3 Ways Debt Is Scarier Than It Was 20 Years Ago

The concept of debt has been in place for centuries, and many people across the ages have become heavily indebted to others. Some people carry as much debt as they did a few decades ago, or they carry even more debt. 

While any debt balances can be detrimental, significant debt may be a scarier matter to deal with now than it was only 20 or 30 years ago. Consider these points as you determine how to manage your finances well going forward.

Job Security

Several decades ago, it was more common for workers to remain employed with one company for many long years. Some employees held long-term positions with only one or two companies over the entire length of their working years. 

This provided an element of financial security that is not present today. Many people job hop frequently, and others may deal with multiple layoffs. Decreased financial security may increase the problem with debt, and it may also make it more difficult for individuals who are in between jobs to make ends meet. 

In addition, those who are inundated with debt may not be able to pay for unexpected expenses as easily, such as when they need bail bonds after an arrest, when they need to pay a large insurance deductible and more.

Retirement Plans

Pensions and employer-sponsored retirement plans were more common many years ago. Some companies continue to offer employer-matching 401k contributions, but this is not uniform. 

This is combined with decreasing spending power from Social Security income and a higher cost-of-living, and the result is that many adults are retiring later in life or must continue to work at least part-time throughout much of their retirement.

Credit Analysis

High debt balances, late payments and other factors can dramatically reduce credit scores. While this has been the case for decades, a credit analysis is more commonly used in many situations. For example, your credit report may be reviewed when you apply for a job, when you set up a new utilities account, when you get new smartphone service and more.

While debt has been a problem for generations, it may have more serious consequences today. Managing finances responsibly is essential if you want to avoid debt. This includes saving regularly and living below your means. If you are already in debt and need to pay off huge account balances, reducing your living expenses may be necessary so that you can afford to pay down debt balances at a faster rate.

6 Steps to Successfully Managing Your Personal Finances

If you regularly feel frustrated by your financial situation, you are in good company. Across many income levels, people commonly feel as though they do not have enough money to accomplish their goals. At times, they may not even have enough cash on hand to cover their bills. Paying down debts can seem challenging, and it may feel as though you can never get ahead financially.

Regardless of your income level, it is reasonable to live within your means and to achieve financial goals. However, you must approach financial management strategically in order to do so. These are essential steps for successful financial management.

1. Create a Budget

Managing your money properly without a budget is an impossible feat for most people. A budget tells you how your income is allocated each month. It enables you to find areas to cut back on, and it may help you to determine if you can afford to buy an extra pair of shoes or head to the movie theater tonight.

Budgeting may sound simple enough, but many people struggle in this area. Ensure that your budget is based on accurate numbers rather than hopeful numbers. Use your spending history to ensure accuracy. In addition, reconcile actual income and expenses regularly so that you always know where you stand financially.

2. Trim Down Spending

One of the many benefits of living on a strict budget is the ability to identify areas to reduce spending in. Financial stress often occurs when your spending is very close to your income level or if it exceeds your income level. Most expenses can be trimmed with proper effort, so there may be plenty of wiggle room to work with. 




For example, you may be able to refinance your home mortgage or move to a more affordable rental home. You can make energy efficiency improvements around the house, shop for better rates on Internet and smartphone service, prepare more affordable meals at home and more. With effort, you may be able to reduce regular monthly spending by hundreds of dollars or more.

3. Plan for Short-Term and Long-Term Goals

Your budget gives you the ability to allocate regular contributions for savings and investments. By doing so, you may meet your short-term and long-term goals. For example, you can plan a short-term goal of taking a vacation or getting orthodontic braces for your child. A common long-term goal is to save for a comfortable retirement.

You will never reach these goals without saving money regularly. Therefore, you need to adjust your budget to include regular allocations of funds for each of your short-term and long-term goals.

4. Take Advantage of Modern Technology

Many years ago, personal financial management involved manually logging income and expenses through a handwritten ledger. You may have had to wait for a monthly bank statement or call a customer service phone number regularly to reconcile numbers and to ensure that you did not make a mistake.

