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  • 7 Strategies to Reduce Credit Card Debt

    7 Strategies to Reduce Credit Card Debt

    We are a society of consumers.  The average American household is over $100,000 in debt. Gradually, the mentality has changed from ‘saving towards’ to ‘paying off’, allowing creditors to take advantage of individuals with eyes bigger than their wallets. We eat nice dinners, take luxurious trips, and add to our wardrobes.  But at what cost? I want to tell you the story of a man digging out of credit card debt.

    This is my story.  In less than five years, I have paid off $20,000 in principal debt to credit card companies and creditors.  My balance sheet still isn’t clear, but I am confident my experience will benefit other debtors. The nuances of credit and debt are complicated, but the basics can be digested in a matter of minutes.  Take the time to wrap your head around these seven strategies to reduce credit card debt.

    #1 Make a Debt Reduction Plan

    If you’re serious about freeing yourself from credit card debt, paying down debt has to be the priority.

    Calculate Your Timeline

    Unlike a loan, credit card debt doesn’t have a repayment timeline built in.  It is essential that you set one for yourself. Set your own minimum monthly payment (higher than the required one) and use a debt repayment calculator to project when you will be free of credit card debt. [Alternately, you can enter your $0 balance deadline and have the calculator show you how much to pay off every month.]

    Earmark Money from Each Paycheck

    It is a mistake to pay off your credit card after you have handled other expenses.  Once you have decided how much to pay each month, make your credit card payment an automatic deduction from your checking account.  You’ll be forced to budget around your debt-reduction priority.

    #2 Pay Off Debt Before You Save or Invest

    Financial strategy is ultimately up to you, but I advise against continuing serious savings/investment while you are trying to pay down your credit card debt.  It’s all about the math. If you’re earning 4% interest on $20,000 investments while simultaneously paying 12% interest on $20,000 debt, you’re losing money. Unless your investment has a specific purpose that requires immediate action, I suggest focusing your financial attention on paying off credit card debt.

    #3 Identify High Interest Balances (And Attack Them)

    In order to minimize interest payments (and ultimately how long you’re in debt), concentrate on paying off debtors that are charging you the most interest.

    Pay More Than Your Required Minimum

    Credit card monthly payment minimums are set slightly higher than the amount of interest charged that month, so paying them addresses very little of your principal debt (the balance you eventually need to decrease to 0). Increasing your monthly payment above the required minimum begins to drastically cut your total amount of interest paid.

    Focus on Credit Cards with High Interest Rates

    While it may be tempting to pay off credit cards with higher balances, you should focus on the ones with higher rates.  Assuming you’re going to make the same payment amount, hacking away at the principle that is charging a higher percentage will save you money.

    #4 Investigate any Penalty Interest Rates

    Like their credit report, most people don’t take the time to read their entire credit card statement.  You should.

    When you do, you may see various interest rates being charged to different portions of your balance (some much higher than others).  Often this is a result of penalties (from payments dates), overdrafts, or cash advances.  These penalty interest rates can be up to three times your normal purchase rate.

    It is critical to reduce this high-interest debt by paying more than your monthly minimum.  

    You will simultaneously reduce the amount of debt accruing interest and the aggregate (whole) interest rate you are being charged.

    #5 Consolidate Your Debt

    Debt consolidation can be a real ‘out-of-the-frying-pan’ proposition.  Read carefully to avoid getting in more financial heat than you were in before.

    Beware Credit Consolidation Offers

    If you’re in debt like me, you get a lot of mail from agencies who claim to be able to consolidate your debt and reduce your monthly payments.  Avoid these.  While they are probably not illegal and not necessarily a scam, they often come with hidden clauses than may affect what you owe (and your credit score) in ways that are not initially apparent.  Trusted financial institutions are more reputable sources of information regarding debt consolidation.

