Debt Management: Knowing When to Ask for Professional Help

Are you struggling to pay off loans or credit card debt? If so, you’re certainly not alone, as the vast majority of Americans are carrying some sort of debt. It’s not a problem that will go away on its own, and if you keep doing what you’re doing, interest charges will continue to accumulate.

There are professional services available that can help you manage your debt. Before you go that route, it’s important to evaluate your current options to see what other steps you can take.

Exhausting Other Debt-Reduction Strategies

Whenever possible, it’s smart to try to handle your debt on your own. Not only will you avoid paying any fees to a third party to help you get rid of your debt, but it will also teach you the skills you need to pay off debt and avoid it going forward. Self-help strategies for dealing with your debt include setting up a budget, consolidating your debt, and negotiating your debt with creditors.

Creating Your Budget

Regardless of whether you go the self-help route or seek professional help with your debt, you need to know how to make and follow a budget. Your budget includes all your monthly income and expenses. If you’re currently in debt, you should also add a set amount per month for paying down your debt. You’re far more likely to commit to paying that amount if you put it in writing.

Are your expenses too high to pay down your debt? That’s a sign that you need to either cut back on your spending or find a way to generate additional income.

Consolidating Your Debt

Are you making several payments every month to different creditors? It may be wise to either take out a loan to pay off all your debt, or transfer all your debt balances to a 0-percent APR credit card (the 0-percent APR is an introductory rate, so only do this if you’re confident in your ability to pay the debt off within that introductory time frame).

Debt consolidation has a few key benefits. You only have one monthly payment to make, which is easier to manage. You may be able to obtain a lower interest rate than you currently have. If you have any debts that could result in repossession of your property, such as a title loan, consolidation allows you to pay those debts off and get some breathing room.

Renegotiating Debt

You may just need to talk to your creditors to see what other options are available. They may let you settle your debts for a lower amount or extend your loan for a lower monthly payment. Sending your debt to collections or repossessing your property costs creditors time and money. They’d prefer if you’re able to pay it back, so you can often negotiate a deal with them that benefits both parties.

Seeking Help

If you’re on the brink of bankruptcy or you’ve defaulted on multiple debts, it may be time to look into professional debt management. There are multiple services you can look into to help you improve your financial situation.

Debt Settlement Companies

This type of company negotiates with your creditors on your behalf to pay a lower settlement amount to resolve your debt. Avoid any debt settlement company that tries to charge you a fee before settling your debts. You should only pay after they get you results. These companies can be helpful because they know how to negotiate with creditors better than the average consumer, as long as you find one that isn’t a scam.

Credit Counseling

Credit counselors don’t work on your behalf like a debt settlement company, but they do provide you with valuable information on money management. The information they provide can help you improve your spending habits so you can pay off what you owe and then start saving your money.

The Lowdown on Free Trading Tools

The average day trader has a wealth of free trading tools at his or her fingertips. Analyst aggregators, software designed to find the most prime daily movers, spreadsheets with cells and cells of market data. But there is one tool that Warrior Trading has that sets it apart from the rest of Wall Street. The daily chat room.

Let me tell you a quick story about when I started. I read all the books I could find at the library on day trading and how to do it. But I was stuck making 5 and 10 bucks a day in profits because I was always late to the big daily movers. So I missed the real profit opportunities. Then I took a chance on wandering into one of Warrior Trading’s free chat days and saw a whole new world.

That is right. There are free days where you can head on over to Warrior Trading on Stocktwits to get a taste of what really goes on with the traders. The info, tips and techniques that fly through that chat room are extremely helpful. It is one of the best trading tools out there.

Here is how it works: There are more than 2,000 regular members and on Free Chat Days, the room sees nearly 3,000 more come in to hang out. The day trading chat room is an extension of Warrior’s day trading courses. You can get to see real-world examples of the strategies that they teach.

One of the most common strategies you see in the chat room is the momentum trade. That is where Ross, the head trader at Warrior, looks for stocks that are about to head up, grab them and ride the spike for all its worth. The key to this technique? Stock scanners that really work.

