How Does Getting Arrested Affect Your Finances?

If you are arrested, it can have a major impact on your finances. This is true whether or not you are found guilty of what you were charged with. Let's take a look at several ways in which an arrest may have an impact on your personal money situation.

You May Need to Pay for a Lawyer

In the event that you are being cited for anything more than a traffic violation, you should get an attorney to defend you. 

While an attorney can make a difference in determining whether you are found guilty on a given charge, he or she is going to charge money for his or her services. Unless you are truly destitute, you can expect to pay thousands of dollars in legal fees regardless of how your case turns out. 

You May Need to Make Bail

Depending on the crime that you committed and your personal criminal history, you may be allowed to pay a fee to leave jail. Some companies, like Absolute Bail Bonds, know how difficult such situations can be. 

Bail can be set at anywhere from $100 for minor charges to $50,000 or more on serious charges such as murder or arson. Even if you choose to get a bail bond, you may be required to put up 10 percent of your bail amount and secure the bond with collateral. 

Going to Jail Impacts Your Ability to Work

It will be highly unlikely that you are allowed to go to work while you are in custody. If you cannot make bail, you may be stuck in jail for days or weeks before you have a court date. 

This could cost hundreds or thousands of dollars in missed earnings, and it could be used against you when it comes time to ask for a raise or promotion. 

A Fine May Be Part of a Sentence

If you are convicted or agree to a plea deal in your case, you may be ordered to pay a fine. The amount of the fine could range from $100 to $1,000 or more depending on the terms of your conviction or plea deal, and the amount that you actually pay may increase if you have to be put on a payment plan.

Even if you are innocent, being arrested can have a significant impact on your finances. In addition to legal fees and court costs, you could be forced to spend thousands on bail or on a bail bond that you may not be reimbursed for at the end of your case.

How Getting Out of Debt Is Both Easier and Harder than Ever

The average American household has over $90,000 in total debt. If you are living with debt, you know what an uphill battle it can be to get out. Fortunately, there are a number of solutions and tools out there to help you along the way. 

However, scam artists also recognize the desperation of indebted consumers and are targeting individuals trying to settle their debts.

The FTC Shuts Down Several Scam Operations in Florida

Recently, the attorney general of Florida and the Federal Trade Commission (FTC) closed down numerous scam operations that were ripping off consumers. The eleven enterprises were controlled by three individuals. 

They were persuading people in debt to sign up for a program that would relieve them of thousands of dollars of credit card debt. To take part in the program, these consumers were told to send monthly payments to the debt companies, who would then make a deal with the credit card companies.

As you may have guessed, the debt settlement companies were not putting the payments toward the credit card debt. And, their scheme is not unique to Florida. This is common in just about every state. Thankfully, there are many other tools at your disposal that do not involve scams. Here are a few tips:

Work with an Authentic Debt Consolidation Agency

There are many reputable and legitimate debt settlement companies in existence that help consumers to find relief from debt without resorting to bankrupty. Many offer free consultations to help you decide if this approach is the most beneficial for your circumstances. 

With assistance, you will have a plan that allows you to work on reducing the debt, which makes it less overwhelming and provides peace of mind. 

Speak to Your Credit Card Company

Credit card companies want to work with you to help you pay off your debt, rather than selling your debt for pennies on the dollar to collection agencies. Often times, they will let you temporarily reduce your payments.

Talk to a Counselor

Your bank or credit union will be able to direct you to a credit counselor, or you can find a non-profit credit counselor through the National Association of Credit Counselors.

Try Settling

Do you have a collection agency hounding you for payment of your debt? We recommend saving up as much as you can, and each time they call, offer to settle for however much money you happen to have saved.

Collection agencies will often settle for as little as half of the total amount you owe. If they’re willing to settle, never give them access to your checking account. Instead, first get their agreement to settle in writing, then get a cashier’s check for the total amount. Afterwards, insist on a written document stating that the debt is settled.

Use the Power of the Latest Apps to Get out of Debt

The prevalence of massive consumer debt has naturally attracted the attention of tech firms. They have come to the rescue with a number of easy-to-use applications such as the Debt Manager app. 

It orders your debts from smallest to largest (or highest interest rate to lowest if you prefer). It also calculates how much total interest you will pay using a variety of repayment methods.

If free is more your speed, then you should consider the Debt Eliminator app. First, you enter your credit card debts, minimum payments, and APR. It then asks how much extra you can pay and advises you to pay the highest interest rate debt first. 

If you cannot pay extra, it provides a worksheet to help you trim excess spending. The best part about the app is how it pushes you to be proactive in getting out of debt.

If you do not mind really getting into the nitty-gritty and sharing your personal information, the free Ready for Zero app may work best for you. 

