Are you having trouble paying all your debts as they exceed your financial capacity? Are you having difficulty with organizing your payments, and you often lose track of them and end up missing the payment schedule?
This scenario is common among individuals who have multiple debts. If you are among the people experiencing this issue, then it is time for you to consider a debt consolidation.
Debt consolidation is basically taking up a new loan to pay off all your existing loans. Although it sounds like a risk rather than a solution, debt consolidation can have a positive impact. To know what debt consolidation can do for you, below are some of the benefits for individuals considering this solution.
Turn Multiple Debts Into One
Do you have multiple debts that are still active? Turning your multiple debts into one loan means you will only have to pay a single, usually monthly, payment for all of your debts. It can make repaying all your debts easy and result in a lower monthly payment than paying each of your debts separately.
This monthly payment savings is due to the longer payment period of the loan you take to consolidate your debt. When you consolidate all your debts, you will no longer have to worry about several monthly payments being on time, varying interest rates, etc. All of your loans are consolidated into one payment, which hopefully, also has the benefit of a low interest rate.
Lower Interest Rate
What is best about a debt consolidation loan is that you will have to pay a lesser interest rate than the combined interest rates you are paying for all of your existing debts. Plus, debt consolidation loans offer a lower interest rate compared to other loan options.
Reduce The Stress You Are Experiencing
Having too many debts will keep your mind overwhelmed thinking about the repayments of each debt. Opting to consolidate your loan into one loan will reduce this overthinking, and you will start to feel less stressed knowing you are working on eliminating your debt.
You will feel more in control over your debts, and you can now easily track and manage your debt. You will also notice a positive impact on your finances once you regain control over your debts, and you will be able to repay in no time.
Improve Your Credit Score
Consolidating your debts by taking up a personal loan will help you boost your credit score in the long run. It will only take a few months before you start to see an improvement in your credit score when you take a debt consolidation loan. This improvement is a result of a reduction in your credit utilization rate.
Be reminded that you will notice a sudden drop in your credit score when you apply for the loan, but this is just temporary. Normally, your credit score will drop after you acquire a new loan. Focus on the long-term benefit of this action though, as it will greatly help you pay off all your debts.
Pay Off Your Debts Faster
Credit cards usually take a long time to be fully paid as credit cards earn interest depending on how much you owe. Credit card companies usually don’t care if you pay it off for less than five years or even 20 years. And the longer you take in paying it fully, the higher the accumulated interest rate becomes.
When you pay it off one-time using the money you acquire from a debt consolidation loan, you will put an end to your accumulating interest rate, and you still save more money over time.
Before you apply for a debt consolidation loan, you should make a debt management plan first. Consider all factors such as the total amount of your debts plus respective interest rates, what kind of loan to take, and where to take the loan.
If you recently closed your bank account, it would be a bit complicated for you as you will have a limited option due to the given circumstances. In this case, you can look up lenders where you can get a cash advance with no bank account.
However, you still have multiple options like pawn shop loans, title loans, or acquiring the cash from a family or friend. The choice is yours so choose wisely and make sure that the option you select will help you solve your problem and not add to it.
Start Making Your Finances Better
Having multiple debts is a hindrance to obtaining financial freedom. It can also lead to bankruptcy, which is a situation no one wants to end up in. Now that you are presented with a solution to your problem, it is time to start acting to manage your debt. Shop around for the best personal loan offer that you can acquire to consolidate all your monthly debt payments into one loan.
For now, it’s known as the “new normal” and it affects everything from how we connect with others to how we do our shopping. It’s affecting healthcare too - particularly when you’re tasked with caring for an ailing or elderly loved one. Just as many of us are struggling with lack of contact with friends and family, a lot of the support systems we previously relied on are more hands-off than they were in the past. If this is you, here are some tips to help you provide the best care you can safely, diligently, and without much of the help you may previously have relied on.
1. If at all Possible, Keep Your Patient at Home
Many hospitals have been overwhelmed with a flood of Covid-19 cases, pushing healthcare workers to the limits. And, though hospices aren’t usually associated with the care of patients with infectious illness, there are things to know about hospice care during the pandemic. Of the greatest concern to you as a family member will be the lack of access to a loved one who may be nearing the end of his or her life. But with vulnerable patients to protect, hospices need to limit the number of potential carriers through their doors - and this means you.
Clearly, there are times when you must resort to hospitals or hospices, but it’s best to limit this to emergencies you can’t handle at home or instances in which you are unable to provide the care your loved one needs.
