The Debt Settlement Do’s and Don’ts


Debt settlement refers to a scenario whereby you end up paying less the amount than the actual amount you owe. This is usually done at a point whereby an individual is unable to pay the debt that he owns a creditor. It is beneficial to the debtor since it is a significant mark against the creditor score and other fees like taxes that a debtor is usually required to pay. This read looks at the do’s, and the don’ts of the business debt relief;

Be proactive

proactiveOne of the dos of the debt settlements is that as a debtor, you should be proactive. You do not have to wait until your account is charged for you to act. Typically, the creditors will charge you when you have failed to pay your debt after six months. A charged-off account refers to the account that the owners have little chances of paying the debt.

If you need to contact the creditors, do it quickly, do not wait for them to contact you. The creditors may be willing to talk to you about dent settlements in the event your debt has not been already written off. When you contact the creditors, they will be able to formulate a debt management plan that may assist in salvaging your credit score.


One of the things that you should note is that whatever decision you make about debt settlement is that it will have some consequences. If for example, the amount of the debt settlement is more than $600 then you might be liable for taxation.

Secondly, you should also note that the debt settlement hurts your future ability to borrow money at given rates and your credit report. If you want to borrow money in future at a friendly interest rate, then pay your debt in good time. You should carefully think about this since the credit report will record how the settlement was made.

Financial cards

debt Another thing that you should note as far as debt settlement is concerned is that the creditors will ask for documentation to show that you indeed cannot settle the debt that you owe. This may require you to show proof of your income, the existing assets, and the debts that you have.

They may also need a copy of your current bank statement to determine indeed that you are unable to pay the amount. It is therefore essential to ask yourself whether you are ready to put all your financial cards on the table to the creditors or not. For more information on debt management, watch the video below;


Personal Finance Tips for Handling Your Money

Personal Finance

We use our money for everything. Money is what makes the world go round, as they all say. We use our money in all aspects of our everyday lives. That is why we need to learn how to handle our personal finance. Personal finance is what we need to integrate into our day to day lives. It is the science of handling our money. We need it in order to be capable of not wasting so much of our money and to be able to invest it for our future. It is such a vital thing to master these days, especially in this economical and financially driven world. Here are a few personal finance tips for handling your money:

Create a budget

create a budgetThe first thing you need to do is you need to create a budget. It is important to know how much you spend on your expenses first to get a clear idea so that you can develop your budget. Create a budget that is suitable for you. Prioritize the things you need most in your budgeting plan. Create categories of expenses and create a predetermined specific amount of money for your spending limit, and stick to it.

Plan and save

Plan on where you want to put your money and also don’t forget to save your money. A good advice to follow is to first determine a specific amount of money you want to invest and save first before spending it all. Determine the percentage of how much you plan to invest and save each month based on your income and expenses. Make investments plan and savings plan to help you ensure that you can be all set for the future. Create a good portfolio by adding stocks, insurance, retirement plans, savings bonds, and other securities that you need so that you can be financially secure.

Monitor and control

monitorA good thing to remember is that you are the one who will need to monitor and control your personal finance. Take note and record all your expenses so that you know where all your money went. Do this routinely. You can do it traditionally, or you can utilize mobile applications to help ease you when recording your expenses and get informed about the summary of your monthly spendings. You also need to control your spending. Prioritize your priorities in spending and needs, assess what you truly want and need, and also restrain yourself when spending your money on things. Remember to prioritize, assess, and restrain.…


How to Choose Investments


If you want to increase your money with as little effort as possible, we would suggest for you to invest your money. Investing your money in stocks, mutual funds, or other securities would be very beneficial for you in accumulating and raise the amount of money that you own. It is a very good opportunity to invest nowadays. This is because, not only are you able to save money, with the economy on the rise, you can raise your money easily. That is only if you know how to choose your investments correctly. Choosing your investment cautiously and correctly is truly vital when you want to make money out of this. To do so, here are a few tips that you can follow in order to choose your investments wisely:

Establish your goals and needs

time bound investmentThe first thing that you need to do in order to make wise choices on where you would like to invest is by establishing your goals and your needs. It is very well worth the time for taking some of your time to consider what you truly need and want from investing your money. Learn to understand yourself, your financial needs and goals in life. One thing you can do to help you do start off choosing your investments is by completing a money fact find, which is a tool to help you understand where you financially stand so that you can make your plan.

Plan and diversify

What you need to do next is to plan your investments. First, you need to consider how long you are able to invest a specific amount of money that you have decided. Consider the amount of time you need to receive your money back. The time frames for various goals are different, and they will influence the type of risks that you are able to take on. After that is all clear, draw up an investment plan. Don’t forget to diversify. This is because if you want to improve the chances of higher returns, you need to take higher risks.

Research and review

collecting investmentAnd of course, last but not least, you need to research and review the investments you are willing to put your money on to build your portfolio. Find out about the types of investments that are out there and check the charges of each and the rates. You should also look up investments to currently avoid. And don’t forget to review your investments periodically. Keeping track of the performance of your investments are necessary to reach your goals.…