How To Consolidate Your Debt

Are you living paycheque to paycheque? Are you tired of paying off high interest rates with no reduction on your principal debt? Are you being harassed by debt collectors, urging you to pay your numerous credit card bills? Do you stay up late at night thinking of how to get out of your financial rut?

If these scenarios sound familiar, then you need to start taking hold of your finances and making the first step in consolidating your debt.

What is debt consolidation?

Debt consolidation is the process of getting one loan with a single monthly payment to pay off all of your debts. The single payment is usually much less than the total of minimum payments on a number of loans or debts.

There are several advantages of debt consolidation. One is better management of your debt as you only need to think of one lender to pay. Your debt consolidator can also negotiate for lower interest rates on your bill.

So, how do you start consolidating your debt? 

1. First, make a list of everything that you owe because you will be getting one loan to pay off all your debts.  
2. Review debt consolidation options that are available on the market. If you are hounded by credit card bills piling up, you can consolidate them into one credit card that can provide you with a high credit limit and reasonable balance transfer rates. You can also secure personal loans to pay off all your existing debts under one lender.
3. Find a lender that can offer you the best solution to your problem. Debt consolidation only makes sense if you can avail of lower interest rates than what you currently have. Make sure that you research on possible lenders and their offerings so that you can maximize the debt consolidation process.
4. Sort your debts based on interest rates. Make a list of those which you need to pay off first because of higher interest rates. In this way, you get them out off your list as soon as you can and proceed in paying off all the other smaller debts.
5. Pay off your loans as fast as possible. Credit and time are not your usual best of friends. When you withhold payment over time, your interest rates soar up and this can quickly drain your cash flow. Make sure that you pay off your loans as soon as you can to avoid absurd interest charges.

As you achieve progress in paying off your existing debts, it is important review your spending habits so that you do not fall into the trap of mishandling your finances. One way to avoid this is by creating a personal budget that will guide you on how much you can spend based on how much you are earning.

Always remember that prevention is better than cure and in terms of finances, avoiding debt is always best. However, there will be times when it will be inevitable. In cases like this, review the options that you have on how you can augment your current need and settle them immediately when their due date comes.

Signs That You Should Borrow Money

Managing one’s finances is probably one of the more difficult challenges of adulthood. We are all aware of how we should balance our expenses with the money that we earn but in real life, it’s easier said than done. There will be emergencies and unexpected situations that will derail us from our financial goals and this is perfectly normal. We stumble upon these instances once in a while.

If you are trying to decide whether you should borrow money, here are some examples that may mean you should:

1. It is a medical emergency. Whether this is a hospital bill that you need to pay or perscriptions that you need to purchase immediately, it is important to always prioritize your health. Most of the time, we do not set aside money for a health and wellness fund so when these unforeseen circumstances come, they put us on a minor setback.
2. You need an immediate home improvement because a raccoon found its way to your attic and tore off your insulation materials. Situations like this are again unexpected and sometimes, it is not easy to round up several hundred dollars for home repair. On the other hand, you can’t just leave that part of the house ripped open, can you?
3. Your car broke down and it needs a major fix. You use your car for work and it is just impossible to live without it. But what would you do if you don’t have the money for its repair?

For these situations above, we are able to offer you a solution… borrow.

Oftentimes, credit is given a bad name but when utilized properly, you can make it work for you. All you need to remember is to pay your debts when they are due so they won’t pile up and you won’t have to pay for ludicrous interest rates that come with credit.

There are many forms of credit that exist in the market and the most common would be loans or credit card accounts from financial institutions like banks. However, if you have not yet built a good credit rating or are actually suffering from a bad credit score, there are other options that you can run to for these exigencies. One of these options is a payday loan like the one offered by GoDay.

With GoDay, you get the cash you need without the hassle. All you need to do is apply online and get approved on the same day. GoDay’s payday loan is very simple where you are charged a flat financing fee for every $100 you borrow. The key here is to pay your debt the next payday!

Solve any of your emergency financial problems with GoDay payday loans online canada and get back on track faster than you think you can! Visit GoDay’s website today!

Steps to Financial Freedom While You’re Young

Achieving financial freedom is something that most, if not all, of us want. But what does this term really mean?

Financial freedom is having the resources to live comfortably and do the things that you want without having to work actively, day in and day out. This means that you have enough money to be able to buy the things that you want, at any time of any day. Well, doesn’t this sound amazing?

Many of us cannot relate to this freedom especially when we are just starting a new job. The saying "work hard, party harder" seems to be a common theme to those just entering the working world. While this is not completely wrong, we strongly encourage you to hit the pause button and think for a moment about your future. Wouldn’t it be nicer if by the time you reach your thirties, you are already a millionaire and not desperately making ends meet?

But how do you do that exactly? We will let you in on a little secret and it is quite easy! The key is starting early.

A little goes a long way especially if done constantly and consistently. We will give you some tips on where to start building yourself towards financial success.

1. Write it down. When you begin working, the last thing that would come into your mind is making a budget list. Truth is, this just sounds so boring. But this little practice can give you great rewards in the future. Making a list makes you mindful of your cash flow - how much money goes in and how much of it goes out.
2. Create budget “pockets”. By pockets, we mean dividing your income into several partitions such as for emergencies, leisure, necessities, etc. This is an extension of your list. By creating these pocket funds, you know that you have resources to spend for each area of your life and how much you should spend for each one.
3. Prioritize. After you segmentize your budget, it is important to learn how to prioritize because you will have a limited budget for each area. For example, you have a $100 leisure fund. Will you be spending it this month for a shopping spree or let your money accumulate and get that overseas vacation at the end of the year?
4. Invest. Find ways on how to make your money grow. Enroll in classes that teach you how to grow your initial capital so that you have other sources of income in the future.
5. Reward yourself. All work and no play makes Jack a dull boy, so the saying goes. Give yourself a pat on the back for your hard work and reward yourself once in a while. This is important so that you don’t feel immediate burnout while earning that hard-earned money.

These are just some tips that can get you moving. Find something that works for you and take small steps in cementing your future financial success.

If in any case you get into some financial setback, you can take advantage of payday loans online canada like the ones offered by GoDay to get you back on track. GoDay offers fast, transparent and hassle-free payday loans online canada to ensure your path to financial independence.