    Consider 0% APR Credit Cards

    Some credit cards entice borrowers with offers of 0% APR (interest) for an initial period of time.  This allows you a break from high interest to reduce the principal of your debt. Make sure to read the fine print regarding any balance transfer fees and the interest rate after the duration of the 0% promotion. Be aware that credit cards may decline you, even if they have previously sent you correspondence containing language like ‘You Are Approved’. Do your diligence and read up on some of the best credit cards from Chase and other reputable lenders.

    Credit Cards with Rewards

    Many credit cards also offer members rewards like travel benefits and cash back.  Since you’re focused on debt reduction, I don’t recommend lavish personal spending.  However, if you make reimbursable charges for work, certain personal credit cards can generate benefits that will help you save money and pay down balances.

    #6 Monitor Your Credit

    The G.I. Joe cartoons that I grew up watching taught me that ‘Knowing is Half the Battle’.  I can attest to the fact that knowledge (in this case self-knowledge) is your most powerful tool for financial salvation.

    Study up on Your Credit Report

    Your credit report is way more than your score.  Your credit report has a lot of substance to inform your journey out of credit card debt.

    While debt usually has a negative affect on your credit score, debt and credit do not necessarily have an inverse relationship. I had a lot of credit card debt but a pretty decent credit score because I was making my monthly minimum payments.  Your credit score is a measure of ‘how you handle debt’. Put another way ‘are you a good borrower’?

    One of the biggest credit score factors is the percent of your total revolving (e.g. credit card) credit you are currently utilizing.  For example, someone with $20,000 total credit and a $5,000 balance (25% utilization) looks much better to potential lenders than someone with $10,000 total credit and a $5,000 balance (50% utilization).  For more info on credit scores and reporting, read up on some bonafide financial journals.

    Don’t Pay for Credit Monitoring

    There are plenty of great free credit monitoring services.  Don’t use a site that charges you a monthly fee.

    #7 Don’t Backslide  

    Don’t Confuse Credit with Money

    It is a big mistake to think of a credit card with a $10,000 limit the same way you’d think of $10,000 in your checking account.  Don’t get excited about freeing up credit and then spend it. Keep on track.

    Downshift Your Lifestyle

    It’s time to pay the proverbial Piper.  If you’re like me, you indulged in some luxuries above your pay grade when you were racking up that credit card debt.  While you’re focused on reducing your debt, you won’t be able to spend the same. Fear not, there are plenty of free and cheap distractions to keep you busy between scrupulous analyzing your credit reports and credit card statements.

    The Take-Away: Avoid Credit Card Debt

    In my experience money might not be able to make you happy, but debt sure can make you miserable. Since paying off over half of my credit card debt, I feel better.  I’m confident about the financial future of my family and generally more optimistic.

    I’m not saying don’t use credit cards.  Credit cards can be a fantastic tool for making specific purchases as long as those purchases are within your budget to pay off.  Keep in mind that a balance on your credit card only accrues interest if you fail to pay the card off entirely every month.

    Take some advice from a Prodigal Son and stay out of credit card debt.  If you do find yourself there, do your homework and start chipping away at the balance.  Debt reduction can be a lot of work, but it’s always attainable with the right attitude and coaching.

    A firm believer that freedom of information improves business, travel and life, freelance writer Ben Lovell is committed to sharing best practices.  Read more of his articles at the Gothic Optimist.

  • Financial Steps – How to Secure your Financial Future

    Financial Steps – How to Secure your Financial Future

    Financial security is essential for both future life and peace of mind. Even though the world has almost recovered from the last economic crisis, nothing is certain. It is essential to have healthy personal finance to deal with future uncertainties.

    Whether you want a secure retirement or pay off all your debts or simply want to create a great financial health, developing good habits is essential. The best news is that you can achieve your goals without sacrificing what you love.  By taking some financial steps to safeguard your future you can ensure your financial security before turning 30 years old.

