Free calligraphy fonts – Log Protect http://logprotect.net/ Fri, 21 Jan 2022 17:15:54 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://logprotect.net/wp-content/uploads/2021/07/icon-2021-07-29T151759.208-150x150.png Free calligraphy fonts – Log Protect http://logprotect.net/ 32 32 What’s up with… Telecoms pricing in the UK, the EU Digital Services Act, Telenor in Myanmar, the evolution of access https://logprotect.net/whats-up-with-telecoms-pricing-in-the-uk-the-eu-digital-services-act-telenor-in-myanmar-the-evolution-of-access/ Fri, 21 Jan 2022 17:15:54 +0000 https://logprotect.net/whats-up-with-telecoms-pricing-in-the-uk-the-eu-digital-services-act-telenor-in-myanmar-the-evolution-of-access/ Bad news for UK broadband customers, a move towards safer internet in Europe and the announcement of a revived M&A deal for Telenor topped today’s news. BT is facing heavy criticism for its decision to raise prices for consumer broadband and phone lines by an anti-inflation average of 9.3%, especially at a time when UK […]]]>

Bad news for UK broadband customers, a move towards safer internet in Europe and the announcement of a revived M&A deal for Telenor topped today’s news.

BT is facing heavy criticism for its decision to raise prices for consumer broadband and phone lines by an anti-inflation average of 9.3%, especially at a time when UK households are facing the prospect of a spike in domestic bills (particularly for utilities) in 2022. While BT notes that prices will not change for “financially vulnerable customers on BT Home Essentials, BT Home Phone Saver and BT Basic”, and attempts to justify the move with a list of reasons why it needs to charge more (retention of investor dividends was not mentioned), the operator drew criticism for the rise in the UK media, with a national newspaper ( The Telegraph) referring to the price increases as a “work from home tax” and estimates that 14 million customers will see their bills rise from the end of March. BT is not alone – Vodafone United Kingdom increases its broadband prices by 9.3% and speak speak by 9.1%.

In more positive news for BT, its mobile division, EE, is by far the best performing cellular service provider in the UK, based on extensive testing by RootMetrics (now owned by Ookla) during the second half of 2021. See this announcement for all shared results and statistics.

The European Parliament approved the Digital Services Act which aims to “tackle illegal content, ensure platforms are held accountable for their algorithms and improve content moderation”. Danish MEP Christel Schaldemose said: “Today’s vote shows that MEPs and European citizens want ambitious and future-proof digital regulation. Much has changed in the 20 years since the adoption of the e-commerce directive. Online platforms have become increasingly important in our daily lives, bringing new opportunities, but also new risks. It is our duty to ensure that what is illegal offline is illegal online. We must ensure that we put in place digital rules for the benefit of consumers and citizens. We can now start negotiations with the Council, and I believe we will be able to achieve results on these issues. You can read the European Parliament’s announcement here and also get more details on the late changes to the text of the law in this EurActive article.

TelenorThe sale of its Myanmar operating unit to Lebanese firm M1 Group is back on after the ruling military junta cleared the sale now that M1 has a local partner on board as part of the deal. In July 2021, keen to exit the market due to increasing restrictions, Telenor agreed to sell its Myanmar operations to M1 for $105 million, but the deal was blocked by the military in September. apparently due to lack of local involvement. Now Reuters is reporting that the junta is ready to approve the deal after M1 struck a partnership with local company Shwe Byain Phyu Group. Earlier this week, Telenor announced an agreement to sell its 51% stake in Digital Money Myanmar (aka Wave Money) for $53 million to Yoma MFS Holdings. (See Telenor Group agrees to sell its stake in Wave Money to Yoma Strategic.)

Soft Bank raises 30 billion Japanese yen (264 million US dollars) through the issuance of new bonds to develop its “High Altitude Platform Station (HAPS)” business which aims to provide extensive and stable telecommunications networks from the stratosphere” SoftBank highlighted its HAPS plans when it outlined key challenges facing the communications industry as it moves “beyond 5G” and into the 6G era.

The England cricket team may have just lost, miserably and miserably (again) to Australia in the all-important ‘Ashes’ biennial test match series, but the Brits and Australians remain good friends. and allies. Hence today’s announcement that the two countries will cooperate in a partnership on cyber and critical technologies to “deter cyberattacks before they happen.” Full details have yet to be revealed, but the underlying intent is “to increase deterrence by increasing the costs of hostile state activities in cyberspace, including through the strategic coordination of our cyber sanctions regimes.” /with Britain or Australia and the two countries will retaliate to attackers with coordinated technological responses, deterrents, sanctions and punishments.The two nations will also exchange cybersecurity personnel and work closely together in this so-called “cyber drills” developing “a global standard-setting action plan to ensure that global standards meet our security priorities, our economic interests and reflect our values”. The agreement is an integral part of the newly formed AUKUS partnership between Australia, the UK and the US in an alliance to counter aggressive Chinese expansionism in the Pacific and Indian Oceans. It “will focus on cyber capabilities, artificial intelligence, quantum technologies, and additional underwater capabilities.”

Here is another example of the shamelessness and arrogance of America’s “Big Tech” companies: for years they fought against regulation and tried to prevent the passage of any law that would reduce their power. excessive. Now, however, with Democrats and Republicans opposing Facebook, Amazon, Apple, Google, etc., in bilateral determination to clip each other’s wings, things are starting to move and anti-trust legislation is finally on the way. elaboration. In response to something that has already taken an unreasonable amount of time, Silicon Valley behemoths and their ilk, along with their mighty phalanx of highly paid lobbyists, are actually complaining that Capitol Hill is “rushing” bills designed to cut them down to size. And that from a group of companies whose responses to complaints about their monopolistic and anti-competitive tendencies have always been so deliberately slow that the movement of tectonic plates resembles a Formula 1 Grand Prix in comparison. In an effort to further delay the introduction of new laws, trade bodies representing Big Tech corporate interests are complaining that the Senate Judiciary Committee is going beyond itself by beginning to craft antitrust legislation without having a say. first held a series of hearings where Silicon Valley “experts” would be able, for weeks and months, to “criticize and give their opinion” on legislative proposals, while the companies they represent would blithely continue on their free and well-trodden way. It’s not like any of this is new to Facebook et al. US authorities have already conducted a 16-month investigation into Big Tech and released a 450-page report on their findings that Big Tech must be controlled and monitored through strict regulation and legislation – and, despite Cupertino’s new cries and Mountain View, it seems increasingly likely that they will.