Technology has thankfully improved. Banking apps can tell you immediately what your balances are, if transactions have posted and more. You can also use Excel to prepare a fixed budget as well as to keep a running budget for income and expenses. Excel is a part of the Office 365 suite and is available to everyone.

5. Save Regularly

Part of your budget should include a small allocation of funds to a savings account on a regular basis. Healthy personal finances include a well-funded emergency fund. This account may be used to pay for unexpected expenses, and it can help you to avoid relying on credit cards in a time of need.

Many people wonder how much money they need in their savings account. There is not a fixed answer that is right for everyone. Depending on your financial situation and life circumstances, you may feel more comfortable if this figure covered three months of your regular income, six months of regular expenses or another amount. 

For example, if you live in a large house and would need to pay an expensive deductible if you file an insurance claim, you may need more money in savings than a renter may need. You may also feel more comfortable having more money on hand if you are concerned about getting laid off soon, if you live very close to your means and would struggle if even a small unexpected event occurs and more.

6. Focus on Debt Reduction

High debt balances can erode financial security. They can also inflate monthly expenses and prevent you from saving and investing more. Reducing and ultimately eliminating debt is essential for smart financial management. The first step to take for effective debt reduction involves living within your means and avoiding taking on any new debts.

After you have accumulated a healthy sum of money in an emergency savings account, you may then contribute additional funds toward debt reduction. Concentrate any additional funds available to a single account, and focus on this account until the balance is paid in full. You can then move on to your next account. Debt elimination may take years in many cases, so avoid feeling discouraged by slow results.

Wrapping Up

Effective financial management can improve your life in countless ways. Each of these tips can have a profound effective on your personal financial health and security in different ways, and their cumulative results may be life-changing in some cases. Begin applying these steps to your financial management efforts today to benefit from their transformative effects.

Jasmine Williams covers the good and the bad of today's business and marketing. When she’s not being all serious and busy, she’s usually hunched over a book or dancing in the kitchen, trying hard to maintain rhythm, and delivering some fine cooking (her family says so). Contact Jasmine @JazzyWilliams88

How to Get a Personal Loan When You Have a Low Salary?

Financial emergencies may crop up unannounced in anybody’s life. At such times, all you want is a hassle-free source of funds to tide over the crisis at hand. The easiest solution lies in availing a Personal Loan. 

But what if you have just begun your career and do not have a handsome pay packet yet? For people facing such a dilemma, a low salary Personal Loan is the answer. So even if you do not draw a very high salary, you can try to apply for a Personal Loan for a 20k salary.

How to get a Personal Loan for low salary

While traditional lenders may shy away from granting low salary Personal Loans, you can apply for a Personal Loan for low salary from other leading, full-range financial service providers. 

For instance, if you are drawing a salary for at least six months you can upload your KYC documents such as Aadhaar card, PAN card or passport, an address proof, your salary slips for the past three months, a passport size photograph and then submit your application.

After document verification, you can be eligible for an instant approval on a Personal Loan in spite of a low salary. Some financial services providers also provide the facility of an instant loan without too many documents.

Collateral-free loan

If you are contemplating applying for a ow salary loan, you have little reason to worry as there is no security or collateral required for such a loan. Further, low salary Loans are instant loans without too many documents and do not require you to provide any security or collateral. Once your eligibility is verified by the bank, the loan amount is disbursed to your account within 24 hours.

Competitive rates of interest

The interest rate on a Personal Loan for a 20k salary varies between 15-24%, with an additional processing fee of 1.5-2%, depending upon your eligibility. You can choose a repayment tenure of 12 to 60 months depending on your convenience. 



With such easy terms and conditions for repayment, a low salary Personal Loan can be a shot in the arm if you are in a financial bind, such as a medical emergency or clearing your debt. It can also come to your aid for a variety of other reasons.

Personal Loan uses

For instance, if there is a wedding in your family or home renovation work, a low salary Personal Loan can come to your aid. You may even take a loan if you have been planning to take a vacation. 

In fact, it is always wiser to take a Personal Loan for a vacation rather than burdening your credit card, as a Personal Loan is a more economical form of credit with the leeway to make repayments over a longer period.

