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Should You Consider Getting a Car on Finance?

If you are thinking about getting a new car, there are a lot of different things for you to consider.

As well as having to decide on the specific make and model of car that you want, you also need to think about how you are going to pay for it.

A car isn’t something that you can go ahead and rush into buying. Buying a car is expensive, but car finance is there to help.

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Here are a few upsides of getting a car on finance:

The Cost is Easier to Manage

Regardless of how much money you have, nobody likes to pay out a lot of money in one go. This is avoided with car finance, as payments are split into smaller installments that are usually paid monthly.

You can pay a smaller amount each month, without worrying about breaking the bank or going over budget.

You Can Get a Newer, Nicer Car

When you have to buy a car using your savings, you are limited by how much money you have. Plus, you then have the worry of not having any savings left if a financial emergency where to arise.

If you don’t have enough, you could be left buying a car that you are not completely happy with.

With car finance, this is never a problem. As there’s no need to save up ahead of time, car finance can help you to get a newer and nicer car.

You Can Change Cars With Ease

If at any point you are not happy with your car and you want to trade it in for something different, car finance makes everything a lot easier.

Rather than having to sell one car and then buy another, you can simply swap it. There’s no need to worry about the hassle of selling a car, shopping for a new one and then buying it.

There is no denying that there are a number of benefits that come with getting a car on finance, which is why it’s something that a lot of people do.

Rather than buying a car using one large payment, many people split the cost in a way that is easier to manage.

Get Your Money and Life Back: How to Stop Your Gambling Addiction

About 10 million adults are addicted to problem gambling in the U.S.

What starts out as harmless fun, takes a quick wrong turn and becomes a destructive obsession.The worst thing about gambling addiction is that it may put you in a worse financial position than you were before. Once you’re hooked, your social life and psychological health may be crippled.

Trying to stop gambling addiction can be overwhelming. You’re always sure you’ll win in the next bet, only to lose again. Although you want to quit, you can’t do it yet – at least not before you make your long-awaited win!

However, saving yourself from this unhealthy addiction is a progressive routine. You’ve got to start from a certain point until you gradually become an ex-gambler.

Here’s how to deal with a gambling addiction.

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1. Get to the Root Cause

Identifying the source of the urge to gamble is the first step towards recovering from the addiction. Once you know what triggers the urge, you can then try and abstain from those causative agents.

Some people start gambling due to boredom, loneliness, or even stress. And since gambling activates the rewarding system of the brain, people use it to cope with unpleasant feelings.

2. Change Your Thinking About Gambling

Most problem gamblers have a strong belief that they can control the outcome. Even after losing consecutively, they’re still convinced that they’ll somehow get lucky.

To counter these thoughts, you’ve to accept that gambling involves random events that are beyond your control.

Cultivating hate towards gambling can also help you change your thinking. Simply reflect on how much you’ve lost, every time you feel the urge to gamble.

3. Avoid Tempting Situations

One of the best ways to stop gambling is to avoid situations that prompt you to gamble in the first place.

If having too much money at your disposal fuels the urge to gamble, try limiting the amount of money you access. You can put it in a locked savings account or try investing in something substantial.

Sometimes, it can be a simple visit to a Vegas casino that prompts your gambling urge. So you may want to avoid such joints. Instead, you can try out some top Las Vegas marijuana strains recommended by this website.

4. Be Easy on Yourself

When trying to stop your gambling addiction, it’s likely that you’ll gamble a couple of times despite your efforts of stopping.

It’s important to understand that you can’t quit gambling in just a single day. So, be patient with yourself.

To help you with this, try keeping a diary and record the number of days you’ve successfully abstained from gambling. This way, you can track your progress and even aim at achieving more gamble-free days.

