Four Mistakes to Avoid When Trying To Eliminate Debt

Four Mistakes to Avoid When Trying To Eliminate Debt

Debts are perhaps one of the most stressful things in life. They pull down your credit score, compromise the ability to get credit, and can hold back your life in a great way. The solution to debt is only one; clearing them off. When you set out on this important, at times lengthy, and illustrious road OF eliminating debt, there is a risk of making too many mistakes that can compromise the effort. In this post, we focus on four mistakes that many people make when trying to eliminate debt and why you should avoid them at all cost.

Failing to draw and use a practical budget

Clearing the debts largely depends on how well you plan the available resources. This narrows down to budgeting. If you fail to draw a realistic budget, the chances are that it will be very difficult to implement. Many people often make the mistake of committing all the resources on repaying the debts and fail to account for the basic needs. While it is a great suggestion to triple payment on your credit card loan, make sure to cater for the living expenses on a daily basis.

Trying to jump out of the debt problem alone

If you have been finding it difficult to meet minimum payment on your revolving account like the credit card or salary has consistently become late, thinking you can make on your own is a grave mistake. For others, losing a job and surviving on a lower level of income can compromise their ability to eliminate debt without help. What you require is professional assistance from experts such as, and the burden will become simpler and easier to handle.

Not clearing debts in a sensible order

As you focus on eliminating debts faster, failing to get the order of repaying them can be a huge mistake. For example, if you equalize the amount paid to all loans, the chances are that those with higher interest will keep growing. You might even sink deeper into debt. The best approach is eliminating the debts with higher interest first. For example, financial experts recommend that you clear credit card loans faster because their interest rates are higher. Then, focus on the mortgage, bank loan, and insurance loans.   

Not comprehensively researching the debt management program of choice

Some of the commonest methods of addressing debts include debt settlement and debt consolidation plans. These plans are advertised consistently, and they can be confusing at times. If you fail to research appropriately, the chances are that your debt problems will continue to intensify. It is critical to carry comprehensive research and start by checking some of the most respected entities such as to know about their services and the next best step to take.

How to Get a Loan with Bad Credit

If you have bad credit, many financial institutions will turn down the request for a loan because you are seen as a high-risk party. However, this should not kill your dream for getting the money you want. The following are top four options that you can use to get loans with bad credit.

(i) Use a credit union to get a loan

Credit unions operate in the same way to banks but are run on a not-for-profit basis. If you are a member, they will be willing to advance to you loans even if you have bad credit because their fabric binds you. By being a member, the risk is spread out to the entire institution so that every member can address the problem he/she is having. The unions are also lenient on repayment and interests are very low.

(ii) Go for secured loans

Even if banks do not want to advance credit to you, they will never turn you away if going for a secured application. With secured loans, the borrower provides collateral to help lower the risk of the lender. Among the top collaterals you can take to the bank include car log book, home ownership documents, or even business. It is important to discuss the loan with the lender to get value for it. With secured loans, the interest is usually low and repayment spread over a long period.

(iii) Use peer-to-peer lending

Peer-to-peer lending is a method of borrowing from friends that was established in 2005 and is gaining a lot of popularity. Though credit score will still factor in this case, the lenders are more lenient and will provide you with credit as far as you can demonstrate the capability for repayment.

(iv) Borrow from relatives

If you are still getting it difficult to secure a loan, consider asking a close friend such as uncle, husband, wife, uncle or other relatives. Present them with a clear payment plan such as end month salary.

Work hard to improve your credit score

The problem you experienced trying to get a loan is likely to be replicated in other related financial areas. Therefore, it is advisable to start working on improving the credit score immediately. Check and correct mistakes on your credit report, make payment to your previous loans on time, and keep growing other lines of revenue. You should also stay healthy at all times by acquiring entry-level bikes and riding every day or attending your favorite gym.

4 Proven Ways to Help You Get a Loan

Are you in a financial difficulty and need some assistance? Well, the best way is getting a loan from your lender of choice. However, getting a loan has become trickier because lenders are very cautious. Because of this, many people end up getting their loan requests turned down. To be sure of getting the loan you want, here are 4 proven ways.

(i) Take your time to prepare

When you approach a lender, the main focus is establishing your creditworthiness. Therefore, you need to take ample time preparing.

• Review your credit report: The target here is raising the credit score so that the lender will not see you as a risky party. Check your credit report with about 3 credit bureaus to correct any errors. Ensure that all info including featured names, credit limits, and closing dates among others are okay.

