Consumer Proposal over Bankruptcy Any Time
Being in debt is an annoying trap that a lot of Americans seem to fall into. The worst part is some of them continue to sink way deep down that hole until there’s no light left to see. It may be a morbid analogy, but it is a harsh reality that can happen to you if you’re not careful. Unlike really falling into a deadly trap, though, you have the option of throwing in the towel when you cannot pay off your debts anymore. In this case, it’s called bankruptcy.
Unfortunately, filing for bankruptcy may get you into even more financial trouble. Bankruptcy would put a blemish on your credit record that would last for at least 6 years. This is definitely not good to hear. For one thing, availing for new loans or even credit cards will be next to impossible during that period. You will have no other choice then than to get rid of that stain as soon as possible by selling various assets.
Now that you’re enlightened about the devastating negatives bankruptcy can bring, it’s time to look at a more adequate solution you should first consider. If you are one of the hopeless debt acquirers who still happen to have a source of steady income and could still somehow pay their monthly bills, then take heed of this solution: consumer proposal.
In the most basic sense, a consumer proposal is a kind of arrangement where you simply ask for your creditors to lessen the amount you have to pay them. You cannot be blamed if you’ve never heard of this, as for some reason, it is a way out that’s often overlooked. On the flip side, you might ask why the creditors should agree to such terms. Well, filing for bankruptcy will not really do much with the creditors in the long run as compared to you still continuing to pay them. So giving them your consumer proposal will also present them an alternative that might prove more advantageous to both parties. Read more
Be A Smart Business Credit Card Applicant
Even as the world economy feels the crunch lately, credit card companies are still clamouring for business as income from credit cards are probably one of the highest earners. The marketing becomes more aggresive and more perks are thrown in so that people would be more prepared to apply for one. Whilst personal credit cards are the norm, credit card companies have also taken the road to capture the business credit card sector. With such a lucrative market available, it is not surprising if the credit card agent tells you that he will come over to your office at your convenience so that you can fill up the business credit card applications. Even so, businessmen should take their time to source out the right type of card to use depending on the needs of the company. Some of the more common types of rewards programmes and features offered are as follows:-
Rewards Points and/or Miles Rewards
The rewards points incentive or travel miles reward programmes are probably in existent in almost all business credit card packages. With an eye to motivate the business man to spend more, points or miles are given for the amount spent on the credit card. The points are then redeemable against a catalogue of gifts or travel deals. If you know that your business requires you to spend considerably, then choose the rewards programme which gives you the best value for the points earned.
Cash Back
With cash back cards, the businessman is offered a percentage of each purchase back in cash. However, it is unlikely that you can actually withdraw cash earned back. Rather, the cash earned is used to offset selected purchases or used as rebates. Do note however that the interest rates on these cash back cards can be higher than ordinary cards and some may come with an annual fee. It is always advised that you read the fine print to determine the percentage for the cash back rewards before you decide whether it is worthwhile to submit that business credit card application. Read more
