Finance Tech

Currencies and stocks are not the only options available in the finance market. In today’s Nigeria, individuals can gain profit by selling and buying indices. The Dow Jones (DJIA), DAX 30, FTSE 100 and the like may be traded through Alpari international. Here is the way to begin Alpari indices trading Nigeria for which a reliable broker with decades of experience is necessary.

CFDs and How They Work

The very concept is linked to CFDs or contracts for difference. This finance tool is somewhat similar to Forex trading provided by the broker. In both cases, the market is accessed through the advanced dedicated platform called MetaTrader. All the operations take place electronically, without a physical central exchange.

Like with currency exchange rates, the profit is made without actual physical assets being purchased. In case of CFDs (e.g., on the FTSE 100), the speculation is purely price-based, with no actual ownership.

The Indices Traded

A separate stock index denotes how much a set of stocks from a certain country is worth. It gives information about its past and present performance. Indices help experts assess the situation on the markets involved.

The indices may be grouped by country (e.g., DAX 30 from Germany), group (e.g., the American S&P 500), sector (e.g., NASDAQ representing tech sector stocks). As the price of a separate index moves, so does its value. With a higher price, comes a boost in value of the included stocks. Importantly, this refers to their average only.

Distinguishing Features of CFDs

Aside from the indices, this method is also present in the realms of energy and metals. The scheme provides a choice between contracts in different currencies and with different increment values. It is vital to understand, however, that the activity does not involve deals on any actual stock index. The profit is derived from the related CFD, rather than the index itself.

Through one CFD, you can benefit from price fluctuations of separate included stocks. Both volume and price volatility are stable. Hence, the scheme is also less risky than acquisition and sales of individual stocks. As the instrument may be traded on leverage (or margin), opening a trade is possible with even a fraction of your capital.

In the process, you may choose between short-term and long-term gains, adjusting positions accordingly. There are long-term, intra-day, and swing strategies. Short positions entail less risk in comparison with individual stocks. Finally, there are less time constraints, as the trading hours are long.

All you need to do is enter the desired position and close it as you see fit. This may be done through stop loss and take profit values, as well as exiting the market. Unlike options traders, you need not worry about expiry dates and other factors complicating the matters.

Learning the Trade

The values affecting the outcome of CFD trading depend on such trends as demand for the related commodity or shifts within the business sector. However, experts agree that learning is less complicated than training to use options or futures.

There is an abundance of online courses available for free download. Brokers like Alpari supply clients with a wealth of educational material. Hence, it should not be daunting.

The software provided by this officially licensed broker (MT 4 and 5) is considered the most efficient platform for the purpose. CFD traders should consider enhancing it even further with specialized plugins to expand the scope of available operations.

There are many tips and gambling advice you can follow, but some are very important to keep in mind. You certainly want to maximize your chances of winning, so following basic tips is essential. If you are disciplined and keep in mind the following advice, then you can stretch your money and get the wanted rewards. Let’s go over each and every gambling advice you should remember.

• The first advice is to take advantage of no deposit bonuses offered by the casino. With these bonuses you can get acquainted with the games and see how it feels to play in the casino. It also gives you chance to win profits without investing, so why not take advantage of that?
• Next advice is to learn the rules of the popular casino games that you want to play. Playing will be a lot more fun and misunderstandings will be avoided if you know the game rules before you start playing. Table games and card games have all different rules that you must follow, so learn as much as you can. If you know the rules then you can focus on playing those games you believe you have highest chances to win.
• Set a strict bankroll for playing and do not chase losses. This advice is very important to follow if you want to have fun. In case you lose your bankroll the best thing to do is to stop for the day and come back next time when you have more funds to play. Chasing losses is never a wise idea because that way you risk dropping into a bigger hole. Plan everything in advance and stop when you do not feel very lucky.
• Knowing when to quit is another important thing to follow. Plan how long you want to play and simply stop when the time for playing has expired. It is very easy to get carried away when gambling, so plan ahead. For example, set time to two hours of play and walk away after that. It does not matter whether you are on hot streak and are winning. Just stop for the day to refresh.
• Finally, remember that gambling is all about entertainment and you should not see it as an activity or source for making steady profits. If you make money then great, but do not beat yourself up if you lose. Have fun and enjoy the atmosphere.