News today from research you wouldn’t necessarily expect to be conducted by a payday loan company, but Cashfloat, a UK company that’s described as “a technology and data-driven lending company [that] develops and integrates technologies to enable affordable loans online” has just published a report on the relative longevity of UK start-ups in which telecommunications come in at the bottom of the Top 10. It seems that every month in the UK an average of 7,800 Google searches are made on “how to start a business”. Since one in five startups fail, Cashfloat set out to find out which industries have the most successful survival rate. It looked at the survival time of 3.2 million new businesses listed on Companies House’s UK register in various sectors, designated by standard industry classification code (SIC) and business number, then analyzed the period between the incorporation of a new company and its dissolution and closure. or acquisition. The data was collected in November 2021 and shows that start-ups in the water sector (including water engineering and the construction of water and wastewater plants) are the best performers , with an average survival rate of 2,718 days (approximately 7 years and 4 months). That’s 1,375 days (or roughly 3 years and 7 months) longer than the worst-performing start-up sector, namely telecoms. At number 2 on the list is the gambling sector, which has an average life expectancy of 2,315 days (6 years and 3 months), followed by specialized research companies created for a specific and limited purpose. They stay in the game for 2,061 days (5 years and 6 months) on average. Behind them comes the broadcasting industry with an average survival rate of 1,735 days (4 years and 7 months) and the financial services sector at 1,558 days (4 years and 2 months). Pulp and paper, transport, culture and electronics occupy places six to nine and poor old telecoms only squeak at number 10. Research, while interesting and valuable, is necessarily a general approach, so Without seriously digging into a mass of data, it’s not immediately obvious that telecoms should fare relatively badly, but the industry is notorious (or infamous) for its endless consolidation cycles. And that applies as much to retail outlets selling handsets and accessories as it does to manufacturers and infrastructure providers.

And finally, a quick update on Tonga, which is going through very difficult times after the underwater volcanic explosion and subsequent tsunami killed and injured islanders, destroyed and damaged property and infrastructure and left the Pacific island nation without any form of communication with the outside world. As we reported yesterday, limited 2G phone service covering 10% of the population has been restored and this morning came news that satellite company SES was able to restore services for Digital Tonga, the local telecom operator. Relief flights from Australia have also delivered much-needed supplies, but crew must remain on the plane and have no contact with anyone else while local ground staff unload cargo. Indeed, so far there have been no cases of Covid in Tonga, and the government wants that to continue. And there are more offers of help, including from Elon Musk, who made a tentative offer of Starlink satellite broadband terminals before noting how difficult it would be to actually offer service to those who need it in Tonga…

– Staff, TelecomTV

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9 fastest ways to pay off debt, according to experts https://logprotect.net/9-fastest-ways-to-pay-off-debt-according-to-experts/ Thu, 20 Jan 2022 20:09:37 +0000 https://logprotect.net/9-fastest-ways-to-pay-off-debt-according-to-experts/ Rawpixel/Getty Images/iStockphoto If you’re looking to reduce your debt this year, you’re not alone. According to Fidelity’s 2022 Financial Resolutions Study, 41% of respondents said paying off debt was one of their top financial resolutions. When you’re paying off the debts you owe, it can be motivating to see that you’re making progress, which means […]]]>

Rawpixel/Getty Images/iStockphoto

If you’re looking to reduce your debt this year, you’re not alone. According to Fidelity’s 2022 Financial Resolutions Study, 41% of respondents said paying off debt was one of their top financial resolutions.

When you’re paying off the debts you owe, it can be motivating to see that you’re making progress, which means your payment strategies need to be quick, efficient and effective. To that end, here are nine of the fastest ways to pay off debt, according to experts, so you can live a richer life.

Find: 22 side gigs that can make you richer than a full-time job
Introduction: how to calculate your debt ratio

Set an objective

“Make sure you understand why you want to get out of debt and what your goal is,” said Jay Zigmont, Ph.D., CFP and founder of Live, Learn, Plan, a Mississippi-based financial planning company. “Your goal should be SMART: Specific, Measurable, Achievable, Realistic and Time-bound. It’s not enough to say you want to get out of debt. Be specific, for example, I want to pay off $6,000 in debt over the next 12 months. Then you can break that down into mini goals of $500 per month.

Get a budget

“Make sure all your money has a job before the month starts,” Zigmont said. “If you plan to pay off your debt with what’s left, you’ll never progress. There are a lot of budgets out there. Budgets are like diets. The best is the one that works for you.

See more: How Millennial Women Can Take Control of Their Debt

Follow the Debt Avalanche Method

“Pay the minimum amount on all debt, but pay an additional amount on the debt with the highest interest rate each month,” said Lyle Solomon, senior counsel at OVLG Payday Loan Consolidation. “Keep going until you stop it. Once you eliminate him, pat yourself on the back. You have reduced your overall debt and the amount of interest you have to pay. Now you can focus on the next expensive debt.

Follow the Debt Snowball Method

Here is an alternative to the debt avalanche method.

“It involves paying the smallest balance first,” Solomon said. “Make extra payments on the smaller balance while making minimum payments on the others. Continue until you pay off the smallest balance. Once done, carry over the amount and apply it to the next smaller debt. Progress to the most significant balance. This method works and you get a psychological boost as you eliminate each debt.

Increase your income

“Finding a way to increase your income will increase cash flow or wiggle room in your budget, providing more money that can be allocated to paying down debt,” said Nika Boothe, founder of Debt Free Gonnabe. “Some quick ways to increase income are selling whole house items, asking for a raise, selling services or crafts, babysitting or keeping pets, etc. The more money that can be spent on paying down the debt, the further you can go toward paying off the principal, resulting in less interest accrued over the time it takes to pay off the debt.

Earn More: 11 Best Money-Making Business Ideas

Pay every two weeks

If you want to pay off your mortgage faster, consider this suggestion.

“Consider paying your loan twice a month instead of once,” said Trae Bodge, smart shopping expert at TrueTrae. “By paying half (your payment) two weeks ‘early,’ the amount of interest you can save over time can save you years on your loan.

“When I started doing this with my first apartment in my mid-twenties, I had to hire an outside service, but nowadays many lenders offer this service. You just have to Get things done even faster by adding a little extra to your principal with every payment.

Ask for a lower interest rate on your credit cards

“A lot of people don’t know that the APR that goes into calculating their interest rate is variable, which means it can change from time to time,” Boothe said. “However, getting a lower interest rate means more of your payment can be applied to the principal and you’ll be charged less interest, which will help pay off the debt faster.

“The odds of getting a lower interest rate increase if you’ve had your card for a while and have an excellent payment history and/or have seen a recent increase in your credit score.

“It is important to specify, when requesting a lower interest rate, whether the new rate will apply to previous and/or new purchases and to note whether it is a promotion (for a limited time ). A simple but effective script is: “Hello, my name is X. I have been a client for X years and I am calling to see if I qualify for a lower interest rate.”

Related: Best balance transfer credit cards

Enjoy a balance transfer

“You can also transfer your high-interest credit card balance to a low-interest card,” Solomon said. “That’s where a balance transfer comes in handy. You can pay off your high interest credit cards with the Balance Transfer Card and then pay them off within 12-18 months at 0% APR. »

Use deals wisely

“When you get money back on your tax returns or a bonus from your workplace, it’s fun to take that financial windfall and book a trip with it or go shopping,” Bodge said. “Instead, take a piece and pour it over your main, and do it right away so you don’t even miss it. You can still have fun with some of the money, but putting extra money on your debt like this will help you pay it off faster.

