5 Tips To Choosing the Best Prepaid Debit Card

With the advent of technology, cash transactions have been made a whole lot easier. Debit cards for that matter have made the handling of cash convenient, thus reducing the number of barriers to spending money. If you have never gotten to use a prepaid debit card before and are planning on getting yourself one, here are a number of tips you can consider to help choose the best one.

  1. Go For Well Known Prepaid Card Brands

In recent years, many prepaid debit cards have come into existence with some from unfamiliar brands. Money is a very sensitive issue, it becomes essential to be very careful with the financial companies you are dealing with. The best prepaid debits cards are those that are being offered by reputable and recognized brands around the world.

Before selecting on your preferred card, do a background check to ensure the provider is legit. You do not want to be in a situation whereby your transactions are not legitimately recognized. The best prepaid debit cards are from MasterCard and Visa companies which are well recognized.

  1. Check the Terms and Conditions

This is a very important part of any prepaid card you decide to choose and which many people sadly get to ignore. Be very keen on this. Read through the terms and conditions carefully before agreeing to anything. Providers of these cards usually have different terms and conditions.

A good prepaid debit card should have favorable terms and conditions that you are comfortable with. Ask your provider to explain to you before agreeing to them. You do not want to be fined for inappropriate use of your card.

  1. Assess the Fees Chargeable

Debit card providers vary and each charge different kinds of fees for their prepaid debit cards. Purchase fees, monthly fees, transaction fees, withdrawal fees, balance inquiry fees, dormancy fees, and overdraft fees are just some of the many fees charged by providers.

Ensure that you check on this before choosing your preferred debit card. A good prepaid debit card should have very minimal chargeable fees. Some of the fees are straightforward, but you need to pay great attention to the more obscure ones. You do not want to be charged lots of money every now and again even when you are not using your card.

  1. Opt for Direct Tax Refund Packages

You probably have paid your taxes and you are due for a tax refund from the Tax agency. Instead of getting the refund via check, you can have it deposited directly to your prepaid debit card. This will be convenient for you and the tax agency, as it will reduce the paperwork and also cut on cost. So, when choosing your prepaid debit card, you can check for this tax refund package. In fact, a good prepaid debit card should be able to give you a bonus package for every tax refund transaction done to your card.

  1. Type of Use

There are a number of ways you can get to use your prepaid debit cards. Start by determining which one will suit your needs. Is it for shopping and utility bills? Is it for your entertainment? Or will it be for your kid’s pocket money? Prepaid debit cards can be a reasonable way to control your spending and manage your debt. Once you have determined the use, then you can scour around for different providers and see who offers you the best package for your preferred use.

8 Tips on How to Maintain a Good Credit Score

Looking to take out a personal loan but don’t want it to affect your credit score? Here are 8 simple tips on how to maintain a good credit score, regardless!

How does your credit score compare to the average American? The average American FICO credit score reached 704, which has increased over the years. Having a good credit score can help you secure loans, get lower interest rates, or even get a job.

Looking to take out a personal loan but don’t want it to affect your credit score? Here are eight simple tips on how to maintain a good credit score, regardless!

1. Pay Bills on Time

Paying your bills on time is a big part of your credit score. Make sure you stay organized with your bills. You can also sign up for automatic bill pay to ensure you remember.

Even if they are bills that don’t get reported to the credit bureau, such as vendors or even library fines, over time these bills could go to a collections agency, which will then hit your credit report. You can look for apps to help you organize your bill pay, or set up reminders on your calendar if you can’t sign up for auto pay.

Make sure you keep your account information updated. If you move, you don’t want to forget to pay any bills. Getting your bills forwarded takes time.

2. Keep Credit Card Balances Low

Keeping your credit card balances low is always a good idea. When you get close to your card’s limit, this hurts your credit score. Try to keep your balances within 30 percent of all your credit card limits to keep a good score.

The credit card company reports your current statement balance to the bureau. This means you should watch your balance and keep it low before your cycle closes.

3. Avoid Applying for New Credit

If you have several credit inquiries, it can negatively affect your score. It doesn’t matter what type of credit it is. Make sure you only apply for credit when you need it.

