Financial Strategies

Are you unable to pay your credit card? If you are worried about bankruptcy or constant phone calls from your credit card company then there are two options to help you – a debt management plan and an Individual Voluntary Arrangement (IVA).

Unable to Pay Your Credit Card?

If your business recently began accepting credit card payments, you may be wondering how long you need to keep the receipts for.

On the other hand, other records and receipts – such as credit card receipts – can be discarded after an allocated periods.

If you can’t present your original credit card transaction receipt, you may have trouble settling the dispute with the credit card company.

Once you are finished with any sensitive documents such as credit card receipts, you should shred the paperwork immediately.

Credit cards seem like a necessity these days. Put it on credit! The average American is walking around with $8,000 in credit card debt.

At some point, your debt can become very overwhelming. If you stop making your mortgage payment, the bank can move to foreclose.

Ironically, the actions taken by your creditors will really only seek you farther into debt. The downward spiral into debt can be fast and, with it, you take your credit score. Chapter 7 helps you to eliminate your unsecured debts (credit cards, medical bills, payday loans, etc) and turn your life around in as little as 90 days.

Simply not paying your debt is not a solution. Without debt weighing down your credit and creditors knocking down your door, you can finally be free.

You can begin to get out of debt by first finding free information from reputable bankruptcy attorneys.

Personal finance is an individual’s financial status. It’s about how much money you have, and how much you need. It is about managing your money – today and for tomorrow. Money is the currency on which all world economies function. Income – expenditure -bills- debts – savings: These are a fact of life. A constant for most is the endeavor to tip the scales in favor of savings.

Successful financial management includes planning and keeping records of income and expenditure, budgeting, balancing your check book, insurance and investments – whether in real estate, the share market, funds or any of the other available mechanisms. You cannot overlook the necessity of planning your savings, your tax savings and your retirement.

A very interesting way to look at Asset and Liability is in the following terms:

An Asset is anything which brings in money or does not change the status of your money in the bank. A liability is anything which causes money to flow out – whether under the pretext of taxes, interest or fees.

Budgeting – This ensures that you are financially healthy and flourishing. It is a good idea to create and use a budget worksheet which allows you to make a detailed expenditure plan and helps you discover any shortage or unplanned expenditures.

Some useful tips in planning your finances:

- Handle your own money. If you choose a financial consultant, ensure you understand how your money is being managed. – Save a huge amount in interest by opting for a shorter tenure of loan term – home/ car/ personal. – Debt: Should ideally not be indulged in, or repaid at the earliest. – Savings: it is easier to save more if you start early – you can put aside small sums and over the years watch it accumulate and earn interest for you. – Retirement planning: don’t wait till you are 40 to start. Begin today – and ensure a comfortable lifestyle in your old age. Avoid cashing out your PF or breaking your Funds. – It’s a good idea to do an Annual/ Quarterly financial health check up.