These were some basic gambling advice that should help you when you choose to gamble. If you follow them you are guaranteed having a good time when you join-in a casino. Your gambling bankroll will last longer and you will also improve your chances of becoming a winning player. As your gambling experience grows, you will become more comfortable playing in a casino. Then you can proceed towards learning more advanced gambling tips and strategies. Until then – enjoy your casino experience and keep these advices in mind when you log in to play in your favorite casino.

To start making millions of dollars in the Forex market, you must learn to take your trading to the next level. Giving an average effort and trying to make millions of dollar profit is not the traits of the successful traders. The successful traders are always using a strategic approach to make a consistent profit. The majority of the naïve traders are losing money since they don’t have enough skills to trade the real market. They have discarded the unnecessary elements and trading with precision. Read this article if you intend to push yourself to the next level.

Get into the basics

Everyone says they have a strong grip on the Forex market. In reality, the majority of the naïve traders don’t even know the perfect way to find the trend. They are just making a wild guess based on some fundamentals. To become a successful trader, you must push yourself to the limit so that you can start learning the details. The initial stage might be challenging for the naïve traders but once they overcome these issues, securing the profit is just a matter of time. During the development stage, the amateurs in Australia often relies on the real account. Trading the market with real money in the learning stage is more like catching a falling knife. Rely on the demo environment unless you know the basics of the Forex market.

Major Price driving catalyst

The professional traders can make a profit based on speculation. Since they are well aware of the major price driving catalyst, they can deal with the CFD trading industry with precision. NFP and other major news make the market volatile. The successful traders in Australia know this fact and they never execute high-risk trade in such market conditions. You have to educate yourself properly so that you can deal with the important price driving catalyst without having any issue. Things might be challenging at the initial stage but once you start focusing on such major news, you won’t lose big money.

Developing your strategy

Developing your trading strategy greatly depends on your skills. Those who know the perfect way to analyze the technical variables can find great trades without taking too much risk. Forget the fact, majority of the retail traders are losing money. Concentrate on the demo trading performance and develop a balanced trading strategy. But make sure you are not taking too much risk in any trade as it can ruin your career. Demo trading might be boring but without learning to trade in the demo environment you can’t develop your patience level. And patience is one of the most essential factors which can define your success.

Print the price chart

You need to print the price chart for doing the market analysis. This might sound silly but analyzing the chart on a paper is one of the most effective techniques to find the best possible trades. Being a currency trader, you should always use a proven strategy. In the past, the investors didn’t have access to the modern trading platform. They used to analyze the data using the old fashioned way. Analyzing the printed chart gives you more scope to look for profit potential. Try to use this technique for a few weeks and you will understand why the professional traders still use this method.

Source information

Information holds the power to change your life. You must source information regularly to push your trading to the next level. Getting used to the traditional news data is not going to make super-rich. You should focus on the unique approach for sourcing the major financial news. But don’t start to analyze thousands of economic data. Instead, find the most relevant information and try to relate it to the price chart. Once you get skilled, the execution process will become easier.

There’s no denying that gambling can be a fun experience, particularly when it’s done online from the comfort of your home. However, when you play for real money, it’s essential to take precautions and not wager and especially lose more than you had initially planned or can afford.

Fortunately, today’s modern world now gives customers ways of keeping their gambling under control from services that limit how much you can lose to services that completely block you from all gambling websites. Find out how online tech is helping promote responsible gambling.

Bank Restrictions

Many banks in the UK now allow customers to block gambling transactions from their accounts. When this option is enabled, it means that all gambling transactions will automatically be declined, stopping customers from spending money unnecessarily. Customers are free to turn the restriction off, but it can take a few days for the reversal to take place.

This service only began to launch in the last few years, but more and more banks have started offering it. Banks like Halifax and HSBC were the most recent firms to launch the service, following on from lenders such as Monzo, the Bank of Scotland, Lloyds Bank, Barclays and Sterling.

