Personal Finance and Investing Blog

Consolidating debts is an appropriate measure of getting interest rates down and gradually eliminating the debts. Understanding the long term influence of debt consolidation can help determine if it is the appropriate solution for personal needs or if other options might be more appropriate.

Reduced Debt:
Debt consolidation is primarily a measure of reducing debts. The goal of consolidation is gradually reducing the amount of total debt through smaller interest charges and lower monthly payment amounts.

The long term impact on the debts entered into a program or paid with a consolidation loan is that the amount is reduced and the loans are paid in full in a much shorter period of time than paying the minimum monthly charges or according to the payment plan. Continue reading →

Step 1 – Create a Budget

The first thing you need to do in order to become financially free is to sit down and create a budget. Without a budget you will not be able to figure out areas that you can cut back on and how big of a gap you truly have between your income and your expenses.
List the sources of income that you receive monthly… they are most likely a paycheck, but could be interest, dividends, passive income.
Now list all of your expenses, don’t forget to include annual things like vehicle registration.

Once you have them all listed out, calculate the difference between your income and your expenses… hopefully you should have a positive number left, this is the amount you should have to work with to get yourself out of debt – you can also see if there are any things listed here that you can cut back on to increase the “gap” that you can use, the larger the gap, the faster you can get your debt paid off. Continue reading →

Foreign Exchange is not uncommon these days and a majority of us have dealt with it at one time or the other. There are many choices ahead of you if you need a currency exchange. Some though come at a higher price compared to others including High street banks. The easiest option is to exchange currency through your local bank but be warned that it is also the place where you will get the worst deal in currency exchange. The best and safest option is to avail the services of a reliable and professional foreign exchange broker.
Before Choosing Your Currency Exchange Broker
A good preparation is half the battle won. Before starting, you have to decide on the final amount that you need to exchange and the currency of your choice. Continue reading →

Are you familiar with the PAYDEX number and how its score can help you with your business’s financing?

“What Is A PAYDEX Number?”

In short, the PAYDEX score is a “unique, dollar-weighted numerical indicator of your business’s credit worthiness, calculated and maintained by Dun & Bradstreet.”

In my last blog post, we talked about business equipment financing and how the underwriting process has become increasingly thorough. We also looked at how and why you should check your credit score and dispute any issues.

Why You Should Care About A PAYDEX Rating

The PAYDEX score is another way to increase your chances of success, when looking at different commercial lending opportunities. Continue reading →

Get Your Credit Into Shape

There are lots of people who have problems with their credit. Of course, everyone has a different situation, and some have worse credit scores than others. Find out how you can fix your credit with these helpful tips.

Hit up the three major credit bureaus for copies of your credit report before you do anything else. Lots of sites make you pay for this, but some are free once a year. Get your credit report, study it, and then figure out how you are going to go about getting it to a healthy place.

It is best to call your creditors, and be open and honest. They will help you determine which accounts must be paid immediately, and which ones can wait a little longer. Continue reading →