More from GOBankingRates

About the Author

Cynthia Measom is a personal finance writer and editor with over 12 years of collective experience. His articles have appeared in MSN, Aol, Yahoo Finance, INSIDER, Houston Chronicle, The Seattle Times and The Network Journal. She attended the University of Texas at Austin and earned a Bachelor of Arts in English.

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Free government COVID-19 tests now available to order for delivery https://logprotect.net/free-government-covid-19-tests-now-available-to-order-for-delivery/ Tue, 18 Jan 2022 20:05:39 +0000 https://logprotect.net/free-government-covid-19-tests-now-available-to-order-for-delivery/ JThe government website where you can order four free COVID-19 home tests and have them shipped to your door is now live and available. Starting today, January 18, you can visit a new federally run website, COVIDtests.gov, and book rapid at-home COVID-19 tests for free. The United States Postal Service (USPS) will deliver them to […]]]>

JThe government website where you can order four free COVID-19 home tests and have them shipped to your door is now live and available.

Starting today, January 18, you can visit a new federally run website, COVIDtests.gov, and book rapid at-home COVID-19 tests for free. The United States Postal Service (USPS) will deliver them to your home, also free of charge. The website was supposed to officially launch on January 19, but it is live and accepting orders a day earlier.

The program is part of President Biden’s effort to procure and distribute 1 billion free home coronavirus tests to the American public. So far, the White House has secured contracts for 420 million tests and “tens of millions” are ready to ship immediately, senior officials said in a phone call with reporters Jan. 14, ahead of the official website launch.

How to order free home coronavirus tests from the government

Here’s how to get your free at-home COVID-19 tests:

  • Visit COVIDtests.gov, the official federal government website for the program.
  • Press the “order free home tests” button, which will redirect you to a separate site operated by the USPS to place your order.
  • Enter your name and residential address which will be used for shipping.
  • Follow the instructions to place your order, which includes four tests per address.
  • OPTIONAL: Enter your email address to track test shipments.

People who have difficulty accessing the internet or the website can order the tests by calling a toll-free number next. (We’ll update this article when the phone number is released.)

“COVID-19 home tests will be shipped free of charge from the end of January. The USPS will only ship one set of 4 free tests to valid residential addresses,” reads an order confirmation message from the USPS. “We are unable to process duplicate orders for the same address.”

Once your order is confirmed, the White House says the USPS will ship your tests in seven to 12 days by first-class mail. Senior officials said they expected shipping time to decrease as the program ramps up.

“Every website launch comes with risk,” White House press secretary Jen Psaki said at a press conference on Tuesday. “We can’t guarantee there won’t be a bug or two, but the best technical teams in the administration and the postal service are working hard to make this a success.”

Free Home COVID-19 Testing FAQs

What types of free COVID-19 tests are available for delivery?

The White House says the tests are rapid home tests that have been authorized by the Food and Drug Administration. The exact marks are unclear, but the administration says the tests will only be rapid antigen tests, also called over-the-counter (OTC) or self-tests or home tests. PCR tests, which require samples to be shipped to labs for results, are not part of the program.

How long will it take for the tests to be delivered?

Orders will ship between seven and 12 days, according to White House estimates.

Exact delivery times may vary. The USPS website states that first class mail is usually delivered within five business days. And this may add to the processing time of the shipment.

How many home tests can I get for free?

The current order limit is four per residential address. This number is independent of the number of people living in your home. The order limit is currently on the first 500 billion tests. The Biden administration is in the process of procuring an additional 500 billion, and officials have indicated that the four-per-household limit could be reviewed as more tests become available.

Do I need health insurance?

No. The tests available through COVIDtests.gov are available to anyone with a residential delivery address in the United States and its territories. No proof of residency or insurance is required to place an order.

I was able to order my tests before January 19th. Was it a problem?

PSAKI acknowledged on Tuesday that the website was live and accepting orders ahead of the official launch of COVIDtests.gov and special.usps.com/testkits as part of a beta test. Orders placed during the beta testing period will be honored.

If not, how can I get free at-home COVID-19 tests?

In addition to the four free tests available through COVIDtests.gov, the White House announced a free home testing program for those with private health insurance.

Since January 15, private insurers have been required to cover the cost of home testing, either by covering upfront costs at pharmacies and retailers – in the same way prescription programs already operate – or by reimbursing you for the cost tests you paid for out of pocket.

Additionally, several states have been distributing their home test stocks through local libraries and community centers. According to the White House, in-person testing is also available for free at more than 20,000 FEMA test centers or pop-up sites.


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Debt Advisory Charity Condemns ‘Misleading’ Facebook De-listing Ads | Loan and debt https://logprotect.net/debt-advisory-charity-condemns-misleading-facebook-de-listing-ads-loan-and-debt/ Thu, 13 Jan 2022 18:49:32 +0000 https://logprotect.net/debt-advisory-charity-condemns-misleading-facebook-de-listing-ads-loan-and-debt/ Commercial debt management companies place ads on Facebook that could make it appear as if they are related to official government programs, according to Guardian analysis. Debt management companies help people consolidate and restructure their debt, charging clients a fee for a solution or earning a commission on referrals to debt counselors. Debt counseling charities […]]]>

Commercial debt management companies place ads on Facebook that could make it appear as if they are related to official government programs, according to Guardian analysis.

Debt management companies help people consolidate and restructure their debt, charging clients a fee for a solution or earning a commission on referrals to debt counselors.

Debt counseling charities can organize free management plans and other forms of support. One such company, Stepchange, described ads promoting debt cancellation programs with logos similar to the government crest, placed by Facebook pages called WiseoldMary and Mums In Debt, as “deeply misleading. “.

Another Facebook page was called Debt Respite Scheme UK, the same name for a government program that provides legal protection against creditors’ lawsuits for 60 days. Several Facebook pages have also used images of Boris Johnson to promote their services.

WiseoldMary and Debt Respite Scheme UK are ‘prime generators’ for other businesses and do not offer debt advice themselves, but earn a commission on referrals, in accordance with their privacy policies.

A debt management ad on Facebook placed by WiseoldMary. Photography: Facebook

The cost of living crisis is likely to exacerbate the UK’s problematic debt problem, with Citizens Advice warning in November that one in ten families are at risk of serious financial hardship this winter.

The Advertising Standards Authority ruled in 2020 that a series of advertisements placed by TFLI Limited, which operates WiseoldMary, did not make it clear enough that they were passing leads to a third party and did not clearly indicate fees and charges. potential risks associated with the proposed solutions.

A spokesperson for TFLI said internal processes had been changed after ICO and ASA decisions and running a credit broker did not prevent the company from helping those in debt. .

Debt Respite Scheme UK’s Facebook page and associated website were taken down shortly after the Guardian approached Trifik Ltd, listed on the website as the data controller, for comment.

