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5 Smart Business Habits That Will Help Your Stay Ahead

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Running a business is a lot like running a marathon. It’s easy to start out with tons of steam and wear out halfway through, leaving you to watch as the competition passes you by. However, it doesn’t have to be that way. Here are five smart business habits that can keep you moving forward toward your financial goals.

It does not matter which type of business you have, having a fax is a must, luckily, there are innovative options, one of them is the cloud faxing services, read more about it to learn how this can benefit your business.

Take Care of Yourself
When you run a business, your most important asset is yourself. In order to be effective in your career, you have to keep your body and mind in top shape. This starts with practicing positive self-care habits, which Entrepreneur says includes exercising, taking time out for yourself, and seeking out support where you need it.

Prioritize
While you must prioritize your self-care, your next major obligations should come in a close second and third. Start by collecting a list of everything that must be done within each specific time frame. For instance, if you need to call a client back by noon, that’s a daily priority. Scheduling a meeting with a new vendor is something you can categorize in the weekly column. Rate your duties as urgent or important and assess the value of each action. Those that bring the most to your business should always take precedence over those that don’t. Keep in mind that you will need to provide for yourself some flexibility. If you get off track due to an emergency, don’t be discouraged and communicate any delays to pertinent parties.

Stick to a Budget
Your ability to manage a budget will make or break your business. Keep a tight watch on your financials and evaluate the necessity of your expenses on a regular basis. While most experts advocate remaining out of debt, you should research business credit card options, including those that offer travel rewards and bonus points, to ensure you have the capital to keep your business afloat in case the need arises. If you don’t have cash available to fund large, unexpected orders, you’ll be glad you had access to the means to keep your clients happy. Look for ways to trim your budget, such as switching suppliers or eliminating high-cost, low-demand product or service offerings. You may use a business financial management system to create a smart budget for your business.

Invest in Your Business
While your business will no doubt require funds to remain in operation, your real investment comes in time and commitment. If you want to be successful, you cannot simply start a business and leave for others to run. When it’s time to start pumping money into your entrepreneurial endeavors, make sure it fits within your budget and then evaluate your proposed expenditures. The amount of money you will be able to invest will come down to your total profits after your overhead is covered. Your operational expenses should also include compensation for yourself. If you’re looking for a company that offers soap boxes packaging services, visit yourboxsolution.com.

Find the Right Partners
Even if you are a one-man show, the people and services you utilize to operate your business will either help you grow or drag you down. Don’t settle for the first vendors you interview. Even if their products are identical, their level of reliability matters most, once your business grows and you have employees using resources as a paystub maker can be helpful to managing your workers. After all, if you can’t access the things you need to run your business, your customers will go somewhere else. When it’s time to hire employees, avoid the temptation to stick an acquaintance into a high-profile position. According to https://www.makipeople.com/tests/big-five, the quality of your employees matters, and these people will become your partners who will share in the success or downfall of your brand. Business News Daily offers advice on how to improve the hiring process so you can find the most qualified people for your team.

If you continue to have trouble successfully operating your business, consider contacting the Small Business Administration to find a mentor who can help you through the rough patches. A mentor can guide you through the process of success and share even more smart habits that work for you and your business. HKM employment lawyers can also help make sure your business does not violate any regulations when hiring employees.

Need Help?

If you still need help with controlling your debt and/or improving your credit, fill out the form below and get a free credit consultation from a credit expert at Better Qualified.


Smart Money: Financial Advice for New Business Owners

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Developing a new business can be overwhelming, and you want to make the best choices with every dollar. With the right Financial Model Portfolio Building strategies in place you can manage your finances wisely and stretch your pennies. Here is some advice to help you get started on the right foot.

Daily tasks. Before you get too far behind on chores, establish a daily routine for fund management. Lagging on those humdrum activities can leave you open to forgotten invoices or wayward tax payments. As Chron explains, you can make a list of daily chores to help stay on task. This should include bookkeeping items such as entering your purchases into a spreadsheet, tracking incoming bills, and managing payroll. Set up electronic reminders so you can stay on top of your tax responsibilities.