Loss Limits

Many online casinos have loss limit services which prevent you from losing more than you can afford. Once you exceed the self-set restrictions, you will get blocked from playing until the, e.g. next month or week. It’s a great little tool to make sure you allow yourself the breathing space you need to make online gambling a fun experience!

It’s important to note that, at most online casinos, setting loss limits is an optional tool, which you need to switch on manually. The only casino that makes this functionality mandatory is Videoslots by forcing you to set a maximum loss limit during the registration process. You can change the limit amount at any change as long as you do to have a self-restriction in place.

Lock Withdrawals

One of the biggest problems surrounding online gambling is that players can reverse withdrawals once requested. Most online casinos allow customers to cancel their withdrawals, reverting the money into their account to be used and, in most cases, lost. It frequently happens when online casinos take days to process payments, causing many customers to reverse the transaction due to impatience.

However, a few online casinos are countering this problem by introducing lock withdrawals. It’s a feature that, once you requested the payout, you’re unable to change your mind. The money will forcibly be transferred into your account. Learn more about casinos with fair payouts.

BetBlocker & GamSTOP

BetBlocker and GameStop are two self-exclusion charities and online services which can stop you from gambling. BetBlocker is an app that is installed on devices and once enabled, blocks all online gambling websites in the UK. The app allows users to select the length of their exclusion, from hours to days, weeks and even months.

GameStop works similarly. This service requires you to register by filling in your name, email address, date of birth and postcode. It allows you to select the length of your exclusion period ranging from hours to months and years, and once enabled, will exclude you from gambling at online websites within the UK. Once the exclusion period has passed, it will remain in force until it is manually removed.

You can see how online services are helping to promote responsible gambling and reduce player overspending and losses. While these services aren’t perfect, they’ve helped protect players and keep their gambling behaviour in check.

If you’re ready to start your investment adventure than you’ll want to look over these management practices. These guidelines will help protect your trading profits. You’ll soon understand why maintaining a well-diversified trade portfolio and conducting research are great tools to capitalize on your investment.

1. Don’t Panic

 

One of the most important things you must remember as an investor is to remain calm and not panic. Even if you are hearing negative reports on the news in regards to the stock market, those reports could just end up being a flash in the pan. It’s best to think long-term when it comes to your investments. Remember the parable of the tortoise and the hare: slow and steady wins the race. While a company may have a bad moment from time to time, people forget that great companies can get their ducks back in a row sooner than expected.

2. Conduct Research

You should always research the historical performance of stocks and the particularly industry you’re interested in. For example, investigate if the stock has ever made profits in the past several years or is dealing with a growing debt. If a company shows any red flags like that, it should be avoided as there is a higher chance of losses rather than gains.

3. Plan Trades

Making a plan is another incredibly important step to smart investing. Planning and strategy are the ingredients for success. Planning ahead not only means investigating the types of stocks you’re interested in but also creating a long-term goal for yourself. It’s always best to arm yourself with knowledge by checking out great resources about online stock trading for beginners. Ineffective traders tend to enter a trade with no concept of the points at which they will move at a profit or a loss.

4. Set Targets

A common pitfall many traders fall into is setting up daily or weekly performance targets. This is not a good strategy as it creates an unnecessary a “need to trade”. Instead of attempting to work at such a high speed, try to think in the longer-term like professionals do. Don’t let your emotions take over. If you plan your trades, stick to your rules, journal and review your trades – this will lead to profitable trading inevitably.

5. Diversify

Never put all your eggs in one basket. Devoting all your money to one stock sets yourself up for a large potential loss. Be sure to protect yourself by diversifying your investments across both industry sectors, market capitalization, and geographic region. Investors should try to choose about ten stocks from various sectors and each of those stocks should be a front work in its respective area. This strategy also opens the door to greater investment opportunities.

Remember to remain calm, diversify and set realistic targets for yourself. Approach your investments with a level head to raise the potential of your stocks. These investing tips and tricks will help you take control of your financial future.

