Why Consider a Low Balance Transfer Credit Card

Why Consider a Low Balance Transfer Credit Card

There are quite a few credit cards ideal for balance transfers available, but why should you consider applying for one? There are several benefits to choosing one of these cards and so they’re certainly worth thinking about.

Some credit card companies offer free transfers from other cards and provide reduced interest rates from time to time. If you’re like most people and have multiple credit cards, try contacting each of them and find out what offers they currently are running.

Read on to find out more tips and reasons to consider a low balance credit card transfer.

Credit cards for balance transfer

Credit Cards 2Credit cards ideal for balance transfers usually have two main advantages over other types of card: they have low balance transfer fees and then have a 0% interest rate on any money that you transfer. This means that if you want to transfer over a balance from another card, you will be able to do so at minimal cost.

You can then pay off the transferred balance on your new card over an extended period – up to 20 months depending on which card you choose to apply for. As you aren’t charged any interest on this transferred balance, it means you may well be able to pay off what you owe quicker than you otherwise would have done, making these cards useful not just for consolidating outstanding balances but also paying down the debt.

Benefits of credit cards

This means that one of the main benefits of credit cards such as this is for people who perhaps already have one card with some money owing on it, but who would like to pay off what they owe so they can effectively start over again. It’s important you take note of the length of the 0% introductory offer as the standard APR will be charged after this time.

You also need to ensure you keep on top of your payments when you make other purchases on your card, as you have an obligation to do this. As long as you make at least your minimum payment each month, a credit card ideal for balance transfers could be a really good option for many people choosing which type of card to apply for.

You’ll surely find more benefits that credit cards provide to us. But those are just a few of the most popular benefits I wanted to mention.

Financial Rules for a Good Financial Plan

Financial Rules for a Good Financial Plan

Even if you don’t want to take the services of the established financial planners, and you want to make a plan of this kind by yourself, it is better to follow the rules of the financial planners. Whether we are talking about establishing a plan for the real estate you might own, or you just need a few advices to establish some short-term financial investments, the plans implemented by those companies for their clients might work just as well for you also.

Good Financial Planning

Plan your future. We have heard that many times before in our lives. A good rule of thumb to follow is to allot some time to establish the financial objectives and include them in a realistic plan that will help you to succeed. A good financial plan shouldn’t be winged or done haphazardly, the more time you dedicate at the start of your financial plan, the less time you will spend worrying about it in the future.

Don’t expect anything free. Be careful when you see announcements, vendors and other dubious financial offers promising free services. After all, we are talking about an industry involving money, and nothing comes free in this competitive world.

Financial PlanningRisks of Bad Financial Planning

Greater incomes mean greater risks. Admit that nobody would pay high interests for some safe investments such as governmental bonds. In the majority of cases, the greater the ROI (return of investment) is, the greater the risks are. As we are talking about a retirement plan, maybe you should try to obtain safe profits instead of huge ones. After all, we are talking about some money that you might need 10 or 20 years after your retirement, so you should be careful with those sums.

Calculated risks are expected in every investment we make. As we get closer to retirement, you want to avoid the higher risk investments and stick to more solid ones. Always ask your financial advisor what makes more sense in your situation.

Establish your Financial Goals

Establish your goals. Before engaging in burdening financial plan thinking about those times of your retirement when you would be able to visit all those exotic countries, remember that you need to live in the present also. Calculate how much you could invest every month considering your current incomes, and make sure you won’t sacrifice the present for the sake of the future, or for some potential incomes you will benefit of after a few decades.

The Financial Freedom of Homeownership

Owning a home allows you and your family a stable environment. You become part of a neighborhood and community with a sense of belonging. With renting, neighbors come and go, but homeowners tend to stay longer in their neighborhoods and establish longer-term relationships.

The Financial Freedom of Homeownership

Many people enter the domain of homeownership as young couples looking to build a family and nest egg. They plan on starting a family and need room to grow. These family homes will see many firsts and will be a part of countless memories. As well, homeownership gives families more room to entertain and this means extended family will also share in building memories.

It is not only young families seeking homeownership. Families with young people seek larger homes for their growing family. Retiring adults may also wish to start a new phase and new memories by seeking out warmer climates or smaller more convenient home environments.

These memories and moments are what life is all about. Good Memories of Christmas mornings and vacations will fill minds for many years.

Home Owner

Renting vs Owning | Which is better?

Renters though have difficulty putting down roots, both literally and figuratively! Renters are rarely afforded the luxury of gardening, planting trees and shrubs, and watching them grow. But as homeowner you are able to create your own gardens and personal environments, planting trees and memories that grow and mature alongside your children.