Develop a logo. One of the easiest ways to develop brand recognition is with a great logo. Thankfully, you don’t need to hire a marketing team or graphic designer for a clever logo. If you don’t already have a great logo in mind, try checking out your competition. See who is up and running with a successful and eye-catching logo and think about why it’s working. You don’t want to copy anyone else, but you can get some ideas of what is out there and what makes some logos shine while others are uninspiring. Then use an online logo maker to design your logo for free. It’s a great way to save some outflow and lay the foundation for brand recognition at the same time.

Contact consultants. Another smart way to stretch your pennies is to invest in consulting services, but opt for free ones. Entrepreneur suggests you connect with organizations such as volunteer-based SCORE for free consulting and training. Another option is to reach out to your local Small Business Development Center (SBDC) for training or consultation. There are over 1,000 SBDCs in America that work to educate and inform small businesses, and the only thing you need to invest is your time. Shravan Gupta opted to hire a consulting service for his company.

Shipping options. Will you use a lot of shipping? No matter what your product is, it’s important to be aware of ways to pinch pennies. For instance, many small businesses can benefit from ePacket delivery. EPacket is an agreement between the United States Postal Service and Hong Kong Post, which allows for quicker and less expensive shipping between China and other countries. Tracking shipments is a breeze, which means better customer service on your part.

Barter. Trading goods or services is a terrific way to meet your needs and save money. Reach out to other local business owners through area organizations or contact the International Reciprocal Trade Association (IRTA). IRTA works to match you with other businesses interested in swapping services, products and investments, More and more investors are looking for regulated licensed and trusted financial companies to trade with. aForexTrust lists the regulated companies and the required steps for investing globally and locally, especially on stocks.
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Do dishes. Early on, you may not be able to squeeze out the funds to hire the full staff you envision. By taking care of tasks such as emptying trash cans and answering the phone, you can spread your money further. While you may feel excited about filling your payroll budget right off the bat, some experts believe it is smart to participate in the day-to-day, basic operations. Besides, your customers and employees will appreciate the personal contact with you, which is especially important while growing your clientele and company culture. You can hire people to do some of the nitty gritty work later, but do some basic chores yourself for now.

Opt for used. When adding equipment, furniture, outdoor stair kits, or other supplies to your new business, purchasing used items can mean saving big bucks. Visit bankruptcy auctions and sales to find items that meet your needs, or reach out when other businesses are downsizing or moving. Also, consider borrowing equipment or other items when possible, or rent what you need. You can invest your money in new items later, once your business is well-established. For more on investing smart, read this new post about the benefits of using gold ira custodians.

Money-wise. When you’re starting a new business, it makes sense to be especially careful with your money. If you want transparency in your finances as a small business, it is advisable you get fractional cfo services for your audits. Organize your financial management system and find ways to stretch your pennies, learn more at Hawley Advisors blog. In time, you’ll enjoy success thanks to these smart strategies!  Once you’ve considered all these options, it’s now time to start building your business’s credit.  You should not have personal guarantees with any creditors as there is no protection from filing for bankruptcy for your business. Most business men use gamstop casinos for fun and to earn more money online. Contact us today so we can obtain and analyze your business credit report to ensure your success.

Need Help?

If you still need help with controlling your debt and/or improving your credit, fill out the form below and get a free credit consultation from a credit expert at Better Qualified. Don’t forget that there are also plenty of ways to make money online, by simply playing roulette online terpercaya games!


U.S. Consumers Rack Up $11.9 Billion in Overdue Credit Card Debt

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After an increase of 11.5% in the fourth quarter of 2017, credit card debt is now up to $11.9 billion.

According to LendEDU, The improving economy hasn’t seemed to help U.S. consumers from posting the highest amount of overdue credit card debt in seven years. The level of debt for people who are behind on credit cards or who are lumped in a distressed category increased by 11.5 percent during the fourth quarter of 2017, up to $11.9 billion, Financial Times reported.

