The Role of Your Credit in Achieving Financial Freedom

January 13th, 2021 by admin No comments »

Many people who are interested in achieving financial freedom are asking about the role that their credit plays in the process. This can be a complicated issue unless you have a solid understanding of the proper way to use credit, and the banks certainly aren’t going to educate you when it comes to that. The banks and lenders are, and always will be, out to increase their bottom line at your expense. What you need is a good solid understanding of how you can beat them at their own game and use credit to advance your simple personal cash flow plan…

A New Way of Understanding Credit

There are two types of credit: your financial credit and your personal credit. Your financial credit is represented by your credit score and your credit report, your personal credit has to do with your character and credibility when it comes to handling money. Are these two types of credit the same thing? Some might say yes, but I say no. Have you ever known a person who has a great credit score but who has used their credit to borrow so much money that they no longer have any room for investing or setting up cash reserves in case of an emergency?

This is a person who has abused credit and has borrowed themselves into a corner because of having a good credit score. If they have a financial emergency, they have no cash to handle it, the only thing they can do is use their “good” credit to borrow more money. This is not responsible financial management, and the only way to get out of this trap is to make a shift in attitude and habits about how money is to be managed and how credit is to be used. Until this shift in character (personal credit) is made, this person will continue struggling in their financial life, mostly to preserve their financial credit and to keep current with their payments.

A wise man once said: “The rich rule over the poor and the borrower is a slave to the lender.” This was a very long time ago, but nothings change since then when it comes to the role of a borrower and a lender. The lender almost always comes out ahead. That is, unless you have a rock solid plan of action for how you’re going to use your good money habits to get yourself on the right side of the credit debacle.

Proper Use of Credit

The only way to use borrowed money to advance in your financial life is to have a proven investment strategy such as real estate investing which you can use to leverage the money you’re borrowing. Using borrowed money to pay your expenses or to handle emergencies or just for pleasure spending is always a trap. However, if you have a proven investment plan which you know you could create much more success with if you just had more money to use, borrowed money can be a great tool for creating financial freedom.

This will also help you to build the character and the habits which will help you to make the most of the money that you have and be wise in all of your financial decisions. This is the proper use of credit when it comes to achieving financial freedom.

The Importance of a Credit Report and Scores

December 15th, 2020 by admin No comments »

There are lots of people who don’t have a clue as to where they stand in terms of their financial health. Just as most of them will not know what ails them until they go for a medical check up, they also do not know if they are financially healthy until they apply for a loan or a credit card and are turned down.

That is when they realize that they are in a serious financial mess. But it doesn’t have to be this way. People can know about their financial status much before disaster strikes and be well prepared for any contingency. If they knew the benefits of a credit report and scores, they can make use of them to get a better picture of where they stand financially.

Credit report and scores are a measure of the health of a person’s finances. Using these scores, financial institutions will decide whether or not it is safe to issue a loan or a credit card to this person. They will know the degree of risks involved in dealing with the person financially.

Therefore they will adjust the interest rates accordingly to take on the financial risk of dealing with the person. Therefore having a good credit rating will eventually pay off in easier negotiations and benefits when dealing with financial institutions. So it is important to obtain a credit report and scores in order to understand one’s true financial status as seen from the financial institution’s perspective.

While some people are not aware of where to obtain a credit report and scores, others assume that they might have to pay for them and therefore never bother to obtain them. Actually, credit report and scores can be obtained free of cost at least once a year from most credit bureaus.

You may not get a clear picture from just one a credit report and scores. Therefore, you can apply for two or three reports from different credit bureaus at different times of the year so that you get an unbiased view of where you stand financially. This will help you to plan your financial future immensely.

Finance, Credit, Investments – Economical Categories

December 8th, 2020 by admin No comments »

Scientific works in the theories of finances and credit, according to the specification of the research object, are characterized to be many-sided and many-leveled.

The definition of totality of the economical relations formed in the process of formation, distribution and usage of finances, as money sources is widely spread. For example, in “the general theory of finances” there are two definitions of finances:

1) “…Finances reflect economical relations, formation of the funds of money sources, in the process of distribution and redistribution of national receipts according to the distribution and usage”. This definition is given relatively to the conditions of Capitalism, when cash-commodity relations gain universal character;

2) “Finances represent the formation of centralized ad decentralized money sources, economical relations relatively with the distribution and usage, which serve for fulfillment of the state functions and obligations and also provision of the conditions of the widened further production”. This definition is brought without showing the environment of its action. We share partly such explanation of finances and think expedient to make some specification.