    Here are some easy steps you can take:

    1. Mind your Expenses

    When it comes to creating a secure financial future the first thing people think about is saving more. This isn’t always the case. Before saving, you should first start with the list of your expenses. Cutting down your unnecessary expenses can have a huge impact on your finances. Make a list of all your expenses both small and big. This will give you an insight in to your financial situation. Now decide what expenses to get rid of. It could be that extra cup of coffee you can make at home or eating more meals at home. Choose your expenses wisely and soon you will see the difference.

    1. Savings

    After taking care of your expenses the next step is obviously saving money. Savings are of many kinds. For instant, saving for your retirement, buying a house or car, paying off debts and loans are some of the type of saving you commonly see. What you need is a plan to prioritize your savings. Decide what is more important to you. For any person who is in their 30’s needs to start investing in their retirement plan. For you your retirement saving should be the top most priority. This is the time when you can save more and secure your financial future.

    1. Always Have the Records

    It is essential that you know how much money you have both in terms of currency and properties or anything. You should have a balance sheet stating your incomes, debts, expenses and net worth. This will provide you with a clear picture of where you stand financially. The balance sheet will help you design your future course. Include everything so that you reap the benefits in the future. It’s better to face the reality than ignore it for present convenience.

    1. Take Care of your Debts

    Debts are the single big reason for worry and stress for many adults. Over the years people may acquire different kinds of debts. Not paying them in time can create a huge debt problem for you. So, it is essential that you take care of your debts.

    One of the best ways to deal with debts is to deal with them as soon as possible. The first step is to stop adding to the debt. The next step is to plan a strategy to pay off the debt. Use a debt repayment calculator online to determine the best course. You can also consult the experts to find the best course. Try to make bigger contributions so that you can pay off your debts fast.

    1. Use your Credit Cards Wisely

    Did you know that credit cards debts are one of the most common types of debts? Credit card gives you the power to purchase things, but it can be very dangerous as well. So, it is important that you use it wisely. Credit cards can also be a lifesaver when it needs to be. For example, in medical emergencies you can use the credit card money to pay the bills. Likewise, you can use the credit card for other emergencies as well. Keep the credit cards for things you need urgently.

    Using the credit cards for mundane things will only add to your debts. This should be included in some of the financial steps to safeguard your future.

    1. Your Lifestyle

    Your lifestyle plays a bigger role in your financial health. Everything you do right from the food you eat to clothes you buy reflects your lifestyle. In order to create a healthy financial future you need to consider your present lifestyle. Does it add to your debt? Is it a hindrance towards your financial goal? These are the questions you need to ask yourself. If your lifestyle is posing a threat to your financial health than you need to figure out how you can make changes and make your financial future your first priority. A simple lifestyle change can have a huge impact on your overall finances.

    Conclusion

    It is essential to take some financial steps to safeguard your future. Managing your finances effectively will reflect the kind of life you are going to lead in the future.  Make sound choices and ensure that you your future is secured.

     

     

     

  • How to Choose the Best Insurance Company in the USA

    How to Choose the Best Insurance Company in the USA

    Insurance companies in the USA come in various sizes and with diverse insurance policies. Once you have decided to buy a policy, you can choose from large companies with millions of insurance policies a year to smaller ones with only few hundred policies.

    When looking for insurance companies in the USA, the important thing is to find the company that is reliable and fits your requirement. Insurance companies are generally in great health and have the resources to match your needs. Even then you need to find the company that you can trust on. You also need to keep in mind that there are fraud companies too in the mix.

    Finding the right insurance company is essential. This article will help you find the best insurance company with some helpful tips:

    Know What you Want

    Whether you are looking for auto insurance, life insurance, health insurance or any kind of insurance, know what exactly you want. There are plenty of insurance companies in the USA offering all kinds of insurance. When looking for a reliable company, look for the kind of coverage you are looking for. Are you are looking for some affordable, bare-minimum insurance coverage or a full-scale coverage that takes care of everything. Look for specific coverage points or amenities that meet your specific requirements.