Opening a new credit account will decrease your lower credit age average. This also affects your credit. Lenders view a spike of credit inquiries as a sign your economic circumstances have taken a negative turn.

4. Don’t Close Old Credit Cards

When you close a credit card account, it no longer gets weighed in on your credit score. These old accounts are helpful because they help improve your credit history and average credit age.

For example, if your old card had a limit of $5,000 and all your combined cards total $15,000, removing this card decreased your combined limit to $10,000. Your recommended 30 percent balance moves from $4,500 down to $3,000.

The credit bureau will remove your old accounts within ten years anyway. There’s no reason to hurt your score or remove these accounts since they’re paid in full.

5. Consolidate Credit Cards to Have Fewer Balances

You may think it’s a good idea to have small balances over various cards, but it can be a bad thing. You should pay off small balances instead. Having multiple credit cards with balances can actually lower your score.

If you want to consolidate debt, you can transfer balances to one card, so all your monthly payments go to one balance. You can also look into a personal loan to get lower interest rates and also use a different type of credit. Here’s more info on personal loans.

6. Manage Your Credit

You need to learn to manage your credit and debt. Set budgets and make sure you are living within your credit means. Keep track of your spending to see if you need to make any cuts.

You should also have an emergency fund ready. You should keep a savings account or at least 15 percent of your credit available, so you don’t have to borrow more than you feel comfortable with.

Always pay what you owe or at least the minimum payment. Never skip a payment, especially on loans and credit cards. You should always pay down your highest interest accounts first if you have many credit accounts.

7. Know What Goes into a Good Credit Score

To have a good score, you need to know what goes into a good score. This can help you make wise financial decisions. There are five main things that go into your credit score including:

  • Payment history
  • Amount of debt
  • Mix of credit
  • Credit age
  • Recent credit

There are a few things that may not affect your score like account overdrafts. Utilities are also not on your credit score, so if you need to make a choice. However, that doesn’t mean you should pay these accounts because they will go to collections in time.

8. Check Your Credit Report for Errors

Even if you pay on time and manage your credit right, you may have an error on your report bringing down your score. This is why it’s important you check your credit score to make sure your information is correct.

Fraud is out there, and you may not know you are a victim until you check your credit. Checking your credit report will not hurt your score. You are eligible to get a free copy of your credit report each year.

If you find any errors, you can dispute them. Keep an eye on all your old accounts to make sure the balances are still zero.

You can also sign up for credit monitoring services or talk to your credit card companies about credit monitoring. You can sign up to receive alerts for suspicious spending.

How to Maintain a Good Credit Score Thoughts

You work hard for your money. Having a good credit score can help you save money and get loans when you need them. Follow these simple steps, and your credit should stay where you want it to be.

Looking for More Ways to Earn or Save Money?

Now that you know how to maintain a good credit score, you should check out other ways to make your money work for you. Check out our site to learn about ways to make money.

You can also learn ways to avoid losing money such as online scams. You can also learn other life lessons to help you take control of your financial life.

 

The Top 5 Reasons to Acquire Life Insurance if you are a Doctor

If you are a doctor, there are many reasons why you should acquire life insurance. Just like all the other professionals, doctors need to ensure that they are adequately covered with all the necessary insurance covers. Whether it is a medical cover, motor cover, or even life insurance, you need to have insurance coverage so that you can have peace of mind as you play your roles as a doctor. It would be ironic for a doctor to treat clients through their insurance covers while he or she is not covered. Life insurance is actually an essential cover for all people who can afford it. In this article, we shall discuss a number of reasons why Life Insurance for Doctors is an essential requirement.

Here are the top 5 reasons to acquire life insurance if you are a doctor:

  1. Helps replace lost income

One of the biggest advantages of life insurance is that one is able to have their loved ones provided for even when they die. This is especially so for the doctors who are the sole bread earners in their families. No one knows when they will die and as such, you have to take the necessary plans for any eventuality. With adequate life insurance coverage, you rest assured that your loved ones will be catered for in terms of income when you are gone.

