If you have a family, being financially healthy isn’t just for you. It also helps you to provide for your family. Even when your children have grown up and left home, you still want to make sure you can be there for them when they need it. You might even be considering how you might help them after you’ve gone. When it’s your time to go, perhaps you’re hoping to leave your family in a financially stable position. Although you hope you won’t die until you reach old age, you never really know when it might happen. So it’s always best to be prepared, especially if you have a young family.

Take Out Life Insurance

If you have a family and you work, your family relies on your income. Some families decide to live using only one income, even if they have two, so that it’s not so difficult to deal with if one income is lost. However, many families need to make the most of any income they have. Whether or not you’re the primary breadwinner, the loss of your income could make a big difference to your family, especially when they’re grieving. Using a site like insurance.me to find the perfect life insurance helps to protect your family. Some employers offer life insurance as a benefit, but if yours doesn’t, you should consider taking it out yourself.

Write a Will

Writing a will is one of the best things you can do to make sure you’re prepared for the end of your life. Since you can’t usually know when you’re going to die, it’s important to keep your will updated so that it reflects your wishes. You might change it at different stages, like if one of your children moves out or you get a new grandchild. You can easily find templates and will writing kits to make things easier. However, you might want to use a lawyer to help you write your will, especially if you want to set up something that isn’t straightforward.

Create a Funeral Plan

Funerals can actually be very expensive, so it’s worth thinking about how you might prepare for that. You might like to come up with some ideas or even instructions on how you want your funeral or memorial service to go. In terms of finances, it’s a good idea to have funds specifically intended to pay for it. You might have some savings, or you could consider paying for a funeral plan or insurance. These are intended to cover the costs of funerals to make the burden easier on your family. You might also want to take other financial considerations into account, like buying a burial plot.

Keep Debts Organized

When you pass away, remaining debts might have to be paid from your estate. To make things easier for your heirs, it’s a good idea to organize your debts and bills. This will mean they don’t need to spend too much time figuring out what is owed and paying it off.

Planning your finances for after your death is just as important as paying attention to them while you’re alive. Look after your family by being prepared.

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The debt settlement industry is growing – and it’s no surprise given that consumer debt is on the rise. However, there are a lot of myths and unsubstantiated rumours surrounding debt settlement, which we hope to debunk for you today. Let’s take a closer look at everything you need to know.

Anyone can settle

One of the biggest myths about debt settlement is that anyone can reduce the cost of their liabilities by a significant amount. It’s an excellent idea in theory, of course, but it’s far from the truth. Good debt settlement companies will only work with people who are genuinely facing financial hardships, and if you’re earning $250,000 and just don’t fancy paying the money back, your lenders will take a dim view.

It will improve your credit score

Settling a debt can still hurt your credit score, unfortunately. Once a lender reports they have accepted a settlement offer, the chances are they will make a note on your file. It’s also worth bearing in mind that it’s a new report, and will stay on your file for seven years.

It’s a cheap way out

While the sum total of your debts will be reduced in a settlement, it can still be expensive. Debt settlement companies charge you a percentage of the amount you owe or the amount you are forgiven. You also need to bear in mind that reducing your debts also means you might have to repay tax for the breaks you received for your interest payments in the past. It all adds up to a significant amount of money.

You can go it alone

Make a phone call to a lender and ask them to consider a settlement and they will tell you to join a long and growing queue. And the chances are that they will scoff at your offer. According to debtsettlement.co, using a professional company can help you make an offer that is likely to be agreed as they have a lot of leverage and expertise. The DIY route is an option – but it can often end up costing you more than you need to pay.

You need professional help

Conversely, with the right approach, it’s possible to get a good settlement deal yourself – as long as you work hard, get to know the rules, and play the game accordingly. While having an experienced negotiator by your side is advantageous, it’s not impossible to go it alone and get similar results. Ultimately, it’s all about how much time you can afford on the task at hand – and how well you can state your case.