That’s Not the Only Troubling Figure

Mortgages appear to be giving U.S. consumers trouble as well as their credit card debt. The number of U.S. homeowners struggling with their mortgage payments increased by 5.2 percent during that quarter as well. The troubled or distressed mortgage holders held a collective $56.7 billion in debt.

But there is one silver lining – the amount of distressed industrial and commercial loans decreased by 8.5 percent during that quarter, down to $18.1 billion.

These numbers were recently released by the Federal Deposit Insurance Corporation. It underscores the concern some people are feeling that middle-class Americans are still suffering even as the economy improves. According to dedicated websites like doug constable, the credit card debt could be interpreted as a sign many Americans are using their credit cards to get by.

Credit cards are big business, but they aren’t the biggest piece of the pie for the banking sector. Credit cards comprise only 9 percent of the banking sector’s annual $17.4 trillion in business. But credit card debt made up 59 percent of all loans issuers considered uncollectable in that quarter.

Consumer Tips for Budgeting, Refinancing, and Paying Down Debt

Consumers who are struggling with their finances certainly aren’t alone, and they can improve their situation with hard work and some valuable tips.

First of all, everybody should take a hard look at their finances and come up with a budget that keeps them from spending more than they earn.

After the budget has been set, they should look at ways of either earning additional money or cutting back on expenses so they can send more money to their consumer debts, like credit cards or vehicle loans, and that’s why is better look for debt consolidation services to help with this, which you can find in sites like https://www.debtconsolidation.com online.

Knowing which loan to pay off first can set consumers up for success. They may want to tackle the payment with the highest interest rate, or they could opt for paying off the smallest balance first. They should use whichever method they find more motivating and easier to pursue. It’s especially important for borrowers to avoid taking on more credit card debt while they’re trying to pay off their other debts.

One way to handle out-of-control credit card payments may be to pursue refinancing. If consumers have home equity they can tap into, that might be a good way to go as long as they don’t overextend themselves and risk losing their home. Otherwise, they might consider applying for a personal loan if it has a lower interest rate than what their credit card carries.

According to recent reports from Credit Sesame, consumers can also try to work out a special payment plan with their credit card issuer, but they should be aware that it might have an impact on their credit scores.

Need Help?

If you still need help with controlling your debt and/or improving your credit, fill out the form below and get a free credit consultation from a credit expert at Better Qualified.


Paying off holiday shopping debts

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With the holiday season over, many New Jersey residents are starting 2018 with more debt than they bargained for.

A survey finds that shoppers charged about 5 percent more this holiday season than previous years. More than half of those surveyed say that they will still be paying off the bills by the spring.

But consumer experts say that there are some ways to cut down the post-holiday financial troubles.

Certified financial planner Paul Oster says that consumers should come up with a debt consolidation plan to pay off their debts.

“You should focus on one credit card at a time, the one with the highest interest rate,” he says. “It’s called debt stacking. Mathematically proven.”

But what if you have a lot of credit cards, and just making the minimum payment is hard?

Experts recommend an approach called “pyramiding.” Consumers should pay off the card with the smallest balance first; this will free up some money, which can then bus used to pay off cards with a bigger balance. Consumers should keep doing this until all the debt is paid.

Oster cautions consumers against looking for a quick fix to pay off debts. He says that they should avoid using companies that offer to settle debt for less than is owed.

“You would actually have to let your cards go into default. They would settle with them for 4- to 50 cents on the dollar. But think about the effect that will have on your credit score.”

The average New Jersey family has more than $8,000 in credit card debt, according to the federal government. It would take 10 years to pay off that balance if only minimum payments are made.

Need Help?

If you still need help with controlling your debt and/or improving your credit, fill out the form below and get a free credit consultation from a credit expert at Better Qualified.