Your credit score matters

While there is no dearth of low salary Personal Loan products, you may need to check your eligibility criteria for such loans. A Personal Loan like any other form of credit is disbursed after a lender is assured of your repayment capabilities. 

One criteria to assess creditworthiness is your credit score, assigned to you by a credit bureau. This is a three-digit score in the range of 300-900, assigned to you based on your credit behaviour or credit repayment patterns.

To avail credit including a Personal Loan for low salary, you need to ensure your credit score is at least 750 and above. A high credit score can be maintained by following basic financial discipline such as timely repayment of your existing credit lines such as credit cards, keeping your credit utilisation (or the amount of credit you use, as against the total credit limit made available) under 30% and not applying for too much credit in quick succession.

Plan your repayment

If your credit score is satisfactory, you can be reasonably sure of accessing a Personal Loan for low salary at competitive rates of interest. You can also check your eligibility for such a loan by using online tools such as a Personal Loan EMI calculator to plan your repayment schedule. Opting for a low salary Loan, can help you to not only take care of your financial need at hand, but enhance your credit as well.

How to Get a Quick Loan: The Ultimate Guide

Wouldn’t it be great if you could get cash fast when you need it? Well, it’s not as hard as you think. A lot of people live paycheck to paycheck and don’t have the ability to plan for contingencies or save a little extra.

All it takes is a medical emergency or car accident to put you out financially. But if you need fast cash, you can look to an alternative lender to get what you need now. Applying is easy, and you could have your money that day.

Your Financial Situation

Your personal situation will determine whether you qualify or not, but there are some things you can do to prepare for applying.

Credit Score

Your credit score tells the bank how risky of an investment you are. The better your credit score, the lower your interest rate. If you have a history of financial trouble, you’ll be socked with a high-interest rate, making it harder to pay back the loan.

Many sites offer a free credit check, and it’s always wise to know where you stand in the event that you need a little extra help. Aim for a score of at least 700. Anything under 650 is considered bad.

Understand that not all personal loan sites lend to 'bad credit borrowers' but all do a soft pull of your credit to pre-approve your application. This means applying on several online lending sites won't hurt your credit and will shop your loan out for better rates.

Debt Ratio

Your debt ratio tells a creditor how well you use your finances. If you use a large majority of the credit available to you, you have likely maxed out all of your cards, which doesn’t look very responsible.

A higher debt ratio also has a negative impact on your credit score, which makes you look like even more of an investment risk.

Getting a Quick Loan

If you have a low credit score and high debt ratio, that doesn’t mean you’re disqualified. It just makes it harder. Be prepared for a high-interest rate and difficult repayment terms. There are many places you can turn to for some fast cash.

Family and Friends

It’s embarrassing to admit when you’re having trouble and it’s even more embarrassing to ask for money from your family or friends. You may not want them to know you’re struggling, but they may be the most willing to help and offer the most favorable terms.

Be sure you have a clear plan for paying them back. Many relationships show strain when money is involved, and it’s a sensitive subject, so if you don’t think you can follow through, don’t ask.

Credit Cards

Applying for more credit cards could help temporarily. You could also look into getting a credit increase on a current credit card. If you have a good payment history, chances are they’d be more than willing to consider it. Cash advances on credit cards are a good option for fast cash, but you’ll pay more interest.

Personal Loans

A lot of lenders offer personal loans. The payback terms are short, so you can get cash fast and pay it back quickly. Often, these loans are instant, but the amount you get depends on your application and credit score.

The interest rates are much lower than credit cards, so it’s easier to pay them back and get out of debt sooner. Alternative lenders can offer some good options for easy applications and fast financing.

Loans to Avoid

Just because you’re desperate doesn’t mean you need to get yourself into further financial trouble. Some loans could cause more problems later on. Don’t look into payday loans. They are high in fees, and it makes ityou hard to meet your expenses next month because the turnaround time for paying these back is very fast.

Quick Loans

Alternative lenders like Quick Loans Direct can offer you the best of both worlds. Fast funding and favorable terms await behind a speedy application process. Apply today.

Put to an End: Smooth Ways to Get Out of Your Debt

One stressful experience we might face in our lives is a never-ending debt. Regardless of the circumstances, when you applied for a loan, you are obliged to pay it back no matter the circumstances such as getting into an accident, losing a job, or even if you have an increase in expenses because of your growing family.