First, finances overcome the bounds of distribution and redistribution service of the national income, though it is a basic foundation of finances. Also, formation and usage of the depreciation fund which is the part of financial domain, belongs not to the distribution and redistribution of the national income (of newly formed value during a year), but to the distribution of already developed value.

This latest first appears to be a part of value of main industrial funds, later it is moved to the cost price of a ready product (that is to the value too) and after its realization, and it is set the depression fund. Its source is taken into account before hand as a depression kind in the consistence of the ready products cost price.

Second, main goal of finances is much wider then “fulfillment of the state functions and obligations and provision of conditions for the widened further production”. Finances exist on the state level and also on the manufactures and branches’ level too, and in such conditions, when the most part of the manufactures are not state.

V. M. Rodionova has a different position about this subject: “real formation of the financial resources begins on the stage of distribution, when the value is realized and concrete economical forms of the realized value are separated from the consistence of the profit”. V. M. Rodionova makes an accent of finances, as distributing relations, when D. S. Moliakov underlines industrial foundation of finances. Though both of them give quite substantiate discussion of finances, as a system of formation, distribution and usage of the funds of money sources, that comes out of the following definition of the finances: “financial cash relations, which forms in the process of distribution and redistribution of the partial value of the national wealth and total social product, is related with the subjects of the economy and formation and usage of the state cash incomes and savings in the widened further production, in the material stimulation of the workers for satisfaction of the society social and other requests”.

Credit Debt Settlement – How to Avoid Bankruptcy by Going Through a Credit Debt Settlement

November 25th, 2020 by admin No comments »

Why don’t you opt for credit debt settlement rather than filing insolvency? Are you aware that your financial woes will be waived off through a good financial credit debt settlement firm?

During the old days, there was less money and everything was also cheap. Today, with the advancement of the technology, development in the economy and growth in the lifestyle of the people has given rise for more funds and capital in the economy. There are huge transactions going on around the world between the foreign clients and customers and a huge amount of money is flowing in the global economy. Suddenly, the recession has crashed the fiscal policy which gave birth to the financial crisis. There was inflation in the market and people and the businesses faced huge financial losses.

The system of making dealing and transactions through the plastic money has become common because of its convenience. There are more people who use it carelessly and even cross the set limits on it. The card holder will keep on making purchases until he is overwhelmed with the fat bill he receives at the end of the month. If you are that person and in a situation like recession, it is a must for you to seek help for credit debt settlement from a legal relief firm. Many people are too scared that they directly file insolvency without looking for the solution.

There are lots of options to get financial help through which the state of insolvency can be avoided. There are many credit debt settlement firms who can help you to step out of the financial difficulty. The main job of the firm is to negotiate the liability amount with your creditor. If you have more liabilities, then you can get more reduction and if less you can opt for consolidation. These are the two possible ways through which the financial problems can be solved and you can stay away from insolvency.

When an agreement is fixed between the firm and you, they will ask you to cooperate with them for providing the genuine details about your financial instability. You should collect all your details about your unsecured liabilities including your bills and then prepare documentation before submitting it to the credit debt settlement firm. According to the firm’s report, the estimation for the rate of reduction on the total value of liabilities will be confirmed. Thus, there is no need to file insolvency.

Debt settlement is clearly a better alternative than bankruptcy and due to the massive amounts of consumers in debt, creditors are agreeing to very generous debt settlement deals. To compare debt settlement companies it would be wise to visit a free debt relief network which will locate the best performing companies in your area for free.

How You Can Legally Eliminate 60% of Your Credit Card Debt in 2010

November 5th, 2020 by admin No comments »

Getting out of credit card debt in the year 2010 has been easier for the defaulters because of the massive number of financial firms in the market. Millions of people are able to get out of the burden of credit card debt through the legitimate help and support of the financial firms.

Many people are not aware about the limit on the plastic money expenditures, fixed by the card issuing companies, and they face the problem of credit card debt. Filing bankruptcy had once become a common thing among the defaulters but it is not a favourable decision. If you have already filed bankruptcy, then you know how the credit score is affected. Having liabilities is a financial problem and having a low credit score will create more problems in a persons life. In order to avoid such situation or circumstances, it is a must for you to seek help from the financial credit card debt settlement firm and get the liabilities removed legally.

In order to request for the liability reduction deal, you have to approach a financial relief firm and take some legal advice, suggestions and recommendations from the experts, who represent the organisation. Since there are lots of companies on the internet who can provide the legitimate help, you have a wide range of companies to choose from. Even if you are overwhelmed by huge credit card debt, you can get a bailout and reduce your liabilities through the firm. Depending upon the services of the firm and the amount of liabilities you have, the rate of reduction is determined. Some companies help you get reduction up to 50 percent while some top companies help you get reduction up to 70 percent.