Kick-Start Your Gambling Addiction Treatment Today

Gambling addiction can be likened to substance addiction. It’s easy to quit, but only if you’re willing to put in the effort. Use the above treatment tips to help you counter your addiction to gambling. Looking for ways to put your money into good use? Check out these money plans

Loans and Your Credit Score – The Do’s and Dont’s

Millions of people in the UK have a personal loan for one reason or another. A loan can provide financial help when an emergency or unexpected bill arises, or when financing for a big-ticket item is needed. They offer fixed repayment schedules and known costs in most cases, making repayment easier than a flexible credit card or another revolving credit account. Over the last few years, countless lenders have joined the ranks of personal loan providers, making it equally beneficial and confusing for consumers searching for a loan.

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Having too many options for personal loans could lead to adverse effects on one’s credit score, without a borrower even realising their credit has been impacted. Here are several considerations when it comes to loans and your credit score, including what you should avoid and the steps you can take to get a loan in the right way.

What to Avoid

Your ability to get access to credit when you need it is one of the foundational aspects of a healthy financial life. If you are in need of a loan, it is beneficial to know how obtaining one will impact your credit score both now and in the future.

Applying for multiple loans at once – with a high number of lenders offering loans, it may be tempting to apply for several at one time to ensure the best repayment term and interest rate is obtained. However, responsible lenders complete a hard check of credit when a loan application is received. This credit check is visible on your credit report, and it can adversely impact your credit score. Having multiple hard checks on credit indicates you may be borrowing too much at one time, meaning your access to credit in the future could be negatively impacted.

Missing monthly payments – part of your credit score calculation is based on your track record of on-time payments. Taking out a loan can be helpful in covering urgent financial needs, but without a plan to repay the loan on-time until the loan term ends, your credit can be negatively impacted. Lenders and other credit providers want to know that you are a responsible borrower, and missing payments on a loan shows the opposite.

Using high-cost loans – loans come in many different forms, including short-term loans. While these may be easier to qualify for and have a fast turnaround time for receiving funds, the cost for short-term loans can be excessive. It may make more financial sense to review your options for longer-term loans as well as short-term loans, comparing both the cost you will pay for borrowing and the term you have to repay what you owe.

What to Do When Taking Out a Loan

Understanding what can negatively impact your credit score when taking out a loan is the first step. However, it is just as necessary to recognise what steps you should take to complete the process the right way.

Compare loan providers – according to a finance expert with Money Pug, a site used to compare payday loans online, a borrower should always take the time to review several different lenders before applying for a loan. Comparison sites make this task simple, providing quick and easy information about what lenders are currently offering, including interest rates, loan amounts, and repayment term options. This step helps you minimise the negative impact on your credit score by only applying for a loan that makes the most sense for you.

Read the fine print – lenders are required to provide specific details of the loan you are approved for before finalising funding. Be sure to take a close look at the loan terms, including the total cost of borrowing and the rate you receive, your repayment obligations, and any penalties that may be involved in paying the loan off before its term ends.

Understand what you can afford – as with any new credit account, borrowers need to first understand what their budget allows for repayment. As mentioned, missing payments will have a drastic impact on credit scores, and this negative information stays on a credit report for several years. Evaluate income and other expenses to determine what is affordable for monthly loan payments moving forward before signing on the dotted line.

Taking out a loan can be a helpful tool in getting through a financial emergency or financing a large expense. However, doing so has an impact on your credit in several different ways. Following these do’s and don’ts will save you from credit score headaches both now and in the future.

Getting Financially Stable: Everything You Need to Know About Taking Out a Loan

Being optimistic about your finances is only natural. Most people have high hopes concerning their job prospects, lifelong earning capacity and financial management skills. But, reality might have another plan.

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What Is Financial Stability?

 Financial stability is both an objective and subjective quality. The objective standard is having an income that is higher than your expenses. You must make more money than you spend.

But, the subjective character is based on your financial status. Most people will admit that rich people have a different life style than others. For many of them, they can coast for a while before the day of reckoning arrives.

But inevitably, it will arrive. Everyone pays the piper. So, even though the wealthy have a higher income, they also must develop wise management skills. We will discuss a few of these.

Make a Budget

 Musicians practice, athletes practice … pretty much anyone who wants to succeed practices and prepares a plan. How can you control your expenses, when you don’t even know what your credits and debits are? You need to start by making a budget.

