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Credit Counseling

It is a practical approach to tackling all kinds of debt and these agencies offer solutions based on the credit situation of the consumer. People should understand that there cannot be a general solution to everyone’s debt issues as each individual is different. Hence, credit counseling agencies or companies can assist people on an individual basis, based on their ability to make payments, total available financial assets, total amount of debt, annual income and so on. The credit counseling agencies are present in countries around the globe and it is easy to approach any of these agencies when one is in need of their services.

It works for most people as they get to find practical solutions to their debt issues, which they can adhere to. Besides, they help the people in negotiating with the creditors and reaching settlement agreements, which make it possible for the borrowers to consolidate and reduce their total debt in due course of time. Also, the credit counseling agencies can assist the borrowers in applying for loans (both secured & unsecured), which

Going Debt Free

In regards to challenging your every belief, it is a fact of the modern financial system that loans generally incur higher interest rates. For example, let’s say Ford Motor Company goes to your bank. The company pays interest that is a fraction over the prime rate, which is the lowest rate banks charge their favorite customers. You, for sure, are paying several points over the prime.

You may not be able to change the fact the bank gives Ford a better interest rate than it gives you. But you can control, to some degree, the interest rate you pay based on the amount of money you borrow.

Look at the interest schedules on your credit card bills. You will see information that tells you something like this: On the balance up to $2,000, the finance charge is 18 percent annually, while on the balance over $2,000, you pay 12 percent. Remember, these numbers are generalized.

You may owe $2,000 or more in credit card bills, but if that debt is spread over several cards with low but lingering balances, you are paying the 18 percent on every penny. And if you pay the minimum amount

Payday Loan Refund

Customers may seek compensation or a refund for a number of reasons. According to research studies, about 30% complaints are about lenders who take out money via a recurring payment. About 20% customers filed complaints that fraudulent loans were taken out in their names. Below are some of the common reasons you may file a complaint about a payday loan lender.

Fraudulent loans

Lenders have to verify a customer’s identity before issuing loans. Unfortunately, the verification is not done very carefully. As a result, many customers end up filing cases that loans were taken out in their names. If this has happened to you, contact the lender right away. If they don’t seem to help you, go to the Financial Ombudsman Service.

Harassment

As far as calls or text messages goes, it is difficult to decide what is considered harassment. Lenders are not supposed to make a call or send you a message after 8pm; however, if they do, you can sue them.

Recurring payments

Typically, the collection of payday loan repayments is done through CPA. It authorizes the lender to make a request for money to your bank. But they are

About Islamic Banking

This banking system is based on the principles of Islamic law, also referred to as Sharia law, and guided by Islamic economics. The two basic principles are the sharing of profit and loss and the prohibition of the collection and payment of interest by lenders and investors. Islamic banks neither charge nor pay interest in a conventional way where the payment of interest is set in advance and viewed as the predetermined price of credit or the reward for money deposited. Islamic law accepts the capital reward for loan providers only on a profit- and loss-sharing basis, working on the principle of variable return connected to the actual productivity and performances of the financed project and the real economy. Another important aspect is its entrepreneurial feature. The system is focused not only on financial expansion but also on physical expansion of economic production and services. In practice, there is a higher concentrated on investment activities such as equity financing, trade financing and real estate investments. Since this system of banking is grounded in Islamic principles, all the undertakings of the banks follow Islamic morals. Therefore, it could be said that financial transactions within Islamic banking are a culturally

Make Online Money Transfer Process Pleasant

Get planning

The secret is that when you have enough time to plan for the transfer, you have increased chances of minimizing costs. Early planning means you will have enough time to compare money transfer platforms and other service providers, especially as far as fees for the transfer are concerned. Comparing also means that you can land offers that can save you a great deal of money with the transaction. It is very cheap and efficient to send money electronically, but it can get even cheaper when you have time to compare and choose the best platform.