2. Postpone Minor Procedures
Ask your doctors whether it’s possible to postpone procedures without aggravating conditions to the point where treatment is complicated. You should also weigh the amount of inconvenience, discomfort, and loss of quality of life that a postponement will cause. For example, if a person can’t see because of cataracts, it might be worth going ahead with treatment.
3. Adhere to Best Practice
By now we all know the safety protocols. Avoid crowds, try to limit shopping expeditions as far as possible, sanitize, wash hands, wear a mask. When caring for an infirm person, your primary concerns are staying healthy so that you’re in a position to be there for them, and avoiding a situation in which you carry the disease to your patient.
You may have to make some tough calls. A person nearing the end of their life will want to see other family members, and it’s up to you to decide what the rules of engagement would be. As a matter of opinion, it would be wise to check whether prospective visitors have been adhering to safe behaviors themselves. And, as a minimum, visitors should be required to wear their masks and sanitize their hands on arrival.
Remember to take Care of Yourself Too
In closing, remember that your physical and mental health are important to both you and the person you care for. Eat healthy food, use stress-relieving techniques, and stay in remote contact with people who will be supportive. Caring for a loved one who is ill is a difficult task at the best of times - and this is certainly not among the most favorable times to do so. However, this too, shall pass. Hang in there!
Getting old can be quite scary for many people. There are so many unknown aspects to it, as well as the higher risks when it comes to . . . well, everything, really. Everything seems to be more complicated as you enter your golden age. As we age, we tend to face more struggles in terms of our health, our safety, and even our finances. That’s why it’s so important to take the precautions necessary in order to ensure you live your life to the fullest, while still being safe and happy.
Get help with finances
As we get older, we need to rely on people more and more. It’s a sad truth, but it’s a truth, nonetheless. This may be hard if you’re a very independent or private person, but that doesn’t change the fact that you need to get help, especially when it comes to finances. Unfortunately, many people take advantage of older people, especially financially. Elder financial abuse is growing more prevalent as finances and technology become intertwined. You can either get professional help, such as a personal banker, or you can ask someone you know and trust to help you out.
Go for more frequent check-ups
We all know that everyone is supposed to go for check-ups on a regular basis, but we also know that most people tend to wait until something is actually wrong before going to the doctor. Sadly, this isn’t an option when you grow older. As we age, our risk for certain health problems will increase, which means that the frequency of our check-ups also needs to increase. Frequent check-ups will hopefully mean that any health issues will be caught in time for them to be treated. You might find this wellness check-up schedule for seniors helpful.
This is the part about growing old that a lot of people have trouble coming to terms with. Of course, if you already live in a small place that is safe and easy to manage, this may not be applicable to you. However, it is unrealistic for older people to live in houses filled with stairs, or houses that require a lot of maintenance. You can do this in steps – move into a smaller house, then a townhouse, then an apartment . . . you get the idea. Downscaling does not always mean moving into a retirement home, it just means making life easier for you as you get older.
Set up a will
No one likes thinking about a time where we will be separated from our loved ones, but this tends to be a thought that’s on the forefront of our minds more and more as we age. Of course, death can happen to anyone, no matter their age, but it feels like much more of a reality once you hit a certain age. That’s why it’s a good idea to set up a will. This will help you feel more at ease about what will happen to your loved ones if anything should happen to you.
When you enter your 30s, ideally, your life is starting to get more settled than it was in the previous decade. You might have stumbled around a little before finding the right career track, but by now, you are probably moving along in your chosen line of work. Over the course of your 30s, you may marry, buy a home and start a family. This is a decade of great change, in which you may find yourself in a very different place at the end of it than you did at the beginning. The financial decisions you make at this time will have repercussions in the decades that follow.
Not Saving for Retirement
At 30, retirement can seem an impossibly long time away. At 39, it might seem a little closer, but at that point you've lost more than a decade of potential investments. Even if you plan to work into your 70s, you should start maxing out your retirement account. It's even better if your employer matches your contributions, but even if that isn't the case, the contributions you make now have many years to compound in value and will be worth a great deal in the years ahead.
Missing Out on Refinancing Student Loans
You can save on your monthly expenses if you refinance student loans. Even better, you may be able to pay off those loans entirely by the end of the decade. With just a few minutes of research, you can find out whether you are eligible for a lower rate. This can cut years off of the payments you make, and you'll be well ahead of your peers, some of whom will still be making loan payments into their 40s, 50s and beyond.