A spokesperson for Trifik said: “The assets were deleted at the request of our client because unfortunately they are no longer trading.

“The Facebook Ads guidelines were followed when serving promotional ads on behalf of our client and the website has declared that it is an independent website working with regulated advisors.”

A debt management ad on Facebook placed by Mums in Debt.
A debt management ad on Facebook placed by Mums in Debt. Photography: Facebook

Guardian’s analysis of Facebook ad library data revealed 35 pages with debt management services advertising on Facebook, spending up to £ 100,000 per month in total.

The Guardian also found two companies advertising debt support while operating credit brokers and payday loan companies. While this is not illegal, it may not be clear to customers that the companies that maintain these pages are credit brokers as well.

Debt Solvo, which offers clients “an easy and stress-free way to finally solve this debt problem”, is the business name of Nouveau Finance Limited, which operates a number of payday loan brokers. SOS payday loans, Bizzy loans and others held by Nouveau Finance advertise an APR of up to 1721%.

WiseoldMary is a trading name of TFLI Limited, which also operates a credit broker called “cheaploans.co.uk”. In 2018 the company was fined £ 80,000 by the Information Commissioner’s Office for sending over a million spam texts.

A spokesperson for Stepchange said: “It is a real problem to determine which companies are really behind the ads. Often times, these companies are lead generators at several business locations that could actually set up a product for the customer.

“If you give your personal information to one of these companies, you might not know where the information is going or who is going to contact you next about this solution. »

A number of ads analyzed by the Guardian claimed that customers could write off “up to 85%” of their debts. A spokesperson for StepChange said: “This is clearly an advertising argument – we think it can be deeply misleading. »

A spokesperson for TFLI Limited said, “We have worked consistently with the ASA to ensure that all of our advertising is clear and transparent.

“We make it clear to clients that the average debt write-off using our service, based on actual data from our partners and taken from direct advice from the ASA, is 67%, although it is entirely possible. cancel up to 81%.

“Regarding your accusation that we imply a direct affiliation with the government, we absolutely refute that assertion. TFLIs simply refer to the fact that IVAs are the result of government debt legislation. »

Mums in Debt and Nouveau Finance Limited did not respond to requests for comment.

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Struggling With Debt? Four Ways a Debt Consolidation Loan Can Help You https://logprotect.net/struggling-with-debt-four-ways-a-debt-consolidation-loan-can-help-you/ Tue, 11 Jan 2022 15:49:37 +0000 https://logprotect.net/struggling-with-debt-four-ways-a-debt-consolidation-loan-can-help-you/ Views of the publication: 134 Personal debt in the UK has increased by £ 63.7 billion since September 2020, with the average household owing nearly £ 63,000 according to The Money Charity. While most people think they can balance their finances, many feel overwhelmed, Citizens Advice currently deals with nearly 2,000 debt issues every day. […]]]>

Views of the publication: 134

Personal debt in the UK has increased by £ 63.7 billion since September 2020, with the average household owing nearly £ 63,000 according to The Money Charity. While most people think they can balance their finances, many feel overwhelmed, Citizens Advice currently deals with nearly 2,000 debt issues every day. So it’s no surprise that many are looking for a way to take control of their finances. This is where a debt consolidation loan could be the solution.

A debt consolidation loan involves taking out a larger loan to pay off all of your other debt, leaving you with one more manageable repayment each month. It is often used to simplify finances and get borrowers on the right track if they are struggling to get their debt under control. Here are four ways they can help.

1. Speed ​​up your way to free yourself from your debts

It can be easy to get into the habit of paying only the minimum monthly payment on credit cards, usually just five percent of the outstanding balance. This means that it will usually take decades to clear the balance, while still being charged a hefty amount of interest along the way. You’ll also always have access to whatever credit limit you have left, leaving you at risk of continuing to spend on the card and never actually reducing what you owe.

Likewise, a lot of people go so far with their overdraft that sometimes, even after getting paid, they don’t make it. In this situation, it can be difficult to justify asking your bank to lower your overdraft limit if that leaves you in trouble for the rest of the month. Also, if you accidentally go over your authorized overdraft limit, most banks charge a penalty and a higher interest rate, making it a costly situation.

Consolidating your debt into one loan means you’ll have a fixed end date in sight, so you’ll know exactly when you’re debt free. Provided you can follow the repayment schedule, knowing when your debts will be paid off can be a huge relief from financial stress.

The interest rate charged is usually much lower than that of a credit card, and spreading repayments over time can mean those payments are lower and more manageable. However, there are usually fees associated with these types of loans and different providers charge different rates, so it pays to shop around.

To get an idea of ​​how much you might need to borrow and for how long, the experts at Loan.co.uk have a very useful debt consolidation calculator.

2. Only process one refund

If you manage multiple lines of credit, one of the things you will need to manage is multiple amounts and repayment periods. While this is often facilitated by setting up a direct debit for the amount you need to pay, you still need to make sure you have enough funds in your bank account to cover each transaction.

This is where many run into problems: either they do not have enough money to meet all the direct debits they have set up, or they have so many repayments to make at different times that they it’s easy to forget what you owe where. The problem with missed or late payments is that they usually come with a fee, on top of the interest you would usually pay, which further increases debt. Add to that the damage this causes to your credit score, and it’s not hard to see why multiple repayments can quickly become a serious problem.

A debt consolidation loan benefits from only one repayment, for a fixed amount, at the same time each month until it is repaid. It is common for people to set up a direct debit so that this payment is taken automatically from their bank account shortly after payday. This means that they can be confident that they can repay the right amount, at the right time, month after month.

Another benefit of having only one refund is that it makes day-to-day life more manageable. Without having to keep track of so much, it should be a lot easier to see how much disposable income you have each month and a lot less stressful on you and your finances in general.

3. Potentially get lower interest rates

Most debt consolidation loans will fall under the umbrella of “homeowners” or “secured” loans, which means that your home will be used as collateral against the amount you borrow. Because of this security, there is less risk for the lender, who will therefore be more likely to offer you better interest rates.

This can be especially useful if your debt is spread across multiple lines of credit. In particular, payday loans, overdrafts and some credit cards carry some of the highest interest rates. If you have just enough money to pay off the bare minimum on this type of credit, and the interest rates are high, it could take you decades before you can pay them off completely.

By getting a debt consolidation loan with a lower interest rate, you will find that more of the repayment amount will go towards debt reduction, rather than interest.

Keep in mind that you usually take out a debt consolidation loan for a longer period of time than an unsecured loan. Although the interest rates may be lower, you may be able to pay off more interest overall. However, it is often worth it if it makes everyday life much easier.

4. Improve your credit score over time

If you’re struggling to manage your debt and are likely to make late payments, or worse, miss payments altogether, it could really hurt your credit score. Any missed or late payments will be recorded on your credit report for six years, which means that even if you’ve been paying off your debt for a long time, you could still suffer the effects for years to come.