 

Owning a home is a major milestone that you should certainly celebrate, however it does add some stress to your life. A home comes with many costs such as mortgage payments, utility bills, homeowner’s insurance and many more. All these costs can really add up over time, meaning you may have to switch your lifestyle to one that is more financially responsible. Being financially responsible isn’t as difficult as people make it seem, all it really requires is some planning and a few steps. Once you get into the routine and build good financial habits, the process becomes extremely easy. So how exactly can you become financially responsible as a homeowner?

Have A Stable Income

This may seem like a basic answer, but having a stable income is actually the first step in becoming a financially responsible homeowner. You can’t be financially responsible without actual finances. That’s why it is important to secure a stable income that is steady and pays well. The vast majority of the time this will take the form of a job, but it could come from other sources as well. The size of your income is important, but perhaps just as important is the income’s stability. You don’t want to be constantly worrying about whether or not you’ll get paid, so ensure that your income has a set schedule. Once you have your income secured, you can begin taking other steps towards becoming more financially responsible.

Budget Your Funds

Perhaps the best way to be financially responsible is to learn how to properly budget your funds and save money. You can have a large income, but if you don’t know how to properly use it without wasting it then you’re not very financially responsible. Finding and using a template to budget your funds is a complex time-consuming process, but it is well worth it in the long run. You will know exactly where your money is going, and you’ll be able to dictate how much you spend in each area. Properly budgeting your funds can ensure that you spend less money in unimportant areas and dedicate more resources to the areas that you value. It is recommended that any homeowner that is looking to become more financially responsible learn how to properly budget funds.

Invest In Your Future

One of the more interesting ways to be financially responsible and earn more money is through investing. Investing is an interesting concept, as it can actually cost you money if you aren’t careful. However, if done correctly and responsibly, you can earn a lot of money. The concept of investing is simple, you take your excess spending cash and use it in certain areas that you expect to see growth. If your investment is wise, whatever you invested in will grow and you will receive your investment back and more. However, if you wrongly place your investment then you can lose all the money you put toward it. Do your research and invest wisely, and you could earn a large supplemental income.

Don’t Fall In Debt

One of the worst ways you can be financially irresponsible is by taking on too much debt. Debt is an absolute financial killer if you’re not careful, and has ruined many people’s finances in the past. The difficult thing about debt is that it is so easy to rack up, but yet so difficult to pay back. Interest payments will likely haunt you for years if you fall into too much debt, and these payments can really restrict your financial freedom. Many people today enter the workforce with a tremendous amount of debt from student loans, making it even more important that you manage your debt. You can do this by monitoring credit cards and loans. Hopefully, you used a mortgage estimator before you purchased your home, and you didn’t take out too large of a mortgage. A general rule of thumb is to never borrow anything that you know you’re going to struggle to pay back. In addition, when you do borrow you should pay close attention to the interest rate as you don’t want those interest payments to cost you an arm and a leg.

 

BVRating.com, a leading website for consumer reviews and ratings across numerous industries, recently announced plans to expand their coverage. Starting this Quarter, visitors to the consumer reports website will have the opportunity to browse through new tech and financial ratings to help make a smart, informed decision on which companies to work with for their respective industries.

Over the last few years, BV Rating has continually added more and more new information on growing consumer industries that are requested by consumers to review. The goal has always been to be a premier one-stop solution for people who want the truth about companies before working with them.

The New Tech and Financial Ratings

The two new categories for ratings have been in high demand, after the Brightstar Corp. nomination that was announced here at Reuters.com a large influx from companies looking for new ratings and reviews has sprung up. So the opportunity to finally release them to the public excites BV Rating. Here is a closer look at those two broad categories, and what people should expect.

Tech

The first category covers technology firms that provide cyber security and cloud computing services. It is becoming increasingly important for companies to take cyber security very seriously. In a matter of seconds, hackers can compromise a company, accessing important information and doing thousands if not millions of dollars in damages.

All ratings that will appear on BV Rating for cyber security will be thoroughly reviewed so consumers will know their success rate, their cost, how trustworthy they are as a company, and more. Cyber security should never be left to chance with a subpar company sporting a shaky reputation.