In the year 2010, lots of financial relief firms have entered the financial market and this is the time when the recession is just over. If you are getting you liabilities removed in 2010, then you are lucky enough as the financial firms are provide lots of offers to the applicants. The competition among the financial firms have created more liability reduction solutions for the common people because the firms want to gain more customers that their rivals. You can request for a reduction of 60 percent to the financial firm if your unsecured liabilities have crossed $10,000 value. You can definitely get help from any one of the financial firms and thus you can be free from the burden of liabilities in 2010.

Debt settlement is clearly a better alternative than bankruptcy and due to the massive amounts of consumers in debt, creditors are agreeing to very generous debt settlement deals. To compare debt settlement companies it would be wise to visit a free debt relief network which will locate the best performing companies in your area for free.

How Can Financial Counseling For Credit Repair Help

October 26th, 2020 by admin No comments »

Many people who have poor credit seek the professional help and advice of a financial credit repair counselor. But how can financial counseling really help you? Here are some ways that a specialist can help you with your current financial situation.

Remove Negative Items From Your Credit Report

Debt specialists can negotiate with creditors to remove negative items from your report, which will help raise your score. Some of the things that the financial specialists may be able to have removed from your report include:

o Late payments
o Bankruptcies
o Collections
o Charge offs
o Repossessions
o Foreclosures
o Tax Liens

If any of these negative items are present on your report, a financial credit counselor may be able to have them removed.

Design A Payment Plan You Can Afford

If you have credit card bills and loans that are piling up and you are struggling to make even the minimum payments, a financial counselor can help you. A debt specialist can negotiate with your creditors to design a repayment pan that you can afford. Don’t continue to make the minimum payments or acquire late fees because you have too many bills to pay. Talk with a financial counselor to help you find a way to make your payments on time.

Financial Credit Tips to Help You Cut Back

October 15th, 2020 by admin No comments »

Today we are faced with what might be potentially the next great depression and this is actually a good thing for wise people!

Now don’t panic because there is always a solution to a problem so you are in good hands if you just try and think outside the box a little bit.

What can you do now to start saving money and to ensure that this doesn’t affect you as much as others? Well for a starters you can begin to review all of your expenses. What I mean by that is your spending habits. We all have them and to varying degrees of course but let’s say that you earn $50k per year and you are spending $60k per year, then something has to change right!

It does have to change because you can’t keep living on borrowed time and borrowed money.

Eventually not saving money will catch up with and you may be forced to downsize your car and your house as well. This is if you still have a job to pay for it. The fact is that the middle class will be affected the most because they like to keep up with the Jones’s and this is because they spend and buy new toy’s all of the time.

If you are middle class then you might like your life now, but I think that you had better at least be prepared for an uncertain future. There are many things you can do right now though to ensure you have some savings.

Look at your spending habits now and see what can you eliminate! Then start to look at ways of increasing your wealth in order to give yourself a secure retirement.

What things could you do without? What things could you downsize? Are you prepared to cut down on your spending of luxury goods? You have to get clear on this unless you want to stress yourself out in the future. Take what you have now and look carefully at what you really need.

The key is to look At Investing And Using Leverage To Increase Your Wealth!

As I said before these are great times for us but how?

Well, when we are in a downturn as it were there are far more opportunities to increase what you have. Obviously you want to cut back where you can of course but you can also use the idea of using other people’s money to increase your wealth and your worth.

It really is up to you to begin looking at ways to maximise your cash and get rid of credit. I will help you make saving money easy if you want to check my ideas. I will list a few simple ways to save $100’s per month starting right away. Take what you want from this and get started on eliminating debt. Good Luck!:)

Here are a list of helpful ways to start saving!

1 Drive the car less (if you can!) OR buy a smaller car, it will save you a ton of money on fuel/Gas not to mention Insurance and Tax.

2 Quit the Gym membership and use free exercise mostly like running,swimming,Yoga or walking.

3 Cut out luxury food items all together or at least keep them to special occasions or weekends.

4 Cut down on drinking, smoking, junk food, and material spending (i.e clothes, jewellery). If you already have a Nice Black shirt why get another?

5 Make your own Sandwiches for work. A lot cheaper.

6 Drink less commercial coffee. Just 1 cup less a day could be $60 to $120+ per month in your pocket. Amazing really!:)

7 Try to download free information from the internet instead of buying books all the time. It’s an online library.

8 If you can grow vegetables then grow them. This includes growing herbs and keeping chickens too.

9 Break down Monthly bills and subscriptions and cut them in half. What are you spending on monthly that you could stop now?

