How to Get Out of Medical Debt

Medical debt is a major financial burden that millions of people are currently struggling with. While you might feel overwhelmed by your medical bills, there are a few steps that you can take to reduce your debt, lower your payments, or even have your debt wiped out entirely.

Collect and Review Paperwork

It is an unfortunate fact that a relatively large percentage of medical bills have errors, and some studies have shown that as many as 75 percent of patients aren’t being billed correctly. 

That is just one of the many reasons why you should always review all of the paperwork that you receive from the hospital. You must also ask the hospital for an itemized list of all the charges so that you can dispute any errors.

Contact the Hospital

The next step in the process is contacting the hospital directly to discuss your bills. As long as your bills haven’t been sent to collections, you might be able to negotiate new terms with the hospital’s billing department. 

Most hospitals want to retain the debt so that they profit from it, and they could help you come up with a more affordable payment plan that doesn’t destroy your finances.

Apply for a Medical Credit Card

Acquiring a medical credit card is another option that you should consider if you can’t negotiate with the hospital. Medical credit cards tend to have very low interest rates and much lower requirements for applying. 

Some medical credit cards even offer zero percent APR for upwards of two years, and that will give you plenty of time to focus on your finances and rebuild your credit.

Consider Bankruptcy

While these other options can be very useful for some patients, there may come a point when it is time to consider bankruptcy. Filing for bankruptcy will allow you to restructure your debt or even wipe it out entirely, and that process should be off your record in a matter of years. 

To read more about your bankruptcy options, you should head to a reputable legal site that will allow you to learn about the pros and cons of each chapter of bankruptcy.

Ongoing debt can become a life-altering burden, and that is why many people will ignore it for years as it spirals out of control. If you have been struggling with medical debt, then it is time to come up with a long-term plan for getting out of debt and rebuilding your finances.

Ways to Get the Funds You Need for Your Mortgage

Paying the mortgage can be a difficult task, especially when you've had a change in your job situation or if the taxes on your property keep going up.

Thus, you might have found yourself in a situation where you need to get extra funds for your mortgage. Fortunately, you have plenty of options to pursue.

Check for Cash Rewards

When you're a little bit short on cash and need a short-term solution for this month only, see if you have any cash rewards available that you aren't currently using. 

For example, you might have a credit card that offers cash rewards. Check to see if you can cash out on those rewards. Then, you can put that money toward your mortgage. 

Do note that credit card rewards tend to take some time to build, so this solution isn't a useful long-term plan.

Research Relief Plans

Many people aren't using certain benefits that they are entitled to. For example, in the event that you are suffering from the long-term effects of a disease or if you are experiencing struggles with a disability, you might be entitled to compensation or other forms of financial relief. 

Researching programs specific to your needs can help you to find the money necessary to pay the mortgage both now and in the future.

Call Your Mortgage Provider

Sometimes, situations arise where you don't have too many options for getting the money in right now. Thus, you might be tempted to simply ignore the bills. Instead of allowing the problem to grow worse, call your mortgage lender. 

Let the representative know what is going on and when you expect to be able to pay your bill again. The lending company may be able to work out an agreement with you. Do keep in mind that the mortgage may accrue more interest as a result.

Refinance Your Mortgage

While you might have the necessary money to pay the base mortgage, you may be struggling with the interest rate. Looking into refinancing is a smart way to reduce the amount of money you have to pay every month. 

Check into the current interest rates in the area. In fact, if you have equity in your home, you might be able to refinance with cash out, which means you'll have some extra money in the bank. 

You can look to companies like Fairway PNW to find lenders that are willing to work with your needs.

Staring at a mortgage bill while not knowing how to pay it is a frightening experience. Fortunately, help is available if you’re willing to reach out to others for it, or get creative in your methods of getting the necessary funds as quickly as possible. 

Don’t be afraid to seek out cash where you can find it, like from cash rewards you’ve earned. Also, don’t be afraid to get in contact with the people you owe the money to. 

Keeping them informed may make them more lenient or at the very least willing to work with you, as opposed to simply saying nothing and allowing your bills to go unpaid.

Why You Need a Credit Card to Improve Your Finances

A credit card can be a powerful tool for improving your finances. Many experts recommend using a credit card for everyday purchases, little things like groceries or fast food, to quickly build and improve your credit score in preparation for the big things.

That being said, there are also other benefits to using a credit card, such as earning rewards and building a credit history. Here are the reasons you need a credit card to improve your financial situation.

