Times have become very turbulent nowadays.
One day you are within the luxuries of your home marveling at the beauties of life and the very next day, you cannot stop agonizing over the ruthless twists of fate. Be it losing your job, being struck with a medical emergency or the consequences of a separation/divorce, bankruptcy is a difficult situation to handle.
Bankruptcy statistics have risen alarmingly in America. So much so; that the Congress has made it hard to make the cut for this status.
Do not be reluctant in contacting the Walker Law Firm to address this issue effectively. Our qualified legal advisor’s primary objective is to make you debt-free quickly. Just call at 561-689-1512 and get your free consultation today!
Listed below are some tried and tested financial tips that can help you in keeping a vigilant eye on your finances.
Ten financial tips for the wise and scrupulous
With many families experiencing an economical crisis these days, filing for bankruptcy is the only option they are left with. But if you are careful enough right from the beginning, you can avoid bankruptcy very easily.
1. Fix a single deadline
If you have a lot of credit cards and are experiencing difficulty in keeping up with all the varying deadlines, then switch all dates to a single day. This will make you remember your bill payment deadline and prevent you from being subjected to late fees which would have added to your existing debt otherwise.
2. Negotiate with your creditors
Timely and courteous negotiations will yield you reduced interest rates and also, a workable repayment plan. This will save you from a lot of stress and will make you capable of dealing with the situation wisely.
3. Maximize income and cut down on spending
This is obviously the most effective technique to fight bankruptcy. More income and less expenditure will stabilize you financially in the long run.
4. Get professional help
If you think your spending habits are going out of control, then nip this looming disaster in the bud by calling in the experts to arm you with essential techniques to control over spending and switch to saving.
5. Maintain an emergency fund
This is your personal saver for dire consequences. Make it a habit to put aside a fraction of your income and save it for your rainy days.
6. Get rid of credit cards
If you find using credit cards to be a constant struggle then go back to the old school way of spending cash to keep track of all your expenses.
7. Learn from your mistakes
Be consistent and avoid repeating your mistakes. Once you find yourself in stable conditions, do not jolt yourself back to the same agony by being a spendthrift again.
8. Refinance your assets
Refinancing your home will give you extra cash since your residential abode’s mortgage is secured debt. The interest rate implicated on this mortgage is comparatively lower than that of credit cards. This way you can pay off higher interest rate unsecured debts.
9. Friends and family
You can always count on any friend or family member to help you out with low or no interest at all on the debt received.
10. Employ alternatives
Debt Relief Order (DRO) and Individual Voluntary Arrangement (IVA) are legal alternatives to bankruptcy.
With these guidelines in check, you will never find yourself in the anguishes of bankruptcy and not having to call the bankruptcy professionals at Walker Law Firm, P.A. .