  1. Helps pay off debt

Just because one has died does not mean that their debts will die with them. In the case where your spouse and you have signed for a mortgage jointly, or you have taken other loans jointly, it would mean that the spouse would be entirely responsible for the repayments of these debts. These will definitely take a toll on their income. This can easily be catered for by the life insurance cover. It will help your dependants take care of any other financial obligations after you are dead.

  1. You can build cash value

When you sign for a term life insurance, you will essentially be building cash value for your future needs. You can then get paid after your insurance policy reaches maturity. You can also choose the whole life insurance and build your cash value over time. This should be an attractive prospect for any doctor. You see, you can even use the money accrued to make some investments related to your career. In the event that you have some emergency down the road, the life insurance cover will come in handy.

  1. Diversify for investments

Life insurance can also give you an option to invest in certain products. This is the case with the universal life policies. This kind of life insurance helps you get some dividends depending on the performance of the product you have invested in. It is a good option for doctors as well. However, one needs to read the fine print for them to understand the terms and the conditions of the policy.

  1. Peace of mind

You can never predict the future. However, you need to be prepared for any eventuality. Having life insurance is a sure way to have peace of mind. Regardless of the type of life insurance cover you will take, you can rest assured that you and your loved ones are adequately secured.

How To Determine If You Are The Next “Get Rich Quick” Victim

Have you ever been approached by a friend or family member who has this brand new way to double or triple your money within a short amount of time? Be wary, nothing in this world is free, especially money. Even though there are ways to shortcut your way to success, it will still take hard work and time.

We all want to be well-off and wealthy; have that nice car or dream home. And we are fascinated by people who say they have gained success with little work. But the truth is, these wealthy people know and understand things that others do not. And it all begins with the mindset.

This article is not geared towards individuals who expect to win the lottery one day or inherit a large amount of money from a lost relative. This is to inform people that get-rich-schemes can be dangerous if not researched properly.

Before proceeding, we need to understand that people with wealth did not just get their assets overnight. They were hard-working, problem-solving thinkers that had a goal and surpassed it.

First, you need to understand the mentality behind someone who is selling the scheme. Their obligation is to persuade you into purchasing or buying a scheme that doesn’t work. They can use sharp words to entice you or promise you the world only if you buy what they are selling. Learn to identify when someone is smooth talking you. If the hype sounds too good to be true, then it probably is.

These are a few traits of someone who is selling you false dreams:

1.They only talk about the positive things versus telling you what could go wrong

2.Eager to tell you to invest a small amount of money, and in return, you will receive thousands in return daily

3.They will promise you that in one click, all of your dreams will come true and your life will change drastically

Unfortunately, the only way to get rich quick is by either investing in proven methods or maximizing on your craft. Any book, website, or salesman telling you otherwise is a complete scam.

How To Get Rich Without “Get Rich Schemes”

If you are a person who’s looking for a way to enhance your profit, simply make better business decisions. Here are a few smart ways that can start you on your journey:

Rework Your Budget

Think about how you can actually save money. By analyzing your finances, you will be able to extend your current budget and still maintain the quality of life you want.

Invest In The Economy

The stock market in the United States makes up more than 40% of the worlds stock market. People think that investing in the market is risky and doesn’t promise a return on investment. But if you think about it, so is gambling and playing the lottery. Focus on investing in an index fund or multiple different stocks. It is a proven fact that by doing so, you will eventually yield a profit.

Create A Subscription-Based Service

Subscriptions are a way to get money on autopilot. Usually, a consumer will pay you to provide a service for them on an ongoing basis. Imagine waking up every morning to see someone has signed up to your business idea. Think of businesses like Apple Music, Spotify, and Match.com. The ideas are limitless. Tap into your creative side.

Invest In A Way To Impact The World

If you are the type of person who wants to “do good” in the world. Then how about investing in ideas that will replenish the earth’s resources or help find cures for diseases that are untreatable.

In all honesty, investors who research and choose stocks that they feel comfortable with will do better than the professionals on wall street. You will need to educate yourself and get familiar with the process. But that is like anything else in this world; learn a craft, master it, and profit from it.