To Build Credit

A credit card is one of the easiest and most effective ways to improve your credit score. This is because every time you make a purchase with your credit card, it is recorded on your credit report. Having more information on your report can only help build up your score (assuming you pay off the balance each month). 

A good trick to this is making small purchases that you can then immediately pay off, such as trips to fast-food restaurants or small amounts of groceries. In no time at all, your score should begin to build and improve.

To Build Wealth

If you're trying to get rich, the best advice is to use credit cards wisely. Purchasing items with a credit card can help you earn rewards that you can use towards things like travel or gift cards. 

You could even use your points or miles towards a valuable item such as a television or new watch. The key is to use your rewards to build wealth instead of just getting free stuff.

To Earn Rewards

Credit cards offer benefits, such as cashback and travel rewards, that other types of financing don't offer. With a credit card, you can earn up to 2% cashback on purchases or travel rewards that you can use towards flights, hotel stays, and more. 

Rewards are becoming increasingly popular with credit card users because they offer great benefits for you to take advantage of.

To Take Advantage of Promotions

Credit cards often come with promotions that allow the cardholder to take advantage of benefits, such as double miles on every purchase. Promotions are a great way to save money and offer cardholders valuable features that you can use for everyday purchases.

To Build Credit with a Minor

If you have a child under the age of 21, getting them access to a credit card can be very difficult. Even when they turn 18, unless they can prove they make their own income, they likely won’t be approved on their own. 

This is because federal law or a credit union, one like FCCU - First Community Credit Union, requires that anyone under the age of 21 be subject to a limit on how much they can spend using their credit card or even approved. 

This essentially means your child, or you yourself if you’re under 21, can’t build a credit history — which can be problematic for someone who wants to build wealth, especially if they begin living on their own at 18.

However, if you or your child are under 21 and want to build credit, you can ask a parent or guardian to add you as an authorized user on one of their cards. 

This essentially allows you to piggyback off their credit history. Plus, since your name will be on the credit card, you will be more likely to use it responsibly as opposed to racking up massive charges and leaving the owner of the card to deal with them.

In conclusion, there are plenty of reasons to use a credit card when paying for things. If you're looking for ways to build credit or want the best way to earn rewards, then using a credit card is the right choice for you.

Do You Really Need a 20% Downpayment Saved Up for Home Loans?

Even people who don't know much about mortgages know the rule of thumb that you should expect to put down 20% of the cost of the home. It begs the question, though, of whether that is a hard-and-fast rule or if there is some wiggle room.

If you're looking to get into a home, it makes sense to do your research so that you can be prepared to make the best moves to secure your financial future.

Here is a basic explanation of how to do just that.

Different Lenders

One thing to consider when it comes to home loans is that different lenders offer different mortgage products. While any lender can offer you a product that requires a 20% down payment, some lenders are willing to get especially creative to work with your financial situation. 

Digging further into this, the lender you choose could have a major impact on whether or not you're approved for a particular loan. Therefore, if you have time, it might suit you to shop lenders before you commit.

Different Loans

The good news for aspiring homeowners is that there are a variety of mortgage products available that don't require a 20% down payment. 

Many of these home loans are readily available to individuals who meet certain criteria. For example, if you have served in the military, you may be eligible for exclusive mortgage products offering competitive interest rates and low down payments. 

First-time homebuyers also can often find unique loan products that require less than 20% down.

Paying More

Just because 20% is the recommended down payment for many types of loans doesn't mean that you can't put down more. In fact, if you are able to put a larger down payment on your home, you'll likely lower your monthly payments over the life of the mortgage. 

In many cases, you'll also be able to reduce your interest rate, saving you even more money and helping you get out of debt sooner.

Interest Rates

Buying a home right now is a great choice because interest rates are at historically low levels. It's important to keep in mind, though, that opting for a lower down payment may increase your interest rate, at least slightly. 

Of course, this largely depends on the types of mortgages you qualify for and your personal financial history. Don't let slightly higher interest rates stop you from pursuing the dream of owning a home if you're otherwise able to afford the mortgage payments.

Don't Get Ahead of Yourself

With all of the talk about the hot housing market, it can be easy to think that you need to get into a house as quickly as possible. Before you go down that road, though, it's important to first assess your current financial standing. 

Taking stock of your budget will ensure that you don't run into any speed bumps down the road. This will help make the gift of owning a home even sweeter.

The Importance of Keeping a Savings Account

Many people choose a checking account as their primary or only banking choice in today's society. However, a savings account is just as beneficial, if not more. Below are some reasons to consider opening and keeping a savings account.