Some people don’t want to face financial reality. They want to believe that they are wealthier than they are. We see this a lot with athletes and celebrities. When their salad days are over, they might file for bankruptcy.

If you fail to plan, you plan to fail. = Benjamin Franklin.

Create a budget. If you are continually dipping into your savings, then you know you are not making ends meet. And, something that cannot go on forever, will not go on forever.

Write down your expenses and income. Then, see what your surplus or deficit is. Decide how you are going to make up that deficit.

You might try to add more hours at work. Or, you might consider taking out a personal loan. Saving money requires having higher income than expenses.

Balance Your Cheque Book

 Once you have a planned budget, see how you are doing each month. Balance your cheque book. Many people assume that bankers are never wrong. But, they do make mistakes.

After balancing your cheque book, you can identify any errors made by your bank. This also gives you a better understanding of your spending habits. You need to know how you spend money before you can improve your money-spending habits.

Count Pennies

 Remember the parable of the grasshopper and the ant. The grasshopper liked to visit the grocery store in the middle of the week and throw large parties. He had a great bar-be-cue, but didn’t produce anything of note.

While, grasshopper partied, ant was working hard, storing up food for winter. Grasshopper wondered why ant worked so hard. Ant told him that when winter arrived, those who stored away wealth would survive. Eventually, winter arrived and ant had plenty of food stored up while grasshopper starved.

How will you reap, when you have not sown? 

Those who save money, count their pennies. If you need help calculating your pennies, then you can use the Acorns App. Financial management has never been easier.

This money management app helps you earn found money, grow your knowledge, invest for your future and spend smarter. It is like having a financial assistant with you all day long. Sometimes, people need a little nudge to improve their saving habits.

Cut Corners

Paying off debt requires both a physical and spiritual commitment. Physically, if you don’t have enough credit, then you need to reduce your debt. You need to cut corners.

Enjoy some home cooking and reduce your visits to five-star restaurants. You might want to watch an old movie on date night. Reduce your expenditures to create a better threshold for your budget.

Find New Income Sources

 Sometimes, debtors need a little financial boost to help them regain their composure. When you are priming a pump, you introduce a similar liquid to draw out the liquid. Find new income sources to increase your cash flow.

After you learn more about personal loans, you can find the best financing means. Use the new funds to pay off the bills with the highest interest rates. Compound interest can quickly drag you underwater, like a drowning swimmer.

Create Rainy Day Fund

 You wear a seat belt just in case you get in an accident. A rainy day fund can help you overcome little glitches in the budgeting process. For example, your rent is probably due the beginning of the month, while your pay cheque arrives every two weeks. Sometimes, these two periods of time don’t mesh perfectly.

Instead of incurring late fees, create an emergency spare cash fund. You might even include a full month’s rent. This ensures that you are always on time.

Landlords and bankers expect you to pay your bills on time. They have a very fine-tuned system that will deposit the funds into their bank accounts immediately. There is a “Domino Effect” when they’re not paid – managers ask where the money is.

A rainy day fund smooths over many rough edges. It can be used to keep everyone happy. Toss a $20 therein when you get paid.

Healthy Financial Management Skills

Changing bad financial management habits can take some time. Psychologists believe that the development of good skills might take at least two weeks of constant repetition. Send yourself an alert from your smart phone, urging you to save more every single day.

After two weeks, there is the hope that this new habit will be well-ingrained. Use a multi-dimensional strategy for regaining financial stability: make a budget, cut costs and find new income sources. Develop healthy financial management skills to pay off your debt. Then, you can sleep better at night.

Getting Your Finances in Order: 5 Reasons Why You Should Consider Debt Consolidation

With all of U.S. household debts combined, Americans together owed a skyrocketing $13.21 trillion in 2018, hitting a record high. However, the amount of debt the average American might owe depends on their financial status, level of education, current employment, age, lifestyle, among other factors.

Regardless of how much you owe and why, getting out of debt is critical in order to take stress off your plate. Clearing debt also means getting to fix your credit score. And as most of us are aware, having an ideal credit score means getting a better chance for renting a home, getting lower interest rates on credit cards, and having a better shot at getting approved for a loan.