• Put up a good source of permanent revenue: Every lender will scrutinize your source of income to assess your capability to repay the loan. If employed, this is not a major problem. However, if you have a business, the books of accounts should be well audited and presented to the lender.

• Outline how you want to use the money. If you want to open a martial art center, provide details of the things you want to buy from If you want a new car, you might want to give the detail of the new model and details of the seller.

(ii) Evaluate available credit options

Today, there are diverse loan options that you can go for. The main ones are secured and unsecured. If you opt for secured loans, the lender will require you to provide some collateral. The main collateral options accepted by lenders include homes, boat, and cars.

If you go for unsecured loans, the lender shoulders all the risks. Therefore, the borrower is not required to place any form of collateral. However, interest rates on unsecured loans are very high and are only provided to those with very high credit score. The commonest examples of unsecured loans are personal loans and small business loans. Note that with the small business loan, a proof of business profitability has to be provided.

(iii) Check for an appropriate institution to borrow from

While many lenders have opened their doors for clients to seek credit, you need to find the ideal one for your situation. Take a closer review of the lenders, read their history, and customers’ reviews to use the best. Main sources of loans include banking institutions that provide auto loans, personal loans, credit card loans, and small business loans.

Payday enterprises also come in handy to provide people with fast loans. They are easy to apply and approve loans within a timeframe of 24 hours. However, they only give very small loans and charge very high interests because they are unsecured. Before you go for the payday loan, take time to check the interest rate.

If you do not feel comfortable applying for a loan in a formal financial institution, you can also seek assistance from close friends and family members. Approach members of your extended family and seek assistance with a good payback plan. Many will be willing to help if you can commit to repay the money.

(iv) Do not apply for loan from two institutions at a go

Some people might suggest that you apply to several institutions to raise chances of getting approved by at least one of them. This is a very bad idea. When you apply for a loan with a financial institution, your credit score drops as the institution checks for your credit report. This could compromise your chances of getting a loan because of low credit score. Therefore, only apply for a loan from one institution at a time and if denied, review the cause for disapproval before moving to another.

A look at the sources of business finance

Essentially, when we talk about sources of business finance, we are basically looking at ways in which a business can get additional money for expansionary purposes, open a new business branch or simply to add stock. Sources of business finance can be categorized into 3:

• Short term finance
• Medium term finance
• Long term finance

Short term finance

As the name implies, this is the kind of finance that a business sources for the purposes of meeting current short term business needs. Such needs may include any of the following: payments to creditors, salaries, payment of taxes and so on and so forth. In most cases, the need for short term finance is informed by the difference in sales as compared to purchases. For instance, purchases can be made on cash while sales are made on credit thereby making a business to seek for short term finance to meet their current needs. Sources of short term finance include:

-Bank overdraft

This is where a business is allowed to withdraw over and above the money they hold in their bank accounts. It is commonly used by many businessmen and therefore makes it possible for the meeting of current business needs. For instance, a business can overdraw their bank account for the purposes of purchasing a top rated electric shaver and add on their stocks.

-Customer advances

This is where a business requires a customer to send payment in advance for the confirmation of orders made. Customer advances are therefore a great source of finance especially when a business is running low on cash.

Other sources of short term finance include bill of lading, bill discounting, installment purchases, trade credit, financial institutions just to mention but a few.

Medium term finance

Medium term finance is the kind that a business sources for the purposes of meeting business medium term needs (1-5 years). Medium term finances are essentially needed for the purposes of replacing machinery, furniture, modernization, balancing, business re-engineering and so on and so forth. Medium term sources of finance include commercial banks, insurance companies, debentures, hire purchase as well as financial institutions.

Long term finance

When we talk about long term finance, we are basically looking at finance sources required on permanent basis or for periods exceeding a period of 5 years. A business desires long term finance for the purposes of meeting heavy modernization processes or business structural changes. They are also instrumental when a business wants to initiate a long term development project or simply set up a sister company. Long term sources of finance include retained earnings, debentures, financial institutions, leasing, equity shares just to mention but a few.

To sum it up, the aforementioned sources of finance are not exhaustive. In fact, we can’t say in totality that a given source of finance is medium term or long term. What we can all agree is that businesses cannot do without sources of finance. At some point, they will require cash injection either to meet current needs or simply to set in motion a long term project.