Earn More Money

Building wealth can be easier to do with a savings account because your funds will earn money while in the bank. The interest rates for these accounts are generally higher than checking; however, this will vary amongst financial institutions. 

Regardless of the amount, it is better to earn money that could build your wealth, opposed to spending the funds.

Savings

After paying monthly bills and other necessary expenses, it is common for people to purchase additional items or services, regardless of whether they plan to use these things or not. 

Keeping the money in a savings account could prevent unnecessary purchases. As a result, those funds could be spent on future emergencies like roof repair or other expenses, such as buying a new home, taking a much-needed vacation, or starting a business. 

You would be less likely to spend money in a savings account than money stored safely at home or in a checking account due to the accessibility and the fact that there is no debit card – you typically need to make the withdrawal or transfer the funds online.

Reduce the Risk of Debt

By staving off the temptation to spend the money in your savings account, you could lower the odds of going into debt. You will reduce the odds of making unnecessary purchases. 

You can spend the money on necessities in an emergency instead of borrowing from family and friends or taking out loans. The latter option could lead to high-interest rates and cause you to spend more money during repayment. 

Therefore, it is essential to maintain a savings account for unknown expenses, and to make future purchases, instead of using credit options that lead to debt.

Safety

Keeping money at home is something most people do for various reasons, such as myths and superstition. The negative aspect of storing cash at home includes being a victim of accidents or theft, causing you to lose your money and not replace it. 

However, by keeping the funds in a savings account, you can have peace of mind knowing the money is safely in the bank and possibly earning interest, which could boost your savings amount.

Opening a savings account is an excellent option when it comes to extra funds or saving up for future purchases. Your money is safely stored, and you are less likely to spend the funds unless there is an emergency.

Is Forex a Good Choice for a Side Job - All the Information

In the last few years, we have witnessed the ever-faster development of technology. Therefore, we have seen the growth and creation of some entirely new, interesting online businesses on the Internet which can change our lives.

The opportunities for earning money in the virtual world are significant and should not be missed. One of those profitable businesses that we will pay attention to in the following text is Forex trading.

We will explain to you in detail what it is and why Forex can be an ideal occupation for everyone who wants some additional source of income.

What is Forex?

Forex is short for the Foreign currency exchange on the. Currently, the biggest decentralized financial market globally is called the Forex market. The market is available to traders 5.5 days a week, non-stop.

Currencies on that market are being traded in pairs such as EUR/USD, USD/GBP, USD/JPY for tourism, trading, commerce, etc. Traders are making money once the currency they bought increases compared to the currency they’ve sold.

Get to know the role of a Forex broker.

The role of the Forex broker is to provide traders secure access to trading platforms for Foreign currency exchange. Since the Internet is filled with scam brokerage websites, it’s crucial to read quality reviews such as the HubbleBIT review and check relevant brokerage forums.

In that way, you’ll make sure that you’re not dealing with fraudulent brokers that may steal your identity, money, or other critical personal data. The Forex broker needs to be regulated by a financial regulatory body to offer 24-hours customer support, free educational material, and excellent account features.

Why should you consider Forex as a side hustle?

What many people, who are just getting acquainted with the world of Forex trading and all its benefits, are interested in is why choose this business? Are there outstanding earnings? Does it disrupt a full-time job from 9 to 5, which they are not ready to give up?

There are several reasons, and they are straightforward. Therefore, we will point out the top three reasons. Forex trading is your perfect side hustle!

#1 It’s flexible

The most common reason people choose Forex trading as their second source of income is flexibility. We learned that the working hours of the Forex market, which has a daily turnover of $ 6.6 trillion, are 24 hours a day, five days a week.

And hence flexibility, which means that everyone can choose when and how much time they want to trade.

#2 You are your boss

There is nothing more beautiful in the business world than not having a superior to whom you will have to justify yourself and constantly fulfill his orders. In the Forex Market, you are your boss responsible for your every success.

#3 It does not require much prior knowledge and investment

Perhaps the most substantial reason for the vast majority is that Forex trading does not require significant prior knowledge or significant investments. All Forex information is available online, and most are free. Also, only $ 100 is enough to start this type of business.

Conclusion

Of course, to successfully deal with Forex, even as a side hustle, takes time, dedication, and perseverance. Therefore, find out a lot about Forex before you open your account, practice for a while with a good Forex strategy, and do not give up even when the period of crisis comes. Good luck!