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Top 5 Ways to Pay off Any Loan Faster

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There are more people taking out personal loans these days than ever before. According to recent reports, about 20 million Americans have taken out a personal loan over the past year and the average personal loan balance sits at right around $16,000.

If you have a personal loan hanging over your head—or any kind of loan really—you should know that there are lots of ways to pay off a loan quickly so that you don’t have to deal with it for a long time. As long as you’re willing to work hard at it, you can eliminate a loan from your life in no time.

Here are five great ways to pay off any loan faster.

1. Make Bi-Weekly Payments on Your Loan Instead of Weekly Ones

While you’re in the process of paying down a personal loan, the lender could ask you to make monthly payments on it. You’ll be told to make that payment by a specific date each month.

You’re welcome to stick to this repayment plan if you want. But you can also make bi-weekly payments to pay off your loan faster than you would otherwise.

Since bi-weekly payments will be paid more often than monthly ones, it’ll reduce the amount of interest you’re charged for your loan every month. It’ll also result in you making an extra loan payment each year without you even realising it.

2. Pay a Little More Than You Owe on Your Loan Every Month

Let’s say that you’re making a $255 payment on your loan each month. You can obviously pay your loan off faster by upping that amount to $300. But you don’t have to make that drastic of a move to decrease your loan balance faster than you are now.

You can up your monthly payments to just $275 or so and see a difference in how fast you’re able to pay it off. That extra $20 will go a long way towards bringing your loan balance back down to earth.

3. Find Ways to Bring in Extra Income Each Month to Pay Off Your Loan

If you’re extra motivated to pay off a loan fast, bringing in more income each month is the most logical way to do it. You can throw this income right at your loan balance and see it come down in a hurry.

You can make extra income while paying down a loan by:

  • Picking up a second job
  • Selling things you have sitting around your house that you don’t use anymore
  • Creating a lucrative side hustle for yourself

You can do one or maybe even all of these things to increase your income and pay off your loan.

4. Refinance Your Loan to Get a Better Interest Rate

Do you have a high-interest rate attached to your loan that’s making it hard to pay off? You can get around this by refinancing your loan to get a better rate.

Look around to see if you might be able to take out a payoff loan to pay your current loan off. If you have decent credit, you might be surprised to see how much money you can save every month by refinancing your loan.

5. See If a Lender Will Offer a Loan Discount for Going Paperless

Every dollar counts when you’re trying to pay off a loan! So don’t be afraid to contact your lender to see if they offer any discounts to borrowers.

Some lenders have started to slash interest rates for those who agree to go paperless with their loans. By going paperless, you could make it so much easier to pay off a loan fast.

Start Paying Off Your Loan Faster From Now On

Once you pay off a loan, you’ll feel a sense of financial freedom you’ve never felt before. You’ll be amazed by how much better your future looks when you get out from under your loan.

Use the tips found here to begin to pay off a loan faster than you were before. You can bring your balance down to $0 by using them to your advantage.

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What to Do After a Hit-and-Run Accident in Texas

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Are you travelling during the festive period? If you are, this article might come in handy if you ever find yourself stuck in a hit-and-run car accident.

When a driver flees the scene of an accident, it’s important to gather as much information as you can and talk to the police.

Texas drivers flee accident scenes for a number of reasons, such as:

When one of the drivers leaves the scene, it can complicate the insurance claims process.

Call 911

Your health is the most important thing. Call 911 if you were in the vehicle when it was hit, or if someone was injured in the accident.

Seek medical attention even if you have no apparent injuries. It’s not uncommon for car accidents to cause delayed injuries, where symptoms don’t present until days after the incident. If you wait too long to see a doctor, you hurt your chances of filing a personal injury claim.

Gather Information

While you’re waiting at the scene, gather and write down as much information as you can to report to the police, including:

  • The other driver’s license plate number
  • The make, model and colour of the vehicle
  • Approximate year of the car
  • Time and location of the accident
  • Direction the driver was heading
  • Contact information of witnesses

Jot down every detail – no matter how minor. This information may help the police locate the driver.

Make sure that you speak with any witnesses at the scene and gather their contact information. Your insurance company may want to speak to these witnesses to get an account of what happened.

Take Photos

If it’s safe to do so, take photos of the accident scene and your vehicle, especially if there is damage. Take some close-up photos of the damage to show the police and the insurance company. If any paint has transferred to your vehicle, take photos of that as well.