Reasons why unsecured business loans are popular

Granted, you might not always have the finances you need at any given time to expand your business and achieve a competitive edge. Consequently, the status of your credit score could be your biggest stumbling block in your attempt to get access to business loans that will without a doubt change the fortunes of your business. The reality is, most high street banks and financial lenders have a soft spot for individuals with a healthy credit score and tend to give a wide berth to those with a poor credit score. Add to that the requirement of collateral when seeking for a business loan and you understand why many entrepreneurs with a poor credit score are in a quandary.

Fortunately, unsecured business loans have inadvertently tilted the scale in favor of business men and women who either do not have collateral to get a secured loan or simply their credit score is nothing to write home about. So what are some of the reasons as to why unsecured business loans are gaining popularity day in day out?

Hassle free way of overcoming shortage of funds

As an entrepreneur dealing in the karate supplies business, you might find yourself short of funds to expand your business and meet market demand. So what do you do in this regard if you don’t have collateral or your credit score is less than average? You guessed it right. Unsecured business loans are a hassle free way of overcoming shortage of funds in business. If you feel you need cash injection into your business, don’t let your business crumble because you have a less than stellar credit score. Make use of unsecured loans and overcome shortage of funds in your business without going through a strenuous process.

Faster approval

There are numerous financial lenders offering unsecured business loans that will be more than happy to approve your loan in less than 24 hours and put your karate supplies business back on track. You don’t have to cancel orders from customers because you have insufficient funds. If you have the necessary documentation and meet all the requirements, approval for unsecured business loans is always done within a couple of hours.

No collateral needed

Unsecured loans continue to soar in popularity because a person does not have to pledge security prior to approval. The biggest selling point of course has to do with the fact that you don’t have to risk your house, your car, jewelry or any other valuable asset. However, you need to ensure that you meet your debt obligation without defaulting.

Opportunity to improve your credit score

Getting approved for an ordinary loan when you have bad credit is an exercise in futility. It even makes it difficult for you to improve your already battered credit score. However, considering the fact that unsecured loans do not discriminate based on a person’s credit score, so long as you meet your financial obligations without default, you stand a chance to gradually improve your credit score with time

In conclusion, as an entrepreneur dealing in karate supplies business or any other kind of business, applying for unsecured loans is a sure way of overcoming shortage of funds without having to risk any of your assets!

Home renovation mistakes that would end up costing you a lot

Agreeably, most people undertake home renovations just before winter sets in or with the intent of selling off their property and getting a good price for the same. The biggest reason for people investing a lot of money on home renovations is the false assumption that they will ultimately recoup their investment when they eventually sell off their property. This is not always the case and the first mistake that people make whenever they think of doing home renovations. There is nothing wrong with doing home improvements such as undertaking plumbing renovations, kitchen remodeling, and bathroom renovations and so on and so forth. However, while you are at it, it’s essential that you avoid the following home renovation blunders that could end up costing you more than you originally thought.

Enlisting the services of the first contractor you encounter

With so many contractors in the market, it would be foolhardy to make the cardinal mistake of hiring the first contractor you encounter. Endeavor to get as many quotes as possible and look beyond the surface when choosing a contractor to undertake home renovations. What is their reputation like? How qualified and experienced are they in the particular renovation you are interested in? What do people they have done business with in the past have to say about them? How affordable and professional is their services? Ensure you carefully assess a number of contractors and choose the best rather than giving the job to the first one you encounter.

Setting forth a budget that is not realistic

Whether you like it or not, when you bite more than you can chew when it comes to home renovations, be sure to live with the consequences of the same. Run out of money mid-way renovations and you won’t have a choice but to live with a half-finished bathroom for a prolonged period of time. As such, endeavor to set forth a realistic budget before embarking on home renovations.

Failure or inability to get the necessary permit for renovation

The idea of a permit is to ensure that your home renovations are done within the prescribed safety measures and in accordance with the laws. If you fail to get the necessary permits, it means that your renovations are against the law and were not carefully assessed to ascertain whether they meet safety standards or not. As such, there is always the possibility of dealing with hefty fines and penalties and in the worst case scenarios, reopening of ceilings as well as walls.

Over improving your home more than the neighborhood

Granted, the temptation to over-improve your home might be there with the sole aim of selling at a higher price in the foreseeable future. However, keep in mind that the value of your home is dictated by the median price of homes in your neighborhood. As such, over improving your home might not necessarily mean that you will price it more than what average homes in your neighborhood sell at. Ensure your home renovation is modest and within your budget.

