Monthly Archives: May 2016
There is no official guidebook for getting out of debt. The indebted are largely left to fend for themselves with their own means when the red notices start coming. However, as with anything, there are a number of things debtors should do, and more importantly, shouldn’t do. Whether debtors get out of debt in a matter of years, or end up being indebted forever, depends on these.
The first thing most people forget about being in debt is that it’s something that happens to everyone. Most debtors find it difficult to come into terms with the fact that they are in debt. People ignore debt, and then end up sinking further in debt. Instead of denying debt, accept it as a fact of life. People who do not belong to the one percent have to take out loans to pay for college, new home or cars. Sometimes, when incomes fluctuate, it’s difficult to repay these loans. That’s when people become steeped in debt.
No matter how deep one gets into debt, there’s always the possibility of getting out of the situation. Another mistake is that most people think it’s not possible to renegotiate the terms of a loan contract. Loan contracts are not set in stone. State and federal laws allow debtors to renegotiate terms of debt if the debtor is unable to meet the financial obligations stated in the contract. In some extreme instances, the law demands that the creditor forgive the debt. In other scenarios, the creditor could legally be forced to reduce the amount of debt. For people who are in debt because of payday loans, the legal avenues will be able to get the creditor to lower interest rates.
Also, bankruptcy is another option most debtors fail to see at first. Most debtors fear bankruptcy as it can ruin credit histories. However, under Chapter 13 bankruptcy, debtors are allowed to repay the loan in partial or at lowered interest rates. Once a debtor starts repaying, bad credit can improve. Local attorneys, for example, a Scottsdale bankruptcy lawyer, will be able to help debtors with specific state laws that favor the debtor.
Other than a legally mandated debt settlement, the indebted can also consider debt consolidation if struggling with multiple debts at once. For example, if a household has trouble paying down a student loan debt, a mortgage and a payday loan, it might make sense to combine all these loans into one and pay a single monthly lump sum. However, for low-income households, this might not be an option as the lump sum usually tends to be quite high.
The easiest way to pay down debt is to start paying off highest interest generating debts first, and seek extensions or grace periods for lower interest loans. Usually, if the interest rate is low on a particular debt, that mostly likely means the loan is secured. It’s much easier to renegotiate secured loans than non-secured ones like personal installments loans.
Ultimately, debtors will have to make major lifestyle changes to pay down any debt. This means making cutbacks across household expenses by eliminating all unnecessary expenses. Extreme frugality for three or four years is worthwhile if it helps someone be completely debt-free.
For starters, just shopping at the grocery store instead of eating every meal out is a positive. By eating breakfast at home, brewing coffee before you leave for the office, packing a lunch, and eating dinner at home can save hundreds of dollars a week depending on the size of your family, let alone over the course of an entire month. Doing the shopping every week or at least every other week not only keeps your refrigerator stocked, but also helps to resist the temptation of going out to eat. I am not saying that you need to eat every meal every day at home, but even avoiding during the week and saving for a nice dinner out of the weekend is perfectly acceptable. While grocery stopping saves on your wallet, there are still some items that you may not realize you are wasting money on. If these tips below still aren’t helping you make ends meet, then consider applying for title loans in Ohio if require additional funds.
Already Cut Fruits and Vegetables
Sure buying a container of pre-cut pineapple is convenient, but the markup is huge. With so many kitchen gadgets on the market now, you can purchase an easy pineapple slicer for $6.99 on Amazon and it can be cut in less than a minute, hardly worth paying double or triple the price to have it cut for you.
Seasoned Meat at the Counter
The meat looks nicely prepared with seasoning, but it is not worth paying the extra charge to have a rub or a bottle of marinade added that you can do yourself for a fraction of the cost. Items like steak kabobs have a large markup, as the meat was cut into cubes, and put on skewers with pre-cut vegetables. Cutting meat and vegetables takes seconds to do, so spend the extra time doing it yourself, and you will even be able to net a few extra kabobs buying the whole ingredient items.
Produce that is Not in Season
Nothing beats corn on the cob off of the grill, slathered with butter and salt, but frozen corn can be enough to tide over until summer, when you can get a handful for a dollar. Buy produce when it is in season, it is fresh, and it is cheap.
Small Bags of Snacks
Getting a pack of small snack bags of chips can be easy to grab and go, but it is not cost efficient. Instead buy a large bag of chips, and divide into sandwich bags, and you have a snack for every day of the week for pennies compared dollars.
As the decade continues to unfold, a host of new trends are reshaping the face and future of the investment industry. Demographics are radically changing in many parts of the world, posing new and sometimes thorny challenges that must be met and adapted to in order to safeguard the future of the industry. One of the most pressing challenges comes in the form of an increasing gentrification among young clients, many of whom are dealing with an investment firm for the very first time in their lives.
Demographic Studies Confirm an Increasingly Younger Client Base
Demographic studies have shown that the client base of leading wealth management and investment firms is becoming ever younger. The total number of individuals who are currently in possession of $1 million dollars with which to invest is now 4.4 million, a number that represents an all-time record in the history of the industry. Meanwhile, the total amount of wealth that can be invested by this group has been estimated at $15.2 trillion dollars, another all-time high.
A Shift in Demographics Is Slowly Restructuring the Industry
Investment firms, such as Fisher Investments among many others, are thus pressed to find viable solutions to the issues faced by an increasingly younger and less experienced group of potential new clients. How can such companies cater to the needs of this new clientele while remaining faithful to their core principles and standard operating procedure? The issues raised by this new scenario have perplexed industry pundits and corporate CEO’s alike, and are sure to remain an ongoing source of productive speculation for many years to come.
The Retention of Customer Loyalty Is an Ongoing Industry Concern
One of the most crucial concerns that investment firms are going to have to grapple with in the very near future is the issue of customer loyalty. Most international firms, such as FI among others, have gotten used to a certain amount of long term customer loyalty. Many of these firms have based their long term corporate strategies on this basic assumption, and may thus be in for a rather rude awakening when they discover that younger customers are less likely to show such long term customer loyalty.
Customer Retention Strategies Are an At All Time Premium
As the direct result of such changing demographics, customer retention strategies are at an all-time premium. New strategies are being devised to retain customer loyalty to a single investment firm while also reassuring older customers that their continuing involvement in the company is being rewarded in the proper fashion. The revolutionary advent of Internet technology has enabled many investment firms to shift the emphasis of daily customer relations to an online basis, which has engaged these younger customers in a much more streamlined and direct manner.
New Strategies Are Being Devised To Deal with Online Clients
New strategies are being devised to deal with clients whose interaction with the company occurs almost wholly on a purely online basis. By engaging directly with these clients on their own terms, companies can increase the customer loyalty of this new breed of clientele by presenting them with informative content on a daily basis. The age of the fully interactive company website is now upon us, thanks to this new and emerging generation of investors.