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    Debt Resources From Raincross Filing Services

    Last updated 2 years ago

    Being in debt can add a great deal of additional stress to your life. If you are interested in learning about how to avoid debt as a student and later in life, then visit the links below.

    WATCH: How To Create A Financial Plan

    Last updated 2 years ago

    It is important to plan for both short and long term financial goals so that you can begin allocating funds to the necessary areas and saving money.

    This video explains how to get your finances in order and plan for the future. The first step you should take is drawing out a budget. This will mean taking a look at your monthly expenses and subtracting them from your net monthly income. If you have more expenses than income, then you will need to rework your finances so that your expenses are reduced or your income is raised.

    Budgeting and planning can save you the hardship enduring future financial emergencies. A certified financial planner can help you achieve your monetary goals and secure funds for the future.

    The Importance Of Paying Your Bills On Time

    Last updated 2 years ago

    Budgeting your income so that you can pay all of your bills can be a challenge, especially in these trying financial times. However, it is essential that you pay your bills so that you can avoid the harsh repercussions of having outstanding debt. Below are just a few of the consequences that you might face by missing payments on your bills.

    • Your account may be sold to a collection agency: After a series of delinquent payments, your account may be transferred to a collection agency that will make persistent efforts to contact you through mail and phone in order to recover your debt. If you know you cannot make payments, then you should contact your creditor and try to make alternate payment arrangements. Most creditors appreciate it when you try to take charge of the problem early instead of waiting and missing payments.
    • Your assets may be seized: If a creditor is unsuccessful in recovering outstanding debt after making attempts to contact you, then you may be taken to court. When the judge rules in favor of the creditor, the creditor will have the right to put a lien on your assets, including your home, or garnish your wages to cover the debt.
    • Your credit score will suffer: A majority of your credit score is determined by your payment history to your creditors. Single late payments or missed payments may cause your credit score to drop up to 100 points. By making payments in full and on time each month, you are supporting your credit reputation and building a good credit score.

    If you are having trouble paying your bills on time each month, then consider the services of a credit counselor. The sooner you make efforts to resolve your debt, the less impact you will make on your credit score and your assets.

    A College Student's Guide To Avoiding Debt

    Last updated 2 years ago

    Between tuition, textbooks, housing, and living expenses, college can be a financially trying time. However, by making money-savvy decisions as a student, you can start building good credit early in life, which will give you significant buying power when looking for a new car or house. Here are some tips for managing your finances during college:

    • Get a job on campus: Most schools encourage students to work on campus in the student union, the library, or the dormitories. These jobs can help you earn some extra money while giving you something to put on your resume. As you advance in your college career, you may want to look into paid summer internships related to your field of study.
    • Apply for grants and scholarships: Even if you do not have an exceptional GPA, there may be scholarships available to you based on other credentials. Search for different funding options that can help you pay for your tuition and housing each semester. Each year you should apply for the FAFSA to see if you are eligible for government funding that does not have to be repaid.
    • Opt for federally subsidized loans: If you do need to resort to student loans to cover your expenses, then apply for federally funded loans. These loans have the interest paid until you graduate, so you won’t have to make payments while in school. Once you graduate, your student loan payments will help you to build strong credit, so long as they are made on time.
    • Be cautious of credit cards: As a student, you will probably get weekly offers from credit card companies stating your pre-approval. These offers can get you into financial trouble because the limits are often high and accompanied by high interest rates. A student credit card can be helpful to build your credit, but you should only make purchases with it that you are able to pay off immediately.

    Although it may be difficult to manage your finances as a student, it is important to be responsible with your money to secure a bright financial future. Use these tips to guide you through college and save your money.

    Debt Resources From Raincross Filing Services

    Last updated 2 years ago

    Have you learned something from our recent blog posts, which have discussed the negative side effects of accumulating mountains of personal debt and ways in which you can avoid racking up more credit than you can afford to pay off each month? If you are looking to learn more about either of these topics, the following resources may be of interest to you.




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