Usually, debt can be an unforeseen consequence of overspending on holidays or spending beyond your means. Some people are trying to get out of debt, but challenges strike them hard enough, and some might give up.

But that's not necessary to be the case. Many people get out of debt each day, and not just that, they are even getting out of their obligation in a short time. So prepare yourself for the right path towards financial freedom and follow these simple ways to eliminate your debt.

Track Down your Debt

This method should be your first move, but don't let its simplicity get the best of you. Have a piece of paper, a spreadsheet, or run the Notepad on your PC. Proceed to the website of each financial organization to which you owe the debt. 




Next, list down all the balances with their respective annual percentage rate precisely as they appear. It's beneficial to know how much is your minimum payments are for each account.

After tracing down all of your debts, you will have a fair idea of how much is the amount you owed.

Stop that Overspending Habit

Coming to times with poor spending habits is unfortunate. But, you have been spending a lot of money, and you might have a valid reason for spending it. However, if your overspending habits are putting your financial future in jeopardy, you must prepare to get rid of them. Quit spending too much money, instead, create a budget and commence an emergency fund.

Begin controlling your spending habits by tracing all your expenses for the last two months. Then, place your expenses into sections and total up each category. Through this way, it lets you know exactly where your cash is going.

Pay above the Minimum Requirement

When it's pay time, always make sure that you are paying more than your minimum installments on your line of credit, overdraft, or credit cards. When you are only paying your minimum credit card installments every month, it can take a long time to pay off your balance.

Hence, if you want to clear your balance quickly, consider paying as much extra you can afford. Even an extra 5% of your monthly payment will be a big help.
Consider the Snowball Effect

If you are in the desire to pay more than the required minimum monthly payments on your line of credit, overdraft and other debts, think about using the debt snowball approach to speed up the process even more and create momentum.

As a first step, you will want to track all of the debts you owe from the smallest to the largest amount. Place all of your extra funds in the lowest balance, while making the least payments on all your larger amounts on loans.

When the smallest balance is already paid off, start throwing that excess money toward the next lowest debt until you can pay that one off, and continue the same process to your next debt.

No More Debt

You should not use your credit cards if you want to get rid of your debt. Making more debt while you are trying to pay off your current loan will only harm your progress. You're likely taking one step forward and two steps backward.

It is not required to close your accounts on credit cards unless you can't resist the temptation of using them.

Takeaway

Many people are telling that they want to pay down their loan or debt and finally get rid of it, but they are not sure of the best way to apply or how to get started. Indeed, getting rid of debt is a headache for most of us.

But through proper steps and self-discipline, you can pay off your debts in time. Also, you can ask assistance from companies like Ashe Morgan and other financial institutions to help you with other ways of getting out of debt.

5 Money Habits That Will Keep You Out Of Debt

Keeping yourself out of debt is not easy. Saving money might seem like a piece of cake but managing your debts requires a strategy and a workable plan.

You will find lots of things that attract you towards unnecessary expenses like recreational activities, impulse buys etc, and if you don’t have a control over it, then you might end up sliding into debt.

Money is the most important factor that controls our daily deal with the amenities of life. You need an adequate monetary income for your present and some savings for the future.

The main factor that plays a role to have a healthy balance between your monetary flows is money management, which will help to create a handful savings for your future.

Let us have a look at the 5 important finance planning tips that can bring a considerable change in your account balance at the end of the month: 

1. Create a Budget with goals but know your numbers as well!

Creating your own budget is an essential factor that will give you clarity to manage your finances.

So, how to create a budget?

A budget should be created based on your life goals and not numbers. This budget will play a vital role on deciding how much you need to save at the end of the month. Few points to ponder before you create a budget:

• List down your life goals like buying a home or a car, a holiday plan etc. 
• Divide the goals based on priority as: short & long term goals. 
• Set a tentative (or if you the exact) amount with each category you listed in your goals 

Now that you have a budget with a amount set for each category, you will have the exact figures to save on a monthly or yearly basis.