File a Police Report

Report the hit-and-run to the police within 24 hours of the incident. Fleeing the scene of an accident is a crime and should be reported to the police.

Make sure that you get the name, badge number, and phone number of the officer so that your insurance company can follow-up.

If you don’t report the hit-and-run, you may be considered “at fault” by your insurer and it could impact your premiums. Filing a report may also mean that the police locate the fleeing driver who will then be held accountable for their actions.

Call Your Insurance Company

After reporting the incident to the police, call your insurance company to inform them of the accident and discuss your options.

Depending on your coverage, your insurer may be able to help with towing and getting you a rental car if needed.

If you were able to identify the fleeing driver, you may be able to get his or her insurance information from your insurance company. With this information, you can file a claim with the other driver’s insurer.

If you have an uninsured motorist policy, this should cover the cost of injuries and damages caused by the accident.

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5 Creative Ways to Fund Your Home Improvements

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Whether you’ve just moved into a new house or have been in your home for several years, there’s probably going to be a time when you start wanting to do a few home improvements. A homeowners’ job is never-ending, with the constant need to maintain and upkeep a property. Bigger home improvements, however, usually only happen once in a while and the reason being, they’re expensive!

While the thought of diving into refurbishments and home improvements can be exciting, the financial component can be a daunting one. Whether it’s painting, improving a bathroom or kitchen, landscaping, or replacing the floors, the bills will add up. This makes it important to ensure that you budget the project correctly and make sure that you have the funds before starting. You don’t want to live in a half-finished house for months on end waiting to get more money to finish off the job.

To make the process a bit faster, we’ve listed five creative ways that you can find the funds for your home improvement and get you closer to your dream home!

1. Refinance Your Mortgage

Refinancing your home is one of the ways that you can start stashing extra cash away each month. If you’re lucky, you may be able to refinance at a lower rate and/or for a longer loan term which could lower your monthly mortgage payment. Set the difference aside each month until you’re ready to start your renovations.

It is, however, a big decision to refinance your mortgage, so make sure to consider the cost of the refinance and whether it will be worth it in the long run. You’ll also want to make sure that you find the right lender.

Read more about the best mortgage refinance lenders here: https://www.crediful.com/best-mortgage-refinance-lenders/.

Going with the wrong lender can cost you thousands in closing costs, hidden fees, and high-interest rates.

2. Crowdsource

If you aren’t keen on going the traditional route of refinancing your mortgage, you can ask your family and/or friends if they can help you out. Some homeowners are lucky enough to have parents with the means to help them jumpstart their renovations fund while others may have to reach a bit further.

Instead of getting gifts for birthdays, Christmas or a wedding; ask your friends and family to contribute to your renovations fund.

3. Host A Yard Sale for Your Old Stuff

If you’ve been living in your house for decades, you’ve probably hoarded a bunch of stuff that you don’t need. Start sorting through your cupboards, garage and storage room and clear out anything that you don’t use/need anymore.

You can either start selling items one by one on online marketplaces, or put them all out on your front lawn one Saturday and host a traditional yard sale.

When you start your renovations, you should also keep a lookout for anything that can be reused – rather than dumping them, try to sell them! You can sell your old carpets, kitchen appliances, cupboards and garage doors. If you’re landscaping your garden, re-pot any plants that you pull out and sell them to interested gardeners.

4. Get Creative with How You Can Start Earning More Cash On The Side

It’s not uncommon to start up a side-hustle while trying to save for a big house project. There are so many ways that you earn a bit of extra money on the side of your 9 to 5 job.

Some include renting out a spare room in your house or renting out your unused parking spot, garage or shed. You could also do dog-walking, babysitting or house-sitting after hours. If you’re more creative, then you can start making and selling homemade crafts, or perhaps some other products.

There are also ample ways that you can make extra money on the internet; from freelancing to online trading and teaching. Depending on your skills, you can find various part-time jobs that you can do during the evenings and weekends.

5. Get Serious with Your Saving

Now that you’ve found a few ways to start gathering extra funds each month, you need to be serious about saving them. Make sure that all of the extra money that you get from selling your old things, gifts, side hustles and the spare money on the mortgage goes into a dedicated savings account. Make a point to also put aside another set amount from your salary each month.

Put the money into an interest-bearing account to start earning interest each month. When you start saving consistently, you’ll reach your goal in no time! Remember, every little bit count!