Usually there is a certain pride that comes with homeownership. There is a tangible piece of property and land you can call yours. You can’t be evicted or told not to plant gardens, trees or shrubs, or that you can’t have a dog or cat as a pet. This sanctuary of yours allows you to form deep attachments to land, home, friends, neighbors and family.

Common Homeownership Responsibilities

There is a pride in homeownership that spurs many to make improvements and additions, to keep the home in working order and to make it more comfortable and usable for the family. This, in addition, improves neighborhood values.

So why do people buy homes? Initially they may have been motivated by changes in circumstances, such as a new job or growing a family, but they buy based on emotions and expectations of a stable home environment for their family. Most people want a home they can call their own, with good times and memories that will last a life time.

Timely Debt Management Solutions

Besides financial benefits and debt freedom, debt management solutions include an important personal lesson. The debt problem can cause significant changes in your life style that make you a smarter customer. In fact, you can become one of the few people who live debt-free in the modern world.

The first step to debt freedom

Strategies can be developed for your particular situation, either by taking the techniques outlined by experts in the reduction of the debt or by enrolling in a counselling program. The financial benefits of debt management plan (DMP) are very important as you begin to breathe easy. Some of the most common debt management benefits are listed below:

  • Reduced bills
  • One monthly payment
  • Negotiations with creditors
  • Flexible payment plan

Interest and late fees can accumulate if you are in a period of denial to deal with liabilities that are too heavy to handle. Rather than hoping to win the lottery or getting a promotion, take a step forward. You can get a second job and pay more on your bills, but you can also get help to work with your current income and make a reasonable decision.

Easy credit has ruined lives of many people when they were oppressed by years of slavery in interest rates and late fees. Appeals against the creditors are another burden that many people have. Debt management can help you deal with debts and give you the plan that will reassure creditors. Creditors are often willing to help because they do not want you to declare bankruptcy and default on the loan.

Piggy Bank

Take the situation into your own hands

Knowing that you are in control is so much better than feeling like a victim about to be swept away by a snow slide. Getting out from under the piles of debts is often a slow and stubborn process when you do not have as much fun as you have spending money. For this reason, you need all the encouragement you can get.

Peace of mind comes with an end to collection calls, since your creditors are confident about your payments according to the DMP. It comes from knowing that you are less in need this month than you were last month. You are ensuring that you are doing the right thing by paying your negative balance entirely and learning how to avoid such problems in the future.

A Look at Personal Finance

When thinking about personal finance what is the first thing that springs to mind?

Well, in my opinion personal finance is this and so much more. It’s the way in which you manage your money and look after what payments need to be made.

Savings

If you are lucky enough to be able to save each month it soon grows, especially if you have an account that has a higher rate of interest.

Savings accounts are useful when you know that you won’t need instant access to your money as some require a notice period if you are to withdraw money. There are ISA’s too which are tax free savings accounts that you can save up to a set amount each year. These have a better interest rate than normal savings accounts however again require a notice period. Some building societies or banks will not allow you to take the money out without closing the ISA.

Current Accounts

Bank AccountWhen it comes to personal finance bank accounts are most definitely a big part of the whole picture. If you have the right bank account it will look after you and your money. Some accounts charge a monthly fee for the services that they provide to you. These services may include travel insurance, fraud protection, increased interest rates and many more besides.

Finding the right bank account for you is important to the management of your personal finances. Bank and building societies sometimes offer accounts based on how much you pay into them on a monthly basis, mainly over $1000 a month and you are eligible for the added benefits. But, if you do not want to pay a monthly fee, some charge between $10 and $25 a month, or you don’t pay in enough then there are still accounts out there you can use.

These accounts fail in one way though; they have a lower and usually not very good interest rate. They have all the normal features: cheque book; ATM card; instant access. So if it is just an account for you wage to be put into before you move the money around or pay the bills then this type of bank account could be the one for you.

Debts

When it comes to debts there are lots of different debts out there

With each type of debt there are consequences if you don’t make the monthly repayments. Credit card and loan companies apply late fees or missed payment fees which can accumulate behind your normal payments. You are usually told about these charges when they are applied.

Credit Cards

Credit cardsCredit card bills have interest placed on them whenever your statement is produced. This is usually high interest rates to try and get people to pay the balance back quicker. Sometimes it is the interest that people are paying off as the amount each month is greater than the payment they can make.

Credit cards are a good way to build up your credit score though. Some people are advised to get a credit card, buy small things ($10 to $15) and then pay them straight off when they get the bill. This will build up your credit score but it won’t happen overnight.

Store cards are a debt that people forget about. While out shopping you get offered them in most shops now-a-days and as such you can amass a large number of store cards that will need paying off. Try to remember what you have spent on them as when the bill comes it may be a shock.

When it comes to your personal finances you are the only one that is aware of what is happening.