It asks for your social security number and personal questions that ensure you are who you say you are. And, it gives advice that is specifically tailored to your needs.

There are many resources out there that can help you to reduce debt and turn a negative situation into a positive one. The key is to start sooner rather than later.

Summer Savings: 3 Costs To Consider Before The New School Year Starts

The summer can be an excellent time for fun and family bonding, but it's important to use this time wisely, too. 

Summer means that children have more free time than ever before, and certain products are often cheaper, too. Consider paying for these 3 products and services before school starts to save yourself time and prevent headaches in the fall.

Start School Shopping

School shopping is the bane of parents everywhere, and for good reason. By the time schools released what kids will need for their classes, it's the month before classes start and everyone is rushing to buy their materials. Luckily, you don't have to stay in this cycle.

By buying the bulk of your child's school gear in the early months of summer, you'll not only be able to avoid the madhouse that comes in August, but you'll find materials are much cheaper around May and June, when demand is lower. 

By buying the bulk of your supplies early, especially essentials like folders and pencils, you'll save yourself from price-gouging and from running around a superstore the week for school.

Consider Dental Work

Dental work doesn't typically get cheaper in the summer months, but it certainly gets more convenient. 

If your child has a checkup coming soon, maybe try to move the date into the summer. Or, if they've had any tooth pain recently, schedule an appointment ASAP.

Scheduling a dental visit means two things. One, any potential issues get resolved sooner before they can worsen and, two, your child won't have to miss schoolwork for a simple checkup, because they'll have handled all of that in the summer with their extra free time. 

On top of that, facilities like Schererville Family Dentistry usually have more open appointments in the middle of the day, so summer is a great time to get in.

Break Out the Books

It's no secret that children lose knowledge over the summer, but there are simple and affordable ways to avoid this devastating outcome. 

By taking your child on frequent, weekly or bi-weekly, trips to the library, they'll retain their reading skills and be ready for school in the fall.

As an added bonus, the library is entirely free, unlike other pastimes like movies or video games. 

By using the summer to instill a love of reading in your child, you can help prepare them to be a lifelong learner while saving a few dollars at the same time.

Summer only comes around once a year, so be sure to use it wisely. Whether it's saving money or trying to help your child succeed in school, summer is full of opportunities to make your life, and the life of your child, easier.

Family Finances: 4 Emergency Funding Options When Money is Tight

Even though you might try hard to be financially responsible, you never know when a financial disaster could hit your family. It may never happen, but it never hurts to be prepared in the event that it does happen. 

If you have found that your family is going through a bit of a financial crisis, you might be unsure of what to do next. Luckily, though, you do have a few options for acquiring cash while in a tough situation.

1. Head to a Pawn Shop

One option that you can look into is heading to a local pawn shop. One option is to sell old items that you don't want any more for cash. 

Then, you do not have to worry about paying anything back, which can be a bit of a relief when you're going through a tough financial situation. Different pawn shops are often interested in different things, but in general, you can often sell jewelry, electronics, musical instruments and equipment and other similar items of value in these shops. 

If you don't want to permanently part with these items, you can consider a pawn shop loan, which is a collateral type of loan in which you leave your item at the pawn shop until you're able to come back and make your payment.

2. Take out a Cash Advance

If you have a paycheck coming your way but need the money now rather than later, a cash advance can be a good option. Companies like American Cash Advance and Title Loan might be able to help you out. 

With a cash advance, you can generally borrow an amount equal to your paycheck until payday rolls around. Even though you might have to pay interest and fees for the service, it can be worth it if you need to get your hands on some cash immediately.

3. Look into a Title Loan

If you have a car that is paid for, a title loan might be a good option for you. With this type of loan, you use your car's title as collateral for a loan. Then, you can borrow the cash while still driving your car in the meantime. 

This can be a good option, particularly if you need to borrow a larger amount of money. This is because lenders will often grant more on these types of loans, since you are using your car to back up the money that you are borrowing.

4. Take on Odd Jobs

There are always a few ways that you can make some extra money. One of those ways is to take on some odd jobs. This could include going to a temp agency and see what they have available, to just doing something around your local community or neighborhood. You can do little things such as mowing lawns. 

You could even help out with some light landscaping. If you go that route, start with your own yard. Do a good job and take pictures to show your neighbors and other perspective people in your community. 

Ask if you can do something similar for their yard to help make it look nice. However, be somewhat flexible with how much they are willing to pay you. After all, some money is better than no money when you have fallen on hard times financially.

As you can see, if you and your family are going through a financial crisis, you do have options. These are three options that you can look into if you need to get your hands on some cash fast.