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Financial Literacy to Teach Young Children and Teens

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Financial literacy is as important to children and teens as it is to grown-ups. From money management and finances to credit management, these fundamental knowledge are crucial to the development of both problem-solving and mathematical skills, and above all, success in children’s lives.

It’s important for children to know how to earn, allocate, spend, and borrow money when they are still young; way before the need arises. When the time comes, they’ll be in a better position to apply for various loans including mortgages, student loans, and credit cards. They’ll know what type of credit score is needed to qualify even before they can apply.

According to a survey conducted by creditcards.com, experts recommend that children have access to credit cards because this will provide parents with a new opportunity to teach their children how to manage and build credit.

Grade 6-8: The Earlier the Better

During this age, children are already familiar with money. Chances are they have already made purchases on their own. In addition, they know their parents work and have to pay bills. Therefore, this presents the best time to start teaching basic financial concepts.

The best way to do this is to start with what they already know. For instance, use classroom mathematics to teach real-world money matters. Start teaching them about financial responsibility (including the importance of having a financial goal for e.g. saving up to buy new shoes). Don’t forget to teach them about long-term and short-term gains of savings, and as well as budgeting. Also, start adding bits of how to earn money and how to multiply it.

Here are some of the basic concepts that you can start teaching:

Earning Income

Different jobs require different levels of education, skill sets, and training. The more education and training you get, the higher the chances of securing a job. However, this requires time and money. In addition, teach the children about life choices and circumstances, both of which have an impact on careers.

There are other ways of earning an income. Apart from the conventional 9-5 jobs, entrepreneurship is also an income-generating activity. Becoming an entrepreneur is all about being your own boss and offering job opportunities to others. However, owning a business comes with its own risks, and one should be prepared for them.

Social Security is also an important topic. Explain to them what it is and how it works. Use their grandparents as an example and share with children how their grandparents receive their social security payments.

Buying Goods and Services

This category includes three key areas- the marketplace, payment methods, and budgeting.

A marketplace is where people buy and sell goods. However, emphasize to your children how the marketplaces can be different, and how not all are trustworthy. In addition, there’s a lot that goes on in the marketplace that requires quick thinking to gauge authenticity that will help them to make smart decisions.

When it comes to payment methods, let your children know the different ways they can purchase goods and services. Electronic payment, debit/credit card, and cash are some of the key payment methods. By understanding these methods, they’ll know when to use one versus the other.

Budgeting is fundamental to achieving financial goals. Explain to children how a budget works and how they can include their income, expenses, taxes, and savings. Also, make sure they know that budgets are flexible, and that they can adjust their budget according to their finances.

Saving

Saving is a great financial habit, especially if nurtured from an early stage. There are three concepts to focus on here:

Banking is the first one and here, you want to explain to your children how banks, credit unions, and other financial institutions safeguard money. Also, explain to them how one can earn money by saving in a savings account.

Interest is another key topic. When banks offer loans to borrowers, they charge a fee known as interest. It’s this interest they use to pay account holders who save money with them. That leads to earning interest on savings, which may not seem like much, but it adds up over time. They should understand how interest works, what affects interest rates, and how to earn interest on the money they save. They should also know that interest rates fluctuate depending on the market.

Then, there’s investing, but that is a complex situation that should wait until after adolescence before it is discussed more fully.

Credit Usage

Credit and nation 21 loans places no credit check and they are tricky subjects that are often clouded with a lot of myths and misconceptions. However, if you start debunking these myths at an early stage, your children will have a better chance of succeeding financially.

A loan is money extended to you to allow you to make certain purchases or do other things. This means the money isn’t yours and, therefore, you’ll have to repay it within an agreed period. In addition, you’ll also have to incur the cost of borrowing—interest.

Credit cards are also a type of loan, except that only this time, you have prior access to a certain amount of money and the other difference concerns the interest rates. Credit cards have higher rates compared to other loans.

Also, your credit history and score also play a huge role in determining the interest rate attached to the loan; so it’s important to teach children about how they can maintain good scores.

Borrowing always costs money in the form of fees such as account opening fees, interest rates, APRs and late fees if you skip payments. Such fees vary from one financial institution to another, which is why there’s competition. This competition is important because it offers you a chance to choose the best deal.

Debts are also part of financial literacy and at this age, teens are ready to know the impact of debt on their finances. For starters, it’s important to evaluate whether you can afford to take out a loan. If they can’t, they’re likely to end up in debt.

Investing

Assets come first when you talk about investments. This is anything with monetary value such as stocks, bonds, precious metals, or real estate. Stocks, for example, represent small pieces of a business that you can buy. In general, when the business makes money, so do you.

