Saturday, November 21, 2020

Is it legal to pay off debt with a credit card?

credit debt
Have you ever found yourself wondering ''How did I get myself into this debt?'', wishing you had that car insurance before the accident?

Unfortunately, we cannot turn back time, but we can offer you solutions for paying off your debt.

Even though it would be great if we could pay off one credit card with another credit card, that is not exactly the case.

Paying off a credit card with another credit card

This is, unfortunately, not possible. Bouncing the debt between two credit cards may be the simplest solution that crosses your mind, but in reality, credit card companies don't allow you to pay off your balance with another credit card.

Luckily, there is another kind of similar option you might be interested in. We are talking about balance transfer and cash advances – two ways of making that debt go away forever!

Balance transfers

This is a very quick way of transferring your debt from one credit card to another with a lower interest rate. Before you do this, calculate!

Debt transfer to a card that offers you more financial benefit can often hide additional fees and expenses, so you might end up with the same paying amount.

Through this process of paying some benefits, be careful – a lot of people don’t know what exactly they are paying for. Exercise your rights and monitor the Packaged Bank Account situation.

Pros for balance transfers

If you are looking for saving your money in the long run, balance transfers are a great tool! Some credit cards have better reward programs and perks, so don't miss it.

Starting with an interest-free period, credit card companies give you 12 to 18 months to convince you to transfer your balance.

Cash advance

If you are looking for the fastest way out, this is the solution that can help you in your intention.

Considering your line of credit, you can take a cash advance out with the help of credit issuers. Be aware of the fact that borrowing amount will add up to your owing amount at the end of every billing cycle!

This is a solution with a higher risk than balance transfers. However, taking that risk may pay off in the end!

Keep in mind expenses and fees – even though this is the fastest way out, it comes with its price.

Pros for cash advance

As said before, the biggest advantage of cash advances is saving time. This can be done very quickly and you could pay off your debt as soon as possible.

Getting the cash advance immediately can decrease your stress and reduce your worries!

So which one is a better solution?

Considering all the pros and cons of these two solutions, there is no right universal answer. Weigh the relevant factors and consider your abilities.

If you want to pay your debt as soon as possible, a cash advance may be your route. On the other hand, a safer and cheaper option is balance transfers, but they take time.

Monday, August 10, 2020

Disease-Free But In Debt? Ways to Pay Off Medical Debt After COVID-19 and Other Conditions

covid-19 medical expenses
The COVID-19 crisis has affected every area of our lives--not only our health, but also our finances. If you’re someone who has gone through getting sick with COVID-19 or other illness that required hospitalization, your burden may even be heavier. NBC news reported that many patients received unexpected medical bills after recovering from the novel virus, as their documents state several out-of-pocket expenses not covered by their policies.

The case isn’t isolated with COVID-19 patients. With hundreds of thousands of insurance claims during this challenging time, a lot of companies are trying to keep up fulfilling these policies. Even after COVID-19 recovery, many families and individuals are faced with out-of-pocket medical debt, on top of unemployment, and other personal struggles related to the effects of the pandemic.

Thankfully, there are ways to be strategic in your finances when trying to pay off medical expenses. Below are some tips that could help.

Ensure mistake-free medical bill

Have you received a medical bill that made you fall off your chair, literally? Perhaps it is time to reassess the balance and confirm if the bill is accurate. Since there is a surge of patients for COVID-19 along with others being treated for non-related conditions, there may be cases where some of the input in people’s bills was a mistake.

Read through your balances and check the procedures and medications provided, and see if there is anything unclear. You can call the billing department of your hospital to ask for a re-calculation or clarification if there’s a particular matter to be settled.

Reconfirm your insurance coverage

If you have a health plan, it is ideal to read through your policy again and look for information about the coverage you have for the condition. Some insurance companies may need extra clarification about the treatments or medications you took, which turns out to be covered by your policy. The federal government is even asking insurance companies to be more transparent about the policies they offer to avoid confusion with clients.

To settle matters, you may call your insurance provider and ask about the non-covered items in your medical bill. Given the right information, they may consider to cover some of the expenses which are actually stated in your policy, but were missed when preparing your out-of-pocket bill.