Important reasons why you should use IT staffing services

The difference between a good and a bad manager is in how they execute their functions. In essence, there are five basic functions of a manager – leading, organizing, controlling, staffing and planning. However, of all the basic functions of a manager, staffing is the most critical. Staffing covers such aspects as considering the HR needed as regards their skills, knowledge as well as abilities, screening of job candidates, taking into consideration the option of hiring outside expertise among other things. If you staff your firm with the wrong employees, chances are that you won’t maximize productivity and you will have to deal with cases of customer dissatisfaction.

Granted, finding the right candidate suited for the job can be a bit tasking. However, recruiting the right IT candidate is more challenging especially to employers who have no knowledge in matters IT and therefore do not have skills, knowledge and expertise to screen and settle on the right IT candidate. For this reason, enlisting the services of Resources employment staffing solutions could be all that you need to do to find the right IT candidate for your business. If you have no knowledge or what to look out for when employing an IT candidate, the best course of action is to enlist the services of IT staffing services agencies that have the prerequisite knowledge, the experience and the expertise to link you with a qualified IT professional.

How is an IT recruitment firm of help to a business? In what ways does an IT recruitment firm help your business? Well, for one, it ensures that you get the right qualified candidate suitable for the job, ensures that you develop and maintain a healthy working relationship with the said candidate and ultimately makes it possible for your business to stay focused. In essence, there are a number of reasons or benefits as to why you should opt for IT staffing services

IT staffing services agencies have access to a pool of pre-screened IT candidates and this essentially means that finding the right and qualified IT candidate will be faster. Enlisting the services of a recruitment firm that solely focuses on IT candidates serves to speed up the recruitment process. They have a pool of qualified IT candidates whom they can match to your job specifications much quickly as opposed to a boutique firm that recruits for all industries. You simply get specialized services.

The fact that such a firm is specialized and knows the skills it is looking for in a candidate means that the chances of getting the wrong candidate are minimal. Such an IT staffing services recruitment agency is able to analyze the technical skills of the IT candidate in question, assess their attitude as well as mental makeup and ensure that you get the right fit for your business or firm. They are also instrumental in recruiting the best talent there is in the market which essentially means that you get value for money. You also get to save time as the recruitment process is a long and tedious one. However, if you outsource the process to an IT staffing services agency that knows what it is doing, you can use the time to address other important issues of your business.

How Miller Fall Protection Can Eliminate Your Medical Bills

Safety is crucial at any construction site. In the construction industry, deaths from falls are too common. Consequently, it’s now mandatory for employers and their workers to invest in tools such as Miller fall protection equipment. The 291 workers who died in 2013 in different parts of the United States while working in the construction industry might not have suffered such a sad fate while in the appropriate fall protection equipment. OSHA has organized a campaign to educate workers on the benefits of using the right equipment to reduce fatalities as you will note here

In fact, by wearing the right fall protection equipment, you reduce your medical expenses considerably. The equipment protects you from falling; hence, you don’t have to visit the hospital to receive treatment for any injury. You can suffer a spinal cord injury when you fall while at the construction site. The extent of the injury depends on the height from which you fall. Spinal cord injuries can lead to total paralysis for the rest of your life. For the rest of your life, you’d have to continue going to the hospital for more treatment thus incurring more expenses.

Cost of Treating Paralysis

If the fall leads to a lesser extent of paralysis, you would have to pay up to $500,000 in medical bills during the first year of treatment alone. For each subsequent year of treatment, you’d have to part with between $50,000 and $100,000 in medical bills. Consequently, this could lead to a financial meltdown. Your family would then be unable to meet most, if not all, of its financial needs. If the fall leads to a serious paralysis, the first year of treatment alone will cost more than $1 million. Each subsequent year of treatment will cost around $171,000 in medical bills.

Cost of the Equipment

Can you imagine spending tens and hundreds of thousands of dollars in medical bills when you could have avoided this by investing in fall protection equipment that doesn’t cost more than $5,000 in average? The Miller fall protection equipment is not just one item. The equipment is a collection of different items. All the items that complete the fall protection equipment each play different roles; hence, necessary to guarantee your safety while at the construction site. The items include the following:

Vertical lifelines
Horizontal lifelines
Roofers kits
Confined space

What can you do with the $50,000 that you spend on medical bills each year after the first year of treatment? Spending such an amount could mean your child failing to go to college. It could also mean falling behind on your mortgages, thus forcing the bank to repossess your house. The financial hit could force your family to relocate to a smaller or cheaper house. The impact of the financial hit could derail your plans for the remainder of your life. Protect your family from the huge financial loss incurred while receiving treatment and medical attention for several years.