Also, if you repeatedly fail to keep up with your repayments, you may find that your lenders are taking extra steps to get their money back. This could include legal action, which could end up with you with a CCJ (County Court Judgment) or IVA (Individual Voluntary Arrangement).

These will also stay on your credit report for six years, but can make it nearly impossible to approve new lines of credit. While it might be best not to borrow more money while you are paying off your debt, it could also affect much more ordinary, everyday things like renting out a property and getting a mortgage. mobile phone contract.

Paying off your creditors and closing your accounts with them using a debt consolidation loan is a great first step in improving your credit score. Then, provided you can keep track of your repayments on your debt consolidation loan, you will demonstrate to lenders that you are a responsible borrower who can manage credit well, which can go a long way in improving your credit score.

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Survey: For Americans with Unsecured Debt, Credit Cards Are Main to Blame https://logprotect.net/survey-for-americans-with-unsecured-debt-credit-cards-are-main-to-blame/ Wed, 22 Sep 2021 15:37:25 +0000 https://logprotect.net/survey-for-americans-with-unsecured-debt-credit-cards-are-main-to-blame/ A late-August 2021 US News & World Report survey shows that among Americans with unsecured debt, more … At the end of August 2021 investigation from US News & World Report shows that among Americans who have unsecured debt, more than 53% say it is mostly credit cards. Credit card debt is considered unsecured debt, […]]]>

A late-August 2021 US News & World Report survey shows that among Americans with unsecured debt, more …

At the end of August 2021 investigation from US News & World Report shows that among Americans who have unsecured debt, more than 53% say it is mostly credit cards.

Credit card debt is considered unsecured debt, which means that it is not tied to an asset, such as a house or a car. Respondents were asked what types of debt make up most of their unsecured debt, and in addition to credit cards, they cite:

Personal loans, at nearly 21%.

– Medical debt, 12%.

Payday loans, more than 5%.

About 52% of respondents report having between $ 10,000 and just under $ 40,000 in unsecured debt.

[Read: Best Balance Transfer Credit Cards.]

What interest rates do they pay

Almost 8% of respondents say they don’t know what their highest interest rate is, which is worrying. Among those who know their rates, here are the conclusions:

– About 35% declare an interest rate of 10% or less.

– More than 20% have a rate between 11% and 15%.

– More than 19% have a rate between 16% and 20%.

– Almost 16% have a rate between 21% and 25%.

– Almost 7% have a rate between 26% and 30%.

– Almost 4% have a rate greater than 30%.

Your interest rate depends on the type of debt you carry as well as your creditworthiness. With debt comes interest charges. Some types of unsecured debt, like credit cards and payday loans, charge compound interest.

This means that you pay interest on a balance that includes the interest charges from the previous month. With compound interest, your debt can grow quickly. Once you have fallen into this dangerous spiral, it is difficult to get out of it.

Why Americans struggle to get out of debt

Almost 42% of respondents say they have more unsecured debt than a year ago. When asked what the biggest challenges are in paying off their debt, about 20% say they are unforeseen expenses.

Other findings:

– About 19% have problems paying their bills on time.

– More than 15% have problems budgeting for payments.

– More than 15% cite irregular income as the culprit.

– About 13% say rising interest charges are a big factor.

– More than 7% have difficulty following multiple accounts.

How to pay off your debt

The first step is to identify what is preventing you from facing your debt. And if you determine that you have room for improvement in several areas, that’s okay too. Be honest about your situation, then you can focus on one or more of these solutions:

– Automate your finances.

– Get a debt consolidation loan.

– Apply for a balance transfer credit card.

– Create an emergency fund.

– Get credit counseling.

Automate your finances

Almost one in five respondents say they do not pay their bills on time. If the problem is that you don’t have any money when the bill is due, you should contact your lender and explain your situation. Depending on the lender, it is possible to enter a difficulty program while you catch up on your bills.

If it’s a timing issue, see if you can change the invoice due date. Move it over to a week when you have the cash to cover expenses.

But what if it was just a matter of forgetting? The simple solution is to automate your payments for as many invoices as you can. When you set up automatic payments with your bank or credit card, your lender deducts what you owe from your authorized bank account.

But make sure you have the funds in your bank account to cover the amount. Once you’re up to speed and pay your bills on time, you can start looking for ways to help you pay less interest on your debt.

[Read: Best Debt Consolidation Loans.]

Get a debt consolidation loan

When asked how to pay off their debts, about a quarter of respondents choose a debt consolidation loan as the most attractive option. With this type of loan, you consolidate your debts in order to reduce your number of creditors. And I hope you will get a lower interest rate and a lower monthly payment.

You need to make comparative purchases online. Compare rates and make sure you get the best deal you can qualify for.

It is important to note that it is not a good idea to consolidate medical debt. This can add interest charges to already heavy debt. Medical debt consolidation also removes consumer protections that apply to medical debt.

For other types of unsecured debt, however, a debt consolidation loan is a good option for those who do not have excellent credit scores. But if you have good credit, consider a balance transfer credit card.

Apply for a balance transfer credit card

With excellent credit, you should qualify for a credit card with balance transfer. These cards often come with an introductory annual percentage rate of 0% for a period of time, such as 12 to 18 months.

This gives you a chance to pay off (or at least decrease) the balance during the interest-free period. If you go this route, figure out what your monthly payment should be so that you have a zero balance before your regular APR starts.

[Read: Best Low-Interest Credit Cards.]

Build an emergency fund

If their debt was paid off, nearly 23% of respondents say they would use the extra money to increase their emergency fund, which is a great choice. An emergency fund helps you survive a sudden financial crisis.

Even if you are in debt, try to allocate money from time to time to your emergency fund. Even a little bit helps.

Get credit counseling

If you think your debt is insurmountable, seek help. No matter how serious your situation, there is a solution. It may take a long time to repair, but starting today is the right decision.

You can contact the National Foundation for Credit Counseling to find a reputable credit counseling agency.

More American News

What is a delinquent credit card account?

Can I get a personal loan with bad credit?

What is a maximum credit card?

Survey: For Americans with Unsecured Debt, Credit Cards Are Main to Blame originally appeared on usnews.com


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Mahomes Capital’s debt consolidation scam is back https://logprotect.net/mahomes-capitals-debt-consolidation-scam-is-back/ Tue, 21 Sep 2021 18:23:03 +0000 https://logprotect.net/mahomes-capitals-debt-consolidation-scam-is-back/ Is Mahomes Capital a scam? We let you judge. Mahomes Capital entices you by sending you a direct mail with a “personalized reservation code” and a low interest rate of 3.04% to consolidate your high interest credit card debt. You will be directed to Mahomes Capital com or my Mahomes Capital com. More than likely, […]]]>

Is Mahomes Capital a scam? We let you judge.

Mahomes Capital entices you by sending you a direct mail with a “personalized reservation code” and a low interest rate of 3.04% to consolidate your high interest credit card debt. You will be directed to Mahomes Capital com or my Mahomes Capital com. More than likely, you will not qualify for any of their debt relief loans and they will try to turn you into a more expensive debt settlement product.