2. The curse of credit card

Sounds a little weird? Many of the credit card holders have lost the peace of their life for the improper handling of credit cards. It is important to spend only the amount which you can pay-off in a month or two. Else, you will end up paying for huge interests.

Dos & Don’ts when it comes to credit cards:

i. Optimize the usage of credit cards: You have to control your shopping habits and the usage of credit cards as well, rather use debit cards for all possible purchases.

ii. Go for cash: Try to use cash for all purchases so that you will have a track of your expenses.

iii. Use when it calls for emergency: Use it when it is utmost necessary but before you swipe your credit card, think if you could pay off the amount within the first month.

iv. Beware of the interest rates: If you keep the amount unpaid for few months, it will destroy your budget with several additional interests and charges on unpaid amounts.

v. Offers & deals: Watch out for the fake deals that might end you up in huge dues. Do not accept offers from every credit service provider and glance through every terms & conditions before you opt for one. There might be hidden clauses on interest rates and the dues which you will not notice and pay for it later.

3. Groceries- Seasonal - Sale

These 3 words are interlinked for sure! When it comes to buying groceries, keep in mind the two important terms:

• Sale or special offers 
• Seasonal veggies & fruits 

Try to grab as much offers and deals as possible. This will help you to save some extra money on your groceries. Go for seasonal fruits & veggies as it is both healthy and less expensive. 

4. Change is good!

Change is actually good but not that easy. You might be adapted towards the way you do things such as your shopping habits and if you are willing to change a few things, then you will see fruitful results. It is important to know in detail about your expenses and savings. This will give you an insight of where you can cut down your expenses and where to save more. 

5. Organize your bill payments

One key step to keep yourself out of debt is to organize your bills. You might be baffled that how can organizing your bill payments help to keep you out of debt. Actually, it does.

Organize your bill payments by listing as – paid, unpaid, to be paid urgently etc. It gives you a workable plan to manage your bill payments and thus keep you out of debts since you would have cleared all dues by following your plan. You can even set a reminder in your cell phone or laptop to clear bills. There is an option of automatic payment which you can opt, for the regular bills.

When you pay your bills on time and you have some savings on a regular basis, it gives you a sense of accomplishment. It all depends on you to manage your finances well to enjoy the positive outcome. Hope you will embrace these 5 money habits and keep a track of your payments & dues to keep yourself out of debt.

James Paul is a personal finance blogger who write at Basic Finance Care covering everything about personal finance management and frugal living.

Know About 5 Challenges of Bad Credit Borrowers

No one plans to accumulate debts and invite the credit hassles. But sometimes, personal or financial emergencies cripple your life plans. Be it insufficient income source or excessive expenses, as you struggle to repay loans, missing a loan instalment would hurt your credit score. Besides, living in the state of stalemate is never good for your financial health.

Bad Credit Borrowers

Lenders, such as banks and credit card companies, use credit scores to evaluate the potential risk posed by lending money to consumers and to mitigate losses due to bad debt. 

Lenders use credit scores to determine who qualifies for a loan, at what interest rate, and what credit limits. Lenders also use credit scores to determine which customers are likely to bring in the most revenue. 

The use of credit or identity scoring prior to authorizing access or granting credit is an implementation of a trusted system.

It is better to take charge of your life as early as possible and search for viable funding options such as swift short term loans or debt consolidation loans in UK. 

The choice would entirely depend on your credit health. Factors such as required loan amount, loan purpose and your credit affordability would help you make a better decision.

Bad Credit Loans

Searching for bad credit loans would not be a cakewalk, and only persistent efforts in the direction would help your cause. 

To make things convenient you may consider using services of an experienced loan broker in the UK. You can contact an FCA authorised broker and avail hassle free access to deals according to your credit situation. 



Most brokers share tailored loan advice free of cost to borrowers and there is no upfront fee involved. You also save a lot of time and headache required for searching a deal.

Now before you contact a loan broker for bad credit loans without guarantor, it is important to understand following points about bad credit borrowing:

1. Cost of bad credit loans

With low credit score, your loan eligibility is low. Your loan application is marked risky and most lenders would cost high interest rate. 

Whether you need instant payday loans or instalment loans for bad credit, you would get expensive loan with higher processing fees. Thus you should be prepared to shell out more from your pocket with poor credit rating.