Make your Home Look Better for Less

We all want our homes to look good, but doing so can be an expensive process. It would be nice if we could get our homes to be just as we want them to be, without having to worry about the cost. While you may not be able to afford to build an extra room or two on the end of your home, or even move to a bigger place, you can make your current home look better for less.

Clear out the clutter

Even if you don’t go out and buy new things every 5 minutes, it’s often amazing how much clutter you can amass. Over the course of a few years, the sheer amount of things that we own can build up. Why not clear out your clutter, create some more space, and sell what you don’t want? You could also give it to charity so someone else can use it, while you enjoy having a bit more room.

Give the walls a fresh coat of paint

This is a great way to make your home look a little better, and it doesn’t cost very much either. Why not go for completely different colors, that make your home feel cozy, and fresh? It’s amazing what a lick of paint can do.

Work on the exterior of your home

My neighbor has just had a new front door put in, and it looks good. He went to home loans Delaware, OH and got his extension built last year, but this year he’s saved up and paid for it out of his own pocket. You may want to think about replacing your front door, but also working on the path up to your door, and even the paint or cladding at the front of your property, and then the back. Giving your home an whole new look from the outside, can make it feel so much different, even from the inside.

Don’t forget about your basement

A lot of people only ever use their basement for storage, but believe me, they are missing out. A basement can be the ideal place to go during those hot summer months, as it can be a lot cooler than the rest of the house. If your boiler is kept down there though, it may be a good place to go during the winter. Why not make your basement a little cozier? Decorate it a little, put some chairs or sofas in there, and make it a lot more comfortable. Look for the furniture you need on auction sites, or even on recycling sites, and get your basement looking good.

Give your rooms a new purpose

The spare room that I’m currently sitting in used to be just a spare room, with an old bed, and boxes of stuff piled up in the corner. Now the spare room is my office, and it has a new purpose that has breathed a bit of light into it. Giving your rooms a new purpose will make your home seem so much better, and it doesn’t have to be expensive.

You don’t have to spend a lot of money making your home look better. Do what you can with the budget you have, and use some of the ideas I’ve given you. In no time at all, your home could look a lot different.

Essential tips when applying for a Home loan

here is no denying that buying a home is a worthy investment. It’s something that while growing up, has always been somewhere at the back of our minds. We look forward to the day when we will own our home and forget about paying rent forever. However, what we must agree on is that buying a new home is an expensive venture. In fact, most of the time we resort to taking a home loan and repay it over a period of time to satisfy our desire of owning a home. Finding the right home might be a walk in the park but finding the right home loan Mount Vernon might prove to be a little tricky. It is for this reason that we are going to take a look at some useful tips for finding the right home loan Mount Vernon.

Start saving early on for your deposit

Truth be told, finding a financial institution or credit union willing to finance your loan 100% is a little bit too ambitious. Ordinarily, financial institutions require that you make a down payment of somewhere between 2.25% to 20% of the actual buying price for the home you intend to buy. It is therefore essential that you come up with a budget and start saving early for the down payment of the home you intend to buy. This will save you the trouble of having to face rejections or difficulties securing a home loan.

Assess your credit score

The fact of the matter is that your credit score incredibly affects your ability to get a home loan. It either makes it easy or very difficult to get a home loan. Check your credit report for any errors prior to applying for a home loan. If there are any errors, have the errors corrected before applying for a home loan. Consequently, assessing your credit report means that you get an opportunity to have a peek at what credit bureau agencies look for when you apply for a home loan.

Compare loan offers

Don’t make the mistake of applying with the first credit union or financial lender you engage with. It’s important that you compare the loan offers, the interest rates and find out how the same will affect the total amount of money you will repay.

Be prompt in communication or responding to your lender

Once you’ve applied for a home loan, ensure that you respond promptly from your lender should they seek for additional information. This serves to fast track the process and avoid unnecessary delays during processing of the loan.

Ensure you do not mess up your credit score while your loan is being processed

Well, while it’s highly unlikely that your lender will pull up your credit information after initially checking it out, don’t make the mistake of messing up your credit score as your home loan is being processed. This could spook your lender. Pay your bills on time, desist from applying to new credit cards and everything would be well.

With the above mentioned tips, your intention to apply for a home loan shouldn’t be difficult or laden with problems. If you follow all the above, the application process should be pretty simple and fast.