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Some lenders have so many repeat customers they have developed reward programs. After loans have been successfully completed, customers can apply for free entry into programs.

Consequences of Poor Money Management

Managing money properly takes a great deal of determination and discipline. The temptation is to purchase what you want when you want it. After all, the marketing executives say it is fine in commercials, credit cards can be used to delay paying for items, and big ticket items are often on clearance.

End of season sales for cars and trucks are excellent examples. They are presented in such a way that saving five-thousand dollars makes it alright to purchase a forty-thousand dollar truck with payments as high as most people’s rent. It defies reason, but the marketing technique works. Is that vehicle in the driveway just adequate to suit needs, or is it full of gadgets and heated seats?

What that All Means

People who live beyond their means, max out their credit cards, and have no savings in the bank are ill-prepared for any types of emergencies. There is simply no money to cover any additional expenses. When something suddenly happens that requires funds, the only recourse is loans. Bank loans can be paid off easily because interest rates are competitive and a variety of terms are available to make payments fit into a budget.

Those who do not qualify for bank loans often find themselves resorting to pay day loans or installment loans. Short term loans from non-traditional lenders will end up costing a small fortune. Interest rates are staggering, payment terms are short, and late fees can create debilitating debt. Most lenders, such as Moneyboat UK, discourage customers from applying for short-term loans.

How to Manage Money

The quickest way to control excessive spending is to write out a working budget. List all bills for the month and list all income for the household. Ideally, there is money left after bills have been paid. If that is not the case, frivolous spending has to stop. Pay the bills, put a little into a savings account, and then spend the rest on non-essential items.

Stop using credit cards until the current balance is paid off. Once that is accomplished, keep those for emergencies only. There will be interest rates involved, but not nearly as high as rates for direct lender loans. This will not be easy for most people who spend as the mood strikes them.

Paying Down Existing Debt

People who are behind on bills, have creditors calling them, and are burdened by trying to pay everything have resources available for help. Creditors will work with those behind on bills. Speak to a representative, set up a payment plan, and do not miss any payments.

Credit counselors can negotiate with creditors to waive late fees, arrive at acceptable payments, and manage money until debts are gone. Clients pay the agency every month and the agency distributes the money to creditors. There is a fee for this service, but it is nominal and can be folded into monthly payments.