Don’t use credit cards

Tempted to pay off your medical debt using credit cards? It may not be the best option. Many cases happen where people get into a never-ending cycle of credit card debt with high interest, and you don’t want to be in that situation.

What are some of the disadvantages of paying through credit card?

  • High-interest payments: A lot of credit card companies have staggeringly high interest annually. If you cannot realistically pay the rates, do not give in settling for a credit card debt.
  • Affects your credit score: Having unpaid credit card debt lowers your credit score, even making it more difficult to secure a low-interest payment plan.
  • Other options for medical debt: Unlike other types of debt, medical bills are more negotiable and flexible by nature. You can use no interest or low-interest payment options, so it is ideal to explore more routes.

Choose no interest or low-interest payment plans

Having access to healthcare is a basic human right. Thus, it is justified that medical debt should be paid with no interest or low-interest rates as much as possible. There are several options you can choose from when looking for an affordable medical debt payment plan:

Hospital or healthcare facility offer

Your own hospital or healthcare facility may have payment options that are interest-free or longer terms that make monthly payments more realistic. An article published in Modern Healthcare revealed that some major hospital networks offer a wider level of financial assistance for patients that fit eligibility requirements.

If your medical bills overwhelm you, it is best to get in touch with your hospital or healthcare facility if they have any affordable payment plans.

Interest-free financing companies

There are also other financing companies that specialize in medical bills. They have payment plans which are interest-free for a period of time, making it possible for you to pay medical debt as affordably as possible.

In fact, you can use these financing options not just for COVID-19 hospitalizations, but for other healthcare facilities such as rehabs for alcoholics and urgent care centers.

Personal loans

Taking out a personal loan can be done for a variety of reasons, such as covering out-of-pocket medical expenses. The great thing about this type of financing is the flexibility and the amount of companies offering this option. If you have a good credit score, there is a higher chance that you’ll secure a low-interest personal loan plan.

However, if you have a less-than-stellar credit score, there are still ways to secure affordable personal loan options. You can compare rates and see which one fits your budget depending on your credit score.

Paying Off Medical Debt? You Can Do It!

Paying off out-of-pocket medical expenses may be challenging, but using these strategies can make this undertaking so much easier. Make sure to clarify your bill, negotiate with your insurance provider and explore affordable options to get the best payment plan.

Tuesday, September 17, 2019

Should You Invest in a Single or Multi-Family Rental Property?

property management
Are you ready to start building or expanding your real estate investment portfolio? If so, you are probably weighing your property options carefully, especially when it comes to choosing between a single-family or multi-family purchase.

Both types of properties offer their own benefits and challenges. It is important that you look at each type carefully before making your decision and taking the leap. Once you take a closer look at the details of a single-family and multi-family home, you are likely to see that one better fits your portfolio more clearly. Some of those details include performing regular daily tasks like rent collection and property management.

Take a few moments to explore some key facts about single-family and multi-family real estate properties to see which one offers you the best short-term and long-term success with your next investment.

Single-Family Rental Properties

The idea of buying a single-family structure is often extremely appealing to future landlords that are interested in factors like long-term capital appreciation, substantial tax write-offs, and passive rental income.But there is much more to learn about this type of real estate investment.

Initial Lower Cost

Single-family rentals come with one huge advantage, which is a lower investment cost to get started. New real estate investors find that these properties cost less and require less upfront capital. Depending on the market where you plan to launch your real estate management business, you can find homes for far below $100,000—often under $50,000—particularly in the South and Midwest regions. Multi-family rental units in the same areas may cost well over $1 million.

Steady Growth and Strong Portfolio-Building Potential

If you have your sights set on building your portfolio steadily and profitably, a single-family property is an excellent choice—especially if you are considering buying one or more additional properties per year. With this strategy, you will have an amazing portfolio and serious cash flow over the next decade or two.

Quick Piece-By-Piece Liquidity

There may be times when you need additional cash flow for personal and business emergencies. You will find that funds are available through your rental investments, and it is far easier to sell a single-family unit than a multi-family property. More importantly, by doing so, you do not risk losing your entire portfolio, particularly if you have already invested in a few more single-family properties.

Multi-Family Rental Properties

Many first-time and more experienced real estate investors have their reasons for choosing multi-family properties that you might appreciate, too.