10 Don’t be drawn into commercial adverts or shops. Walk away and realise what you have just saved money and space.

11 If you want a particular item let’s say sunglasses and they are $70. Look online first and buy the item for less, that’s what I do.

12 Check your car yourself, Oil, Water and tyres and you will need less services. Also keep the tyres pumped up as it saves on fuel.

13 Do you have old video’s or books? Or any items you can throw on eBay? Check the loft you might have an antique you could sell.

14 Start a small business on the side. (I recommend an Internet Business because of low start up and low overheads!) Learn more Below.

15 Get rid of Credit Cards and just keep One because they are not money they are debt! Only buy what you can afford.

The Financial Credit Crunch & Its Affects

September 25th, 2020 by admin No comments »

The credit crunch and recession has hit the country with a massive impact within the last 6 months and most people have been affected by this, whether it’s a shortfall of finances, house repossessions, missed payments or a cut back to lifestyles. If you are looking for loans and credit cards you will have found that many lenders refuse where they would normally accept applications due to the risk and scare that has been spread across the UK.

Even though borrowers have access to credit their policies and standards are tightening which has an adverse affect to you and me. If you have money in savings accounts and in company shares you will undoubtedly have noticed a massive difference since the credit crisis struck, but the biggest difference comes in house prices because right across the UK house prices have fallen by a dramatic amount and if you are in the process of selling then you could be losing anything from £5,000 to £30,000.

Large organisations and smaller business have also suffered and many of these have had to cut staff and even closed their doors because times have got that hard for the owners that they cannot afford to keep staff and companies going. There has been a significant knock on effect from company to company and even though governments are looking for a way out things haven’t got much better just yet.

However with all this going on it is still possible to be accepted for secured loans, personal loans and credit cards, and during these periods of financial complications you must keep looking on the bright side and make the best of what you have.

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Where Do I Find Financial Credit Repair Services

September 6th, 2020 by admin No comments »

You might be stunned just how much credit repair services can aid you improve your life out of your low financial rank. When you fret about your finances, that lack of enthusiasm will extend to other areas of your life. There are numerous credit restoration services to assist those with bad credit histories get back on track. These organizations use excellent proven techniques to provide effective solutions to a wide range of needs. There are several exceptional options if you are looking for the finest credit restoration services. Before choosing an ideal company, make a few calls; many organizations provide free initial consultations. Take advantage of this chance to make a chary and informed decision.

Do not rush things, take your time to review the services offered by each company and choose a plan compatible with your needs. The experience of the prospective organization is another important factor you should consider; time brings distinction, and distinction brings results. It will be wise to deal with experts who know how the programs work, the challenges encountered and the measures that can be taken to ensure the success of the plans. The reputation and credibility of the company is another vital factor to keep in mind when selecting suitable credit restoration services. Also if you want to find the best credit restoration services, make sure that you read a large number of reviews on the prospective companies to know the pros and cons of the different services offered.

All these are great tips that will assist you choose the ideal institution offering the best services. Since credit restoration is a very sensitive and personal issue, you need to find someone trustworthy who is comfortable to work with. You can obtain more information on the credit restoration agencies from the Better Business Bureau records. Consider the costs, payment options and effectiveness of the different plans before making a choice. It is fundamental to select a restoration corporation that does more than just emit letters to the credit agencies on your behalf every month. Find an agency that will give you financial freedom and help you manage your finances.

Financial Credit Repair – How to Repair Your Credit Yourself

March 13th, 2020 by admin No comments »

If you have decided to undertake financial credit repair then this article will show you why doing it yourself is a good idea. There really is no need to employ a credit repair company if you have a plan.

The credit bureaus record of your credit history contains all the information about your financial transactions. If you miss a loan repayment or go overdrawn at the bank then this information is passed on to the credit bureaus. If you then go to another financial institution and try to borrow money, they will check your credit rating with the credit bureaus and they will know about your missed loan repayments and about you going overdrawn. Once you understand this, you will soon see that you need to take action to repair your credit.

It is important to understand that raising your credit score and fixing your credit will only happen if you take a new approach to your finances. You need to take responsibility for your spending and bill paying activities. Credit repair is not a process which can happen overnight but if you take responsibility for your finances then you will soon be able to improve your FICO score.

Once you have accepted that you need to take responsibility for your finances then you need to decide on a plan.

Determining a plan of action to fix your credit score is something that you can do yourself without needing to employ the expensive services of a credit repair company. You need to develop a credit repairing strategy which you will follow based on your own financial circumstances and level of debt. There is no need to employ an outside agency to do this; it is something that you can do for yourself for very little cost.