    Do your Homework

    Insurance companies are generally in great health with excellent coverage offers that can meet any requirements. Nevertheless, it’s your job to find out as much as you can about the company. Doing a little homework never hurts. Before you make the big purchase, make sure that you know important things about the business. Asking about the insurance companies is one of the best ways to determine whether the company is any good or not.

    Check out a Insurance company’s ratings

    An insurance company’s ratings are one of the important things that say where the company stands in terms of reliability, quality of services, performance and other things. If you want to determine the financial health of accompany look at the ratings. You can try some of the best online platforms that rate companies like the Angie’s List, Moody’s and A.M. Keep in mind that everyone has different rating system. So compare the ratings of the company on different websites and see which one has the best ones.

    Largest Insurance Companies In The USA

    Insurance companies come in all sizes. The large companies offer more policies and have been in the business for a long time. For a company to grow and make its presence felt in more than one state, it has to be in the game for long. Some of the insurance companies have been in the business for more than 200 hundred years. One of the advantages of hiring a large and experienced company is that they have the resources unmatched by smaller companies. This type of companies also has the expertise in understanding the complexities of the insurance business.

    Benefits Of The Smaller Companies

    Large companies are great for buying policies with all their benefits, but that is not to say that smaller companies are not good enough. Small insurance companies may have the same kind of experience and expertise only that they prefer operating locally.  Sizes do not tell about the quality of the service. It’s the previous customers that can tell you about the experience. Smaller companies too come with plenty of benefits.

    Reputations Matters

    The reputation of any company matters when it comes to considering them for buying an insurance policy. A good company will definitely have a good reputation. Bad news or negative things do surface from time to time. It’s the way the issue is handled is what matters the most. When you are looking for an insurance company make sure to check of any complaints against company. Any compliant against the insurance companies are regulated by the department of insurance. You can visit the National Association of Insurance Commissioners searchable database for finding any complaint against the said company.

    Compare the Quotes

    High price doesn’t always guarantee high quality. Comparing quotes from different insurance companies is one of the best ways to find reliable and affordable ones. Some of the company do offer discounts and reward programs, so consider opting for them. Insurance companies can accommodate a wide range of budget. You can still get a great deal for a price that you are willing to pay. So, look out for the special offers and programs to grab the best deal.

    The Bottom-Line

    In the end it is important that you find the best one from the many insurance companies in the USA. Narrow down your search with these important points and you will be able to find the best deal easily.

  • Benefits of systematic investment plan

    Benefits of systematic investment plan

    When we think about SIP, It means systematic investment plan, at that time we must go through all these important points so that we can get necessary valuable information to get the things done. As we know that investment is required for all people for their future needs, now a days situation is like that, there is problem and problem as population of the world is also rapidly increasing. So people must think about that about their financial goal. They must set their goal according to their  life.

    1. Saving Convenience

    Not everyone has a large sum of money lying around just like that. With the SIP, you have the option of investing small amount of money regularly. This is convenient for many people. Because of this convenience SIP gives the power of saving to people. You don’t have to wait until later to invest money. SIP allows you start investing money in mutual funds as soon as possible.

    2. Cost Averaging

    One of the key benefits of the systematic investment plan is that investors don’t have to worry about the timing the investments. Since the investments are in the form of small amount in regular intervals it reduces the risks of losing the investment money to any market speculations. You as an investor don’t have to worry about the share prices or internets. Depending on the market fewer units are bought in a declining market and larger units are bought when the market is at healthy state.  SIP works in automatic market mechanism which saves so much time and stress. Even though SIP doesn’t guarantee profit, it protects your investment from suffering in a volatile market.

    3. So Easy to get Started With

    Starting with the systematic investment plan isn’t that tough. You can open an account online and start investing your money in the mutual fund schemes. Just go to the website where SIP is offered and register. All you will need to do is fill out some forms and make sure you have the required funds for the transactions to take place. It takes less time to get started. Now that everything has become so convenient with online transaction, you can easily handle your SIP.