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Getting out of debt is hard, but with debt consolidation, some might find that it’s a reliable solution. Debt consolidation is a type of debt refinancing. Via debt consolidation, all of your unsecured debts get rolled into a single loan. In fact, there are multiple reasons why one would consider debt consolidation for paying off their pre-existing debts, such as:

  1. Lower interest rate

With debt consolidation loans, you as the borrower will often get the benefit of receiving a loan that has a lower interest rate, that is, as long as your debt consolidation loan has a lower APR than your current loan. The intention of this is to allow the borrower to pay their dues quicker. Because debts can be paid faster, both the borrower and the lender can benefit in this case.

A lower interest rate means you are forking out less money every month as you pay back your loan. Apart from the short-term benefits, you’re also benefitting long-term as you’ll have overall had to pay back less to your lender interest-wise. As a result, a lower interest rate to pay back your debts can also indirectly help you save more money and better your finances overall.

  1. Only having to pay back in one payment

Apart from the money you have to pay back and the interest rates that are tied to it, what is the next most annoying thing about having debt? Having to pay your dues to multiple lenders through multiple payments. After all, many Americans have multiple credit cards. However, with debt consolidation, you’re simply paying to one lender via a single monthly payment.

Unless you like wasting your time and having to pay what you owe split up in several bills, paying off debt through a debt consolidation loan tends to be the more preferred option. It’s just easier, and quite frankly, it makes more sense to put all of your debts in one pool.

  1. A more convenient way to pay off debt

When we say debt consolidation allows debt holders a more convenient way to pay off their debt, we mean multiple things. For some individuals, a lower interest rate alone may be convenient for them on a financial level. However, debt consolidation is also convenient in terms of the latter point we discussed regarding only having to pay back in one payment.

Having to only pay back one lender with one payment on a monthly basis means less work for you. You’ll have one bill with one payment, making things much simpler and quicker on your end. Thus, there is no need to sift through multiple credit card bills to make several payments to different lenders when you opt for debt consolidation.

  1. More likely to pay back on time

There are multiple reasons why one is more likely to pay their debt on time when they opt for a debt consolidation loan. For one, only having one payment each month means no more having to juggle multiple loans. In turn, you’re more likely to pay your dues that month as you’ll no longer be forgetting to pay back one of your loans if you have too many currently on your plate.

Additionally, you are more likely to pay off your debt on time via a debt consolidation loan considering you will be better able to afford it out of pocket. Coming back to point one on our list, those with debt consolidation often get the benefit of lower interest rates. Therefore, there’s a higher chance that they will be able to afford what they owe when it’s due.

  1. Getting out of debt quicker

There are many reasons why it’s a good idea to get out of debt as quickly as possible. For one, having debt is stressful. Seeing the number build certainly doesn’t help. Additionally, the longer you have debt, the more money you will owe in interest. Also, having a large amount of debt long-term doesn’t make your credit score look too good, affecting the way creditors look at you.

Fortunately, opting for debt consolidation is one way you might be able to get out of debt sooner. With all of the latter benefits in mind, especially a lower interest rate, it makes perfect sense why debt consolidation can help you eliminate your outstanding patients much sooner than you expect. The faster you’re out of debt, the better you’ll reap financial benefits.

Regardless of the various benefits of debt consolidation, it’s vital that you do your own research to decide if this debt refinancing option might be something you want to try. For more information on debt consolidation, head to DebtConsolidationUSA.com.

Conclusion

Debt consolidation means getting to pay back your debt with a lower interest rate, having an easier way to get out of debt, and only having to pay back in one monthly payment as opposed to several. Other benefits of debt consolidation include being better able to remember to pay back on time and getting the opportunity to get out of debt faster.

With the latter said, debt consolidation may save you money short- and long-term and get you back on track to boost your credit score, overall helping you get your finances in order. After all, when one has good finances, they can enjoy an easier, less stressful life. Thus, getting out of debt may be the best thing you do.