Are you in a situation where you need money quick? Do you have a bill due and want to avoid getting behind and having late fees tacked on? Did your car suddenly break down and you need emergency repairs? [Read more…]
Understanding the Payment Processing of Nonprofit Organizations
Most nonprofit organizations depend on donations for their cause to survive for a long time. However, with today’s technology, many donors choose to donate online since it’s faster and more hassle-free than the physical delivery of donations. [Read more…]
Living in Massachusetts: What You Need to Know About the State’s Homeowners Insurance
Despite its small size, Massachusetts is the third most densely populated state in the entire United States. It’s now home to nearly seven million people, with 80% of the population settled in Boston. There are many reasons why people love this state- its rich history and excellent education system are some that top the list. [Read more…]
How to Save Money Buying Real Estate
Buying property is never a small investment unless you happen to be a billionaire, but there are many ways to save money in the process. According to Money Under 30, homebuyers should always aim to purchase less home that they can afford to ensure that payments are made regularly and on time. [Read more…]
Credit Card Options for People With Credit Card Debt
Source: Pexels.Com
The Burden of Credit Card Debt
Credit card debt can lay a heavy burden on one’s monthly costs and income. Thankfully, there are different solutions that can help you save money. With these solutions, you can consolidate your debt. Consolidation of credit debt involves combining different credit card balances into a single monthly payment with a lower interest rate.
Need Cash Now? Why Not Opt For A Cash Advance!
Are you in need of quick cash?
Are you worried because you need to pay for your business needs right away?
Well, don’t worry – a cash advance can help you in this situation.
Yes, you can also apply for a loan, but for that, you need to first qualify for the loan and sometimes it can take days and weeks to get it approved. So here’s an easy way out for you, go for a cash advance for your urgent monetary needs.
This easy option for when you need cashnow is being largely used by modern businessmen.
Why, you ask?
Well, let us find out some major benefits of a cash advance that can help you tackle any sort of emergency financial crisis without much problem.
- Quickly available cash – You get a huge amount of cash that too pretty fast- within a week or so and as stated earlier you do not have to worry about the strict steps before the loan gets approved. For any flourishing company, understanding the value of time is super important and if you have a swift inflow of cash nothing like it…. Your business will surely become pretty successful. In business, the need for cash can arise at any moment and you must be prepared to tackle those situations and cash advance can be very beneficial in this regard.
- Easy application – You don’t have to run from bank to bank to get quick credit. For the record, applying for a cash advance is super easy and all the steps can be completed online… pretty hassle-free right? Your convenience is important and that’s why the cash advance system was introduced in the first place so that you can enjoy the comfort of your home and manage your business needs by sitting at home. The only thing that you have to ensure is that your business is making a certain amount as far as the ‘future credit card sales’ is considered. This is important because the cash advance provider will be sure that you can pay off the amount or the advance that you have taken. The more your business makes the better for you as you can choose this option for when you need cash easily.
- Worried about your credit score? Well, don’t be, because you can apply for a cash advance even if your credit score isn’t that lovely. In case of a cash advance, you aren’t actually opting for a loan; instead, your future business credit card sales are being sold in exchange for the capital required immediately for the business which is why no tension of monthly payments for you. In this case, many sellers aren’t actually worried about the credit score that you have so before applying for a cash advance you need not work on your credit score and this is a huge plus point for business owners who are in need for cash immediately. In fact, you will be amazed to know that cash advance can provide a boost to your credit if you are using a cash advance to pay for a debt.
- Use it for any need – The flexibility that cash advance provides is really beneficial because there are no strict rules on how you must use the money. You can use the money however you want, for any business need that has to be handled, etc. If you compare cash advance with any other loan you’ll easily understand that loans aren’t this flexible plus there are restrictions on how to spend the money and if you agree to the terms and conditions only then you are allowed to apply for the loan.
- No collateral – You don’t need to worry about risking your assets if you opt for a cash advance, unlike other loans. In case of a cash advance, you are selling a part of your business’s future revenue to the cash advance provider. The matter is quite simple and you don’t have to show your balance sheets or payslips or keep in line any property because there is no scope for your property getting seized.
There are many benefits of cash advance but check all the aspects carefully before opting for this convenient way of getting funds.
Find Out How Texas Was Able To Generate More Electricity Through Windmills This Year
A windmill is a structure that converts the energy of wind into rotational energy by means of vanes called sails or blades. Centuries ago, windmills usually were used to mill grain (gristmills), pump water (windpumps), or both, according to an online dictionary. Yes, windmills are a great source of renewable energy. Windmill electricity production does not contribute to air or water pollution so it helps save the environment due to the effects of global warming. Therefore, windmill energy may be the solution to the increasing price of petroleum and gas.
October Update: Searching For Relief
If you’ve been keeping up with us recently, you know we’ve had some unexpected expenses, including my being in an upcoming wedding this weekend. We haven’t made any huge progress where our debt freedom is concerned, but we are looking into things that may help us in the near future.
Our Update For October
The last detailed update we provided on the blog was in August and we were completely stalled. We have made some progress since then, but not a ton. In August, the numbers were as follows…
- My Car Amount Owed: $21,333
- Drew’s Car Amount Owed: $0
- Credit Card Total For Both: $483
- Student Loans (Mine): $24,002
- Matco/Snap-On: $7,543
- Amount in Collections: $679
About two months later, we haven’t seen a whole lot of progress. Here are the updated numbers…
- My Car Amount Owed: $21,302
- Credit Card Total For Both: $502 (interest is a KILLER, folks)
- Student Loans: $24,184 (I had this pushed off until the beginning of the year because my husband has been out of work)
- Matco/Snap-On: $7,449
- Amount in Collections: $679
If you do the math, you’ll see our overall debt has actually increased to $54,116 from $54,040. Unfortunately, this is due to interest rates and, where my student loan payments are concerned, deferring payments.