Running Up Credit Card Debt
In your 30s, you can really start to feel the crunch of your financial responsibilities, especially if you become a homeowner and start a family. Unfortunately, alongside that, you may also wish that you had more money for both the necessities and little luxuries of life, and it can be tough to watch your peers spending without being able to do the same. However, you should really resist the temptation to put changes on your credit card. Interest rates with credit card companies are very high, and you will be surprised at how quickly the balance grows even if you just use it a few times per month. It can be easy to suddenly find yourself struggling to keep up with minimum payments and watching a ballooning balance. It's better to keep credit cards for emergencies or have a plan to pay them off monthly.
Being Financially Disorganized
At this point in your life, you should know how to make a budget and stick to it. You should be filing your taxes on time and have an emergency fund that you keep replenished when you have to dip into it. You should also be paying down debt instead of accumulating it. The exception to this is a home mortgage. This is also a good time to start a relationship with a financial professional who can help you with creating an investment strategy based on your long-term goals.
By Kathryn Flynn
Despite what you read in the headlines, student loan debt isn’t just a Millennial problem. According to a study from Fidelity, Baby Boomers saw the biggest increase in student loan debt balances from 2019-2020 (33%), outpacing all other generations.
Student loan debt is a financial burden at any age, but it can be particularly harmful later in life. Excessive debt can hinder plans for a comfortable retirement and could force Boomers to stay in the workforce longer. Older borrowers also risk losing their social security benefits if they default on a student loan.
Fortunately, there are ways to tackle student loan debt so that you don’t tarnish your golden years. Here are some tips on how to pay off your balance faster.
Depending on which type student loans you have, it might make sense to refinance. When you refinance, you borrow a new loan with a lower interest rate to pay for your existing loans. This will reduce the amount of interest you pay over the life of your loan, which can help you pay off the balance faster.
If you took out a student loan to pay for your child’s education, you may be able to refinance the loan in their name. That way you are relieved of the debt and your child can start paying for their own degree.
Keep in mind, however, that federal loans can only be refinanced into new private loans. This means you’ll no longer be eligible for repayment plans and forgiveness options that are only available for federal student loans.
Make Extra Payments
A large loan balance can be intimidating, so sometimes it’s best to start small. Consider making a few extra payments throughout the year that can be applied to the principal balance. This will lower the amount of interest you’ll pay and can shorten the length of your loan. Making just one extra payment a year can make a big difference over time.
In March 2020 the Department of Education started a COVID emergency relief program where all federal student loans were temporarily placed into administrative forbearance with a temporary interest rate of 0%. You can take advantage of this by making principal-only payments, which reduce the amount of interest you pay. The payment pause and interest waiver is in effect until at least September 30, 2021.
Automate Your Payments
Automating payments is a proven way to pay off debt. Some student lenders even offer a discounted interest rate for borrowers who set up auto payments (typically 0.25%). This strategy is often referred to as “set it and forget it”, because that’s exactly what you do. Simply link your bank account to your student loan account, and your payments are automatically sent each month.
Stop Being a Cosigner
Being a cosigner is one of the ways parents help their children pay for college. Private student loans typically require a cosigner when borrowers don’t have steady income and good credit. But what parents might not realize is that if the borrower stops paying the loan the cosigner becomes responsible for the balance. Parents should consider applying for a cosigner release once their child enters the workforce.
Claim a Tax Deduction
Eligible student loan borrowers may claim a federal tax deduction for up to $2,500 of student loan interest paid during a given tax year. The deduction applies to interest paid on federal and private student loans, with a maximum tax savings of $550 per borrower. For tax year 2020, the student loan interest deduction is available to borrowers with modified adjusted gross incomes below $85,000 ($170,000 if filing jointly).
Get Help from Your Employer
Employer student loan repayment assistance programs (LRAPs) are growing in popularity. A 2019 survey from the Society for Human Resource Management found that 8% of companies offer this type of employee benefit, up from 4% in 2018 and 3% in 2015.
Typically, employers who offer an LRAP make monthly student loan payments directly to the lenders, up to a cumulative limit or until the entire balance is paid off. Payments from LRAPs used to be treated as taxable income to the employee, but in 2020 the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) made the benefit tax-free.