Plan Ahead, Pay Cash For Holiday Shopping, Expert Says

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NEW YORK (CBSNewYork) — Whether you’re doing your holiday shopping in stores or online, consumer experts stress caution.

For many Americans, those holiday deals add up to a mountain of debt come January.

“They don’t plan,” Eric Stuerken, a consumer credit expert and co-founder of Better Qualified, told CBS2’s Jessica Layton.

He said his office is always buzzing with clients after Christmas.

“One of the biggest mistakes is they don’t buy on cash. They’re going into their credit lines or their credit cards,” he said. “Thirty percent of our credit score is based on what we use. It’s called utilization. So if you’re using more than you’re used to and you max out your card near 100 percent, your score is going down 30 percent.”

Stuerken said in most cases, cash is king. It keeps people within their financial means.

What about those store credit cards that offer big percentages off when you open them? He says that depends on how good you are at paying off your purchases.

“In the end of the day, you’ll probably have an interest rate somewhere in the high 20s. And if you can’t pay it off and you’re making the minimum payment, that purchase you thought you were saving 50 percent on – it goes back to what you purchased and sometimes even more,” said Stuerken.

Beware of your personal shopping habits. Starting too early may mean you spend too much over the next month. Start too late, and you could splurge on something unnecessary.

Just as Santa Claus makes a list, you should write down exactly what you can afford and stick to it. You can also check out hot europe deals to ensure that you’re getting the best price on the market.

“The numbers sink in and you’re not waking up in January to a reaction where it’s, ‘Oh my god, I did this,’ and now the rest of your month is a panic mode of how you’re going to start to pay this stuff,” Stuerken said.

Bottom line: being generous does not mean over-spending.

What’s The Deal With Credit Inquires

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As a certified FICO Pro, I get this question on a daily basis. There is so much confusion surrounding the topic of inquiries. It is very important that consumers understand how this process really affects your credit score.

What is an “inquiry”?

When you apply for credit, you authorize those lenders to ask or “inquire” for a copy of your credit report from a credit bureau. When you later check your Credit Report, you may notice that their credit inquiries are listed. You may also see the inquiries by businesses that you don’t know. But the only inquiries that count toward your FICO Scores are the ones that result from your applications for new credit.

How much will credit inquiries affect my score?

The impact from applying for credit will vary from person to person based on their unique credit histories. In general, credit inquiries have a small impact on one’s FICO Scores. For most people, one additional credit inquiry will take less than five points off their FICO Scores. For perspective, the full range for FICO Scores is 300-850. Inquiries can have a greater impact if you have few accounts or a short credit history.

Large numbers of inquiries also mean greater risk. Statistically, people with six inquiries or more on their credit reports can be up to eight times more likely to declare bankruptcy than people with no inquiries on their reports. While inquiries often can play a part in assessing risk, they play a minor part. Much more important factors for your scores are how timely you pay your bills and your overall debt burden as indicated on your credit report.

FICO Scores ignore inquiries made in the 30 days prior to scoring. So, if you find a loan within 30 days, the inquiries won’t affect your scores while you’re rate shopping. In addition, FICO Scores look on your credit report for rate-shopping inquiries older than 30 days. FICO Scores calculated from the newest versions of the scoring formula, this shopping period is any 45-day span.

Soft credit inquiry: When you look at your credit report, you may see inquiries from businesses with whom you didn’t apply for credit. While this may seem odd, it happens, for example, when creditors send you pre-approved credit card offers. To do these actions, they need to have a private investigator look at your report to determine your creditworthiness or as a background check for work. While they are listed on the version of the credit report that you (but not other businesses) can view, soft credit inquiries do not affect your credit score.

Hard credit inquiry: When businesses look at your credit report because of an application you made, these inquiries are known as hard, or voluntary, credit inquiries. These are the types of inquiries that can impact your credit score, and are the ones that potential creditors or lenders will see when they look at your credit report.