Ad Disclosure: We receive referral commissions from advertisers.
Learn more

This is nothing new. Many unscrupulous debt marketers have used it as a business model for years. They lure you in with the low interest rate, chain you in for a week, then let you know that you don’t qualify for a loan. They then offer you some very expensive debt settlement options.

Is Mahomes Capital legit or a scam?

Crixeo.com has awarded Mahomes Capital a 1 star rating (data collected and updated as of September 21, 2021). We hope the information below will help you make an informed decision on whether to do business with Coral Funding. We hope the information below will help you make an informed decision on whether to do business with Coral Funding.

  • Mahomes Capital operates two websites, Mahomes Capital.com and myMahomes Capital.com.
  • Mahomes Capital is one of a collection of almost 50 websites that we have discovered. All of them are affiliated and listed below.
  • Our belief is that Mahomes Capital operates so many different websites in order to escape the huge amount of complaints and negative articles on the internet.
  • We advise you to exercise caution when working with Mahomes Capital. Affiliate websites have multiple negative reviews and scam complaints.
  • Mustang Advisors operates under the sovereign protection of the Mandan, Hidatsa and Arikara nations (a / k / MHA Nation), a Native American tribe.

Mahomes Capital can probably be affiliated with the following websites:

  • Mustang Advisors
  • Hawkeye Associates
  • Dale Ready
  • Yellowhammer Partners
  • Big Apple Associates
  • Cornhusker advisers
  • Capital of the Bruins
  • Badger Advisors
  • Rockville Consultants
  • Snowbirds Partners
  • Gulf Street Advisors
  • Brice Capitale
  • Partners earlier
  • Associates of the Old Dominion
  • Harrison Financing
  • Johnson Funding
  • Taft Financial
  • Georgetown funding
  • Memphis Associates
  • Tate advisers
  • Patriot Funding
  • Malloy Loans
  • Plymouth Associates
  • Silvertail Associates
  • Safe Path Advisors
  • Coral funding
  • Neon financing
  • Cobalt Advisors
  • Saxton Partners
  • Hornet Partners
  • Associates of the colony
  • First state associates
  • Polk Partners
  • Scale advisers
  • Corey Advisors
  • Pennon Partners
  • Jayhawk Advisors
  • Clay Consultants
  • Great Lakes Associates
  • Pine Consultants
  • Alamo partners
  • Punching associates
  • Partners of the Montagne Blanche
  • Steele Advisors
  • Grand Canyon Advisors
  • Glider loan
  • Lucky Marketing
  • Golden State Partners
  • Pine Consultants
  • Derby Advisors
  • Graylock Advisors
  • Tuck Associates
  • Punching associates
  • Keel Partners
  • Ballast associates
  • Loan of tweed
  • Loan of competition
  • Graphite financing
  • August funding
  • Broadstar Financial
  • Financing Salvation
  • Loan of stallions
  • Pebblestone Financial
  • Sussex funding
  • Lafayette financing
  • Guardian Angel Funding
  • Bridgeline financing

Mahomes capital Reviews and ratings

Mahomes capital and its affiliate websites are not accredited by the BBB and have been the subject of numerous complaints and negative press under various names.

MEC Distribution SARL

At one point, Mahomes capital and its affiliate website operated as MEC Distribution, LLC. The Better Business Bureau launched its first alert on this company in February 2018:

In February 2018, BBB staff visited the Fargo ND addresses provided by MEC Distribution and found that all the locations were vacant and building management explained that although the rent was paid by MEC Distribution, the spaces offices were not in use. MEC Distribution LLC has provided BBB with a mailing address for handling complaints in Bloomfield Township Michigan. BBB mail to this address was returned as “undeliverable to address – cannot deliver”. BBB does not currently have a physical location for this business.

BBB has confirmed with the North Dakota Department of Financial Institutions that Lafayette Funding is not licensed in North Dakota as a debt settlement firm. In addition, BBB contacted the property management at Lafayette Funding claims in Bismarck, North Dakota, and learned that Lafayette is not located at this address. BBB advises extreme caution when dealing with this entity.

In February 2018, BBB staff visited the Fargo ND addresses provided by MEC Distribution and found that all the locations were vacant and the building management explained that although the rent was paid by MEC Distribution, the spaces offices were not in use. MEC Distribution LLC has provided BBB with a mailing address for handling complaints in Bloomfield Township Michigan. BBB mail to this address was returned as “undeliverable to address – cannot deliver”. BBB does not currently have a physical location for this business.

Mahomes capital BBB Reviews

You will not find a BBB file on Mahomes capital because the complaints have not yet started to flow. However, we have reviewed some complaints from its affiliate websites:

Cathy M. – 1 star reviewer

They changed their name to Salvation Funding. After seeing this note, I see why. I don’t know how they got my information, but they need to be stopped.

Terry W. – 1 Star Reviewer

Beware of bait and change mail. The conditions are “extremely different” from those advertised! It’s a waste of time.

My goal is to help others realize it’s a waste of time! Pebblestone Financial’s ad is certainly misleading in my opinion. After my conversation with Fred, his response was, “We can certainly help you… I’ll call you tomorrow morning with the details… prepare a pen and paper to jot down the numbers.” The sender understands in the fine print… This notice is not guaranteed if you do not meet selected criteria.

It also states, “This notice is based on information in your credit report indicating that you meet certain criteria. In my case, I’m not late on any payments, and neither will I. I am up to date on all unpaid debts and my credit history shows it. When Fred called the next morning… his terms were totally ridiculous and in my opinion “predatory loans”. When I ask Fred… are these the terms of the Pebblestone offer, he said yes. I replied, I am not interested in these terms and he immediately hung up the phone with no further conversation.

The reason I responded to Pebblestone Financial’s offer was to consolidate and simplify in one payment and take advantage of the low pre-approved rate averaging 3.67%. While I currently pay 10.9% to 12.9% to credit card companies… this offer was attractive. The sender said in BIG BOLD: You have been pre-approved for a debt consolidation loan with a rate as low as 3.67%. The pre-approved loan amount was actually $ 11,500 more than my total debt consolidation.

In summary… it’s definitely a “Bait and Switch” scheme in my opinion. I checked BBB comments before responding to this offer and did not see any negative comments. Now I see other very similar answers with the same “Bait and Switch” experience. Hopefully this will help others avoid wasting time in finding out about these unethical Pebblestone Financial practices.

The Rent-A-Tribe program

In recent years, hiding behind the protection of a Native American tribe has been made popular by internet payday lenders. In July 2018, Charles Hallinan, “The Godfather of Payday Loans” was sentenced to 14 years in prison for providing payday loans through the Mowachaht / Muchalaht First Nation in British Columbia. In January 2018, Scott Tucker was sentenced to more than 16 years in prison for running an illegal $ 3.5 billion payday loan business while operating under the “sovereign immunity” of the Modoc tribe. Oklahoma and the Santee Sioux tribe of Nebraska.

