. You will not reduce your debt by consolidating your loans but with the extra money in your pocket each month you now have the opportunity of paying off your loans faster.Here are 5 basic guidelines you should check out carefully1 – Get a budget prepared. Plan out all your expenses so you know what bill is coming when for at least a year.2 – If you cannot afford it then do not buy it.3 – Ideally you should make full payments on your card before the due date. If this is impossible then make the maximum payment you can before the due date.4 – Just one or two cards should be sufficient for most people. Yes there are exceptions but think very carefully if you are of the opinion you are one.5 – Never use more than 70% of the credit available to you.Your personal finance knowledge should be updated so you know and understand exactly how you will proceed to reduce or even eliminate your credit card debt.
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Commercial Equipment Financing
What Are Commercial Loans For? – Many small business owners use commercial loans to finance their expensive business equipment. For example, a restaurant owner may finance their kitchen equipment or a dentist might need to finance the cost of their dental equipment.Who Finances Commercial Equipment? – There are many commercial lenders who specialize in financing different types of commercial equipment. Sorting through many different commercial lenders can be time consuming. Many people opt to work with a commercial loan broker instead of trying to find a lender directly. It can save quite a bit of time to work with a broker.Can I Save Money Finding The Lender Myself? – You might be able to save money but it’s likely that a broker who really knows the lenders and what types of loans are available will be able to better help you find a loan that works with what you need and will save you money. Although a broker charges a fee to complete the transaction, they may end up being able to help you save more money by getting you a better loan.What Are Typical Terms? – Most commercial lenders will want to offer shorter terms than other lenders who finance real estate. Instead of allowing the borrower to pay the loan off over the course of 30 years, the terms may be for 5-10 years.Will There Be a Balloon Payment Due? – Sometimes commercial lenders will require that there is a balloon payment due toward the end of the loan term. This will require that the borrower pay off the loan in full, either by using cash or refinancing the balloon portion into a new loan.What Are Commercial Bridge Loans? – Bridge loans are a type of short term financing or hard money loan. Bridge loans are typically easier to qualify for than other types of long term financing. With a bridge loan, the lender will be looking closely at the value of the equipment or property and will usually not want to finance more than 65% of the equipment or property’s value.Are There Pre-Payment Penalties – Some commercial lenders will charge a prepayment penalty on the loan. Prepayment penalties typically range from 1-5 years.Can I Get My Loan From a Credit Union? – Credit unions are now able to provide commercial loans with fewer restrictions. One of the stipulations that credit unions have is that they are not allowed to finance more than 80% of the value of the equipment or property.