Keep an eye on the fees

The amount of funds you intend to send can be eaten up by fees charged for the services. If you are a company sending money, consider sending larger denominations because smaller ones will always be more expensive as per percentage. Think about currency conversion rates that can affect the last amount that the recipient gets. It helps to be up to date with the current exchange rates so that you are sure of getting a fair offer from the transfer company that you choose to use. Verify the exchange rates if you

Hire Debt Collection Experts

When the business is developing, it will be better to have a debt collection firm for determining bad debt issues. This is because these professional have the appropriate labor and assets (and even equipments) to focus on the collection of your business. Meanwhile, you can boost the utilization of your own assets to proceed with your business operations and productions. It spares you time and cash on as the debt collection company can help for nominal charges, wiping out the need to pay separate individuals who will simply see on collecting debt from your clients.

The method of debt collection from clients varies from business to business. Some would hold up between 90 to around 120 days while others keep waiting for a year. Do remember that the longer you wait, the lower will be the chances of debt collection.

A business may encounter such clients who will not respond to the first notice. Often these clients do not react as they mostly do not have the ability to pay or they do not have any intention of paying. There will additionally be times when clients simply don’t respond as they just wish to pay whenever

Drowning In Debt

Lesser are the loans to service

As you would have experienced, keeping track of several loans and trying to pay various bills by the due date is a tedious affair. Even when you have to ability to service all your debts, it is easy to miss payments when the number is large. And within no time it can balloon into a gigantic problem. When you consolidate all your debts into one or two, you get a much better perspective of your financial picture and your debt problems appear much less alarming.

Lesser is the interest outflow

Different debts carry different rates. Also, there is the additional penal interest whenever you default. When you take a single loan to pay off multiple debts, the interest payout on this new loan is almost surely lower than the sum total of interests on many individuals loans. This is a double bonanza. One, your monthly payout reduces. Two, lesser payout means more money in hand, which can be helpful in accelerating your debt reduction. So within a short period of time you will see a rapid decline in your liabilities.

Lesser is the time pressure

One of

Some Benefits of Payday Loans

No Strict Qualifications

Payday loans are easy to qualify for. Even if you have a bad credit score, you can qualify. All you need to do is let the loan provider know that you have a job and that you make enough money each month to pay back the loan. If you meet these qualifications, the provider will grant the loan. On the other hand, other types of loan require a lot of time consuming background checks before you get access to the loan amount. In some cases, the background checks take weeks to complete. As a result, you have to wait for a few weeks before getting the funds in your account.

No Cash Advance Limits

If you can get a payday loan, what you can do is get cash quickly that you can spend on whatever you want. On the other hand, with a credit card, the bank won’t allow you to get the cash and spend it on whatever you want. You can use the credit card online; however, if you get the cash, you will be charged a very high rate of interest. Moreover, you can’t get the same amount in

Stuck in Debt Trap

We continually hear these statements: you deserve the best, shop till you drop, just charge it, treat yourself, pay later. What sounds like a good idea ends up becoming a burden when the credit card statements come and there isn’t enough in our bank account to cover the minimum amount.

Have you ever considered how much money you spend on stuff you don’t really need? There is a huge difference between needs and wants. We might really believe that we need something when in fact, we really don’t need it, we just want it. Here is a quick list of some costly wants:

  • COFFEE – If you buy 2 coffees a day costing $1.60 – in one year you will spend $1,168.00.
  • EATING OUT – If you eat out at a restaurant once a week and spend $80.00 – in one year you will spend $4,160.
  • TAKE OUT – If you bring home food once a week and spend $40 – in one year you will spend $2,080.
  • CLOTHING – If you buy 1 new item of clothing each week and spend $50 – in one year you will spend $2,600.
  • GROCERIES – If you buy extra snacks, sweets and

Avoid Credit Card Fraud

Keep your card safe – It is very important that you keep your cards safe and away from the reach of other people. Place your cards in a bag or wallet close to your body so that it cannot be easily snatched away. If you use a purse, make sure that it is properly zipped so that the cards do not fall off from your purse. Also, instead of carrying all your debit and credit cards with you all the time only carry those that you need.

Be cautious when using your card online – When you use your card to shop online, be careful and make sure that you only use it on websites that are legitimate and offer SSL encryption security for online payments. If the site does not provide adequate security, your card information can be stolen and the same can be used for identity theft or for making fraudulent transactions with your card.

Keep a track of your account – Opt for mobile and email alerts to keep a track of your credit