Why do we focus on Mahomes capitalNegative reviews of?

We urge you to do your own research and do your due diligence on any business, especially when it comes to your personal finances. We invite you to pay attention to what you find on the Internet. Compare the good and the bad and make an informed decision. In our experience, where there is smoke… there is fire. But you call.

Mahomes Capital Review

Mahomes Capital Review – Advise Caution

Mahomes Capital entices you by sending you a direct mail with a “personalized reservation code” and a low interest rate of 3-4% to consolidate your high interest credit card debt. You will be directed to Mahomes Capital.com or my Mahomes Capital.com. More than likely, you will not qualify for any of their debt relief loans and they will try to turn you into a more expensive debt settlement product.


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Americans have gone too far in spending this summer, study finds https://logprotect.net/americans-have-gone-too-far-in-spending-this-summer-study-finds/ Sat, 18 Sep 2021 15:00:00 +0000 https://logprotect.net/americans-have-gone-too-far-in-spending-this-summer-study-finds/ Want to splurge: Americans crossed the line this summer, study finds Just as a strict diet can end in a midnight cookie frenzy, drastic spending cuts can erupt into an uncontrollable shopping spree. So, as the economy recovers, it’s no surprise that Americans, once forced to be more conservative with their finances, feel an “urge […]]]>

Want to splurge: Americans crossed the line this summer, study finds

Just as a strict diet can end in a midnight cookie frenzy, drastic spending cuts can erupt into an uncontrollable shopping spree.

So, as the economy recovers, it’s no surprise that Americans, once forced to be more conservative with their finances, feel an “urge to splurge” – spending $ 765 more per month compared to last summer, according to a recent report.

Here are some of the factors behind this huge increase and how to get back on track if you’ve been overdoing it this summer.

These are your finances on FOMO

Sad man waiting for message and looking at cell phone display

tommaso79 / Shutterstock

The MassMutual report, an insurance and financial services company, surveyed 1,750 Americans and found that the majority are experiencing FOMO as their friends and family go wild.

Social media plays a major role – 39% of all respondents said they feel pressured to spend more money when they see others experience it online.

Young Americans are particularly sensitive. Millennials and Gen Z respondents spend an average of $ 1,016 more per month than they did last summer.

Much of this money goes to activities that were abandoned during home support measures earlier in the pandemic:

  • Travel and vacation

  • Restaurants

  • Back-to-school supplies

  • Return to office costs

  • Clothes

Excessive spending or back to normal?

African man with red haired girl standing in front of booth in electronics store chooses plasma TV while looking at price tags

Yulai Studio / Shutterstock

The spike in spending is astronomical, but it’s important to remember that the increase is based on a comparison to the summer of 2020, when consumer spending was extremely low.

Could it be that spending has just returned to normal, now that Americans are back have money to spend and places to spend it?

Not exactly.

In its own summer report, consulting firm McKinsey agrees that “pent-up consumer demand” has seen spending skyrocket – between 20% and 30% year-over-year.

But it goes further by taking into account the unusually low expenses at the start for the pandemic.

Current spending levels are 4-7% higher than pre-pandemic levels, according to McKinsey, suggesting that revenge spending is really pushing Americans to further excesses.

Did you go a little too far? Here is what to do

Stressed young woman at the computer with a credit card

Twin sails / Shutterstock

Spending more can be problematic. Spending more than what you have is a problem.

The use of revolving credit – like credit cards – jumped 22% year-over-year in June, the largest increase since 1998.

While credit cards are handy tools, interest rates are so high that carrying a balance month-to-month can get you into debt faster than you might think.

So, if spending on revenge is draining your bank accounts or accumulating debt, here are some essential steps to getting your finances back in order:

  • Get your debt under control. If you have credit card debt, a payday loan, or any other form of high interest debt, a debt consolidation loan may be a good solution. The voucher can help you streamline your payments, lower your interest rates, and even lower your monthly payments.

  • Build (or rebuild) your emergency fund. Experts suggest setting aside enough money to cover three to six months of expenses. A six-month emergency fund for an average employee would be around $ 31,500 – an intimidating sum, but accessible if you do the right things.

  • Stop overspending on insurance. Are you sure the company that gave you the best deal years ago is still the cheapest option? Experts suggest shopping for better rates on your auto insurance all six months and using the same strategy for home insurance – otherwise, you could overpay up to $ 2,000 per year.

  • Find better deals automatically. The internet is a big place with thousands of stores, so it’s hard to feel like you’re getting the best price available. To resolve this issue, download a free browser extension that instantly search for lower prices and coupons before clicking on the payment button.

  • Use your “spare currency” to invest. Over time, even small investments can pay off. Use an app that round up your daily purchases down to the dollar and investing the difference, you can capitalize on the rising stock market with little effort.

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.


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Should you pay off your debts or save for your retirement? https://logprotect.net/should-you-pay-off-your-debts-or-save-for-your-retirement/ Wed, 15 Sep 2021 12:56:00 +0000 https://logprotect.net/should-you-pay-off-your-debts-or-save-for-your-retirement/ Scenario 2: When should consumers prioritize debt repayment According to a recent report, the average credit card APR is 20%. If you carry a balance at a high APR, paying it off as soon as possible is essential. Or, at least, refinance it with a lower interest rate loan, line of credit, or balance transfer. […]]]>

Scenario 2: When should consumers prioritize debt repayment

According to a recent report, the average credit card APR is 20%. If you carry a balance at a high APR, paying it off as soon as possible is essential. Or, at least, refinance it with a lower interest rate loan, line of credit, or balance transfer. A debt consolidation loan can also be an option. By holding onto high-interest debt, you are likely increasing the time it will take to retire, while negatively impacting your net worth.

Worse, if you make the minimum payments and invest the rest, keep in mind that your credit card balance may continue to increase and it could take 10, 15 or more years to pay off. And no matter how much you owe! $ 100, $ 1,000 or $ 10,000. If you only make the minimum payment, the bank earns because of the potential $ 1,000 interest you give it.

Other high interest debt

Credit cards aren’t the only high interest debt you might have. Other loans that may carry a high interest rate include payday loans, lines of credit, and other personal loans that may have high interest rates. If you have any of these loans, they should always prioritize saving for retirement.

Debt Snowball Method

When it comes to debt repayment, I find the debt snowball method works well. It allows you to focus your efforts by paying off the smallest debt first, while the rest receive minimum payments. After you’ve paid off the first debt, you can move on to the next smaller debt. Repeat until you have no more debt, or at least no high interest debt.

Emergency fund

There is rarely a good reason to continue contributing to an emergency fund if you have high interest debt. Pay it first, then focus on funding an emergency fund after. Some may have a different opinion, but, in most cases, and as a last resort, consumers can re-advance borrowed funds in an emergency. Once the high interest rate debt is fully paid off, consider create an emergency fund and invest in your retirement.

