Avoiding Christmas Debt

It may be the most wonderful time of the year, but it is also the most expensive. Christmas presents, Christmas food and Christmas experiences are all lovely, but they cost money, money we often don’t have. Christmas is the time of year when credit cards are maxed, store cards are opened and debts are accumulated, debts that we will then be paying off right into the New Year and beyond. There are things you can do though, to keep the spending, and therefore the debt, at a more manageable level.

Sort out the debt you already have

If you already have loans, credit and store cards that you are finding hard to manage payments for, it may be worth sorting out these debts before you increase them and take on others. An IVA ( Individual Voluntary Arrangement) could be an answer, allowing you to only pay what you can afford. To find out more information about IVAs click here.

Set Your Budget

For all the important things in life, whether it be getting married, moving house, booking a holiday, it is always sensible and practical to set a budget. Christmas is no exception. It is too easy to get carried away with the whole excitement of the festive period, buying heaps of presents that then sit under the bed for the next six months. Aim for quality over quantity and stick to that budget.

Shop Around

Whatever you are buying, you need to shop around rather than buying it at the first store you see it in, The Internet obviously has lots of bargains, but stores are now competing, with whole weekends dedicated to discounts that are often store wide. Also, look for things like the Boots Star Buy, a promotion that M&S has also started to embrace, 3 for 2 offers and buy one get one free or half price bargains.

Wait for Black Friday

If you are planning on buying anything electrical, or at the top end of your budget, then it could be worth waiting for Black Friday. Some stores are already offering early Black Friday deals, but it is worth signing up for email updates for key stores, and watching sites like Amazon who have some great Black Friday deals each year which can help you make huge savings.

Make sure you are savvy with the cash this Christmas.

3 Ways an installment loan can help you

Many people find it hard to make ends meet with the rising cost of healthcare and the cost of living without an increase in pay. Because of this, people are turning towards applying for loans or lines of credit to help them pay bills, buy groceries, and pay the rent. If you are in this situation, there are options for you to get help. This article will help you understand how an installment loan may be the answer to your money troubles.

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An installment loan is a loan that is paid off over a period of time. What makes this type of loan different than others is that you are given money on a periodic basis after you have already made some payments towards the balance. The terms of the loan can be made by you and the creditor and is as flexible as having 30 days or 30 years to pay off the debt. Here are some ways that this type of loan can help you get back on your feet.

 

  1. Set interest rates. Having a set interest rate for a period of time will give you peace of mind because you know what your payments will be for the duration of the loan. You will not have to worry about coming up with additional funds mid-loan term because of an increased interest rate. You will always know what your payment is and you can plan your budget accordingly. This is not always possible with other types of loans. One month your payment may be $200 and the next it could be $275 or more due to the varying APR rate. You will not have this headache with an installment loan.

 

  1. Lower monthly payments. Most installment loans have a longer term life than other loans. This means that you will likely have a lower monthly payment since you are paying the loan off over a longer period of time. While this is beneficial in the moment because you have a lower payment, you will likely pay a great deal more over the life of the loan because you are paying interest for the length of the loan term.

 

  1. Get your loan money fast. One of the greatest benefits to applying for an installment loan is that you can often count on getting the money fast. The reason for this is that documentation from lenders is not robust which takes less time to process the loan. The quickest turn around time after applying could be as little as 2 days but up to 2 weeks.

There are many great benefits to applying for an installment loan. Whether you are interested in paying off debt, consolidating credit cards, purchasing a car or a home, or need money for the cost of living, an installment loan is a great option to explore. To see if you qualify for an installment loan with a low interest rate and a generous term period, check out MTP Loans. You could be well on your way to financial freedom in a matter of a couple of days!

The Hidden Benefits of Prepaid Cards

It is widely known that prepaid cards are reloadable and are today a recognised payment option, offering the same functionality as traditional credit and debit cards. Regrettably, and what many people don’t realise is that prepaid cards can offer much more than this. Below are some of the lesser known benefits of using prepaid cards:

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Owning a Prepaid Card Can Help You maintain your Budget
If you have owned and used a conventional credit card in the past, you may very well have ended up spending more than you had initially planned for, just because the additional credit was available. This dilemma can occur even while shopping with cash as it can be quite risky, particularly if you have a lot on hand.
It can be effortless to manage and monitor a budget with a prepaid card. For example, if you have pre-decided how much you want to spend on a particular purchase, or if you have agreed upon a fixed shopping budget for each month, you may load that specific amount onto your prepaid card beforehand. This method helps to cut back on superfluous spending, as you will be limited to use the amount preloaded on your card. This is a useful function if you are supporting others financially; you can ensure that they don’t overspend and stay within the budget you have previously established.
Cheaper Than Using Bank Cards
In the majority circumstances, the cost associated with Visa prepaid cards will often be cheaper than fees associated with opening a bank account and the maintenance required. Usually, the regular prepaid card user will pay out much less in fees each month in comparison to conventional bank account users. Instead the money freed up from paying unnecessary maintenance fees could be accumulated to a substantial quantity over time which can then be used for more enjoyable and functional purposes such as shopping and dining out.
Safety Benefits of Prepaid Cards
The use of credit and debit cards include the innate possibility of fraud. Apart from having your card stolen or pickpocketed while you’re going out and about, there is also the danger of having your card hacked and stolen when shopping online. If you own and use a bank issued credit or debit card, and in the circumstance that your information falls into the wrong hands, the monetary loss incurred may not just be problematic but devastating. Additionally, there is the risk of identity theft and the ensuing damage to your credit score that can occur with a stolen credit card. In case you may be planning to shop online, conveniently load a fixed quantity into your prepaid card. This ensure that if your information does get stolen, it’s likely that you will not have much money remaining.
Easier Travelling Using Prepaid Cards
Prepaid Visa cards are an exceptional payment solution for travelling. As mentioned above, they provide remarkable safety advantages and may also advert you from overspending on your pre-established budget. By using a prepaid card, you can emphasize on enjoying your vacation instead of being anxious about possible fraud and overspending.
No Interest Fees when using Prepaid Cards
Even if you manage to qualify for a conventional credit card, it is practically impossible to find one that doesn’t charge any additional interest or maintenance fees. Various cards may offer a limited-time, no-interest applied, opening period, but after that time is over, you will be bombarded with large interest rates once again. Using prepaid cards can save you a considerable amount of money by not getting charged with high interest rates every month.
No Credit Issues Using a Prepaid Card
Prepaid cards are made available to most customers wanting to use one, irrespective of whether their credit score is bad or non-existent. Your previous credit history is not relevant to your prepaid card application, as the money you will be spending is not a loan and is simply money that you have pre-loaded into your card. This function removes the risk of debt accumulation as you won’t be inviting charges and interest fees that you can’t pay back. In addition, the application process is often much faster and more convenient compared to a credit card where the wait for approval can take weeks to months.
Before looking at where to get a prepaid card, make sure you do your research so that you can know for sure that you are obtaining the best prepaid card available in the market.