6 Ways to Get Out of Debt

A new year means a fresh start, and with 2021 only six weeks away, now is the time to decide the year will be the best yet. Getting out of debt ensures you wake up each day free and clear from the stress that debt creates in your life. Although getting out of debt takes time, patience, and a few changes, anyone can achieve financial freedom if they so desire.

1- Spend Less Money

If you spend too much money, you can never save any. Reconsider those purchases, the amount of money the purchase requires, and how the money can help get you out of debt or even provide you a nest egg for the future. Services like Strategic Consulting can help to formulate a better spending plan going forward. These plans are critical in developing an effective way to get out of debt.

2- Get Rid of Credit Cards

Credit cards cause people a lot of debt because they get used for purchases that a person simply cannot afford. That $1,000 Gucci purchase? Really? Using credit cards should be limited to emergencies only, not as extra cash you repay when you can. Do not keep the card in your wallet, which encourages its use. Keep only one credit in a dresser drawer in case of an emergency if you use one.

3- Work a Second Job

Working another job may sound like the worst possible idea, but it can help get you on the right financial path much sooner since the cash can pay off those debts. With the numerous options for part-time and work-at-home jobs, a second job may very well be the key to financial freedom. Do not leave out the possibility of working a second job if you are serious about getting out of debt as quickly as possible.

4- Pay More

Pay more than the bill amount, and you always stay ahead. Whether it’s a medical bill, a credit card statement, or even the monthly electric bill, this option helps you stay on top of finances and avoid any potential pitfalls.

5- Create a Budget

Everyone needs a budget that shows the money coming in and the money going out. With a budget, you learn ways to cut expenses and save money. It helps reduce those unnecessary purchases as well. Although anyone can create a budget with the help of online tools and resources if they choose, professional budgeters also offer service for a small cost.

6- Talk to Professionals

Professional debt relief companies offer many solutions that help individuals get out of debt. Talk to one of the companies for more information about their solutions, including bankruptcy, debt consolidation, and debt counseling. The cost of using professional debt relief services vary but often provide the fastest, most effective solution available. It doesn’t cost a penny to talk to an expert to learn more.

If you need help with getting out of debt, the options above provide some significant relief strategies. What works best may vary from one person to the next, but rest assured each option offers help when and where it is needed the most. Talk to a professional or use one of the above ideas to change your financial situation.

Challenges Small Businesses Are Facing During the Pandemic

The coronavirus pandemic has caused small businesses everywhere a lot of problems. Social distancing, the limits on who can work, and even wearing masks and other protective equipment have created several problems for small businesses. Restaurants and grocery stores have been especially hard hit; restaurants have been forced to be even more careful than normal, and grocery stores have to be especially wary of how customers act within their stores. There is no question that the pandemic has changed business, and some of those changes are going to be with us for quite a while.

The Basics

Every business has had to deal with masks and social distancing, as well as determining if they are considered an essential business or not. That latter question is definitely a question for a business lawyer; which businesses are considered essential are not always clear, making for a question that can require a definite answer. Social distancing is another issue that businesses are finding to be interesting. While some businesses are already set up for it, others have had to place markers on the floor to help delineate exactly where customers can stand in line. A number of businesses have found some clever ways of getting the point across.

Masks have made life interesting, especially for businesses with a number of security concerns. Enforcing masks has become a major issue, both for customers and employees; some customers are balking their use due to political issues, while some employees are finding them restrictive at work. Even alternative gear, such as face shields, are disliked. Fortunately, most businesses have put up plastic shields near cashier stations as another form of protection for both customers and employees. Most businesses are quickly adapting to the majority of problems presented by the pandemic.

The Problem With Food Preparation 

Businesses that rely on food preparation have been especially hard hit. They have had to enforce new standards while at the same ensuring that old standards are still followed; the mask issue has really become an issue for some places due to how employees hate wearing them, but management has usually prevailed. Some items on various menus have been discontinued due to how they prepared, while others have had to be prepared differently. Some restaurants have had to curtail dine-in service, while others have limited seating to allow for social distancing. All of this has made preparing and serving food an interesting venture.

Curbside and Delivery

A shining light has been an increase in curbside and delivery. Businesses started offering curbside service as a way to deal with social distancing: A customer could place an order, pay for it through credit cards, and then pick it up once they arrived. This is something that some businesses may keep as it reduces the time customers are inside the store while providing a valuable service to the customers. Delivery has become a lot more popular, and apps and various delivery services have increased their range and services that they are attached to, making for a great service to the business and customer.