2. Do not borrow more than what you need

Contacting a loan broker you are likely to get access to available bad credit loans. However before you choose any of the deals made available to you, make sure you restrict yourself to the amount you compulsively need. 
Do not borrow more than what you need. For borrowing more than your requirement could make it difficult for you to manage your repayments later on.

3. Always check the credentials before availing a deal

Also it is important to ensure that you make a transparent deal with a reliable lender. It is recommended to deal with registered loan partners only. 

Herein you must also know that it is illegal to lend in the UK without a license. Check all the credentials and read documents carefully.

4. Have a repayment plan

While choosing the loan for your situation, make sure you pick a loan that has affordable monthly instalment. 

When you borrow according to your repayment capacity, you are more likely to succeed at the loan repayment. You could peacefully repay the loan and build good history.

5. Impact of bad credit loans on score

When you borrow despite poor rating, it certainly brings on red flag on your report. However repaying the loan on time you build good history and improve your credit score. 

In fact, with rightful planning and discipline you can use instalment loans to mend your credit score.

Monetary Relief: How to Manage and Mitigate Mounting Debt

If you have debt mounting up, it’s important to get it under control as soon as possible. Waiting around will only make the situation worse, costing you money from the interest you’re paying and potentially bringing down your credit score. Here are steps you can take to manage and pay off your debt.

Start with Your Budget

Debt is typically caused by overspending, which means your first move should be making a budget with your monthly income and expenses. This can help you pinpoint where your money has been going and understand what you need to change.

Cut All Your Unnecessary Expenses

When you have a large amount of debt, you should keep your spending to a minimum until you’ve paid it off or at least until you’ve eliminated high-interest debt, such as your credit card balances. 



Go through your budget and get rid of anything that’s not essential to your everyday life, including eating out, new clothes, and your monthly cable bill.

Talk to a Bankruptcy Lawyer

If your debt is too much to handle on your own, you’ll need to consult with a bankruptcy lawyer. Professionals, like Law Office of Barbara B. Braziel, know that you should keep in mind that there are two types of bankruptcy available. 

Chapter 7 involves liquidating your assets, whereas Chapter 13 involves setting up a payment plan and allows you to keep your assets.

Consider Debt Consolidation

An alternative to bankruptcy is debt consolidation, where you get a loan to pay off all your debts, and then make payments on that loan. 

This works best if you can get a loan that has a lower interest rate than your debt, as you’ll save money in the long run. Another benefit is that you’ll only have one debt payment to make every month, instead of payments to every creditor that you owe.

Choose a Payment Strategy

When you’ve minimized your expenses, you can put all your extra money towards your debt every month. If you don’t consolidate your debt or file for bankruptcy, there are two popular strategies to paying off debt. 

One is paying off the debt with the highest interest first to pay the least amount of interest. The other is paying off the smallest debt first to reduce your number of debts as quickly as possible.

The key to getting out of debt is building the right financial habits and staying disciplined about them. If you can avoid any unnecessary spending, you’ll cut down your debt much more quickly.

Why a Personal Line of Credit is Better than a Personal Term Loan

Puzzled between a personal Line of Credit and a personal term loan and which is better? Look no further, go ahead and explore more on this as you read on!

Confused between a personal Line of Credit and a personal term loan? You are not alone; many borrowers face such a situation sometimes while deciding a financial product feature. Let’s clear the air.

• A Line of Credit makes it uncomplicated for you to manage your cash flow better and clear the air to find out why it is better than an average term loan. 
• A personal loan may be your best option when it comes to optimizing the output of your personal needs or ventures. 
• It offers a low-interest rate so that you manage the finances even more, without the alarming worry of repayment of the loan amount at an exorbitant interest rate. 
• A personal loan subscriber is free to select from an array of flexible repayment alternatives and opt for the one that fulfils the current financial needs. 
• A personal loan is an unsecured loan and does not need any security or collateral or even a guarantor when you apply for it. 

What’s more, it also comes loaded with a variety of add-ons offers to augment the borrower’s experience such as hassle-free and easy-to-use personal loan EMI calculator and online account access. 

