Connect with us

Business

Debt Consolidation: A Smart Move To Manage Your Finances

Published

on

Debt Consolidation

In this fast-moving world, managing your finances can be tricky. It might be tough to keep track of payments and balances on existing bills when you have credit cards, school loans and vehicle loans. To be on top of this issue and find a way to achieve your financial goals, all you need to have is a solid debt consolidation strategy. Consolidating these loans into a single loan may help you to simplify your budget.

This article covers the topic of Debt Consolidation in a nutshell.

What is Debt Consolidation?

Debt consolidation is a rational financial approach that combines various bills into a single debt that can be paid off each month through a debt management plan.

By following the debt consolidation strategy, you can reduce the interest rate and lower monthly payments on the debt, thus making your debt more affordable and easier to manage.

Types of Debt Consolidation

It is important to have choices when it comes to Debt consolidation, as the right option can improve your financial situation significantly. Debt consolidation is the process of repaying various debts with a new Personal Loan or Balance Transfer Credit Card, which usually has a reduced interest rate. Let us look at the two options in more detail.

        I.            Personal Loan

A Personal Loan is a type of consolidation strategy with the source being from either the bank, a credit union or from a friend or family member. You can use this plan to clear credit card debt or any other type of debt that may have a higher interest rate. The advantage of a Personal Loan is that even though this type of loan comes with higher interest rates when compared to that of a Car loan or Home Loan, there is no need to show any collateral.

Furthermore, approval of a Personal Loan will depend on your credit score. Once approved, you will receive a lump sum of money fortnightly, which you will be agreeing to pay a certain amount of money back for a specified period with an agreed interest rate, thus making it an Installment loan. Plus, interest rates may be reduced depending on your credit score.

By making payments for the personal loan each month, you can have your monthly budget planned accordingly and at the end of the loan term you will have fully paid off your consolidated debt.

It is advised to consider not just the interest rates but also the total cost of the loan in the long run. This will give you an idea of whether opting for a Personal Loan is the best way to go.

   II.            Credit Card Balance Transfer

Some companies like Coles or Virgin Money, offer a balance transfer onto your credit card, but the stipulation in this case is that you have a good credit score. You can use this to apply for a new credit card and then channel the loan debt to the card. The advantage is that there will likely be a promotional 0% interest rate for a certain period (generally 12-18 months). After this period is completed normal interest (generally above 20% p.a.) will be applied.

The cons that come with credit card balance transfer are –

·         Credit score might take a serious blow

·         You may not save money after the balance transfer fee is added

·         There is a risk of ending up with more debt

·         After the promotion period concludes you could end up with a higher interest rate.

From the above two options, you can easily understand why there is a need to have a debt consolidation plan in place. In the next section, we highlight the importance of debt consolidation.  

Significance of Debt Consolidation

1.  Pay off your debt faster

What’s more stress-free than clearing off debt quicker than you initially thought? With debt consolidation this can be achieved. If your Debt Consolidation Loan has a lower interest than individual debts, try to make extra payments with the money that’s saved each month. With a long run of interest, you can save money as well as consolidate your debt.

2.  Can lower your interest rates

If you combine loans like credit cards and Personal Loans, which have high-interest rates, in the long run you pay lower interest rates, especially if your debt consolidation loan is at low interest.

3.  Improve credit score

Payment history is the deciding factor that can boost your overall credit score if you make on-time payments on the loan.

4.  Life, stress-free

Fewer debts, less stress. It is wise to have a single debt that has the advantages of easy managing, easy repayment, and more importantly, can consolidate all the loans into a single, consistent payment.

Act now. Do your own research. Live a debt-free life.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published.

Business

6 Ways On How It Boosts Sales And Business Growth

Published

on

Business Growth

The retail industry is ever-growing and ever-changing. To remain in the game, one must constantly assess their strengths, weaknesses, ups and downs, consumer behaviour, etc.

Some of you might be aware of what mystery shopping is all about. But for those who don’t know about this term, you’ll find this article very helpful. Before you get into the details of this topic, you should know that more customers do not affect business growth. It is more challenging to retain your current customer and not allow them to get diverted to a cheaper competitor. Now scroll down to learn how you can retain them.