Cloud computing services are also very important for companies to streamline everything in their business as much as possible. By using the cloud, it makes it easier for businesses to grow and stay in touch without being in the same office. All services are accessible over the Internet, and as long as it is set up securely, it’s extremely beneficial. In today’s world, most businesses can benefit from cloud computing services.

Financial

The major financial category set to release soon on BV Rating is a complete breakdown of financial services firms focused on consumer credit card debt. It is important to have all of these companies reviewed with great detail, because making the wrong choice can lead to some pretty tough situations for people already in financial trouble.

Credit card debt continues to be a serious problem for many, and it can seem nearly impossible to turn things around. Some quality financial companies have the customer’s best interests in mind, but there are also plenty of scams out there as well. BV Rating looks at the most popular options, and who can benefit most from them.

Many of these companies offer additional financial services as well for people who might be struggling. If they are trustworthy in helping with credit card debt, it can be a lasting relationship between business and client for years to come with other financial issues come up.

Expect Consistent Updates

Once released, both categories will continue to receive updates, just like all existing categories on the website. New businesses are forming all the time, and scandals that break as well. No one wants outdated information when they are looking for the right company now.

Customers are also encouraged to reach out to BV Rating at any time for additional assistance, or any further explanation. Ultimately, the website continues to strive to not only have tons of reviews and customer feedback posts, but the most up-to-date website as well.

When Will The New Ratings Release?

The new ratings will release in the next few weeks on the website. Viewers will be able to read all the information in the new categories right away. For more information, feel free to email the BV Rating team at any time.

 

Credit card debt relief offers a reduction in credit card interest rates, or in some cases, includes eliminating a portion of the balance on a credit card. The point of credit card relief is to make credit card debt easier to pay and to save money, but what’s the right debt relief option for you? The good news is that you have several debt relief options to choose from. The bad news is that if you make the wrong choice you could end up in worse financial shape in the end. After reading this article you’ll have a clear understanding of what your options are and what your best solution is.

Credit card relief can be achieved through a multitude of ways, including by utilizing a debt settlement program or obtaining a loan. According to Bankrate.com, “Americans’ tappable equity — the amount they’re able to draw in cash from increased home values — jumped by $380 billion (7 percent) in the first quarter to $5.8 trillion”. Source: https://www.bankrate.com/mortgages/home-equity/americans-have-record-home-equity/

What this means is that many Americans have the debt relief option available to borrow from the equity on their home, taking out a HELOC (Home Equity Line of Credit) to pay off their credit cards. Relief can be achieved with this HELOC option, but you’d be swapping your unsecured debt for secured debt, putting your home at risk over credit card debt. Is it worth it? Not if you can avoid this! The benefit of consolidating credit cards with a HELOC is that you can replace your high interest credit card payments with one low interest and low payment HELOC payment. But what happens if you lose your job in three years and can no longer afford your HELOC payments? Yeah, you could lose your home over credit card debt!

Credit card consolidation loans can be obtained through a bank, debt relief company or a lending institution, which may offer you a better solution than a HELOC, but before deciding let’s take a closer look at credit card debt relief programs.

Debt relief programs, like debt settlement, could reduce the balances on a credit card debt.

The main downside to debt settlement is that a credit card settlement would hurt a person’s credit score by up to 200 points, due to the debtor having to go delinquent on monthly payments.

Why do banks agree to a settlement? Banks give up on collecting on the debt after 4-6 months of not getting paid anything. The bank will then write the debt off as an uncollectible debt, where they then get reimbursed 100% of the money owed through a tax credit, banking insurance will then pay the bank additional money, and to top it off the bank will get extra profit byselling the account to a collection agency. Collection agencies only pay 10-20% of the balance on a debt to purchase it,(which is pure profit to the bank). The debt collection company is then willing to settle a debt for around half, but to them they are earning more than 100% profit. Everybody comes out on top with a debt settlement credit card relief program, but this option is only for a debtor that’s already had their credit score negatively affected.