Financial assets come with risks, and this means one must prepare for them. It’s also important for your children to understand that the riskier the investment, the greater the potential returns. However, this also means that the greater the returns, the greater the possible fall.

Grade 9-12

Once your children get to this stage, they start getting a taste of the real world. At this point, what’s important to teach them is student loans and other college costs. Furthermore, it’s at this age that they start seeking part-time jobs such as working over the weekends or when they go on summer vacations. Money is now their top concern and they want to know how to multiply and manage it.

Therefore, it’s important that they get the best financial foundation to guide them through this and the next phase of their lives. The following concepts will be crucial to their financial future:

Earning Income

Various factors determine the type of job you’ll choose. Some of them include job requirements, health benefits, income, location, etc.

Some may choose to start earning right away, while others may prefer to go to college. Regardless of the choice they make, it’s important to analyse the pros and cons of either route.

At this age, especially if they have a job, it’s also important to start talking about taxes; why it’s important them, how they vary depending on how much you earn, and how they reduce the person’s income.

Buying Goods and Services

Poor spending habits are a major reason why many people end up in debt. Most of the time, people acquire these habits from their parents, which is why it’s important to start teaching your kids how to be a smart shopper.

It’s also important to know your rights as a consumer because the marketplace also comprises of dishonest people with underhand business tactics. Introduce them to the Better Business Bureau, which rates businesses according to how they treat customers.

The Sooner the Better

Teaching financial literacy to children when they are still at an early age allows them to become responsible grown-ups. With this short guide, you have the resources to teach your child financial literacy and, ultimately, help them attain their financial goals later on in life.

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Monitoring Your Money: Simple Ways To Spend Less And Save More

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Be honest.

How often you do check your bank balance or sit down and draw up a budget for the month ahead? If you tend to chuck statements on a pile on papers on the kitchen table or you check in with the bank every couple of months; now is the time to start monitoring your money more closely! Managing your finances has never been easier and it can help you to save more and spend less.

Creating a Budget
If you don’t live by a budget, there’s no better time to break the habit of a lifetime. Traditionally, at this time of the year, finances are usually pretty tight, and the sooner you can start saving, the better. Budgeting is simple, fast, and completely hassle-free in this day and age. While some people prefer to stick to old-school techniques and draw up columns of figures with a pen and paper, many opt to use apps or specially designed programmes. It’s a good idea to do a bit of research to find the best personal finance software and to think about what you need and what kinds of features you’d like. Budgeting enables you to monitor how much money is coming in and how much is going out, and it can give you a much better idea of where your cash is going every month. Sticking to a budget can help to prevent overspending and enable you to save more. You can use your budget to set a spending limit every week or to establish how much you’re going to transfer to a savings account or pay off a credit card each month.

Online Banking
The days of having to trudge out to the ATM or wait for a monthly statement to come sailing through the letterbox are long gone. This means that there is no excuse to have no idea what is going on in your accounts. With online banking and apps, you can check your balance on the go and keep a close eye on spending. If you don’t already use online banking, you’ll need to register online. With this service, you can check your balances, open new accounts, transfer money, pay bills, and find out more about other financial products, such as mortgages. It’s so easy to lose track of spending with contactless technology and online shopping, so it’s crucial to look at your bank on a regular basis.

Shopping Around
Once you’ve got an idea of how much disposable income you have available, you can take steps to increase this figure by shopping around and comparing prices. Take a look at how much you’re paying for insurance, for example. If you’ve got car, health, house or pet insurance policies that are due for renewal, don’t just accept the new price from your existing provider. Use the Internet to track down the best deals. You can do this to save money on everything from buying gifts and household items to finding cheaper broadband, TV and mobile phone services!

Even if you’re not the most diligent amateur accountant, it’s never too late to start monitoring your money today! If you’re looking for a credible and sound financial adviser, let us know and we will help you out!

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You’ve Gotta Make Money To Spend Money

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First and foremost, this is not a post on how you can get rich quickly and neither the suggestions contained herein are a guarantee nor promise that you will make money. Before considering the suggestions contained herein, please be sure to do your own independent research.