But, the best feature of a personal loan is the unique Line of Credit facility that not only provides the personal loan term benefits but also comes with an assortment of extra features that makes it perfect for an individual.

Under Which Scenarios Should You Opt for a Line of Credit

• Renovating Your Home
• A Family Vacation 
• Child’s Education 
• Wedding Ceremony 

You can use Line of Credit facility for renovating your home, planning a family vacation, funding your child’s education and an upcoming wedding Ceremony and more– and for doing this; you don’t need to apply for a loan many times.

There are also no hidden or extra charges for part-prepayment or foreclosure.

Why Should You Select a Personal Line of Credit Over a Term Loan?

If you wish to get a personal loan from a reputed financial lender, you get the chance to avail a Line of Credit facility as well. 

Many leading financial companies provide the facility to its loan claimants, through which you also become eligible for a fixed loan limit for a pre-determined tenure. As a result, when you avail the Line of Credit facility, your EMI only includes the interest amount you need to pay, minus the principal component, attached to all payments in the case of the personal term loans. 

With a Line of Credit facility in action, you only repay the principal loan amount at the end of the duration. The personal Line of Credit (LOC) option also lets you manage your cash flows without the need to repay the principal part at the each month-end; you can also channel the same amount towards other personal needs and boost your profits.

The Extraordinary Features of a Personal Line of Credit

Here’s the list of impending reasons why a Line of Credit is a go-to option when considering a new loan:

• When compared to any other term loan type, your monthly instalment or the EMI (Equated Monthly Statement) via the Line of Credit facility connects only the interest amount charged for that particular month
• You can carry out any transactions and it is also possible to access all the loan based information online with an exclusive customer portal at your disposal always 
• Part-prepay of your loan amount on mind? You can do this anytime you want, throughout the year, without the worries of incurring any add-on charges whatsoever 
• You can also opt for withdrawals or draw down facilities without facing any extra charges whatsoever 
• With the bullet repayment option in active mode, you can pay off your loan faster at the end of the year
• If you are already in possession of the term loan and wish to convert to a Line of Credit (LOC), you have the choice to do it at any time and as per your wish
• You can also measure the total exact interest that you will pay at each month-end with the Line of Credit calculator 

The Bottom Line

You can pay up to 45% lower EMIs on your term loan when you avail the personal Line of Credit facility which many prominent financial lenders offer these days.

You should know that a Line of Credit is a hassle-free version of a personal loan, in which you also get a pre-qualified loan amount. You can withdraw as per your needs and repay only the interest as EMIs; making it an incredible facility that sets you free.

You can use it for anything under the sun – planning a family holiday, renovating the home, upcoming wedding ceremony, funding child’s education and beyond – without having to subscribe many times.

The other perks? You also pay no extra or hidden charges for loan’s part pre-payment or foreclosure.

It would be a wise step to take and apply for a personal Line of Credit with your term loan. Happy financing! 

4 Steps for Benefiting from the 2% Economical Growth of 2017-2018

Since the worldwide financial crisis of 2008, most developed economies have struggled with growth. Between 2017 and 2018, however, growth in the United States is expected to return to two percent per year, representing a substantially higher rate than recent averages. 

Here are four things you should be doing to financially benefit from faster growth in the US economy.

Purchase a House

If you are still renting your home or apartment, you’re gradually pouring money into an asset owned by someone else. A much better move, regardless of the economic climate, is to purchase a home of your own. In this time of faster growth, however, the benefits are magnified. 



Since rents and property values both tend to increase during growth periods, buying a house will help you save money while building equity. If you are in a position to purchase luxury property, the benefits are greater still, owing to higher values.

Explore New Job Opportunities

When economies grow, so do businesses, which means that companies need to bring on extra staff. At the moment, unemployment is low and the labor market is tight, leading to a large buildup of available jobs. 

This is the perfect climate in which to look into new job opportunities, especially if you have high-demand skills.

Get Serious About Investing

If you haven’t built a serious investment portfolio already, now is the time to get around to it. As the economy grows, share prices typically rise, meaning gains for people who have already bought and higher prices for those who haven’t. 