Inquiries are a core necessity in the lending world. The fact is that your it is worth your time and effort to shop around. The inquiry itself will have little or no effect on your credit score. Multiple inquiries can be explained to any lender, so the risk is nominal. The reality most scores drop because of missed payments, high revolving balances, and a lack of positive credit history.

About the author:

paulPaul Oster, FICO Pro is considered the “Nation’s Credit Repair Man”. A credit expert who has appeared on numerous network radio and TV shows (FOX BUSINESS NEWS, CBS, ABC, NBC, FOX, PIX11). He has also written for Kiplinger’s, WSJ, and the Daily News. Mr. Oster is the founder and President of Better Qualified, LLC. Paul has over 20 years of experience in both the insurance and banking industries and, has dedicated his life as a consumer advocate. Paul is also proud to serve on the Board of Directors for the American Red Cross. His humor and intelligence is highly sought-after from executives in the C-Suite of major corporations, Realtors, and banks.

Need Help?

If you still need help with controlling your debt and/or improving your credit, fill out the form below and get a free credit consultation from a credit expert at Better Qualified.


 

How to avoid falling into debt

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Doug Constable is one of the best pre-insolvency advisors specializing in helping business with cash flow difficulties. He is a professional bankruptcy and insolvency expert and the author of “What to do When You Can’t Pay Your Debts”.

4 Steps to help avoid falling into debt

Avoid Falling into debt

Fast internet services and instant gratification has made it harder for people to avoid falling into debt today. All you need to do is make a few clicks on your mouse, and you can buy anything you want and have it delivered to your doorstop.

However this ease of buying things may leave you spending more than you can afford. Moreover, the unstable economy wherein businesses lay off employees or reduce their paycheck by half, and the rising cost of living has led to many people falling into massive amounts of debt. This is why you need to be very careful about your spending habits to avoid falling into debt. You also need to follow the following information to avoid falling into debt.

1. Creating a budget is the best thing you can do to avoid debt. With a budget, you know how much money you need, how many bills you need to pay, and how much you can afford to spend. After paying off your monthly expenses, you can place the rest of the money in a savings account for a rainy day. Avoid spending money on unnecessary things.

2. Make only cash payments. You tend to spend less paying in cash than by using your debit or credit card. Fix and spend only that money every day. With physical money in hand, you know how quickly money comes and goes, and this encourages you to spend less.

3. Making investments help you avoid falling into debt, especially in an economic turmoil. By starting an investment plan, you have a more secure financial future, also there are good options like doing day trading, using resources online for this you can see more here about this subject. While investing in precious metals is a wise decision, it’s better to invest in different items to protect your assets. Precious metals like gold and silver retain its value even when the value of paper currency drops as their value depends on supply and demand, where its demand is usually higher than its supply.

4. Another great way to avoid falling into debt is by opening a savings account for a rainy day. Open a savings account through your bank or online store; just make sure its interest rate gives you more bang for your buck.

It is very important that you know how to avoid debt, especially in tough economic times. If you learn how to create and stick to a budget, keep an eye on where you spend your money, make wise investments, make only cash payments and open a savings account, you will be able to avoid debt and have a secure financial future.

Need Help?

If you still need help with controlling your debt and/or improving your credit, fill out the form below and get a free credit consultation from a credit expert at Better Qualified.


5 Tips for preventing a bad credit score

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5 Tips for preventing a bad credit score

5 Tips for preventing a bad credit score

No one plans a bad credit score, it’s just that life sometimes throws a curveball to you where  your credit history ends up badly damaged. Usually, it’s repeated mistakes that lead to low credit  scores. And protecting your credit score does not seem to be a big deal till you find it’s time to  borrow some money.  So here are some tips which should help protect your credit score and prevent a bad credit score.

1. Keep ‘Good’ credit accounts open

You generally think it’s better to close credit accounts which you don’t use often. However  before you do this, it’s better to first take a look at the account. If you have an account with a  history of payments made in full and on time, it’s better to keep such accounts open as it  provides a history that proves you can pay your debts responsibly. In fact, it will help your credit  score for as long as you keep it without operating it.