Cost-Per-Unit is Less with More Potential for Rental Income

Each multi-family unit is likely to cost far less than a fully single-family home while still allowing you to charge a similar rental fee. For instance, if you invest in a duplex, you may be able to charge the same monthly rental fee for each portion of the duplex that you would charge for asingle-family domicile.

Easier to Finance

Buildings that feature five or more units are eligible for commercial loans, which are actually easier to obtain than residential loans. Such loans are based more on the investment factor associated with the building than an assessment of your assets and liabilities.

Give Each Type of Property a Closer Examination Before Making Your Decision

Both types of properties offer several solid ways to build your portfolio whether you’re looking to purchase now or in the future.Just be sure to weigh out the pro’s and con’s and evaluate which property type is best for your financial goals.

Author Bio

Patrick Freeze is the President of Bay Management Group, which manages about 4,000 units in the Mid-Atlantic Region. The company is overseeing more than $700 million worth of real estate as of October 1st, 2018.

Tuesday, August 20, 2019

Understanding Forex Trading and Techniques to Earn More

business trading
It is such as a journey to obtain success in Forex currency trading since, as a trader, you're for the lane of progress and learning. To say this evidently it's like touring from stage A to B, where in fact the point B indicates to create constant earnings in Forex currency trading.

To be able to make money Forex currency trading over a continual time frame you must have confidence in and start using a simple trading approach like raw value action research, and effectively cope with your emotions, so you usually do not over trade and don't risk an excessive amount of. They are three necessary factors to learning steps to make money investing Forex. It is strongly recommended when starting out in Forex trading to view this currency set closely and move on to know its routines before buying and selling it. Once learned, you would discover it very money-making.The market is among the most dynamic on the planet, and this can be good since it means that you may make a huge benefit from it in the event that you only perform your cards most suitable.

If you are looking for a method to become a profitable FX investor in the market, then you must use the best Forex trading system which can give you a good start. When coming to currency markets, there is no other market in the globe that generates critical data in large amounts as this market does. The data that is generated should be processed and analyzed to get good profits in the market, and with the help of these software products, this process is done efficiently and in an effective manner.

Forex Trading Tips

The first step in this process is to collect all the data that is generated and given input to the system software, and all the Forex trading systems do this automatically. Secondly, this data should be screened based on their significance.

At this point, various software products differ from each other. The significance of a particular data, whether it is important or not is decided by the professional investor who is the source of power behind the development of the product. The nature of the end product depends on the better job they do to make money in the market. So, the better the job done to make money delivers a good end product.

The third step is we have to select the particular product on which we can invest our money positively. The ability of the programmers, experts and software engineers to understand that and develop it into mathematical algorithms reflects their experience and talent to decide the systems which can make money in large amounts and which gives you moderate profits.

This makes us talk about the top two Forex trading systems that are used by hundreds of investors all over the world. Their popularity all over the world is just awesome. It all comes to one conclusion they can give you maximum profits than other products in the market today.

Friday, May 24, 2019

6 statistics about employee compensation and benefits you should know

employees compensation
If you are a business owner then before devising an employee compensation plan you need to keep certain things in mind so that all the company employees remain satisfied with the job offer. This article covers the 6 aspects which are deemed as beneficial for the employees.

Benefits of pay in employee compensation

As being an authority you must know that what appeals largely to the workers. You must know that they would not appreciate an increase in a pay rate to that extent but they will highly love the additional perks and benefits in the comparison. In the true sense of the word, these employees need freedom and the additional packages and other add on can grant them that. The additional perks make them happier than you think. So whoever devises the employee compensation plan one must keep in mind the importance of this statistic for increasing the satisfaction level. At the end of the day, the happiness of the employee is all that matters. After all, they are responsible for boosting the productivity of the company. For 90 % of the employee, enjoyment comes before.

Importance of work balance

60% of women enjoy the balance in work life so during the recruiting process the hirer can highlight the aspects and elements which contribute to this balance. Even 48% of the men appreciate the work-life balance so there is a high chance of satisfaction if employees are recruited on this basis.