Putting your money into solid investments now will allow you to capitalize on higher growth rates. If you’re new to investing, consider putting your money into an index fund that will track the movements of a major stock index, such as the S&P 500.

Pay Your Debts

Because it brings the possibility of higher earnings and more job security, a period of economic growth is a perfect time to pay down old debts. 

Ridding yourself of debt is one of the key steps to ensuring your own financial stability. Take advantage of the boom to eliminate debt payments and put yourself on better financial footing going forward.

Wherever your financial life is now, you should be positioning yourself to benefit from the two percent growth projected for 2017 and 2018. If you play your cards right, you’ll be able to improve your finances and let your wealth grow with the American economy.

7 Late-Stage Retirement Techniques That Allow you to Play Catch Up

If you’re fast approaching the retirement stage of your life with minimal savings, you may have cause for worry. But taking the necessary precautions now with the following 7 retirement techniques can help increase your nest egg and without a lot of sacrifice. 

Work Your 401(k)

Benefits such as an employer matching retirement program equate to a valuable perk when looking for a job. If your employer offers a 401(k) program through work, you need to fund it to the highest level you can afford. 

After paying your mortgage, utilities and other household expenses, place the remainder of your funds into this account. If you’re 40 years-of-age and put away close to $17,000 each year, you could accumulate over $1 million by the time you reach 65.

Know Your Healthcare Options

Healthcare coverage is integral at any age as it covers important health services such as doctor, emergency and hospital visits. With the right plan, you also won’t have to use your retirement savings to pay for medical expenses incurred as you age. 

 During your employment, your employer may pay the majority of the premium and leave the responsibility of the deductible to the employee. If you’re 65 and older or you receive social security disability insurance or end-stage renal disease, you’re eligible for Medicare.

Re-Tool Your Budget

Savings can add up quickly if you re-tool your household budget. Take a look at your spending for the previous month to determine the areas where you can tweak. If you normally enjoy a latte at your local cafe, skip the coffee run and make your own blend at home. 



Dining out can be another major household expense. Instead of going out to eat regularly, whittle it down to once each month or on special occasions.

Bank Additional Money

The rewards of working hard at your job are usually shown through a holiday bonus and raise. While you may want to spend the additional income on frivolous things such as a T.V., bank the additional money instead. You’ve never had this amount of money before, so you won’t miss it. 

The same advice can used if you get a tax refund from Uncle Sam. As long as you can live comfortably and pay your loans and bills on time, putting the money away for your future will help boost your retirement nest egg.

Eliminate Debt

Debt placed on credit cards quickly can add up. If you can’t afford the items that you’re placing on your charge cards, don’t make any new purchases. If you’re looking to pay down debt, begin by paying off cards with the highest interest rates. 

You may also be able to take advantage of transfer balance cards with zero interest. The sooner that you stop overspending and pay down the amounts on your credit cards, the sooner you’ll have more money to save for your retirement. 

If you feel like your debt is at the point where you will never be able to catch up, you can look at benefits of Chapter 7 bankruptcy. Although this type of bankruptcy discharges most debt, typically, there are income limitations. 

It’s imperative you look at all your options before you lean towards a bankruptcy. Some people even look into getting a 0% APR credit card to give them more time to pay off their credit card debts.

Downsize

As parents age, their lives change. While you were once consumed with raising your family, you may now see yourself as empty nesters. As your children leave the home to go off to college or get married, you don’t need as big a dwelling as before. 

This is the ideal time to downsize your living arrangements. From a condo and townhome to a smaller house, the possibilities are endless. If your home is paid off, use the funds to pay for your new dwelling. Additional money left from the sale will all go toward your retirement account.

Convert Assets

Assets such as jewelry, antiques and other collectible items may be worth a lot of money. This type of collection could be converted into a proper retirement investment. 

Make a list of the items that you have such as a boat you no longer use, vacation home that’s too far or expensive hobby that’s collecting dust. Do your homework to determine fair market value for the items. Once sold, you can boost your retirement savings significantly.

Whether you were a procrastinator or you had other outlets for your money such as putting your kids through college, your retirement account may have taken a hit. The good news is that with the above techniques, it’s never too late to play catch up.