Don’t bury your head in the sand and hope that they will go away as they won’t!

You have to do something about them. If you are in debt maybe try get a second job to help ease the burden, seeking professional debt advice can also help you. Keeping your personal finances in order will help you lead a happier life as you will not be worrying about where you are going to find the money for your bills.

Budgeting with Bad Credit Loans

Budgeting is a good way to save money and manage finances. Although budgeting is hard and time consuming, the benefits make it worth the effort. There are several budgeting tips available to maximize the results. In today’s world of fluctuating economies, financial security is highly important.

Many people tend to make impulsive purchases that they inevitably regret later. Only the essential items should be bought. This can be done by making a list of such things before going to the market. Store and credit cards should be avoided as much as possible. All outstanding debts should be cleared at the earliest to avoid a financial crisis later on.

BudgetingKeeping Track of Expenses

Keeping track of all bills and expenditure is necessary to identify the places of unnecessary expenditure. In budgeting, it always helps to set an achievable goal. Once a goal is in place, a plan can be created to realize it.

Another important tip is to assess the overall financial situation. Timely action goes a long way in resolving the financial issues. Timing and execution are key factors in budgeting. There are various other tips that are applicable to specific situations. All of them can be found online.

Living on a Budget

Most people living on a budget are affected by bad credit scores. Bad credit loans offer financial aids to such people. Such loans can be of secured or unsecured type. In secured type, the borrower needs to put up collateral to obtain a percentage of its value as loan. The interest rates will be lower than unsecured type where no collateral is required. The repayment period usually varies between 5 and 25 years. The monthly installments are higher for shorter repayment periods and vice versa.

The borrower can choose the type of loan period based on his or her financial situation. Such loans are highly beneficial for people who require emergency financial aid. They can be used for various purposes like buying a car, building a house, business related expenses etc. Many such loans are provided by online companies. The online process is very simple and the money is obtained within a matter of hours. Hence it is preferred by many people.

There are many ways to live on a budget even with bad credit and without sacrificing too many luxuries we’re used to in our everyday lives. Getting a loan to cover your debts may not be the best solution, but nevertheless it is an option.

Bankruptcy Compared to Debt Settlement

One of the main disadvantages of having debt is that the person will not realize the seriousness of the situation until he is neck deep in it. By the time he realizes the situation he is in whatever he tries he will find it difficult to reduce his debt and rather it will be mounting again. In this case it is better to take help from a professional rather than making the situation worse. Many people are ignorant regarding the credit card debt management programs available nowadays. The number of companies offering help in this field is huge nowadays, so select the company with care. An inexperienced company can even worsen the current financial situation of the person.

Analyze Current Debts

The first step is to analyze and make a list of all the current debts and credit card bills. Once the person has got this list in order then he can go to an experienced debt consolidator for credit card debt consolidation. Most of the companies offer their services based on the type of debt, the person income, spending pattern etc. Once all these have been analyzed by a debt consolidator they will start with the debt consolidation program. As the initial step the person will be asked to sign some papers read the papers carefully before signing them. These documents contains all the details regarding the interest rates, amount to be paid to the company and also the letter authorizing the company to talk to the creditors regarding his financial situation on his behalf.

During the meeting of the consolidator and the creditors, the consolidators will negotiate so as to reduce e the overall amount to be paid by the person. The consolidators are usually successful in reducing the amount by a large value. This is one of the most efficient credit card debt management programs available today to escape bankruptcy.

Get out of Mounting Debt

Getting out of mounting debts comes down to making a choice between the two options. These two options include opting for debt settlement or opting to file for bankruptcy. A number of consumers find it easy to file for credit card debt bankruptcy as it seems to be the easiest solution and has been done for a number of years. It is always wise to compare the two options and then decide what the best way is. This always works out much better than taking an impulsive decision and filing for bankruptcy without knowing the consequences.

When we begin to examine the impact of both the options on the debts owed, it is clear that with credit card debt bankruptcy, one is not required to pay off most of the debts. One can get a clean financial start in most cases. There are however some exceptions like child support payments, taxes, alimony payments etc. which are not included and one is still responsible for paying them.

Debt Settlement Consolidation

With the option of debt settlement consolidation, the creditors agree to settle for a lesser amount. A debt settlement company can help in getting a lot of reductions. The debts might actually be settled for half the amount originally owed to the credit card companies.

One should also examine the impact of both these options on an individual’s credit score. The fresh financial start given by credit card debt bankruptcy does not come straight away. It might not come from seven to ten years actually. During this entire time, one is likely to have a much lower credit score. Debt settlement reduces the debts so one does not have to pay them in full. This does impact one’s credit score and credit report to an extent but it is for a lesser duration than that after bankruptcy.