Perks in employee compensation

57% of new job seekers love the perks offered. If you will be offering additional benefits along with the salary package as part of the employee compensation then there are high chances that you will land up hiring competent people. The top tier talent will be attracted to this employee compensation and thus the productivity of your company will receive a boost. Such a perk will ensure that the employee owns a sense of ownership while remaining loyal.

Transparent Salary in employee compensation

If you want to build the trust level with the employees then you must be extremely clear and transparent about the employee compensation. many organizations are not at all comfortable regarding this matter and thus they fail to build up that trust should never hide the information from the employees but instead, become as transparent in employee compensation as possible so that there remains no room for false hope.

Men get 24.1% Higher Pay

One may know that on average men earn 24.1% more than women. If this is the case in your organization too then you got to fix this air of inequality.

Employee compensation should be fair

This is one of the most shocking yet appreciable facts that about 67 % of the employee in the US is not willing to work in a place where inequality exists. Many don't apply or even leave early due to this unfair attitude of several organizations. Thus this clause must must never be present in employee compensation strategy.

Friday, May 10, 2019

7 Steps to Becoming A Successful Trader

money trader
Trading is about investing the profits of a business entity or individual overstocks. Growth stocks are stocks with companies that invest their profits periodically. Brokers are professionals involved in the buying and selling of stocks. They can trade in stocks via an exchange and charge a commission for that.

It is possible to make a trade over the internet or phone; a broker may even do so on the trading floor as well. However, an investor needs to follow a few essential steps for becoming a successful trader.

Here you have a list of steps to follow and shape your trading future:

■ Right trading plan

A trading plan follows a systematic method for evaluating variables like that of the trading objectives of the investor, his risks, and the appropriate time while trading and identifying securities. Apart from defining all parameters of active trading, a trading plan helps in taking a few logical trading decisions. You may keep yourself from making hasty decisions by opting for the right trading plan.

■ Risk management

Risk management helps in cutting down the trading losses. It can even safeguard your trading account from shedding much of your hard-earned money. The risk element comprises of the losses that a trader incurs. The trader can explore various opportunities of earning money in the market once he learns how to manage the risks.

It’s very much essential for active and successful online trading. Only a couple of bad trades are enough for a trader to generate substantial profits. That is why it is so crucial for you to develop the right risk aversion strategy in advance.

■ Money management

Effective money management reflects the number of contracts or chares that you may trade at a certain point in time. The concept is defensive. It lets you survive a few challenges and keeps your hopes alive for one more day. Through proper money management, you can understand whether you can acquire new funds for trading other positions.

■ Accepting losses

You have to take losses on a positive note if you want to be an expert trader over time. You cannot continue with trading if you cannot sustain losses. Experiencing losses can help you improve your trading strategy and turn into a uniformly profitable trader. Do not expect a high margin of return during the initial phase; instead, you must work sharpen your trading skills and achieve the bigger picture.

■ Knowledge on the market

The stock markets resemble a vast auction that enables the highest bidder to acquire ownership of companies. Compared to the intrinsic value of companies, the amount for which they change owners could be less or more due to the human emotions of greed or fear. You can identify the companies that are selling for less only when you are an efficient investor.

■ Being patient

You must learn to wait for the right opportunity whenever your timing seems off. You must trigger your actions at the most opportune occasion. You must develop an appropriate trading strategy by adjusting the parameters if you are stepping into trading for the very first time. Thus, you will be able to see a few other price bars and learn to be more patient. Eventually, you will learn how to steer clear of a few impulsive trading decisions and wait for the additional profitable trades. With time, you will lose all frustration and stress and know how to trade online.

■ Picking the right online broker

Online brokers face stiff competition from time to time, which indicates a drop in costs and ramping of services. Depending on your priorities, you may opt for an appropriate brokerage account. A state-of-the-art trading platform may seem worthy of spending higher commissions on trade.

Factors that you ought to consider while choosing online brokers include technical needs and trading style, account fees, promotions, account minimum, and commissions. Generally, online brokers offer an identical investment options menu including funds that they trade in the exchange, mutual funds, bonds, options, and individual stocks. Accessing forex trading and futures trading may even get more straightforward with some of them.

Investments dictate two things that you can explore with these brokers. You can explore the amount that you pay in terms of commissions and also know if you can meet your investment requirements. You must pay more attention to your investments as well as the related commissions.