    4. SIP Disciplines you

    Making regular investment is the kind of discipline that will help you in the long run. You can start with small amount as early as possible and build a wealth over the time. With regular savings, you will develop a good habit that will also help you in managing your finances more efficiently.  Moreover, investing your hard earned money in small amount is much better than investing a large sum of money.

    For anyone who isn’t comfortable with investments, SIP offers a more reliable, flexible and comfortable investing system.

    5. Helps in Creating a Robust Financial Plan

    Since systematic investment plan is transparent, offer high returns and is very tax efficient, it has proved to be one of the best financial plan for individuals and family. SIP is the perfect tool you need to ensure that money goes into right investment and helps you create a very healthy financial situation for the future.

     

     

     

     

     

     

     

     

  • Great Concepts to Know About Dental Business Card Design

    Great Concepts to Know About Dental Business Card Design

    Even if the internet is a vast means of getting information, business cards in this digital age have still significant and useful way because it is always accessible, it adds legitimacy and helps marketing and promotion.  That is why you still need to bother yourself to produce business cards for your company because it is also one of the dental business signs that your clinic must possess.

    Moreover, picking up a preference of having a business card, the concept that it should display attracts people upon seeing it.  So aside from showing creativity in it, this little-personalized piece of marketing holds an impressive amount of potential for getting the attention of target customers.  Many business companies are willing to spend plenty of money to assure that their cards make a lasting impression.

    If you decided to invest in making business cards, consider now the design and the concept that you wanted to reveal to make your card marketable and retainable.  Thus, there are smart concepts that will help you decide for your dental business card design and concept.

    X-ray Film Business Card

    This design is something different because the card does not use an ordinary paper for printing but an x-ray film itself.  Aside from the necessary information that is indicated in the business card, the design on the four corners the card will be the teeth inside the mouth when x-rayed.
    Aside from its creativity, it will surely leave an impact on the client because of its uniqueness.

    A demonstration of a cured tooth

    This design takes effort because the cured tooth will be displayed if the business card will be pulled out from its mini envelope which has a tooth-cut in its front.

    The design of the business card should have a touch of black print which could be an icon of a telephone or cell phone.  Make sure that if it is inserted in the mini envelope, the tooth will look like a decayed tooth.

     

    So when you pull the business card out from its mini envelope, a cured tooth will be displayed.

    A Corner Bitten Off Business Card

    This design will display the necessary information still in the front view.  What makes it different is that: the corner of the has bitten off. Thus, it is within your discretion if you wanted to use smaller bites.  However, it would be better if it uses bigger bites on the corner.

    Although this might be very simple, it is one way of showing that the business is intended for dental clinic services.

    Rectangular-cut USB Business cards with a dental-related sign

    Since it cannot be out of the people’s pocket to use soft copies of files, there are higher chances of using USBs, making this a business card is very strategic.  It is because if other people borrow the USB, they would have higher chances of reading what is printed in the rectangular shape.

    Do not forget that the content of the business card design is related to your clinic’s purpose and goals.  However, the showmanship is displayed through USB.

    A look-liked Money Business Card

    The idea of making this as your business card is the point that because of its looks, even if people would throw it away or leave it in a table, people would be picking it up because they thought it is money.

    By doing such, the person who saw it will probably read the information indicated in the business card that your dental clinic has.

    Glow in the Dark Business Card

    Next in the list is a glow in the dark business card wherein it will display at night the portion in which the information is written.   This concept is great since people might be having a hard time seeing the data of a paper at night or on the dim light.

    Of course, the design which you might include in the card is relevant to the dental clinic services you have.

    Calendar Business Card

    It is a business card wherein people who could receive this will have a hard time throwing it away because it is useful.

    In this concept of a business card, the front may be displaying the necessary information of your dental clinic together with a background of a tooth alone or your business logo.  Moreover, at the back of it is the calendar for the whole year with a knowledge of your dental clinic’s location or its facade.