Businesses appoint agencies that offer mystery shopping services. It is amongst the most cost-effective solutions to find out about customer experiences. The agency you appoint will appoint mysterious shoppers. The agency then asks the mystery shopper to visit different stores and locations and gather the information that the client needs. All the collected data reaches the agency, where it is analysed and provided to the client to understand customer loyalty, progress, customer satisfaction, and much more.

How does a mystery shopper help in growing your business?

As you appoint an agency to give you an insight through their mystery services, you can attain many benefits from the outputs it generates. Below is a list of benefits you can attain with mystery shopper service.

  • You get honest feedback from your customers.

The most valuable information is the customer review to boost sales for a company. Unless you know where your product or service lacks to satisfy the customer, you won’t have any scope for improvement. Knowing what the customer thinks about you is essential, and through mystery shopper ideas, you can get real answers from your current customers.

  • You can direct and manage your sales team.

Knowing what your customer thinks about you makes it much easier to direct your sales and marketing team to plan a strategy that’ll work best to please the customers. You can review your techniques and give feedback to your staff on what works and does not work for your business.

  • Spreads awareness and motivates employees to perform better

If the feedback from mystery shoppers is positive, it will encourage the staff to perform better and maintain the company’s graph. But if the response is negative, it will make the staff aware of their flaws so they can plan on improving them and move forward.

  • It gives you a reality check about your competitor.

In a fluctuating market environment, it is always better that you constantly know what your competitors are doing. A mystery shopper can visit your competitor’s store and get you information about how they are placing and marketing their products. Or how the customer is responding to their campaigns and more. Keeping an eye on the competition and levelling up your game should be your priority.

  • Helps in customer retention

Retaining customers is the biggest challenge, and you can overcome it with mystery shopper service. Once you know what your customers think about you, you can start working on aspects that require improvement. You can plan a marketing strategy that gives additional benefits to unique customers to keep them happy.

Look for a mystery shopping agency that has an edge in the market. Ensure you thoroughly research the agency and read reviews to learn more about their service quality. Discuss what type of information you expect to get from them. Also, you can seek a free trial before you sign a contract with the agency.

Continue Reading

Business

Launching A Business? Here’s What You Need To Know About Different Insurance Plans

Published

on

Launching A Business

Insurance is a way of securing your aspiring business against any form of risk that can occur, but most individuals get confused when it comes to choosing the right type of business insurance. If you are one of such people, don’t worry, as we will share with you information regarding different types of insurance plans so it can become easier for you to pick a suitable one. 

Understanding the Types

Insurance companies usually provide their services in the form of different coverage categories which can be availed individually or collectively. Examples include commercial property insurance, general liability insurance, and professional liability insurance to name a few. Most companies and businesses make a business owner’s policy that allows business owners to add different insurance coverages to get the best outcomes. Most common insurance policies include general liability insurance, commercial property insurance, business income insurance, and professional liability insurance which are mostly availed as a collective by an aspiring business. Without further ado, here are some types of insurance for businesses.

Business Income Insurance

If your business experiences a decrease in revenue due to unexpected property or equipment damage, business income insurance can provide you with sufficient capital so you can keep running your day-to-day expenses like utility bills, payroll, or the rent of the commercial property.

Commercial Property Insurance

This insurance helps in keeping your owned or rented property protected against damage. However, you would need to get additional coverage and take certain measures if you want protection against unexpected natural disasters like a flood or an earthquake. However, don’t forget to compare the coverage of the available insurance services in order to make the right choice.

Industry-Specific Insurance

 Let’s say you live in Canada, for instance, then you need to look into the country’s and the industry’s laws and regulations in terms of the insurance. Canada is a country with flexible laws for businesses and has policies that allow smooth business operations. Still, businesses must have insurance policies in place to protect their interests. When it comes to business insurance in Canada the regulations should be looked into in detail. Professionals in the field suggest looking for industry-specific insurance as it will be able to provide you full coverage. For example, if you have a business providing services, industry-specific insurance for your business will include professional liability protection so you can be prepared when facing lawsuits filed against your services. Nowadays, it is easier than ever to sign up for an insurance plan. You can even find insurance providers offering their services online also you can pick the right insurance policy with ease.

Data Breach Insurance

Big data, automation, and AI are revolutionizing the way we conduct business. User data, their activities, and behavior are all pieces of information used by companies to target specific marketing campaigns. It’s the responsibility of the business owner to secure information and take adequate security measures. However, if there is a cyber-attack resulting in a data breach, this form of insurance will assist you in contacting the affected individuals, managing public relations, and providing you with the right tools that keep valuable data protected in the first place.