2. Close all small loans, credit cards and credit lines

Cleaning up your credit report by paying off and closing small balances on open credit products  helps prevent a bad credit score. Pay emphasis to the accounts with a history of late payments  and other problems as these accounts can damage your credit score as they show your  irresponsibility at making payments. Moreover, it’s difficult keeping track of so many small  accounts when life gets busy, and can lead to more missed payments.

3. Apply for credit after your credit score improves

New borrowers with credit for a short time of less than 2 years will have a low credit score as  you don’t have sufficient history to prove you are a responsible borrower. If you think opening  additional credit products even if you don’t need them will help improve your credit score, you  are wrong. Only apply for credit required and do not look for additional credit till your score  improves as open credit balances affects your credit score. If you are in need of secured cards please visit our Building Personal Credit page

4. Be punctual with full payments

Falling behind on monthly payments to lenders, landlords and utility providers can tarnish your  credit score as they regularly report to the credit bureau. Their word affects your score, and if  you are late with payments, your score will start dropping.

5. Close revolving balances

The proximity of your revolving balances like credit cards and credit lines to your credit limit  can prevent your score from slipping. Do whatever possible to keep your credit balances below  your limits preferably using just 30-35% of your available credit. Payment delays leads to  interest charges and missed payment fees which not only has a negative effect on your credit  score, you may have to pay an additional fee to your creditor.

 

So just take responsibility of your finances and improve your wealth management with the help of these 5 tips to avoid getting a bad credit score. It’s good not only for your current financial standing, but also for getting a future mortgage or car  loan.

Need Help?

If you still need help with controlling your debt and/or improving your credit, fill out the form below and get a free credit consultation from a credit expert at Better Qualified.


Credit Restoration 101

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1. Make A Plan And Stick To It.

You must be serious and committed to making changes in your lifestyle – changes that will bring financial peace of mind. Above all, restrict yourself to absolutely necessary purchases. Borrow wisely. The two most important questions to ask yourself: “can I afford it?” and “do I really need it?” As tempting as it is to cut up all of your plastic, you must maintain responsible credit card use – your new payment history will gradually rebuild a better credit rating for you.

2. Prompt Payment Of Bills.

Especially of credit cards, is the surest way to repair your credit rating. As you have discovered, we leave “financial footprints” for all to see. Payment of our bills, both amount and timeliness, are tracked by credit rating agencies such as Equifax Canada and TransUnion of Canada.

3. Say No To Grace Periods When Offered By Credit Card Companies.

It’s hard to resist such offers, and because your budget is light, you naturally want to “legally” skip payments — but don’t do it. It’s a bad credit habit; only a financially strapped customer would fall for this, and you no longer want to send out that kind of message. Pay at least the minimum balance if you are really tight, but ideally you want to pay above that.

4. Always Try To Pay More Than The Minimum Balance Due.

Not only does it polish your credit rating, but it also saves you a lot of money in interest, and makes a huge difference in your eventual goal of debt retirement. A key credit skill.

5. Keep Your Balances Low.

This is an important strategy, and one that will reflect well on your use of credit. You want to keep your balance way below the credit available to you.

6. Don’t send out financial distress signals.

Avoid excessive inquiries for credit. Do not use credit from one company to pay off credit to another. The creation of multiple new accounts is another red flag that works against you.

7. Maintain and use between two to four cards.

Less that two and it takes longer to create a new payment history. More than four, and you look like you cannot manage your debt. Remember – responsible, steady, and reliable use of your cards is your first and best defense against a poor rating.

8. Try To Keep Your Oldest Most Established Credit Card Active.

The longer your history is with a certain company, the better it is for your credit rating. This is your most important account. If the interest rate is excessive, contact the company and explain your situation to them. Let them know that you are serious, and eager to maintain them as a creditor. Their goal is to keep a reliable customer, so make that work for you.