    Takeaway

    Upon picking the concept, you would like to have for your business card, make sure that it will fit still with the endeavors that your clinic has so that it will always be interconnected and parallel.  Do not deviate to the theme that your business image has projected.  You still need to think and take time in choosing your concept.

    The moment you have chosen the concept which you would like to apply in your business card design, do not forget to add the necessary information: name of the dental clinic, Doctor’s name, address of the clinic, phone number, email address, web address, hours and finance options, and most especially the logo of the dental clinic.

    The given suggested concepts and designs are for boosting the tendency of making clients keep the business cards you have.  Thus, at the same time, maintaining the right image that the dental clinic portrays.

  • Here are the Surefire Ways to Promote any Business

    Here are the Surefire Ways to Promote any Business

    Starting a small business is dream for many. With today’s market flexibility, it is now possible to start any kind of business. However, the success of any business depends on how well you promote it and the quality of your service. Even with a great service you cannot take your business further without promoting it and making it known.

    There are various ways you can promote your business on any budget. With the internet technology, it is now possible to start an online business and earn profits without the additional cost of a physical office or store. Whether you are a start-up or an established business with the right strategy at hand you can easily promote your business.

    This article will tell you about how to promote a business using high-impact and low cost methods.

    1. Finding The Target Audience

    It is the quite obvious one, but very important. Having a clear marketing strategy is essential for achieving your goal of promoting your business. Be spot-on about who are your target audiences. For instance, if you have a business of carpet cleaning then your target audiences will be people with different carpets and rugs and suppliers. You will also need to target people who are looking for easy DIY solution or cost effective solution. This is the first step towards promoting your business.

    1. Marketing Strategy

    Marketing has changed drastically since the internet came into the picture. The traditional media like the radio, television and outdoor adverts are no longer the dominant medium. Today, more than 70% of your target audiences are online. You will need to come up with a marketing strategy that will easily integrate the need for traditional and online marketing. Digital marketing is now the dominant medium of marketing. However, you need to consider the pace you are in. May be the people there are still responding to the old and traditional method.

    1. Get a Website

    In today’s digital marketing scenario, having a website is a must. Having a website is now considered as an important aspect especially when it comes to establishing the authenticity of your business. Most of the people now prefer interacting online rather than face to face because it saves time. Your website will be like a display window of your business. You have all the information about your business, which will make it easy for your target audience to find you.

    1. Generate Lead Online

    Did you know that most of the lead you generate will happen online? It is true. People are now finding services online to contact them with the requirement. By having a website and social media presence, you can generate more leads. Finding your target audiences is now easy with Facebook. With the Facebook ads you can easily target your ad to the specific demographic. Having a strong online presence can help you generate more leads and hence grow your business.

    1. Use the Search Engine Local Directories

    Search engine directories are one of the best ways promote business online. Google offers free listing of local business. With just few clicks you can easily get your business listed online. It will make easier for your customers to find your business and its various services. You will show up in multiple online directories every time anyone searches for the relevant keywords based on your business.

    1. Connecting

    Makin connection is essential for any business. Connecting with people should not be limited to the LinkedIn only. You need to make local connection. If you have a store selling household goods, you will need to know the local vendors and other suppliers which can help you stock-up high quality goods and services. They will also help you get the best rates. As everyone is online today, you might find your local vendors, supplier and in social media platforms like Facebook and LinkedIn. Connecting them online is also an effect way to do it.

    1. Get Business Cards

    This is really old school, but still effective. When you are visiting the local trade fair or groups meetings or any social gathering, you can hand out your business cards. It will help you create more connections and help you grow your business.

    1. Build-up Online Credibility

    It’s important that your online reputation is clean. People do check-up on businesses online. Some websites like the Angie’s List and Moody’s rate companies based on their performance and complaints against the company. So, it’s essential that you build a strong online presence trough quality content sharing, social media engagement and getting feedbacks and recommendation from your happy customers.

    Way Forward

    These are some of the most important and very effective strategies to tackle the question how to promote a business. You need to focus on the latest methods so that you can stay on top of the competition.