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How To Avoid Bankruptcy In 2018

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Debt is a way of life for several people. It can be so overwhelming that bankruptcy appears to be the sole answer. Because bankruptcy can have such a traumatic effect on your credit score, Scottsdale bankruptcy lawyers recommend seeking other alternatives before filing for bankruptcy. If one of the following bankruptcy alternatives saves your credit, it’s better to take it, even if it will take more time or cost more to get rid of your debt.

Sell Some of Your Assets

Sell whatever you can spare and use the cash to pay off your debts. You should take action as soon as you notice that you can’t afford to make payments anymore. If you wait until you’re behind, it may be too late.

You can sell furniture, jewelry, and electronics on eBay, for example. Is this an extreme way to avoid bankruptcy? Maybe it is. Many people can’t get past the inconvenience of living without their material items, but you can adjust and it’s only for a short period of time. It will help you avoid bankruptcy and spare your credit.

Pay Your Way Out of Debt

Can you afford to pay off your debts over a predetermined period of time? If you take a closer look at your budget, you may be able to eliminate those non-essential luxuries such as cable or satellite television, landline and cell phones. These are examples of some expenses you can wipe out without too much hassle.

If you’re already living on a strapped budget, consider increasing your income by working overtime or part-time. Hobbies and skills can also help you get some extra money to avoid bankruptcy.

Ask Creditors For Help

Your creditors would rather get some money from you than no money at all. Let your creditors know you are having financial struggles and want to avoid bankruptcy at all costs. Express your willingness to pay the debt and ask if they can help ease the burden by lowering your monthly payment or decreasing your interest rate. Many credit card companies and banks have hardship programs designed for this type of situation.

Before you enter a hardship program, be sure that your monthly payment and interest rate actually go down. Otherwise, you could be stuck with an even higher minimum payment.

Pursue Consumer Credit Counseling

If you have no luck working with creditors on your own, find a professional. You can pursue a consumer credit counselor who has experience working with creditors to get your payment and interest rate lowered.

The new bankruptcy law requires credit counseling prior to bankruptcy filings anyway, so it’s worth strongly considering credit counseling as an alternative to bankruptcy.

Get Help From Family and Friends

Generally, borrowing money from family and friends is not a great idea. It’s been known to result in hardships and even end relationships. However, there is an exception to every rule, and bankruptcy is one. Take the time to calculate how much money you need to avoid bankruptcy. You should carefully consider how much you’re able to contribute, then ask friends and family to help you make up the difference. Generate a plan for how you will repay them once your financial situation has changed for the better.

The Best Investments Of 2018 Revealed

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Instead of placing all of your disposable income into a long-term savings account, it’s well worth using some of your well earned disposable income to invest in your financial future. As the potential benefits of the 3 great investment opportunities listed below are far greater than the projected benefits of saving your income in a long-term savings account. Especially as in recent years, banks have begun to offer laughably low-interest rates of around 2%.

The Best Investments of 2018 Revealed:

1. Cryptocurrencies

If you’re looking to invest a small proportion of your disposable income into lucrative investment opportunities which boast uncommonly high projected return on investments, you may be interested in investing in cryptocurrencies, which are also known as digital currencies.

Apart from their projected high ROI rates, why are cryptocurrencies such a great investment? Digital currencies meet a growing demand from international consumers to be able to have greater control over their funds, without having their financial information shared with government organizations or banks.

Another reason why digital currencies are projected to continue to increase in share price is that they can be used in a wide variety of countries, whereas most currencies are limited to use in a small number of countries. Which makes cryptocurrencies, a popular choice for consumers in an increasingly global society.

2. Property investment

Regardless of the current property market, investing in property remains one of the wisest ways to invest your money. If you’re interested there are two different investment strategies which you may want to implement, you may choose to purchase inexpensive properties which you plan to renovate and sell for a quick profit. Or you may be more keen to purchase property which you plan to hold on to for the foreseeable future, in the hopes of one day selling your property for a significant profit.

If you choose the latter option, of holding on to your investment properties, you may want to consider renting your property out in the meantime, in order to bring in a decent amount of passive income.

3. Gold and silver

If you don’t want to commit to investing hundreds of thousands of dollars into a property and would prefer to invest in tangible items rather than theoretical items such as cryptocurrencies you may want to consider investing a portion of your disposable income into purchasing gold and silver stocks. As both gold and silver are non-renewable resources which will only increase in value in the long term and are a relatively safe investment option which you can trust in.

As both gold and silver share prices fluctuate slightly but remain on the rise in the long term, it’s well worth watching gold and silver share prices over a month to learn how to identify when it’s the best time to invest your hard earned money in purchasing gold and silver stocks. As ideally, you want to purchase your gold and silver stocks when their share price is as low as possible!