If you have a 700+ credit score, taking a 200 point hit can make debt settlement – not worth it! Is your credit score under 700? In this case debt settlement could be your best option. But before settling a debt, consider debt validation.

Debt Validation is the Best Way to Achieve Credit Card Debt Relief if Accounts are in Collection Status

At this point you have nothing to lose. You can use debt validation before settling your debt because there’s a chance you could save more money and get the debt off your credit report. Validation plans include a money-back guarantee, so what do you have to lose?

In 2019, debt validation programs are now also available. These plans will dispute the debt collection account by forcing the collection agencies to prove that they have complete and accurate records that they are required by federal laws to maintain. In many cases the collection agency can’t prove the debt is valid, resulting in the consumer not having to pay the debt. In some cases, debt validation can even lead to the account coming off the consumer’s credit report entirely. For this reason, many debt validation programs will even include credit restoration and a money-back guarantee. You’d be surprised, but in most cases a collection agency can’t prove the debt is valid. If you think about it, that does make sense. Banks carelessly sell credit card debts after getting reimbursed 100% of the money owed, so they don’t take the time to transfer complete and accurate records. Also, debt validation disputes the amount that the collection agency claims a person owes. The collection agency must then prove the balance is accurate, but they can’t because it’s not accurate. The consumer never agreed to all the late and collection fees, along with any other unauthorized fees that have been added in.

Debt Relief programs come with benefits and downsides. It’s important to understand the pros and cons of each option before making a financial decision about which program to join.

Why Choose a Debt Relief Program to Resolve Credit Card Debt?

• Pay less than the full amount owed or pay nothing in some cases after debt validation
• Have an attorney provide you FDCPA and lawsuit defense, along with putting a stop to creditor harassment
• Make a single monthly payment for all your debts
• Become debt free in 24-48 months on average

Downsides to All Credit Card Debt Relief Programs

• Credit scores are negatively affected and derogatory marks can get inflicted on credit reports
• Not all clients will successfully make it through a debt relief program
• A person could owe taxes on the amount saved with debt settlement
• The biggest downside is that you could get sued for not paying your bills in full every month, but if this worst case scenario occurs the debt can still get settled for less than the full amount owed (lawsuits are only an issue if they don’t get responded to, but many credit card lawsuits can get dismissed because they are flawed, inaccurate and even fraudulent)

Credit card consolidation mainly involves taking you out a single personal loan for paying off existing credit card debt. You can consolidate credit cards with a balance transfer card, home equity line of credit or a personal loan. You will need a high credit score to qualify for debt consolidation. Low-interest loans require at least a 700-credit score. If your credit score is under 700 do not apply for a debt consolidation loan because this could lead you deeper into debt.

If you get a loan with bad credit you’ll pay the highest possible interest rates, loan origination fees and all types of unnecessary charges may get added in, resulting in your debt becoming more expensive than it was.

The only time you should get loan with bad credit is if the purpose of the loan is to help you improve your credit score. Paying back a loan offers an excellent way to establish positive payment history and improve a person’s credit score.

Benefits of debt consolidation for credit card relief

• Improve credit scores
• Consolidate payments into one
• Reduce interest rates

Downsides of debt consolidation loans for credit card relief

• Minimal savings, as you are only saving money on the interest (also, don’t forget to incorporate the debt consolidation loan’s fees)
• Balance transfer cards offer you a short timeframe to repay the debt, and if you fail to repay the debt within this introductory-rate period the interest rate shoots back up!
• Home equity loans that are used to pay off high credit card debt are swapping your unsecured debts with a secured debt, putting your property at risk!
• On average, debt consolidation keeps you in debt for 5-7 years (the average debt repayment period)

If you are looking for financial advice or assistance with credit card debt relief or debt consolidation, call Golden Financial Services today at (866)-376-9846 or info@goldenfs.org.