Many of you reading this might have a bad spending habit; so much so that you might have a few debts looming over your head. You might feel as though there’s no escape; and the more you spend, the more you want. So, for all of you who are self-confessed spendaholics, we want to talk to you. We’re not saying that you should get your spending under control because if you’re getting money, you might as well treat yourself to whatever pleases you. We’re here to share with you how you can get more money so that you’re able to spend more money! There’s plenty of ways to do it, and some might be more beneficial to you than others. As long as you have a decent amount of money to play around with, you might want to consider giving at least one of these a go!

Spread Betting

This isn’t a form of gambling like you’re thinking, so don’t be put off by the idea. Spread betting is a new form of making money from things such as commodities and other trades. Rather than buying a share, you place a bet on whether you think that share is going to go up or down in value. If it goes up and you said that’s what it would do, you make some money; if it goes down and you said it would go up, you’ll lose some money! You buy per point of movement of the share. The more points it moves, you will earn multiples of the stake you put down. It’s sort of like a form of betting, but for people who know the stocks and trade markets well. If you have a look at CMC Markets, you can find out more. Even if you don’t know them, all you need to do is a little bit of research to have a basic understanding, and you’ll soon have fun with spread betting. It’s not as risky as gambling, as you can choose to buy more, or sell the stake that you have invested. With gambling betting, you lose your money no matter what!

Cryptocurrency

This is a bit of a grey area to some people, as they just don’t understand the massive potential to earn what Cryptocurrency gives. Cryptocurrency such as Bitcoin has been around for a while, but they only really hit the headlines when its value increased and a lot of people became rich from it. Then again, there are also a whole lot of other people who lost quite a lot of money from investing in Cryptocurrency. Like with the trading of any other stock and share, it’s all about buying at the right time to make the most money. Although you can invest as much or as little as you want, you have to be prepared to go for a lengthy investment and know how it works in real detail!

Forex Trading

Finally, one you might all be familiar with. Background knowledge of this or not, you can still make your money. One way of doing it is by joining a company designed to teach individuals how to make money through Forex trading. It’s the trading of currencies, and it’s a very valuable piece of information to hold if you do it well. If you play your cards right, this might just help you earn some additional passive income.

However, all sorts of investments come with risks so don’t expect to beat the market every single time. There are other safer instruments to make money and depending on your risk appetite, go for the one that you’re more familiar and comfortable with. Starting an e-commerce business or even offering your skills and time can also make you money.

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The Pros and Cons of Owning a Credit Card

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Should I Get a Credit Card?

Contrary to popular belief, it is not a good idea to carry a credit card balance each month. It is best to avoid running up your credit card balance. Credit card debt has several serious consequences.

Repaying Debt is Hard

One of the reasons that many people opt for a debt settlement program is because they are struggling to make payments every month. Getting into debt is easy, but paying it back can be difficult. Credit card companies know that it is convenient for people to use their credit card. That is why they tempt people to spend more money than they can afford by raising the limit.

Credit card companies also charge interest. If you have a credit card with a $5,000 balance and a 20 percent interest, then it may take you a decade to pay it off if you only make the minimum payment.

Your Credit Score Will Dip

Many people think that credit card debt will not affect their credit score as long as they make the minimum payment. However, carrying credit card debt can ruin your credit. Your credit utilisation rate is one of the factors that determine your credit score. It is the ratio of the amount that you owe to the limit that you have.

For example, your total credit limit is $10,000. You owe $6,000. Your credit utilisation rate is 60 percent. A high credit utilisation rate will decrease your credit score. You will need to keep this number below 30 percent.

You may Miss Payments

There are a variety of things that can happen that will cause you to miss payments. For example, you may get sick or lose your job. Unfortunately, credit card companies are not too forgiving if you miss payments. You will be charged a late fee. Late fees will make it even harder for you to pay off your debt.

Your credit score will also decrease. Every time that you make a late payment, you will get a negative report sent to your credit. This will cause your credit score to decrease. Furthermore, once you fall behind on your payments, it is hard for you to catch up.

It Shows Financial Irresponsibility

The responsible person only charges what they can afford. They also make sure that they pay off the credit card every month. If they do not pay it off in full every month, then they may sure that they keep their balance as low as possible.

On the other hand, carrying a credit card balance is a sign of irresponsible spending. It is a sign that one is using their credit card to supplement their income.

Stress and Headaches

A credit card balance can cause you headaches and sleeplessness nights. You may constantly worry about how you are going to pay off the balance on top of the household bills you already have to pay. This stress can take a toll on every part of your life. You may have problems in your relationships. You may also start to develop health problems such as ulcers and heart disease. That is why a debt settlement program may be your best choice.

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