Low interest debt

Once the high interest rate debt is settled, you will either need to pay off low interest debt such as student loans, car loans, or your mortgage. Mathematically, it often makes more sense to invest money than to pay off low-interest debt. However, this is not a guarantee. Plus, regardless of the debt, high or low interest, there will be a payment associated with it. This payment eats away at your excess monthly income. Thus, the faster the debts are paid, the more money you can allocate to investments.

Financial advisor option

Going to a financial advisor is almost always a great choice. Advisors will often give you a perspective that you may not have considered. Also, they are personal finance experts and already know everything that is written here today.

Scenario 3: Balancing retirement savings and debt repayment

Can you have your cake and eat it too? May be! In some cases, it may be a good idea to pay off your debt and save for your retirement at a time. Granted, it will take longer before you can pay off all of your debts. However, if the debt has a low interest rate and comes with a manageable payment (i.e. a mortgage), yes, that makes sense.

Plus, if you have great credit, you might be able to get a lower interest rate on your mortgage by requesting or refinancing. With 30-year interest rates hovering below 3%, money is virtually free. By refinancing AND extending your amortization to 30 years, you will free up monthly income in your budget to allow you to invest more.

Mortgage Tip: Have a plan to pay off your mortgage, in full, right before retirement. This will not only help you sleep better at night, but it will free you up a large payment that will strain your retirement budget.

Final thoughts on debt and saving for retirement

Ultimately, the decision depends on how much interest you pay on your debt.

Before choosing either of these strategies, think about the psychological effects of not having debt or a mortgage. For some, it is essential to live without a mortgage, because they might think that the house is “the property of the bank”. Or, maybe the thought might be, “What if I lose my job?” In any case, it all depends on your level of comfort.

It should be noted that sometimes borrowers can enjoy certain tax benefits when paying off certain types of debt. For example, in certain situations, interest on mortgages or investments may be tax deductible. Tax deductions could result in a larger tax refund at the end of the year. But as always, always consult a qualified financial professional for the best advice!

This article originally appeared on Financially IndependentMillenial.com and was unionized by MediaFeed.org.


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Which personal loan is right for you? https://logprotect.net/which-personal-loan-is-right-for-you/ Tue, 14 Sep 2021 14:58:32 +0000 https://logprotect.net/which-personal-loan-is-right-for-you/ Reading time: 4 minutes If you need to borrow money, you must first determine what type of loan is right for you. When you start to compare loans, you will find that your credit is often a deciding factor. It helps with your loan approval and terms, including the interest rate. Still, that’s not the […]]]>
Reading time: 4 minutes

If you need to borrow money, you must first determine what type of loan is right for you. When you start to compare loans, you will find that your credit is often a deciding factor. It helps with your loan approval and terms, including the interest rate. Still, that’s not the only thing you’ll need to think about. Read on to learn about the most useful and common types of loans, so you know which one is right for you.

What is a personal loan?

Personal loans are loans in which you borrow money from a lender and agree to repay it over a set term in regular monthly installments. The lender will charge you interest as a fee for lending you money, so you have to pay back the borrowed amount plus interest. The advantage is that you get the money up front, but you can spread the expense of a purchase over several months or years.

For many people, a personal loan is an ideal way to make a large purchase or even consolidate existing debt into a lower monthly cost, which helps them manage their cash flow. However, since there are a number of types of personal loans out there, it can be difficult to decide which is the best. This is why research is crucial.

Payday loan

Regarding loan options, a payday loan can work well. Payday loans are short term, high interest loans that are usually paid off on your next payday, hence the name. Since each state regulates payday lenders differently, your authorized loan amount, loan costs, and repayment period may change depending on where you live.

To repay the loan, you usually need to send a post-dated check or allow the lender to automatically withdraw the amount you need from your bank account, plus interest or fees.

Payday loans often cost $ 500 or less. If you are in a bind and either have no money or do not have access to cheaper types of borrowing, a payday loan can be useful.

Unsecured personal loan

Personal loans are used for a number of reasons, including paying wedding expenses, buying a car, and consolidating debt. Additionally, personal loans can be unsecured, which means you don’t put collateral, like your home or vehicle, at risk if you don’t pay off your loan. For many, this type of loan is the best option for debt consolidation and large purchases.

If you have high interest credit card debt, a personal loan can help you pay it off faster. To combine your debt with a personal loan, you would apply for a loan equal to the amount owed on your credit cards. If you’re accepted for the full amount, you’ll use the loan money to pay off your credit cards, and the overall loan repayment should – if you’ve calculated it right – be less than what you paid for your cards. credit. . As Experiential suggests, this may be a good idea.

A personal loan can also be a suitable option if you need to finance a large purchase, like a home improvement project, or if you have other large expenses, like medical bills or moving expenses.

Secured Personal Loan

To get a secured personal loan, you must offer collateral, such as a car or property, to “secure” your loan. Secured personal loans often have lower interest rates than unsecured personal loans. Indeed, the lender considers that a secured loan is less risky since there is an asset in place that he can seize if you do not repay your debt. In other words, they’ll get paid back somehow, so they’re happier to lend. In addition, a secured loan can lead to interest savings if you are sure you can pay and therefore do not worry about losing the item you have placed as collateral.

Remember, however, that when you use your collateral to secure a loan, you risk losing the property or the item. For example, if you miss a payment on a personal loan, your lender may take your vehicle or your money or even your house.

Co-signed loans

A co-signed loan is an unsecured or secured loan that more than one person guarantees. If you have bad credit or no credit history, a lender may need a co-signer or guarantor who will accept and pay off the debt if you don’t. A consignee serves as insurance for the lender, in other words, and having one can increase your chances of approval while providing better loan terms.

The advantages of taking out this type of loan are mainly for the borrower, who may be able to benefit from more money or better terms, or who otherwise would not be able to obtain a loan at all if they there was no one to sign for them.

With this type of loan, it is important to remember that there are potential drawbacks to the co-signer. The loan will show up on their credit report and any missing or late payments will negatively affect your credit score. Consider this type of loan carefully and recognize that the financial risk associated with it can hurt your relationship if something goes wrong. It’s not as easy as asking a friend or family member to sign a piece of paper; there are real consequences.

Debt Consolidation Loans

A debt consolidation loan consolidates all – or more – of your other financial obligations into one loan with a single monthly payment. It can be used to pay off credit cards, medical bills, and other personal loans. By eliminating many interest rates and late penalties, debt consolidation loans will generally help you lower your total monthly expenses into one manageable payment.

If you determine that debt consolidation is the best option for you, you need to research the best loan that deals with precisely that. Even if you have a hard time getting a standard personal loan, if the reason you need to borrow money is to consolidate existing debt, lenders may have a different opinion because they will know your affordability is reasonable.

The temptation to accumulate balances on credit cards or other types of personal loans after receiving a debt consolidation loan is a trap that customers can fall into after receiving a debt consolidation loan. If you have the discipline to manage your debt and it offers an APR that is lower than your current obligations, this personal loan may be a suitable choice.


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