 

There are ample ways available to solve debt problems, including:

1) the debt snowball method if you want to remain current on payments and improve your credit score (the #1 rated do-it-yourself debt relief solution)

2) debt settlement if you are behind on payments and need a monthly payment that is smaller than minimum payments on your own

3) debt consolidation if you have a high credit score and can comfortably afford to pay minimum payments or more

4) debt validation for credit cards in collection status, possibly resulting in you not having to pay the debt and getting it removed from credit reports

5) consumer credit counseling to reduce credit card interest rates, consolidating credit cards into one payment

6) bankruptcy, if none of the above debt-relief options work and you can’t afford any type of monthly payment or are on the urge of having your home foreclosed on

Owe above $10,000 in credit card debt? Debt Relief programs can reduce the amount you owe and in some cases, allow you to walk away from a debt without paying. No income, debt relief through bankruptcy may be a viable solution.

No matter what your financial situation looks like today, you can quickly turn things around. When it comes to debt relief solutions, they are developed to aid you in getting out of your debt quickly. The question is – what’s the right debt relief, settlement or consolidation plan for you? Is bankruptcy your only debt relief option? Let’s take a closer look!

Bankruptcy

The truth is, only file for bankruptcy if you can qualify for chapter 7 bankruptcy where your debt could get wiped away. Chapter 7 bankruptcy (liquidation) is a highly-preferred bankruptcy form that can erase debt and unsecured medical debt as well as personal loans. This process is performed within a few months.

Don’t let a bankruptcy lawyer recommend chapter 13 bankruptcy, as you have better options available. With chapter 13 bankruptcy you’ll get locked into a 5-year monthly payment plan that costs you as much or more than debt settlement. At least with debt settlement, you can become debt-free in 42 months or less and avoid having a bankruptcy on your credit report.

If you are on the urge of having your property foreclosed on, in that case, chapter 13 could save your home and be your best solution. To be eligible for chapter 7 bankruptcy, you will first need to meet with a non-profit credit counseling company.

Consumer Credit Counseling

Consumer credit counseling companies will try to reduce your interest rates and keep you out of bankruptcy. If you can’t afford consumer credit counseling, the credit counselor will provide you a certificate for bankruptcy. This certificate shows that you do qualify for bankruptcy and will help you become eligible for chapter 7. Make sure to speak with a certified and licensed consumer credit counseling company.

If you fail to become qualified for a chapter 7 bankruptcy, you can consider other options at that point.

Consolidation loans

Debt consolidation loans are only for individuals with a high credit score. If you apply for debt consolidation with bad credit, prepare for getting high-interest rates that could put you even deeper into debt.

With an excellent credit score, you can qualify for the lowest-interest loan, and you can use the funds from the loan to pay off your high-interest debt balances. You can even consolidate your debt with a low interest and payment home equity line of credit, or a balance transfer card in some cases.

Debt consolidation leaves just the loan amount to repay.

Debt Consolidation makes it easier to repay your debt because everything is consolidated into a single monthly payment.

One last tip to consider:

After paying off credit card bills with a consolidation loan, don’t close-out the accounts. Keep the accounts open so that your credit utilization ratio improves, and so will your credit score. The biggest mistake consumers make when using a consolidation loan to pay off debt, is that they close out the accounts after paying off each debt, hurting their credit scores.

Debt Settlement Vs. Debt Validation  

Companies like Freedom Debt Relief and National Debt Relief offer debt settlement programs. These are two of the larger debt relief companies in the nation. However, what these companies fail to provide is a debt validation option. The truth is, debt validation programs can be less expensive than debt settlement and result in the debt coming off a person’s credit report entirely. Debt validation disputes the debt, resulting in it becoming legally uncollectible, where it no longer needs to get paid and cannot legally remain on credit reports.

Golden Financial Services recommends debt validation over debt settlement. Only if a debt is proven to be valid, then Golden Financial Services will recommend debt settlement but with a reputable attorney.

The reason GFS utilizes attorneys’ to settle debt is that creditors must direct all communication to the attorney, helping consumers get relief from debt collection harassment. Also, attorneys’ can file for a lawsuit against a credit card company if they violate a person’s consumer rights, under laws like the FDCPA and FCRA.

Debt settlement programs negotiate a payoff on unsecured debt, that can reduce the balance by up to 50%, before debt settlement company fees. In the end, consumers only end up paying about 70% of their debt when having it settled, including debt settlement attorney fees.

