In today’s difficult financial times, millions of common people around the world find it difficult to make ends meet. If you are concerned about debt, you probably need help to find out a debt solution that is suitable for your exact requirements.
Also known as a credit counseling company, a debt management company can create a debt management plan in consultation with you, which is basically an affordable budgeting structure. To determine whether a debt management company can be the solution to your problems, try answering the questions mentioned below:
Can you afford your current minimum monthly payments?
Is it possible for you to pay a little more than the current minimum payments per month?
Are you up-to-date with at least one of your credit card payments?
You are certainly a good candidate for Debt Management Program if your answer to all the above questions was “yes.”
Finding a trustworthy debt management company is extremely important because your finances are involved here.
Always look for credit counseling companies with AICCCA or NFCC membership. Companies with these affiliations operate in compliance with industry best practices and standards such as routine audits, recruiting certified credit counselors, etc. Avoid dealing with a company without any of these memberships.
Processing of Debt Mangement Company Plan
Find a company with BBB accreditation as well as plenty of positive reviews on the platform. This accreditation is one of the easiest ways to find a legitimate credit counseling company that offers quality service to its customers.
Therefore, opt for a business that has been serving customers with satisfaction for many years.
Before signing up for any plan, ask the company to provide a schedule of fees in writing. This will provide you a clear understanding of your monthly payment amount.
The objective of a good debt management plan is to get you out of the debt. It should also ensure that you can avoid getting into a similar situation once again in the future. Before deciding to enroll, take a look at the educational materials offered by the company. Everyone has a different way of leaning. Therefore, you must ensure that you can understand the brochures, articles, and budgeting worksheets provided by the company.
The debt-related problems of each individual is different. Therefore, you need a credit counseling company capable of delivering a customized debt management plan that will take care of your specific areas of concern. It is better to avoid companies that offer a one-size-fits-all kind of solution.
The best debt management company is the one that will listen to whatever you have to say while sharing the hard truth with you. Please note that a reputable company will never make empty promises to you. Instead, they will stand by your side, and equip you with all the support and tools you need to succeed. Most importantly, a reputable company will never pressurize you to enroll in a hurry. If you ever get that kind of a feeling, step aside and continue your search.
Being Careful With Debt While Investing In Bitcoin
Over a decade down the line, we have observed bitcoin going through a series of ups and downs. At present, this digital currency is considered to be one of the most coveted investment opportunities for millions of men and women around the world. Unfortunately, some of these investors are even prepared to take huge risks to be a part of the world of bitcoin investment.
As per the findings of a survey conducted in 2018, out of all purchasers of bitcoin, 18 percent of the buyers used their credit cards for this purpose. Also, 20 percent of these buyers eventually failed to pay off their balance. No wonder the search term “buy bitcoin with credit” has trended big time in Google for a long time. It is surprising to hear about the nature of financial sacrifices people have gone through to invest in bitcoin.
According to Debt Management Company, the buzz around investing in bitcoin is some what understandable in the context of the present state of the US economy. Most of the Americans don’t have enough savings to retire without any worry. Many of these people want to make up for that deficit and cryptocurrency appears to be a great option for them.
With a firm belief that this will help them make a lot of money, people are maxing out their credit cards. However, regardless of how much people have made out of bitcoin investment in the recent past, bitcoin should always be treated as a risky investment. Therefore, it is never advisable to jeopardize any safe asset to invest in any of the highly volatile crypto assets. Instead, they should also hold on to several other safer investment options available in the market and not “put all your eggs in one basket”.
There is another serious problem with going into Debt Management Program for purchasing cryptocurrencies. More often than not, the debtors are required to pay back their debt before receiving any significant return from the purchased bitcoins. As a result, people may have to tap other resources for this purpose, which can lead to further financial problems for the debtors.
The chance of making a profit by investing in bitcoin is pretty good for investors that are prepared to stay on for long enough. However, in the short-term, it is extremely difficult to realize the funds required to pay a credit card. Making things worse, no cryptocurrency promises guaranteed profit.
Many financial analysts have also warned bitcoin investors about the fact that bitcoin has no underlying value. The day everyone starts considering bitcoin to be a passé and decide to move elsewhere, the value of bitcoin is bound to crash severely. In this situation, people with loads of Debt Management Program because of their investment for a failed cause will definitely find themselves in a soup.
If you observe closely, you may also find some frightening parallels between the misuse of debt with cryptocurrencies and the housing crisis in 2008. Thousands of people took on mortgages with an expectation that the housing prices will only go up. However, housing prices actually fell when the bubble popped. Most unfortunately, the assets belonging to these people were not enough to cover their debt.
To wind up this discussion, we would like to inform all readers that we are not against cryptocurrencies by any means. It is true that bitcoin has changed the fortune of many people for good. All we would like to inform is that using Debt Management Program for purchasing any speculative investment can be a problematic practice, and bitcoin is no different. Take your financial decisions responsibly, and be safe.