Getting the right type of insurance is crucial for your business, especially for those who have just started their journey. Therefore, dedicate some time to research different insurance services, read about the offered coverage, and then make the decision that will guarantee the best business outcomes.

Continue Reading

Business

Essential Tips on Surviving Your First Day at Work

Published

on

Digital Marketing

The first days are almost always anxiety-inducing, be it school, university, or office. New people, new environment, and new responsibilities – all of this can be overwhelming. But, settling in easily and having a great first day can be achieved if you follow the tips mentioned below. 

Choose the right dress

You may have used resume writing services under $100 to land that job. But, you have to put effort into settling in at the new workplace. 

Since the first morning of your first day at work can be anxiety-inducing, ensure you’ve planned your outfit for the night. When deciding what to wear, try a few outfits to choose the one you feel the comfiest in. this comfy outfit must be professional and chic. 

You may also consider checking the HR’s policies on dress code to ensure you’re dressing the right way. Your outfit, however, may not match your colleagues’ dressing styles. And, that’s okay. All you need is to feel confident in those clothes. 

You can observe during your orientation what others are wearing. Then, slowly you can also match your wardrobe with your work dress culture. Remember, you don’t need to feel too stressed about this dressing-up part. You never know whom you are inspiring with your skills and positive attitude. So, be easy on yourself, and wear whatever you feel confident in on your first day. 

Introduce yourself and connect with your team

It is always a good idea to introduce yourself to everyone. Try to connect with your team by asking questions and what they expect of you. 

Remember, when you introduce yourself, keep it precise. Preparing a 30-second elevator pitch a night before is also a great idea. You won’t be confused or feel shy encountering new 

colleagues. But remember, this pitch must catch their attention. It should put a spotlight on your professional experience rather than anything personal. 

Just like many individuals pay for a resume, you can ask a professional writer to help you develop a compelling pitch. It will save you a lot of anxiety and stress. 

Plan the commuting options and time

Before you wake up for your first day at work, you must know how long the commute will take. It will help you set the alarm at the right time. If you’re not sure exactly how long it will take, it is better to keep at least 15 minutes of buffer time. Leave for work at least 15 minutes earlier than the time you have calculated. 

You probably went to that area during normal hours in your car. And now, if you’ve decided to take a train during office hours, the time duration could be different. Even if you’re driving there during the rush hour, you can get stuck in traffic and late if you don’t leave early. So, wake up a little early on the first morning. 

Turning up at work early is always better than arriving late. You don’t want to ruin your first impression, do you? So, it is better to be early. Use that additional time to prepare yourself for the day and adjust in. 

Read the materials thoroughly

On the first day, most employees have to take care of some paperwork and review contracts. If you have to do the same, read those materials carefully. It is crucial to comprehend your new employer’s policies, such as:

  • Retirement plans; 
  • Health insurance;
  • Annual leaves;
  • Vacation policy;
  • Probation period conditions.

You can also review some of the paperwork at home. So, there is no rush. You must know everything in detail before working and signing the contracts. 

Be mindful of your words and body language

It is important for you to have friendly behavior if you want to settle in fast. So, ensure you:

  • Stay cheerful;
  • Smile;
  • Initiate conversations; 
  • Have lunch with your colleagues. 

Remember, being cheerful and eating lunch with them is a great way to connect and build strong professional ties. 

But, this is not it. Your body language also communicates the same. Avoid looking nervous or bored. To do so, avoid these signs:

  • Touching your face and hair repeatedly;
  • Yawning or tapping your foot. 

It is important to actively listen when you are in a conversation. Show them that you are interested. Nod when they give useful information to ensure them you are getting their point. 

Did you pay someone to write my resume? If so, they probably have boasted about your soft skills. It’s time to demonstrate those abilities now. So, relax and try to be as friendly as you can. 

 In short, you need to plan your day and be mentally prepared to face the challenges to survive your first day. It can be done by following the tips mentioned above. Just be confident and believe in yourself. And ensure you have a good night’s sleep before your first day. 

Continue Reading

Trending

Copyright © 2021 | Chatonic | All rights reserved.