To research stocks that interest you, you will have to know something about business. Owning stocks is just like owning a piece of a business, and by viewing their public reports online, you can decide on if you want to invest or not. Read the businesses annual report. You might need a little guidance with this part because it can look like you are reading a different language at first. Just reach out to a financial advisor and have them give you a quick lesson. You will have to pay for the service, but it will be well worth the price.

How Your Family Can Save Money This Autumn

When you have a family, it can be difficult to find ways to save money. Of course, it is very important that you do manage to save money just in case something was to happen in an emergency. A good time to start saving money is in the Autumn because this is the real beginning of the lead up to Christmas and you are going to need to afford all of those presents. This is why we have put together a guide on how you can save money this autumn. Make sure to keep reading if you’d like to find out more.

Set A Budget

One of the most important things to do when trying to save money for your family is to set yourself a budget. Budgeting can be difficult at first but once you get into the swing of it you can do it all of the time. In order to set a budget for your family, you’ll need to make a list of all of the things that you need to pay for each month. From here, you can write out a budget and try to stick to it. This is only going to work if your whole family is aware of the budget and are willing to help you out.

Spend Less On Groceries

When you do your shopping each week, you need to make sure that you are saving as much money as possible. If you buy all of the most expensive brands, then you are going to be spending more than you should be. A good way to save money this autumn is to try more of the store brands which are normally a lot cheaper. You will start to realise that most of these products are very similar to your favourite brands and so you won’t even notice the difference in the future.

Sell Your Things

We’re not talking about selling everything you have but if you take some time to do a clear out, you might actually be able to make some money. A good way to do this is to have your family each declutter their own room. Once you have things that you don’t want to keep, you can think about having a car boot sale or selling some of the items online. For clothes, you could look at eBay or if you have some vintage things try the Depop app.

Scrap Your Car

Do you have a car that is on its last legs or even one that doesn’t work anymore in your garage? Have you ever thought about getting it scrapped? You will find that if you get your car scrapped you will get some money for it. The amount of money that you will get will depend on the make and model of the car so make sure to do your research. You’ll find plenty of companies who can do this for you if you search ‘scrap my car’. Make sure to try this out if you want to make a bit more money in the lead up to Christmas.

Use Cash

It can be very easy to forget about the value of money when you are using a credit or a debit card. If you want to be able to save money this autumn, you are going to need to think about using cash. You could do this by giving yourself a weekly allowance and only allowing yourself to spend that. Of course, if there is some sort of emergency you can use your bank card but try to use cash a little more. This allows you to keep track of your money more and you will be less likely to spend it on things that you don’t really need.

Final Verdict

If you want to set your family up for the future, you need to think about how you are going to save money in the short term. Think about setting yourself a budget that you can stick to each month and consider taking this money out in cash to ensure that you don’t use your bank card on unnecessary purchases. You should also think about being proactive about the way that you make money. You could try to do a clear out of your home and sell the things that you don’t need any more. This will not only make your home a lot tidier, but it will also give you a bit of extra cash. On top of this, you could scrap your car and make some money from it.

Make sure to take on board the tips that we have covered in this article. If you are able to save money in the short term, you will have more money as Christmas approaches.

How To Make Extra Cash From Home

Finding enough money to support yourself and your family can often be something which many people struggle with. This is why they often find themselves looking for ways to get their hands on some extra cash to pay for emergencies and big purchases. The good news is that there are plenty of ways to make extra cash for your family, without even having to leave your home. If you are interested in trying this out, you should keep reading this article.

Sell Your Things On eBay

Our first tip is for those who have a lot of things in their house that they are not using. To make some extra cash, you should think about doing a declutter of your home and selling the things that you don’t need anymore. Auction sites like eBay could make you a lot of money and all you really need to do is advertise your items and then post them when someone makes a purchase. If you have enough things to sell, or you have some interesting pieces, you’ll make loads of money in no time.

Try Freelancing

If you have a skill or something which you are very interested in, you should think about trying freelancing. This is especially good for those who don’t want to commit to getting a second job or those who need flexibility in their work. Freelancing comes in many different forms and as long as you are good enough at something, for example, writing, you should be able to get your hands on some jobs. Make sure to check out sites like PeoplePerHour if you want to give this a try.

