Working from 9 a.m. to 5 p.m. does not always cut it when you are struggling to pay off credit card debt. And for many people, there is not always enough time, energy, or availability to get second or third jobs. Luckily, there are plenty of ways to make some extra income that will help you experience unsecured debt relief and stress less when it comes to your finances.
Find out how our debt settlement company can help you find the debt relief method that is perfect for getting your unique situation.
Sell Your Old Stuff
One of the most tried and trusted ways to pay off debt is to go through your home and find a bunch of old stuff that you can sell. The best way to do this is to take a weekend to browse and organize all of the rooms of your home, taking out non-essential items you rarely ever use. Get them all cleaned up and either host a yard sale or take photos of the items and try to sell them online through Facebook or various apps.
Join an App to Complete Random Tasks
If you have a little extra time one afternoon or nothing to do the next few weekends, it is the perfect time to earn a little extra money to pay off credit card debt. With apps like TaskRabbit, Handy, and OfferUp, you can put yourself on the market quickly and easily to help people complete things on their to-do lists. You can provide services like house cleaning, dog walking, fixing smartphones, tutoring, walking dogs, picking up groceries, and much more. The best part is, you have some control over your workflow, so you can always increase or decrease the number of jobs you take on, depending on how much extra time you have and your credit card repayment amount.
Become a Nanny
It may not be one of the most fun ways to pay off debt, but being a nanny will definitely pay the bills. Per Payscale, the average salary for nannies is around $14 per hour, which means that, even if you only do the job part-time, you can make plenty of money to pay off several bills. Plus, depending on the family you work for, you can spend some of the time as a nanny exploring the city, eating great food, or even having extra time to yourself after the kids go to bed.
Get Gigs on Craigslist
Craigslist is loaded with offers, whether they are for cheap products to help you save money on things you need or for gigs that will help you pay off credit card debt. There are often plenty of temporary jobs listed that will help put a little extra change in your pocket, including writing jobs, photo shoots, cleaning houses or businesses, and much more.
While it may not be easy to become an Instagram-famous product sponsor, there are plenty of other ways you can get paid to sponsor businesses. If you have your own company from home, you could consider getting business sponsors and offer to put their logos and other information on your documents and various products. You could also consider joining an advertisement service where you keep a business’s advertisements on your website, social media, or even your personal items. One service, for example, will pay you to put a business decal on your vehicle that consumers will see during your regular commute.
Get the Help You Need Today
No matter your skill set, there are plenty of options available to ensure that you pay off your credit card debt in a timely manner. Contact Liberty Debt Relief today to find out how our committed debt consultants can help you come up with a solution that provides long-term results and changes.
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Getting ahead financially takes a lot of time, patience, and well-researched knowledge. There are dozens of types of credit available out there, which can make determining how to manage them a little confusing at times. If, however, you are specifically looking to choose between personal loans or credit cards and want to understand how difficult each will be to pay back, then things are about to get a little easier. In fact, if you ever have to undergo the process of credit card and personal loan debt settlement, you’ll find it’s similar for both. Here are the details you should consider before opening your next line of credit or signing that loan agreement.
Consider the Fine Print
To know how easy or difficult it will be to settle credit card debt and personal loans, it is always good to start with the financial fine print. Personal loans usually have a much smaller interest rate than credit cards because you are agreeing to borrow for a certain amount of time, whereas credit cards are a somewhat indefinite relationship. When it comes to debt settlement, you really want to minimize the accounts you choose to negotiate. If you could settle on your credit card, which will likely have a higher interest rate, and can find a way to pay off the personal loan, it would be ideal for your current and future financial situations.
When it comes to certain types of personal loans, settling may even be a difficult option. When you originally agreed upon the loan, you should have seen if the borrowed funds were part of a secured or unsecured deal. Essentially, if you had to offer up some kind of collateral upon signing the loan, it will be a secured deal. Unsecured personal loans are often simpler to negotiate for settlement, but unfortunately, secured loans may not be eligible because you offered up collateral that the lender is able to take if you can no longer make payments due to a financial hardship.
