debt Archives - Your Wealthy Mind

Factors to Consider Before Hiring a Credit Card Settlement Company

March 28, 2020 by Contributor Leave a Comment

*Article contributed by Sarah Williams.

Credit card settlement has become popular among people who want to get out of debt. However, the success of a debt settlement is always determined by the kind of company that one hires. In that case, it is vital to note that choosing a particular organization will require thorough research and careful consideration.

Before you opt for a particular credit card settlement company, consider various factors if you want a sound settlement experience. Things to consider will include the following.

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5 Easy Ways to Get Out of Debt Fast

February 4, 2020 by Contributor Leave a Comment

Want to get out of debt? Want to do it right away? We can help! These five easy tricks will help you get out of debt quickly and get you onto a brighter financial track.

1. Pay More Than The Minimum

All of your debt accounts will give you a set monthly payment that you need to make. While you definitely need to make sure you pay this minimum on time in order to reduce your debt, you should also pay a little bit more. Any extra payments you make will help decrease your interest payment and also make your debt disappear faster. An easy way to do this is to simply round your payment up, making it a nice whole number and also paying off more of the debt. If your monthly payment is $176, pay a full $200 each month. This will be easy to budget for and after 12 months of doing this, you will have paid more than a full extra payment on your debt! That “minimum payment due” should just be the absolute minimum that you pay.

2. Pick Up A Side Job

The best way to get out of debt fast is to increase your income. Pick up any side jobs that you can in order to make a little extra money. Try babysitting, mowing lawns or picking up extra work at your existing job. Just be sure to put any extra money you make toward paying your debt. If your additional income goes straight toward debt payment, you won’t have to work that extra job for long!

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When Is the Best Time to Refinance Mortgage?

October 4, 2019 by Contributor Leave a Comment

*Article contributed by Sarah Williams.

Refinancing mortgage involves repaying a current loan and getting a new one as a replacement. Seeing as refinancing can cost around 3% to 6% of the loan principal, homeowners need to determine if it is a sensible economic move. Remember that as with the initial mortgage, it involves assessment, title inspection, and application expenses so you will need to consider those factors.

Not entirely convinced that refinancing your mortgage is the optimal financial step for you? Below are a few indications that this is the best time to refinance mortgage:

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How to Get Student Loan Forgiveness

April 15, 2019 by Contributor Leave a Comment

*Article contributed by Ethan Clark.

Loans are helpful in times of emergency or need. Various emergencies that require some financial aid may arise. They may come about when you have not a single cent in your pocket. This is when borrowing is helpful. There are other times you will need some money to sustain you. You might be a student who is unemployed and needs money to take you through a specific period in college or pay your fees. There are special loans meant for this.

A student loan is meant to help needy students pay their college fees. If you can pay using your available money, then it is not advisable to apply for this type of loan. It is classified as a good debt in a way because you are using it for an investment – which is education. You will be required to pay it back after finishing college. Just like any other loan, student loans also have interest rates. These may increase if you fail to repay within the agreed period. This will also affect your credit score.

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Key Tips On How To Reduce Your Credit Card Debt

March 26, 2019 by Contributor Leave a Comment

*Article contributed by Sarah Morris.

There are a lot of benefits in using a credit card. If you’re a good payer, you can enjoy different rewards programs, complimentary travel insurance, and purchase protection insurance with a credit card. You’ll also be carrying less cash, improving your safety and security while shopping. While all of these things might seem enticing for you to get a credit card, you should also think about the aftermath of your purchases. As a responsible individual, you should also work on reducing your credit card debt. Over time, credit card debt can cause you to fall into a financial turmoil and can adversely affect your life in the long run.

Because of the convenience of owning a credit card, you’ll be tempted to spend more than what you have initially budgeted. This is one of the most common problems people have when they own a credit card. If you already see yourself being caught in this situation, slowly recover from it by following the tips below:

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