So if you’ve made the brave decision to try and invest some of your disposable income, in the hopes of making a reasonable return on investment, it’s definitely well worth investing in all 3 of the lucrative investment opportunities listed above!

To learn the top tips on Penny Stock Investments from 60Degree, click here.

Budgeting Tips For Everyone: 4 Tips To Follow

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No matter whether you’re saving for a house, a dream vacation or your child’s education, simply continue reading to discover 4 budgeting tips which will help you save for your dream.

Budgeting Tips for Everyone: 4 Tips to Follow

1. Keep every receipt which you are given

If you still use a mixture of cash and cards to pay for your purchases, it’s well worth keeping on to every receipt which you are given. That way at the end of each week you can tally up all of the money which you have spent.

Alternatively, you may prefer tallying up how much money you spend on a daily basis so that it’s easier to tally up your weekly expenditure at the end of each week. Either way, just remember to factor in any money which you spend online to your weekly expenditure.

2. Consider downloading a free budgeting app to help you track your spending

One way to record all of your expenses, without using a pen and paper is to download a free budgeting app, which will make keeping track of your spending simple. This is a great option if you make frequent purchases, such as cups of coffee or meals out in a single day.

3. Make sure to take care of your basic needs before your wants

While you may be tempted to purchase luxuries such as brand new shoes and meals out, as soon as you receive your pay, it’s far wiser to make sure that all of your basic needs are covered first. Basic needs include your rent or mortgage payments, your power bill, medical bills and grocery bill.

Once you’ve paid for these essential expenses, it’s well worth transferring a portion of your leftover disposable income to your long-term savings account. Once you have taken care of your basic needs and saved a proportion of your income, you’ll be able to save the rest of your disposable income on luxury items, such as new clothes and entertainment.

4. Take a good look at your purchases for the past month

By looking at your purchases for the past month you should be able to see which areas, you’re spending far too much money on. As an example, you may pay over $100 per month on an expensive cable subscription, when you already have a much cheaper Netflix subscription.

Alternatively, you may find that you spend far too much money on nights out with your friends and may be able to save money by inviting your friends over to your home for social engagements.

So if you’re looking for ways to cut costs, it’s well worth assessing all of the items which you’ve spent money on in the past month.

So whether you’re currently saving for a house deposit, a dream vacation or your child’s college education, it’s definitely well worth using the advice given in all four of the budgeting tips listed above. All of which are proven ways of budgeting your disposable income so that you’re able to save as much of your income as possible!

How To Save Money: 4 Smart Ways To Save Money

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If you’re sick of spending all of your disposable income and failing to save a proportion of your income, simply continue reading to discover 4 smart ways to save money on a weekly basis.

How to Save Money: 4 Smart Ways to Save Money

1. Carry around cash, instead of using debit cards and credit cards

One way to ensure that you stick to your budget is to withdraw cash, for each event that you attend, to avoid overspending. As an example, if you head out on a shopping trip, it pays to withdraw your budget for the day in cash, so that you know exactly how much money you have to spend.

If you have reason to believe that you’ll still be tempted to use a card to purchase additional items, once you’ve spent your allocated budget, it’s well worth leaving your credit cards at home.

2. Always be on the lookout for special deals

Instead of paying full price for items, make a habit out of searching for sales and special deals. As an example, you may be stock up on essential, non-perishable items at your local grocery store when they are on sale or you may want to purchase a new television during a 30% off sale. You may even find that you can score half-price tickets to the movies, on a pre-determined day of the week.

If you try to avoid paying full price for items, you should find that you’re able to save hundreds or even thousands of dollars each year.

3. Don’t be put off purchasing generic branded items

If you have a habit of purchasing items, you may want to consider switching to purchasing generic items, which often offer the same level of quality as branded items at a fraction of the price. As examples, you may be interested in buying a generic branded washing machine or a generic branded box of cereal.

By switching to purchasing generic branded items, you should be able to save yourself thousands of dollars per year. Which will help keep your bank account’s balance healthy!

4. Don’t be too proud to purchase pre-loved items

While there may be a little bit of a stigma surrounding purchasing pre-loved items, you can often find high-quality pre-loved items, which are in near new condition, for a fraction of the price which you’d expect to pay in store. So if you’d rather purchase high-quality items over cheap items, which are likely to wear out or break down within a couple of months, it’s well worth exploring yard sales, online auctions and thrift stores for bargains.

As examples, you may be able to pick up a solid wood writing desk for $100 for your home office or a designer coat for under $50. You just never know, what you may be able to pick up.

So if you’re keen to save thousands of dollars per year, in order to save for your financial future, it’s well worth implementing all four of the proven money saving ideas which are listed above.