Find Out How Much You Owe
The smoothness of the credit card debt or personal loan settlement process also stems from how much you actually owe. The larger the sum of money and its corresponding interest rate that you owe a lender, the more you are going to have to pay within the settlement. Credit cards will often be a little easier to negotiate because, when you received the card, you did not agree to a specific amount of money you would spend throughout the time you owned the card. Credit card lenders usually know that their high interest rates and fees can be burdensome and, with the help of a debt consultant, you can usually convince the lender to lower or even eliminate those fees, along with some of the debt.
Although personal loans are easy to manage because they are a lump sum in your bank account that you do not have to worry about maxing out, they may be a bit more difficult to negotiate. When you sign up for a loan, you specifically agree to pay back the specified amount within a set number of months. Loan companies will use that agreement to their advantage. You may be able to reduce the interest rates or cut off a couple of months of payments from an unsecured loan, but you will likely still have to pay a bulk of the amount borrowed.
Talk to Trusted Experts Today
Understanding personal loan settlements and how to settle credit card debt can seem confusing, but it does not have to be. There are so many different credit card companies and loan lenders out there, each with their own policies, fees, and processes for dealing with outstanding debt. The best way to figure out how to handle your personal loan and credit card debt and deciding if you should settle them is by working with an experienced debt consultant. Liberty Debt Relief always has staff on hand to help guide you to the right decision that will leave your finances better than ever. Contact us today to find out how you can go about settling your personal loan and credit card debt.
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Summer is fast approaching, which means it is almost time for a trip to the beach, a vacation exploring a new part of the world, and endless weekends spent eating ice cream and venturing outdoors. As this warm and vibrant time of year gets closer, it becomes increasingly important to plan a way to avoid debt so you can enjoy the warm days without an indebted haze. By following some of our favorite guidelines for avoiding debt this year as effectively as possible, you can make sure you are able to make the most out of summer vacation.
Set a Budget to Save Up
By planning a summer budget ahead of time, you can actively avoid going into massive vacation debt for a few days of fun. Starting in the winter, or even the previous summer, think about what your ultimate warm-weather vacation or activities would look like. If you are looking to take a trip to a beautiful beach destination for a week or two, make sure you figure out how much flights, hotels, food, local transportation, and other trip amenities will cost. If you would rather stay around home and spend a few weekends at a local festival, water park, or other outing, make sure to track what those costs will be as well.
Once you know what to expect financially, you can begin saving up and planning sooner rather than later. Consider setting a little money aside every month — after the essentials of course — so that you are not blindsided by the costs in June. If you need to purchase a flight, for example, it is okay to charge it, as long as you know the pros and cons of credit cards and are prepared to pay it off. Simply plan to budget a payment on your card for two to three months and include the interest fees.
Consider Getting Some Extra Income
With summer generally being the main time of the year that people take the time to go on vacation, it also means that you will likely end up spending much more money throughout the summer. To avoid going into debt, it may be a good idea to pursue some additional income from fall to spring. You could try freelancing, going through your home and selling items you no longer need, taking up a part time job, babysitting, walking dogs, or even selling items you create, such as baked goods or crafts. These additional tasks do not have to happen all year long, just long enough so that you can have a couple thousand dollars extra in your savings.
By adding more to your income, you are essentially developing a safety net for when your expenses kick into high gear. Summer is the perfect time for some rest and relaxation and to spend some time rejuvenating from the past 9 months of long hours and hard work. There is no need to spend that entire time fussing over going into debt or how much money you have available.
Plan a Vacation with the Money, not the Credit, You Have
A common mistake people make with upcoming vacations is choosing to splurge on an expensive excursion without any financial planning. While doing so might seem like an exciting purchase at the time, the truth is that it could put you into mounds of vacation debt that will be exponentially difficult to pay off as time goes on. You should never fully fund a vacation with money that you do not have available. While it would be okay to make one or two smaller purchases that you can pay off within a month or two, spending thousands of dollars at once will likely leave you in a terrible financial position, regardless of the credit you have available.
By sticking to the money you have already saved and limiting what you put on your credit card, you will be making sure that you can remain worry-free during the summer. Doing so will also make sure that you do not start off the fall season with racked up debt and that you are ready for everything else that the year will hold.