9. Slow and steady wins the race.

You’ll be rewarded for responsible longtime credit handling. Be patient — the passage of time will earn back your good credit profile.

Then, when you do need credit for a major purchase — such as a car or a house — it will be there for you. Once recovered, maintaining a good credit rating takes vigilance, but it’s worth the effort. You’ll be able to live and enjoy a financially stable life.

The Walking Debt – A Guide to Eliminating your Debt

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If you’re like me, then every Sunday night you’re glued to the TV watching AMC’s The Walking Dead, hoping your favorite character isn’t the next to be killed off. The show focuses around a group of survivors constantly stressing over how they are going to overcome a growing zombie threat known as walkers. The stress of having crippling debt can give you a similar sensation as being surrounded by a bunch undead zombies. If the stress of debt is getting too overwhelming, consider trying cannabis vape carts to relieve some of your stress.

As of October 2015, the average US household had $16,140 in debt. That’s a pretty outstanding number! This is mainly because most consumers are in a state of debt denial. They know they have debt but they are not treating debt like a priority and continue to spend their money on unneeded luxuries. The result: their debt continues to grow and grow like a zombie horde.

Two of the biggest debt factors can be linked to poor money management and medical bills. Sometimes we make mistakes and pay for things when we don’t have the money to do so (something you should stop doing once you realize it.) Other times it might not be intentional. No one plans on getting sick or taking a trip to the ER. Although you may feel like you’re surrounded, debt doesn’t have to last forever. In this article I’ll supply you with the correct planning, ammunition, and faith to take on your walking debt!

Step 1: Locate and List All of Your Debt

Debt Survival Guide

Let’s begin with creating a debt survival plan. Like I said before, the creditors you owe are your enemies. They’re the zombies that are trying to do your bank account harm. Before we go and attack them we need to asses the situation. Much like a real apocalyptic invasion, we would never want to go out blind shooting in every direction. By that method you’ll do more harm than good. Ask yourself: “How many accounts are there? What are the balances? What are the APRs? (interest.)”

If you’re having trouble figuring this out then you may want to take a look at your credit report. Credit reports will generally report all of your debt, which will give you a bird’s eye view of every account that needs to be paid off and eliminated. You can get a free credit report each year by visiting annualcreditreport.com. This report won’t give you your score, but it will show you all of the accounts you’re looking to pay off.

After you get the report, find out exactly how much debt you are in and don’t forget to include the interest rates. List your debt and come up with a number you need to hit. If you are having trouble reading a credit report, you can always contact a credit expert and have them go over your report with you.

Step 2: Create a Monthly Budget & Payoff Plan

Okay, so we’ve located all of the threats. Next we have to devise a plan of attack! Create a budget to find out exactly how much money we will have to put towards your debt. Calculate your budget by listing your expenses. Make sure you list EVERYTHING from your mortgage payment to your morning coffee purchase. Start with your necessary expenses and work your way down. The top of your list should include loans and bills that need to be paid (mortgages, auto loans, utilities, etc.) If you have a family, a business, or others who depend on you, you can visit lifecoverquotes.org.uk to get life insurance.

Now that you have your list of expenses, study it. See all those expenses at the bottom of the list that you don’t need? (yeah I’m looking at you Netflix.) Take all of those expenses and cut them out of your life. You know how in every zombie movie or show there’s always that group of bumbling idiots that slow everyone down? Well that’s those unneeded expenses like Netflix and Starbucks. It’s time to get serious and right now is not the time for fun. All of those expenses you cut just became more ammunition to put towards defeating your debt.

If you’re looking to really get serious consider selling some of your bigger toys. Things like classic cars, jet skis, boats, and motorcycles can be sold for large amounts of cash that will take a huge chunk out of your debt.

After you’ve figured out your budget, set goals for yourself and stick by them. Never decrease the amount you’re paying towards your debt. If you stick to your budget and goals this should come as no problem. You can attain even more help with the use of apps like mint.com, ReadyForZero, and DebtPayoff. These apps make it easy to set payoff goals and stick to them.