Not settling means the debt is there forever

A final point on debt in general: as stated on consumerfinance.gov, there is a statute of limitations that can run out, meaning your debt is unenforceable in court. This vital point means that if you are being chased for an old, time-barred debt, you aren’t legally obliged to pay it back. There aren’t many advantages of doing so, either, as the settlement you pay will not be recorded on your credit card.

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When you’ve got a bad credit score, it can cause you no end of problems when it comes to borrowing money or buying anything on credit. The key to sorting out your credit score is paying off all of your existing debts but you can get a head start by challenging any errors on your report. People don’t often realize it but it’s very common for your credit report to have errors on it that can bring your score down. If you challenge them and have those errors corrected, your score could shoot up straight away. If you suspect that there are mistakes on your credit report, here’s how to challenge them and get them written off.

Types Of Errors

There are quite a few different errors that can appear on your report. Repair.credit has some great information on identifying errors in your credit report. If you’ve been handed a court judgment that you’ve settled on time, that information might not be sent to the credit score company in time and it might go down as a default. If somebody steals your credit card and uses it, that could also go down as bad activity on your credit score as well if you don’t sort the problem quickly. Even simple errors like the bank displaying the wrong amount of money in your account can reduce your score.

Gather Evidence

If you’re going to challenge an error on your credit report, they won’t just take it off no questions asked. You need to be able to prove that there is a problem. Gather any bank statements or other paperwork that you have which shows where the error is. As long as you’ve got that evidence to back you up, you should be fine but without it, you’ll get nowhere.

Contact The Creditor That Made The Error

The first person that you need to get in touch with is whoever made the mistake in the first place. For example, if you’ve got a black mark on your report because of a missed credit card payment that you are disputing, you should contact your credit card company first. Time.com has more information on dealing with suspicious payments on your statement. If they have a record of the mistake then they can sort it out on their end and it should be wiped from your report.

Contact The Credit Report Agency

If the credit card company says that everything is right on their end then the error is presumably with the credit report agency. After you’ve established that the credit card company have got everything right, get in touch with the credit report agency and inform them of the problem. Send them the relevant documentation and they should be able to sort the problem out for you.

Check Other Agencies

Even though you’ve got it sorted with one credit score agency, that doesn’t mean the problem is sorted completely. There might be other agencies that are showing the same error so make sure that you check them all and contact each one and get them to rectify it. Checking them is free, so don’t leave any out.

An error on your credit report can cause you serious problems so make sure that you challenge them as soon as possible.

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Loans are there for us in some of the biggest financial moments of our lives. Starting a business. Consolidating debt. Buying a car. Buying a home. They are not to be taken lightly and the loans you choose can have a huge long-term effect on your financial situation. So, how do you make sure that you’re really getting the best one for you?

Know the risks

As policygenius.com will tell you, there are inherently risky debts to be concerned about. Payday loans and auto collateral loans are mostly aimed at those who have no credit history or a poor credit history, often targeting the already vulnerable with much more unfavorable payment terms that can see interest as high as the triple figures. There are loans like Buy Here Pay Here car dealership loans that can be used as a last resort to help you get access to what you need, but you have to be fully aware of the risks before you take them. Often, when possible, it’s better to wait for your credit situation to improve.

Improve your standing

The improvement of your credit situation is exactly what we’re going to talk about now. If you have no credit history, you shouldn’t try and start off with a bigger loan. Instead, building that history with credit cards and more manageable, even trivial borrowing can help give you a foot to stand on. Eliminating debt and being responsible with credit is the best way to build your score. However, erroneous negatives on your report are a common occurrence, and sometimes you might need the services highlighted by sites like creditrepair.xyz to make sure that you’re able to fix those marks and return your score to where it should rightfully be. At any rate, you should never attempt to apply for credit without first checking your score and report. Getting rejected from a loan can damage your credit health even further.

Look at the options

Better credit history allows for a broader range of loan options. Not taking the responsibility to look at those options, however, is practically shooting yourself in the foot. There are comparison sites offering calculators to help you easily see the real terms of repayment in cash for a lot of different loan types. Do some research on hidden fees, poor communication complaints, and deferred payment options before choosing a loan provider, too.