Use Your Home Equity
Older borrowers may be able to borrow a Home Equity Line of Credit (HELOC) to pay off student loans. A HELOC is a second mortgage that works like a line of credit. And since your home is used as collateral, you typically pay lower interest rates compared to other types of loans.
To qualify for a HELOC, borrowers must have at least 15% to 20% equity in their home, a good credit score, a debt-to-income ratio of 43% or lower and stable income.
Use Leftover 529 Plan Money
Parents and grandparents with leftover 529 plan funds may take a tax-free distribution to pay student loans. This benefit is available to 529 plan beneficiaries and their siblings, so you may have to make yourself the beneficiary before you withdraw. Tax-free withdrawals for student loan repayments have a lifetime limit of $10,000 per borrower.
There are a lot of nutritional supplements on the market, so choosing which ones to get is a bit challenging. There are supplements designed for different purposes, but all of them are made to improve your functioning in one way or another. An important thing to remember is that supplements should not be taken as a replacement for eating healthy foods. They should be consumed as an addition to your healthy diet. That way they will provide their best effects to the body. When searching for supplements, keep in mind that choosing poor quality supplements may harm your health. Therefore, make good research and get properly informed about the positive and negative sides of each supplement.
Choosing The Best Supplements For Your Needs
Each person has their own need when it comes to supplements. Just because the vitamin E worked well for someone you know, does not mean it will provide the same effects for you. Also, not every person needs the same amount or same type of supplements. Supplementation will work ideally if it is tailored to your specific needs, your lifestyle, eating habits, genetics, and other important factors.
For example, if you are experiencing pain, you have airway infections, neuropathic pain, multiple sclerosis, fibromyalgia, or something similar, you cannot treat yourself with regular supplements. In such a case you may use a supplement called Palmitoylethanolamide (PEA). Produced by Cofttek and in accordance with FDA, this chemical is a fatty acid, naturally found in foods like peanuts and egg yolks, but it is also used as a medicine for various health issues like the ones mentioned above. It is also helpful against COVID-19. The main characteristic of COVID-19 is that it has a strong inflammatory response which often leads to a cytokine storm. Cofttek believe that PEA can help a lot because it has many positive characteristics. This chemical can bind to the cells in your body and can significantly reduce swelling and pain.
Cofttek is the large manufacturer of this chemical, so if you are having issues with pain, swelling, or something similar then you should certainly consider the products offered by this quality manufacturer. Cofftek are a Chinese company, highly regarded by investors for their professionalism and good work. They are the biggest producer of China when it comes to micro PEA raw materials. PEA is a fatty acid that has many similar characteristics to the endocannabinoid. So how PEA can help? it can help by boosting the immune system and the body`s response to different viruses.
Quality Supplements Are A Must
It is very important to remember that not all supplement ingredients have the same quality. Be careful because many manufacturers make supplements with ingredients that your body cannot process. Also, some manufacturers sell supplements with a very little amount of active compounds that your body needs. Multivitamins are very much different from one place to another, depending on where you are getting them.
Every local pharmacy has multivitamins, but there is no guarantee that the nutrients found in them are the same from one pharmacy to another. Some offer very limited benefits to the body, so you might not be getting the best out of them. That is why it is important to look around and to explore thoroughly before buying. One example of this is the component called calcium carbonate. This chemical is found in most multivitamins and other supplements, but this component is not easily processed in the body in comparison to calcium nitrate, which is absorbed more quickly.
How To Find The Best Supplements That Will Work
The first thing you can do is make a research. Do not read only the headlines and big letters on the supplements, but go deeper. Check all ingredients and ask some important questions. Get information about how each supplement works, check the background of the company that makes the supplements and get in touch with them asking specific questions.
If you have doubts or you do not know what exactly to search for, a good idea is to consult a doctor or a medical expert. They will certainly know what to recommend to you and will give you the best possible advice. They have a good experience and know ways in which nutritional supplements work so they can guide you in the process of choosing. Besides that, they are the ones that can safely point to which supplements are quality ones and which ones should be avoided.
Finally, consider getting nutritional supplements that have been through rigorous testing. Some companies, like the one mentioned above in the article, set very high-quality standards which they follow. That way you can make your choice easily and get something that can help your health improve. Buying from them will give you peace of mind that the supplements you are getting are well-vetted, properly researched, and free of any negative side effects.
Things To Pay Attention To
You need to know your body well to use nutritional supplements most effectively. Listen to your body, how it functions, and know your weaknesses. Take note of how different supplements work for you so you can make a better choice next time.