Step 3: Do Your Research

research

The last step in planning before we spring our attack. Let’s research your accounts and look for anything that might benefit us even further. Many consumers are left in the dark when it comes to cheaper options to paying off debt.

Credit Card Debt

If credit card debt is your main concern, then look into applying for 0% balance transfer cards. 0% balance transfer cards can be your secret weapon when attacking your accounts. Like their name, these cards carry 0% interest for a certain period of time and will transfer your balances from an account to the new card. You’ll be surprised how quickly you can pay off your debt when not paying interest.

Medical Debt

Medical bills is one of the largest causes of debt. Recently the credit bureaus had decided that medical debt would weigh less on your credit report and wouldn’t report until 6 months past due. In the past, insurance companies would take extended periods of time to pay off the debt, which would hit the consumer’s credit report and drop their score. If you do have medical debt, make sure you keep in contact with your insurance company and straighten out all of the payment arrangements. If you are unable to pay your bills on time  then let the creditor know so you can work something out.

Student Loan Debt

Currently student loan debt is at an all time high of $1.2 trillion! Putting it well beyond credit card debt which sits at $884.8 billion. If you have a large amount of student loan debt, then you may want to consider student loan consolidation or look into student loan forgiveness programs. If student loans are the majority of your debt, check out my article Game of Loans – A Guide to Defeating Student Loan Interest.

Step 4: Attacking Your Debt

You’ve located and listed the accounts, you’ve prepared a plan of attack, and you’ve researched your enemy’s weaknesses. Now let’s get out there and attack that lingering horde of debt!

When it comes to paying off the debt there are 2 methods you can go by. One is called snowballing and the other avalanching.

Snowballing happens when you go after your smallest accounts first and work your way up the chain. The feeling of accomplishment when paying off these accounts will fuel you to keep going until you take down the big one.

Avalanching happens when you attack the largest account with the most interest first and work your way down. This method will actually save you the most money in the long run because you’ll be eliminating those high-interest rates first.

Regardless of which method you choose, allocate the money you were putting towards eliminated accounts to your next payment. The more your accounts start to fall off, the quicker you’ll see your debt drop off. Always remember to pay on time so you’re not hit with any late fees. Sign-up for auto payments if you’re the kind of person that might forget your payment dates.

Step 5: Put Extra Income Towards your Debt

A few times during the year you may come into some extra income. Treat this extra income as added ammunition in your battle against debt. Your tax refunds are your debt clearing grenades, job raises are your anti-debt rounds, and freelance or side job pay is the unstoppable tank you drive to clear a path through interest.

Putting all of your extra income towards your debt can be a game changer and should see your debt deplete in record time.

Step 6: Reward Yourself (Without Spending)

You’re reaching your debt goals and every time your knock off an account you should be rewarded. Now this doesn’t mean go out and splurge on some of those unneeded expenses you’ve had in the past (that would defeat the purpose of this entire campaign.) Try to find ways to reward yourself with little or no expense. Take time from your nightly routine to watch your favorite show or movie, make your favorite meal or dessert. Perhaps buy yourself a coffee (just one!) Don’t spend over $5-10 on a small reward.

Step 7:  Congratulations You’re Debt Free!

walking debt thumbs up

You stuck to your plan, you attacked your debt, and now you’ve come out victorious and debt free. Your a debt-zombie slaying machine and Rick Grimes has got nothing on you! Now you can safely maintain your debt from here on out.

This is where you and me part ways. I had an abundance of fun coaching you through your debt battle and I hope my zombie/debt analogies weren’t too much for you. Before I go just remember: Don’t spend your money on unneeded expenses and make sure you can always pay off what you charge. Stay focused on what is important and use our Credit Blog to help you along your way. You can do it! I believe in you! Godspeed!

Need Help?

If you still need help with controlling your debt and/or improving your credit, fill out the form below and get a free credit consultation from a credit expert at Better Qualified.