Scout Out Deals
A great way to avoid debt is by scouting the deals that will allow you to do everything you want without breaking your bank account. There are hundreds of ways to find vacation and activity deals for the summer that will allow you to go out, have fun, and still maintain a healthy checking account. Always keep an eye out for inclusive trips that offer a lower price for airfare, hotels, and food. You can also call different locations, hotels, and airlines to see what offers they have available. If you purchase tickets and make reservations in person or over the phone, you may even be eligible for lower prices that you would not get just from going online.
Looking out for the best deals will also allow you to plan ahead and work the costs into your budget. Many deals allow you to make payments over time so they are easier to manage financially. Many of the summer music festivals and cruises, for example, will let you split up the total cost over four to six months, depending on how long you book the event before the date it occurs.
Enjoy a Stress-Free Summer
With a little planning, you can have an affordable and enjoyable summer vacation with your family and friends. There is no need to spend the summer stuck indoors fretting over your finances. If you’re already struggling with debt, contact us at Liberty Debt Relief to find out how you may be able to amend your current situation and begin planning the ultimate summer getaway today.
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If you are in way over your head in debt with a particular company, then there is a good chance that enrolling in a debt settlement program is the right move for you. Before doing so, however, it is important to learn all you can about the settlement process. You should never automatically enroll in settlement or any other debt relief program without knowing exactly how it will impact you in the short and the long terms. Consider asking yourself and your debt relief specialist the following questions before getting started.
How Does Debt Settlement Compare to My Other Options?
While debt settlement is a great option, it is definitely not always your only option. If you are dealing with multiple types of debt that you just can’t seem to get a good handle on, you might also want to consider debt consolidation. You could also look at ways to pay your debt back yourself or even debt management plans. Liberty Debt Relief understands that there is no one-size-fits-all approach to handling debt, and we are always more than happy to help people find the right move for their financial future.
Always make sure to look at how much money you will save with the various options, the length of time it will take, and even how the choice will impact your credit score. Doing so will help you have a more comprehensive outlook so you can make the best decision for you and your family.
What is My Financial Range for Settling?
If the debt settlement process is what you believe is right for you, then your first step is to take a look at what you owe and what you can afford. During settlement negotiations, the lender will be looking to see how much they can get out of you in the shortest amount of time. While, of course, you want to have to pay the smallest amount possible, you also need to consider the possibility that the lender might be very stubborn in what they will accept. Your best bet is to set a range of affordability based on your budget. You can work with your debt consultant to determine your ideal outcome — which could be as little as 50 percent of what you actually owe the lender — and what you are willing and able to spend on this debt — about 80 percent of what you owe. As long as you are confident you can make the monthly payments for the higher option, you should be well on your way to having a successful negotiation with the lender.
How Will This Impact My Credit?
Credit is always a main concern when it comes to finances, and engaging in debt settlement is no different. During the settlement process, you will work with a debt consultant and your lenders to negotiate a new amount you owe. This typically requires that you provide proof of your financial hardship, which may include lists of red flags currently on your credit report thanks to late or missing payments. These delinquent marks have a negative impact on your credit score, and it’s possible that debt settlement may benefit your credit by providing you with more manageable monthly payments that you can make on time.
Are There any Settlement Fees?
There are plenty of moving parts to consider when you partake in a settlement process. Sometimes, lenders may want to charge you a fee for settling your outstanding balance instead of paying it in full. If so, that will be explicitly stated in your original contract and during the negotiation phase of the process. If they do charge a fee, a debt relief company can sometimes convince them to eliminate the fee in exchange for you paying the negotiated balance as quickly as possible. Your debt relief company may also charge a fee, but your will not be charged before the settlement is made, as per federal law.
How do I Make Payments Every Month?
The payment process for debt settlement can differ based on your situation as well. Sometimes, people are able and choose to pay the negotiated amount in one single payment. If you are not able to do so, you can also do monthly payments for a set amount of time. Depending on the lender and debt relief agency, you can choose to either have those payments automatically deducted from your checking account or make the payments manually. If you choose to do automatic payments, it is crucial to make sure you have enough money in your account on the withdrawal date every month. If you will make manual payments, you must make sure to pay in full and on time. Failure to do either can result in the negotiation breaking and you owing the lender even more money.
How Long will it Take to Repay the Debt?