Important factors to consider

• Make sure the company is highly rated by the Better Business Bureau and has favorable online reviews
• Try to use the debt snowball or avalanche method (do it yourself options), before resulting to bankruptcy or a debt relief program
• Understand the benefits and downsides of each debt relief program before joining.

If you are looking for financial advice or assistance with credit card debt relief or debt consolidation, call Golden Financial Services today at (866)-376-9846 or info@goldenfs.org.

 

 

If you are a small business owner, you probably would have started with a great business idea that you thought had heaps of potential to do well in the market. You decided to run with it and launched your own business. It took you some time to arrange the funds needed, and once it was done, you probably thought it was going to be smooth sailing from thereon. What you didn’t anticipate was how challenging it could be to manage the finances of a small business once it was off the ground and running.

According to research, only half of small businesses survive past their initial five years, the reason being the early-year-challenges. Mismanagement of business finances, whether it is due to failure to plan and set budgets, lack of proper accounting systems and procedures or unrealistic expectations related to revenues and costs, are too common in small businesses and leading causes of downfall.

However, if you are ready to study the financial mistakes made by many new entrepreneurs and learn the tricks of financial management for a small business, you can ensure your business takes good care of its money and survives in an already challenging and unpredictable economy. Here are some of the top tips to help you have a safe sailing.

Start with Sufficient Capital – When estimating the funds needed to launch a business, many entrepreneurs only take into consideration the initial cost of setting up, i.e. the cost of acquiring office space, machinery, and furniture. But what you also need is business expenses for the first six months, as you need to give the business some time to stand on its feet. Not a lot of entrepreneurs are lucky enough to start making profits during early days of their business, therefore you should always have a practical plan in place.

Cut Costs Where Possible – For a small business, even small amounts of overspending can have a significant adverse impact on its finances. Therefore, do not be shy to start small and keep spending to a minimum especially in the early years. Remember, the money you save now will help ensure your survival when the odds are not in your favor.

Cost-cutting is possible in several areas:

• Save office rent by starting your business from home or small office space. You can always move to bigger premises once your business can afford it.
• Limit your marketing budget by focusing solely on your target market. Avoid any fancy business cards or expensive marketing, which will cost more than the benefits it can bring for the business. Take advantage of social media marketing – it costs little (or even nothing depending on how you choose to market yourself) and has excellent customer outreach.
• Start with a small workforce – hire the people you need but outsource services to a third party as and when required, such as legal and tax advisory, IT support, etc.
• Lease equipment instead of purchasing it – you can get the machinery you need without having to pay the high initial cost.

Analyze Your ROI – When you look everywhere for small business tips, the most common advice you will find would be to keep the costs down. It is imperative to consider the Return on Investment when deciding which expenditure is worth incurring and which isn’t. A small business with limited funds has to ensure that the money available to it is getting used in areas where you can generate maximum return. If some projects are not paying off, it may be best to shut them down and redirect resources to initiatives that can create better returns for the business.

Look for Growth Opportunities – As a small business owner, the thought of growing the business can sometimes feel like an intimidating idea. The areas like funds sources, smooth business processes, dealing with the increased cost of operations are likely to put you in a fix at some point in time.

Growth is vital for the long-term success of the business. Customers appreciate variety in products and winning customer services and after-sales services. Employees benefit from career advancement opportunities, and the company itself benefits from increased profits and better brand image. Growth helps move the business forward in the right direction if adequately managed.

Seek Finance before You Get into Trouble – Small businesses often wake up from the slumber only after they find themselves in a spot of bother. Unfortunately, this is when you are most likely to have your loan application rejected. When a lender is presented with poor financial statements of a small business with no prior track record, all they see is a high possibility of losing their money if they choose to lend to your business. Some form of external finance should always be available to the business, such as a line of credit for emergencies or a loan option in case a growth opportunity comes by.

Conclusion

To sum up, if you want your small business to survive, the finance function should be considered an integral part of the company’s strategy. Only when you learn to understand your numbers will you be able to ensure your business survives and grows at the right speed.