With the end of the year approaching many people are starting to make resolutions. Some of which include getting out of debt. Instead of making a resolution, I would make improving your finances a priority for 2012. To help you get started here is a list of our favorite financial blogs.
- Rescue Capital – Our blog contains a little bit of everything from budgeting to selling your future payments.
- Get Rich Slowly – This blog provides practical advice on saving money, getting out of debt and investing.
- Kiplinger – Gives advice on personal finance and how to secure your future.
- MSN Money – Saving, investing, retiring and getting out of debt advice.
- Smart Money – Advice on how to save, spend, borrow, plan and more.
- Learn Vest – How to live frugally.
- Savvy Sugar – Advice on money, careers and travel from a woman’s point of view.
- The Consumerist – Gives independent advice on scams, deals, issues, recalls and more allowing to readers to make informed buying decisions.
- Daily Finance – Money and finance tips galore.
- Bankrate – Bankrate publishes personal finance tips as well as rates on mortgages, credit cards, savings accounts and more.
Credit card debt fell slightly for July, August and September to $693 billion and the number of open credit accounts fell by 6 million, 23% down from its peak in 2008, according to a recent report released by Federal Reserve. Could the recent fall have to do with the pending holiday shopping season? Perhaps, since consumer spending for Black Friday/Cyber Monday was up considerably from last year.
One would have expected to see a decline in holiday spending due to stagnant wages and a 9% unemployment rate. Surprisingly consumers, enticed by the deals on consumer electronics, caught the shopping bug and whipped out the credit cards once again. Unfortunately for individuals who couldn’t resist the temptation, their recent shopping spree may have sent them into a debt spiral.
Even though there are tons of articles about budgeting and getting out of debt many people don’t realize they are in trouble until they’re in over their heads. What could have been fixed with budgeting, reallocating and cutting back now requires more drastic measures such as liquidating your assets. For some that means selling their home or borrowing from their 401k plan. For others it means selling their illiquid assets such as their future payments from an annuity, pension or settlement.
Selling may not seem like an ideal thing to do but if you are looking to get back on your feet, paying off high interest debt is a step in the right direction. Interest rates are at a historic low so buyers are offering some of the best rates in years. These highly competitive rates result in more money in your pocket. In addition, by paying off your debt you save money on interest payments making it a double win!
If you’re having financial difficulties and are considering cash out some of your future structured settlement annuity payments for a lump sum, give Rescue Capital a call at 866.688.3532.
We can explain all the options available to you and provide you with tools to determine whether selling is the right choice. If you decide to sell your payments, Rescue Capital’s team of professionals will be by your side throughout the entire process ensuring that everything goes smoothly.
- Pay Yourself – Before you buy toys, trinkets and other worthless items fund your emergency fund, your retirement fund and your savings account.
- Live Within Your Means – Don’t spend more than 28% of what you make on housing and don’t spend needlessly. As your income increases so should your savings.
- Avoid Incurring Debt – Credit should be used wisely. Don’t use credit to fund a lavish lifestyle. It’s ok to use credit to fund your education or to purchase a home as long as you borrow what you can afford.
- Go Green – Reuse, repurpose and recycle. Reuse items when possible. Repurpose items and give them a new life. Recycle items by selling them online or at a consignment shop.
- Become a Savvy Consumer – An educated consumer is a savvy consumer. Research your purchases to ensure you’re getting the best deal. Don’t waste money on budget busters and look for ways to economize.
These are just some of the ways to get your pot of gold. If you’re an annuity owner there are other options. By selling a portion of your future payments for cash you can access your money now, pay of your debt and make your financial dreams a reality. To learn more about how Rescue Capital can help you achieve your goals, call 866.688.3532.