This simply depends on how much money you owe and the process you plan to pay it back. If the settlement process results in you only owing about $3,000, you may be able to pay that back in just three to six months. If you owe $10,000 or more, it will likely take at least a year to pay it back. Whatever the case, it is important to know exactly what the creditors expect after negotiations. The last thing you want to do is enter a payment plan that you cannot afford.
What do I Need to do During This Process?
If you choose to work with experienced debt relief specialists, the bulk of your work lies within setting up an appointment to speak with the specialist. During your meeting, you will discuss what your income and expenses are and how debt settlement will fit within your financial means. After that, your specialist will take care of most of the work and will explain everything you need to do step by step.
Start Your Debt Relief Process Today
The best way to have your settlement process questions answered is to get in touch with Liberty Debt Relief. From day one, our debt consultants will work with you to make sure you understand and are prepared for debt settlement and will make sure you get the best negotiation deal available. Contact us today to get started.
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If you are ever low on funds, credit cards are a great backup for emergencies, right? While this may be somewhat true, credit cards also pose a dangerous threat to many people’s situations, especially if they are unable to pay back the money they spend. Luckily, there are steps available to make sure that credit card debt repayment goes smoothly. Follow Liberty Debt Relief’s outline and you will pay off your credit card debt and be on your way to brighter financial days in no time.
Write It All Out
The best way to get out of debt is to take the time and look at all of the financial statements available for all of your accounts. Start by looking at the financial statements for the past three to six months for all of the credit cards you owe money on and categorizing all of the expenses — groceries, restaurants, bills, shopping, and anything else. By doing this, you can get to the root of your debt and see where you can cut costs. If you find that you are spending a few hundred dollars on eating at restaurants and getting coffee every month and very little on groceries, for example, you can make it a monthly financial goal to spend more time cooking and making coffee at home. This one simple move can end up saving you hundreds of dollars.
Check Your Budget and Plan a New One
Once you know how you tend to spend money every month, you can start planning a new budget to pay off debt. Other than switching from restaurants to cooking, there are plenty of ways to save money. To plan your budget, start by writing out what your expected income is every month and make sure to include money from part-time jobs or financial assistance programs. Then, make a list of all your top-priority expenses, including utility bills, rent or mortgage, car payments, and insurances. After marking down those expenses, you can play around with the numbers to figure out how much you can spend on gas, groceries, personal care, shopping and of course, paying back your debt.
Budgeting is one of the most important steps for successful debt repayment. In order to change your financial situation, you have to change your financial habits. When making a new budget, make sure to designate a portion of your income strictly toward paying back debt. How much you set aside, of course, depends on how much you owe and your income.
Find the Process that Works for You
Now that you have a plan to use a certain portion of your budget towards debt, you have to figure out how you want to divvy that money up between your accounts. If you are just looking to pay back debt for one credit card, then you can simply allocate all of that budget portion towards the single card. If you are dealing with multiple credit card debts, however, then the best way to get out of debt is by figuring out how much you owe to each account and the interest rates and fees associated with each one.
There are many different debt relief strategies you can employ to accomplish this. Some prefer the snowball method, in which you put most of your money towards the debt you can pay off first. If credit card A has a $1,000 balance with an 11% interest rate, credit card B has a $3,000 balance with a 12% interest rate, and credit card C has a $4,000 balance with a 15% interest rate, you would choose to spend the majority of your debt budget to paying off credit card A first. Others prefer paying off accounts that can do the most damage first, in which case you would spend the majority of your budget on credit card C. You could also simply divide the money equally between the accounts.
Write Out Goals that Will Motivate You
Regardless of which debt repayment method you prefer, the key is to stay motivated. Try making smaller goals that you know are attainable. Instead of worrying about paying off credit cards A, B and C all at once, for example, make it a goal to pay off credit card A within six months, B within a year, and C within two years. If simply making payments has been a struggle for you in the past, you could aim to make your payments on time and in full every month. And when you do reach these goals, it is always important to reward yourself. That reward does not have to be anything expensive, but you could treat yourself to a night out, a new restaurant you have been wanting to try, a book you have been dying to read, or even an article of clothing you constantly pass on your way to work.