Have repayment in mind

The most important point is being saved for last. When it comes to buying a home or a car, you might be tempted to take the biggest loan out you can. Many lenders, nowadays, are better about not giving out bad loans, but that doesn’t mean that borrowers don’t take on loans they can’t handle. Have your repayment strategy thought out in advance before you sign any dotted lines. If you can’t see how you can easily and reliably pay it off with your current earnings and stay on top of your finances, it’s worth taking out something smaller.

Be a more cautious borrower, a more reliable debtor, and a savvier consumer. If you skim over the risks, the prep-work, and the need for planned repayments that go into loans, you’re much more likely to end up in debt.

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If you’re struggling with debt, you could soon find yourself caught in a web that is difficult to get out of. Debt isn’t something that will just go away, so you’ll need to put a plan in place to get yourself out of it. The sooner you face up to it, the sooner you can be back in the black and ensure better financial security for you and your family. Want to know what your options are? Read some of the ways you can take charge of your debt below.

Pay it off

Paying off your debt is something that you’ll have to do, regardless of what option you choose. If you’re able to put a plan in place to budget and make savings, there’s no reason why you shouldn’t be able to pay off your debt.

Rank your debts in order from the highest to lowest interest rate

Starting with the debt that incurs the highest interest will help you to pay your debts off quicker, as you’ll be paying off less interest overall. Work out how much you can set aside each month to pay off your debts, allocating more to the account at the top of your list first.

Set yourself a budget

Sticking to a budget is one of the easiest ways you’ll be able to clear your debt. By giving yourself a set amount for your monthly expenses, you can set aside a decent sum to put towards your debts. If you under spend on your budget, use the extra to pay off even more and help reduce your debts quicker.

Close paid-off accounts

Once you’ve paid off your accounts, close them. Having too many open credit accounts with high available balances will reflect poorly on your credit score, and could scupper your chances of being approved for a loan or mortgage. Keep one or two open and keep their balances low – you’ll need to use some credit to rebuild your credit score.

Consolidate

If you want to tackle your debt by avoiding high-interest rates and making your debts easier to manage, you might want to take out a consolidation loan instead. You should only do this if you can manage the monthly payments, and are willing to close the accounts immediately after paying them off.

Do your research first

Before deciding whether or not to take out a consolidation loan, you should do your research as to whether it will actually save you money in the long term. Compare the interest rate versus what you pay now and see if it could be a better deal for you. If you often miss payments because of carelessness or you find it difficult to keep track of multiple payments, this could be a good option to help you stay on track and focus on one monthly payment instead.

Choose the right provider

If your credit rating is poor because of your current financial habits, providers like ReallyBadCreditOffers.com could help you to get a good rate on a consolidation loan. With a good rate behind you and end date in sight, you could be much happier and less-stress about money. Read all of the terms carefully and see if there’s a way you can up your repayments without a penalty should your financial situation improve.

Avoid taking out more credit

A consolidation loan is a great way to make your debts easier to manage, but you should resist the temptation of taking on more debt. Stop spending on credit cards (cut them up if you have to) and don’t make any further financial agreements until you’ve paid off what you owe.

Set up a debt management plan

Alternatively, if you’re really struggling to handle your debt – a debt management plan could be the right option for you. Reading up on how a debt management plan works can help you decide if this is the right option for you.

Can you stick to it?

A debt management plan is great if you can stick to it. If you fail to make payments – you could lose the decreased interest rates or goodwill that has been given to you by your creditors.

Will you need to take out credit in the future?

A debt management plan is only recommended if you don’t intend on taking out more credit soon. If you’re planning to open a new credit card, take out a mortgage or a car loan, you may need to think twice before starting a debt management plan. The rationale behind a plan is to help you take care of your debt, not free you up to add more.

Consider all of the options above to work out which is the most suitable for you. Stop struggling with debt today and work towards a more stable financial future.

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