Also, know that studies and medical research are very important. The more researched and tested a product is, the better the results for the people that use them. Consult professionals and read materials relating to supplements, and then make your decision.
The market is saturated with supplements of all kinds and for all purposes, so you should be careful when picking. Choosing from reputable and reliable manufacturers is always a better option than getting supplements from unknown companies.
Finally, always consider your needs when looking for specific supplements. Your body is unique and has different requirements than someone else. What is good for someone else does not necessarily mean it will be good for you.
Hopefully, you will find this information useful when thinking about getting nutritional supplements to add to your diet. Consider the information provided here, but also do not neglect their healthy lifestyle. For supplements to work, you need to live healthily and avoid consuming or doing things that can harm you in any way.
Numerous health problems can arise because of nutritional deficiencies. For many people, the road to good health lies in improving dietary habits. That is where the nutritional supplements come into the picture, as effective tools for improving and maintaining good health. Many nutrition experts advise supplements to be taken together with a properly balanced diet. In addition to that, regular exercising can also benefit your overall health. Discuss these things with your doctor and get supplements that will meet your individual needs.
Retirement isn’t all about resting and relaxing (although that may be a big part of it).
The end of structured work can mean that you have a lot of extra time to now focus on yourself, whether that means taking more of an interest in your health, pursuing your hobbies, or fostering a deeper connection with your local community.
Below are 7 tips for taking care of yourself really well into retirement, both physically and mentally.
1. Learn how to cook healthy meals
Sure, maybe you had to rely on convenience foods and take out pretty often while you were working due to lack of free time.
But, in retirement, you likely have a few extra hours which you can devote to learning how to prepare simple, healthy, delicious meals for you and your family.
Learning how to cook well isn’t just a way to make sure you always have delicious food around, it can save money, impress your friends, be a fun hobby, and help keep you healthy by relying on processed fast foods less.
2. See a doctor about all health issues that bother you
Of course, you always went to a doctor when you were hurt or feeling ill, but everyone has a few of those nagging personal or cosmetic health issues that they seem to just deal with.
Whether you have some leftover acne scars from your teenage years, you have some dark spots popping up, your hair isn’t what it used to be, or you are having sexual health issues, there are prescription medications that can help you feel better about yourself and regain your confidence over these common concerns.
If you feel uncomfortable bringing these concerns up to your usual doctor, you can have telemedicine visits online to help address potentially delicate issues like hair loss, dermatology concerns, or sexual issues.
3. Develop an active hobby
Regular exercise is extremely important to your overall health, wellbeing, and your mental health.
But, you don’t want exercise to feel like a chore (or you will probably do it less).
So, look into developing a hobby that includes moderate activity that you know you will want to keep doing.
Take up gardening, get a dog that requires daily walks, or get into swimming if you have a pool or live close to the beach.
4.Get involved in a local club or meet-up
Now that the working portion of your adult life is in the past, you may start realizing just how many of your interactions and friendships came from your job.
Hanging out with friends and acquaintances regularly is good for your mental health and overall wellbeing, and can help you live a long and fulfilling life.
Your retirement can be a chance to start getting in with a whole new group of people, whether you meet them by joining a bowling league, book club, or neighborhood committee, fostering new friendships can help keep your retirement years fresh and exciting.
5. Stay on a sleep schedule
Sure, you can stay up all night now if you want to, or sleep until noon, but throwing your schedule out of whack can put a damper on your day and make it hard to get things done.
Even though you don’t have a day job to get to in the morning, keep yourself on a regular sleep schedule and still go through your favorite morning routine each day.
6. Always be learning something new
Just because you are done with work, and your boss isn’t on your back to learn the new skills needed for your position, it doesn’t mean you need to stop learning.
In fact, making sure you are always learning something new can be a great way to inject some excitement into your life, while being great for your overall morale and mental health.
Think about the things that you were always interested in but never had the time to delve into.
Pick up sewing or knitting, painting, learning a new language, or just how to keep that tricky sourdough-starter alive.
Make goals for yourself
Not all goals are work-related, in fact, you can easily have the biggest achievements of your life in your retired years.
Volunteer with a charity working towards helping a group or cause you are passionate about, try to win an award in your town for the best flowers, or aim to be on the board of the homeowners association for your neighborhood.
Setting goals for yourself will help structure your retired life and make it a whole lot more enjoyable.