Having these smaller goals and rewarding yourself for them will only make you more motivated to get out of debt. Finances do not have to be a stressful burden, they can be an exciting tactic that pushes you toward bettering yourself all around.
Get Started on Getting Out of Debt
The most important thing to understand about getting out of credit card debt is that you do not have to go on this journey alone. Liberty Debt Relief’s debt consultants are always available to answer any questions you may have about your situation and educate you regarding how you can get out of debt most efficiently. Contact us today and start securing your debt-free future.
Getting out of debt is not easy by any means. In fact, there are millions of people throughout the world who are constantly struggling to find their way out of debt. American households owe more than $135,000 in debt from credit cards, mortgages, auto loans, student loans, and more. It is a high number that can seem intimidating, but the good news is that there are clear reasons why so many people are struggling. If you are wanting to turn your financial life around and start paving the way to a debt-free future, then take a look at why so many American households are still drowning in debt and steer clear of the common problems.
As valuable as pursuing higher education is, it also comes with a burdensome and heavy price tag, especially if you don’t minimize credit card debt and loans in college. On average, U.S. households owe roughly $47,000 in student loans alone. Getting a bachelor’s, master’s, or doctoral degree can cost hundreds of thousands of dollars per year, and for many careers, these degrees are non-negotiable. It is nearly impossible for full-time students to pursue these degrees while also working a full-time job that pays enough to forego these loans, and so many people will defer their payments until after graduation. But by that time, loans will usually have already accrued a few hundred dollars or even thousands of dollars in interest and will be that much more difficult to pay off.
Between trying to find a job, affording a place to live, and paying off thousands of dollars of student debt, many American households take a decade or more trying to pay back student loans, which can wreak havoc on their credit score and general financial status in the process.
Saving money can be extremely difficult, especially when you can’t even afford to pay bills or other outstanding debts. Unfortunately, not having savings is also a primary reason why so many people end up past the point of no return in regards to their debt. What so many people do not realize is that even the most prestigious American debt relief services will make it a point to tell you that allocating money toward savings is essential.
Savings accounts are not just for retirement in 30, 40, or 50+ years; they are a safety net for any unforeseen situation. If you have an unexpected medical emergency, for example, you are putting yourself at risk of going into severe debt trying to pay off your sudden medical bills. Even other life happenings, such as losing your job, getting a flat tire, or finding out you are having a child, can suddenly set you back thousands if you are not prepared. By making an effort to even save $400 a month, you can make sure that any of these occurrences will not make life more difficult.
No High-Return Investments
Similar to savings, many households also fail to make financial investments. Studies have found that many people choose to stay away from investing because they do not understand the process and/or are frightened about the possibility of the stock market crashing. While these are valid concerns, they do not negate the financial benefits of having a high-return investment.
A simple investment of $50 to $100 a month can turn into earnings of $25,000 or more within just a few years. You can do this with stocks that you pick and choose on your own or even through a 401k retirement savings plan through your job. Having this money available is a great way to set up an extra emergency fund and save for your future. If you ever come across a situation where you are really strapped for cash and need help immediately, you can take some money out of your investments so that you can avoid missing payments and going into crippling debt or even going bankrupt.
Low Credit Scores
Unfortunately, all it takes is one poor mistake or a couple of months of bad financial luck for American households to fall into a severe debt that follows them for years. Many people end up in a situation where they missed a couple of bills or lost their job and it caused their credit scores to plummet right before their eyes. Credit scores are fixable, but doing so takes time, patience, and financial stability.
For a lot of people, discovering they have a low credit score happens around the same time they realize they need a loan or are trying to make a large purchase, such as a home or vehicle. With a low credit score, you will likely still be approved for these things, but not without recompense. Lower credit scores mean higher interest rates and higher monthly payments that are much more difficult to pay off. Having that added monthly expense stresses your finances and, many times, you may end up even more behind on payments and farther behind in debt because of the interest costs.
Speak with a Trusted Specialist
Though there has been a spike in American debt, there are plenty of relief services available to make sure you and your family does not become a part of that debt bank. If you take the time to understand what causes thousands of households in the U.S. to rack up such high levels of debt, you can set you and your family up for financial success. Contact Liberty Debt Relief and find out how experienced debt relief specialists can make sure you and your family come out on top.
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