Start A Business

Many great businesses start from someone’s home office so if you have an idea for a business you should think about getting started. You could start a craft business, an online business or even start creating websites for others. To do this, you’ll need a spare room or invest in a metal building through a company such as Armstrong Steel which can be installed in your back garden and used as office space or storage space for the stock you’re going to ship out. Once you get into your business, you’ll be able to make some extra cash from home.

Start A Blog

Our final tip for those who want to make some extra cash from home is to start a blog. You’ll find that there are blogs on the internet about almost anything and if you get started now, you could be making some cash from yours in no time. Think about something that you are interested in and try to create your own blog. Once you get enough followers, you can start advertising on your blog and making some extra cash for your family.

Get Started Now

If you want to start making extra cash from the comfort of your own home, you should try out some of the ideas that we have discussed in this article. You’ll love having the freedom to spend a little more when you have a second income.

Tips and Tricks for Debt Consolidation

Repaying more than one loan comes with some hassle which is intimidating or even overwhelming for most people. You have to keep track of several interest rates and repayment dates as well as loan types. This can be confusing, and you can quickly lose track of all the obligations, missing some payments in the process. If this happens, it will affect your FICO score and you can even risk a repossession if the loan was secured either by your home or car. It’s no pleasant even if you get away with just paying some late fees.

These reasons are enough to think about debt consolidation. This operation means replacing your current loans with a single new loan which covers the entire amount of all the other debts. Let’s get into some details and explore when this is a good idea.

So, what is debt consolidation?

As briefly explained above, it is a way to get a new loan which will replace the ones you currently have and merge them into one. The scope of this is to simplify payments and make sure you never skip a due date again. Also, since you get a new loan, you also get a new rate, depending on your current FICO score. This makes the payment more comfortable and more affordable. It’s best used when you want to pay off some credit cards or other debt.

Why should I consolidate debt?

Here are a few incentives to use debt consolidation to release some of the current debt burdens. It also gives a few glimpses behind the scenes for this financial product. If you are looking for the actual steps of how to consolidate credit card debt check the link.

Get lower rates

Of course, this only happens if you have previously worked towards raising your FICO score before applying for the loan consolidation. This means that you have become more responsible with finances and are now more trustworthy. To get an idea of your savings, add the total amounts you are supposed to spend on debt in the next years and compare them with the total amount you will pay for the consolidated loan. Most likely you will save at least a holiday’s worth.

Get control over the payment date

Getting a new loan means you have some room to juggle with the repayment terms. You can choose the time when you make the payments to make sure it fits your cash flow pattern. Also, you can opt-in for an extended repayment timeline so that you can afford the monthly installments and never worry about being overdue.

It all depends on your objectives. You can choose a longer term if you want a lower rate, or go for a higher monthly bill to get out of debt fast and go on with life. Be aware that a more extended repayment period could really make you pay a lot more in fact since the interest rate is applied to the entire amount owed for more months.

The cool thing about getting a debt consolidation is that you can also get a manageable payment plan. For example, you can get rid by your pile of debt by simply switching to a lower rate, although this means spending more money on the long run it is a better solution than merely accumulating unpaid debt.

Debt Consolidation -Some Warnings

Reconsolidate Your Loan

What if you didn’t get it right the first time and you consolidated your debt and still failed to plan? Is there any hope for you? The good news is yes, there is hope in the form of reconsolidation. This means taking an even larger loan to cover the previous loan together with the interest rate. As you can imagine this is far from optimal or desirable and should be a clear warning sign. If you end up in this situation take up some debt management classes to learn from your mistakes before making new ones.

Not Always a Lower Rate

Although it is common to get a lower rate on debt consolidation due to better FICO scores that at the moment of the original loan, this is not the case by default. No institution can guarantee you that, especially if you already have some late payments showing irresponsible money management.

Don’t Use for High Volume Debt

It’s not the best idea to consolidate all the other debt with your house mortgage. Pick tax debt, remaining student loans or credit cards instead. Roll all the small debt into on and keep it separate from the 30-year home debt. Otherwise, you risk ending up with unbearable payments.