4 Common Mistakes When Trying to Get Out of Debt - Part 2
/Kysha Wheeler/ -- Debt is a serious matter. In fact, it has become a worldwide epidemic. But thankfully, getting out of debt has become a major concern for many people. We have already explored 2 common mistakes made by people struggling to get out of debt. They were, continuing to spend from a credit card they are trying to pay off and not adjusting their lifestyle. The final two mistakes to be discussed now may also seem like obvious ‘nobrainers’ as well, but you would be surprised at how effective these changes can be.
4 Common Mistakes When Trying to Get Out of Debt - Part 1
/Kysha Wheeler/ -- Debt has become a household word for many of us. None of us planned to be in debt, but here we are trying to claw our way out. Many of us have been working at clearing our debt for years but just can’t seem to get it right. The truth is, often times our endeavours may be doing more harm than good. This two part series will highlight 4 things we often do to sabotage our own endeavours to get out of debt.
How Debt Can Affect Your Retirement
/Lydia Wanjiru/ -- Are you financially prepared for your retirement? Making the right financial decisions now is the first step to a financially secure future. A good investment plan requires having good financial habits like saving and paying off your debts on time. Debt can have a huge impact on your senior years if left unsettled when you are still working. Debt may be necessary and can sort you out at some point in life. While it may be necessary to take out a loan like a student loan to finance your further studies, a loan to finance your home or your vehicle, credit cards among others, it is also important to make sure that you pay it off before you retire. Avoid procrastination and try as much as possible to settle your dues before you retire. If you are still in debt when you retire, it can ruin and derail your plans for retirement.
5 Tips to Avoid Filing for Bankruptcy
/Lydia Wanjiru/ -- People who are unable to meet their financial obligations can consider filing for personal bankruptcy. Consumers in most cases file for personal bankruptcy through either chapter 7 or 13 depending on their financial situation. Filing for bankruptcy is a legal process by the Federal court that helps you to eliminate your debts or to ask for a convenient debt settlement plan usually lasting for 5 years. Personal bankruptcy can reduce your credit score rating by 200-250 points. You also risk not getting a loan for 1-5 years after filing for bankruptcy. Personal bankruptcy report stays on your credit report for 7-10 years and this can make most lenders to shy away from giving you a loan. Filing for bankruptcy is thus not an easy way out and can have an adverse effect on your credit report and credit rating. Here are 5 tips on how you can avoid filing for bankruptcy. 1. Negotiate with your creditors Most creditors are willing to negotiate for a loan repayment plan so long as you are ready to repay their dues. You can talk to your creditors and request them to either extend your repayment period or reduce the amount that you are obligated to pay monthly. Don’t rush to file for bankruptcy rather look for all the tips that you can use to settle your debts. 2. Seek financial advice and consumer credit counseling The Bankruptcy Abuse Prevention and Consumer Protection Act 2005 require one to seek consumer credit counseling before they can file for personal bankruptcy. The consumer credit counselors can assist you to negotiate for lower interest rates and better payments terms from your creditors. They can also assist you to create a working budget and train you on other money management skills. They can teach you the tips you can use to maximize your earnings manage and save money. 3. Sell some of your assets You can consider selling off some of your assets to pay off your bills. Liquidate some of your assets and property to get the much-needed cash to settle your debts. If you have a car or a collection of other valuables and antiques, you can sell them off and use the proceeds to repay your debts. 4. Consolidate your loans If you can qualify for a consolidation loan, then apply for it. Debt consolidation can help you to pay off your unsecured debts. A debt consolidation loan is used to combine all your debts into a single debt with a lower interest rate. Repaying this loan may be easier for you since it has lower loan repayments amounts compared to your current average. To qualify for a consolidation loan, you need to have a good enough credit score. Some of the debt consolidation options you can consider include restructuring or refinance your mortgage and credit cards balances transfer. You can apply for a debt consolidation loan from your bank, credit union and debt consolidation companies. If you want to get out of debt as soon as possible, then this may not be the best option for you as it extends the loan repayment period. 5. Get help from family and friends Getting cash from your relatives and friends may be another option if you are bankrupt. You can convince your family members and friends to lend you a loan to repay your debts. It may have several drawbacks but it is better than filing for bankruptcy. Come up with a plan that will help you to repay them after you recover from your financial situation and explain it to them. Filing for bankruptcy can have long-term adverse effects on your financial situation. Don't file for bankruptcy unless you have exhausted all tips to prevent it.
Pilatus Bank advises a fintech strategy can be as much of a challenge as an opportunity for the majority of banks
We are living in a constantly evolving digital landscape says Pilatus Bank. Fintech startups and challenger banks are continuously launching innovative and advanced digital products on the market. Consumers experience instant gratification with immediate access to the latest technologies via their always-on mobile phones, Wi-Fi-connected cars, and IoT home appliances. It’s natural for them to request, if not demand, from their banks to hold themselves to the same benchmarks and standards required to stay current with other progressive industries. Modern businesses must operate according to standards focused on continuous improvement and technology-driven evolution. On the other hand, banks are facing a higher cost basis to address increased levels of risk management, governance and regulatory compliance requirements. Luis Felipe Rivera, Chief Operating Officer of Pilatus Bank, believes that banks must adapt new strategies as well as technologies to stay relevant in the marketplace.
2017 Ontario Export Awards presented to 11 innovative businesses at Toronto gala
TORONTO, Nov. 22, 2017 (GLOBE NEWSWIRE) -- The winners of the 2017 Ontario Export Awards were announced at a gala event at the International Centre in Mississauga, Ont. on November 21.
The Fourth Chengdu Creativity & Design Week Draws to a Successful Close, Bringing New Vitality to the Emerging Creative Economy in Chengdu
Aberdeen Emerging Markets Smaller Company Opportunities Fund, Inc.(1) Announces Performance Data And Portfolio Composition