Despite us still being stalled in many ways, we’ve both been looking for ways to increase our earnings. As you know, my husband was out of work for a bit. He has gotten more steady work and is beginning to get paid regularly again. I was also lucky enough to score an Instagram influencer gig that will bring in an extra $1,200 later this month. That will all go towards paying off some kind of debt.
IRS Tax Debt
One of the biggest things weighing us down currently is my payment arrangement with the IRS. Because I largely freelance for work, no taxes are withheld and I fell behind . Additionally, I filed for an extension, which is due later this month. This will only add to my IRS bill.
That is SUPER stressful. Right now, I am paying about $129 per month to the IRS. It will increase slightly once I file. I’ve been looking into tax forgiveness programs that may be able to assist us, especially since my husband has been out of work so much within the past couple of years.
Total tax debt forgiveness is a myth, but there are a few options you may want to consider if you’re in a similar situation.
- Innocent Spouse – This can give you the ability to claim deniability if your spouse owes a lot of money. It will get you off the hook for the tax bill, but your spouse will still need to pay. This program isn’t for forgiveness but helps ensure the person responsible is the one being billed.
- Offer in Compromise (OIC) – An OIC agreement with the IRS can help you decrease the amount you owe significantly. However, not many people qualify for this type of program. Less than 25 percent of those who apply for OIC each year are approved. You also have to provide very detailed information about your finances, which can backfire on you with the IRS.
- Currently Not Collectible (CNC) – If you really can’t pay anything back at the moment, you can try to request a CNC. To qualify for this program, you will need to be in a situation that would put you in financial hardship if you made the payments. The IRS will revisit your status after some time though, so you may end up having to pay down the road if you become able. Your tax debt “lives” for 10 years.
I’m not moving forward with any of these options yet. I will be consulting a tax professional, however. My husband and I are hopeful we will be able to get some help from a client of his for next to nothing. He has experience getting people off the hook for their tax bills (or finding more write-offs to make the amount owed much less).
For now, we will continue to have our sites focused on becoming debt-free, including this looming tax debt. Readers, where are you in your debt-free journey? I’d love to hear from you in the comments!
Read More
Affordable Ways to Give Back This Holiday Season
Affordable Ways to Give Back This Holiday Season
Since the holiday season is in full swing, this is the perfect time to consider giving back to others. Depending on where you are in your journey of becoming debt free this can be really tough. It’s hard to scrap up enough money to put toward your debt let alone donating money to others.
Since my kids are getting a little older I want to show them that giving back to the community not only helps them, but it makes us better as well. Helpguide.org states [Read more…]
How a Side Hustle Helped Melanie Lockert Break Up With Debt
Have you considered adding a side hustle to help you break up with debt?
Well, in today’s video, we’ll learn how Melanie Lockert used a side hustle to break up with debt.
If you don’t know Melanie, she’s the personality behind the award-winning blog, DearDebt.com, where she chronicled her journey out of $81,000 in student loan debt. Through her blog, she inspires readers to break up with debt by writing their very own breakup letter to debt.
In 2015, Melanie (and her journey out of debt) was named one of the top five most inspiring personal finance stories of the year by Yahoo! Finance. She currently works as a freelance writer and event planner. Melanie and her work have appeared in Business Insider, The Huffington Post, Yahoo! Finance, INC, and more.
After graduating from college with $23,000 in student loans, Melanie had the opportunity to attend her dream school, NYU, to earn her master’s degree. There, she incurred $58,000 more in student loans for a total of $81,000.
Upon struggling to find a stable, decent-paying job after graduating from NYU, Melanie made some extreme changes in her life to pay off her student loans. In December 2015, Melanie made her last payment and became 100% debt-free.
She is also the author of a brand-new book, “Dear Debt: A Story About Breaking Up with Debt” which shares her journey and her advice for those in the process of breaking up with debt.
In the interview with Melanie, she shares:
- What drove her to rid herself of her student loans
- How she cut her expenses and started side hustling to bring in extra income
- How her side hustling has led to an unexpected career path
- Her best advice for how to find a side hustle that’s right for you, and
- What to do if you want to get out of debt but feel overwhelmed and don’t know where to start
Melanie has an inspiring story that I think anyone struggling with debt needs to hear, and she shares it all in this interview. So here is my interview with Melanie Lockert from deardebt.com. Enjoy!
Thanks again to Melanie for sharing the good, the bad, and the ugly about getting out of debt with us!
[bctt tweet=”How a side hustle helped Melanie Lockert (@DearDebtBlog) break up with debt” username=”MonicaRLouie”]
I hope you pick up her book, “Dear Debt: A Story About Breaking Up with Debt.” I know it will help you break up with debt once and for all.
I encourage you to check out Melanie’s blog at DearDebt.com and consider writing your own Dear Debt letter to break up with debt.
For others that have got out of debt check out these articles.
How Alice and Scott Paid Off $200,000 of Student Loans in Less Than 7 Years
From Credit Card Debt to Loving Her Money with Sarah Li Cain
How Lauren Greutman, The Recovering Spender, Paid Off $40,000 of Debt
Now I’d love to hear about you!
What did you learn from Melanie’s story? Have you started a side hustle yet so you can break up with debt? Please share in the comments below.
Have you joined our free community yet?
Join me in our private Facebook group called Your Debt Freedom Family, where we’ve got an awesome community of people who are breaking up with debt so they can break free and live life on their terms.
Click here to join the fun!
I’d love to see you there!
Keep moving forward toward your goals. You really can live the life you dream about!
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