How A Business Attorney Can Help

Obviously, a small business can use whatever help they can use in this environment. There are a number of new legal codes in use in order to help limit the spread of the virus, making the advice of an attorney invaluable when it comes to navigating the new codes. An attorney can help a small business determine which codes apply to specific businesses as well as how to post the signage necessary to communicate the changes to customers and employees alike. The attorney can also help navigate any breaches of those laws, should it be necessary. One shining example is Cory Briggs, a San Diego attorney who works tirelessly to help small business owners when it seems like no one else will.

A business attorney can help any small business even under normal circumstances; there are always legal questions that pop up over even the smallest matter, and there are always legal forms that need to be updated and gone over. However, in an era where the rules seem to keep changing every few months, a little paranoia is not necessarily a bad thing and having someone able to go over the rules with a business owner can be well worth the money. You need someone whose expertise can make life easier for you, and given how vital following the rules can be to just doing business, an appointment with an attorney can be the best thing for your business.

Debt Reduction Tactics You May Be Overlooking

You’re up to your eyes in debt and don’t see a way out. You’ve sold some of your belongings, created a realistic budget, eliminated unnecessary expenses, started putting a little extra on your bills each month, and found ways to save on your monthly costs. While these strategies have helped on a minor scale, they’ve barely scratched the surface. Your debt has gotten so out of control; you have no idea what to do.

Lots of people have found themselves in this exact position with the crazy state of affairs and the upcoming presidential election. They’re drowning in debt and overwhelmed financially. Short of letting everything fall apart, it is essential to find relief. Fortunately, there are tons of ideas to reduce your debt faster and ease your stress. Here’s a look at some you may not have considered.

Talking to Creditors

Ignoring phone calls from creditors, service providers, and other bill collectors are common. Since they’re only reaching out to collect a payment you don’t have, why bother picking up the phone? While this may seem logical, ignoring your financial responsibilities has serious consequences. You’ll end up with higher interest rates, late fees, a negative credit history, lawsuits, foreclosures, repossessions, and much more.

What most fail to realize is that talking to creditors is to your advantage. When you speak up and let them know what’s going on, they are often willing to assist. From deferred payments and extended arrangements to lower interest rates and the removal of late fees and penalties, creditors have several options to help their customers get back on track. The sooner you speak up, the easier it is to get your debt under control.

Debt Consolidation

Juggling five or more financial accounts with varying interest rates, due dates, and balances is a lot. Before you know it, the debt is so high that you can’t afford to keep up as you should. While some people contemplate filing for bankruptcy, debt consolidation could be a more comfortable solution.

Sites like MemphisAssociates.com provide debt consolidation services for individuals who can’t manage their growing expenses. As financial experts, they can help you to lower your debt while paying it off faster. They’ll eliminate your high-interest rates, penalties, and late fees and combine your debts into one low monthly payment. This practice makes it easier to manage your bills and pay them off sooner.

Downsizing

While you may not want to hear this next tip, sometimes it’s the most effective way to get out of debt faster. If you’re living in a home, driving a car, or leading a lifestyle that you struggle to maintain, perhaps you should consider downsizing.

For example, selling your home and relocating to a smaller house or apartment could prevent you from going through the expensive and grueling foreclosure process. If your car payments are stretching your purse strings too tight, selling it and using the cash for a used vehicle that you can pay in full eliminates a debt. When you have fewer expenses, you can then use the additional funds to wipe out the rest of your debt and start fresh.

Financial Advisors

Do you have a hard time managing your finances? Maybe you find it challenging to remain disciplined and stick to a budget? The truth is, managing money isn’t easy. Sometimes, all it takes is the support of someone else to get on track. Hiring a financial advisor could be the accountability you need to get it right.

There’s a common misconception that financial advisors are only for the rich and famous. On the contrary, they can be instrumental to the average working person. An advisor can help you analyze your finances, pinpoint areas of concern, develop a debt and savings plan, and secure your future.

If you’ve tried basic methods to reduce your debt with little to no success, perhaps it’s time to dig a bit deeper. Whether you try and negotiate with your creditors, consolidate your debts, consult a financial advisor, or downsize, these tactics generate outstanding results.