Lots of amatuer traders out there end up trading momentum stocks because they don’t have the best tools. Day trader tools are essential. And the best way to understand what are the best trading tools is to see them in action.

Warrior wants to show you how to use stock scanners to find the biggest movers in real-time. One way to get a sense of what they do when they find a prime mover is to spend a free day in the chat room. It gives a real sense of what it is like to trade within the community day after day.

Saving and Investing Advice for Young Adults


We are living in a world where success is equal to the income that you are getting every salary. For young adults living their lives to the fullest, it is better to save up while you are still free from responsibilities of being married and having children. It would be nice to know that your future family will live comfortably without worrying where you will get the money for your next meal. Knowing where your kids will study and knowing you have more than enough funds gives you a peace of mind. There are a lot of things you can invest in. you can start a new business, it can be a restaurant, a shop or anything that you can work with passion. You can also invest with a demo if you would like to earn profit without exerting too much effort.

Today we have listed down some of the things a young adult living in the twenty first century can do to invest and save for the future. Some of these things might be a practice that you are already doing but we hope that this list can help you out in managing your income from your regular job.

  1. Know where your income goes.

Now that you are earning your own income, you will realize how important it is to know that you are not exceeding your expenses. You can list down all of the things that you have to pay by budgeting all your expenses. If you can make small adjustments by lessening your cost on some of you dues, then you can save it up and before you know it, you already have enough funds to buy whatever you want to buy. Budgeting and lowering down your expenses can have a huge impression on your financial situation.

  1. Avoid using credit cards.

It is easy to swipe and spend now using your credit cards. Then you will realize how much harder it is to pay because of hidden charges and fees and interests. To save up for you future, do not rely heavily on purchasing your things using credit cards. It is sweeter to buy what you want using your hard earned cash without thinking about sparing a reasonable account for the credit card. Yes, it is convenient to use a credit card most of the time but aside from the balance, you will also be paying the interest on a preposterous rate. Instead of spending and paying your credit card dues, save money and reap what you sow in the future.

There are jobs that can pay without requiring a college or a bachelor’s degree, but you might want to consider getting a degree anyway. People with degrees on their belt tend to be preferred and considered compared to applicants who are non-degree holders. There are times that the salaries are also different. Your degree might come in handy once you are already tenured on the job that you have signed in. You may say that you cannot afford getting a degree but you can try to work it out by studying in a community degree then move to a university after 2 years.

  1. Value your money.

They say money cannot buy happiness, but it can certainly make your life more comfortable. Make sure to know what your money is worth and do not simply spend on things that you just want. Think of the long term outcome of your purchase, especially if the amount is higher than what you normally would pay. Will you be able to use the item that you bought five or ten years from now? Is the item worth the purchase? Think once, twice or even thrice before you purchase just to be sure that you will not waste your hard-earned money on an expensive purchase.

  1. Invest on stocks.

You cannot simply put your money on a bank and expect it to grow. You can put some of your income on investments like stocks. You can try binary options trading wherein you just need to choose the right stock at the right time for you to earn. With binary options, you can double your income in no time by simply knowing where and when to place your stocks for you to earn. It is simple but you need to be strategic, too. By placing your money on investments, you are sure that your savings are growing while you are enjoying your life as a single twenty-something.

  1. Know your taxes.

Since you have a nine to five job, it is expected for you know that you will be taxed even before you are handed your first salary. You need to know how much will be deducted from your net income and know how to compute your obligations and financial goals. There are several tax calculators that you can use that are available online. These websites like Turbo Tax can show you how to compute the money that you will be left with (net or take-home pay), how much of your salary goes to taxes and how much is your gross pay. This is also a preparation for you to know how to compute your annual tax return.

  1. Watch your health.

Sickness and accidents are unforeseeable, but you still need to be prepared for these situations. Your company might offer health and insurance but you still need to save up for medicines or maintenance. Keep yourself healthy by eating fruits and vegetables, exercising and avoiding vices like smoking and excessive alcohol drinking.

With all these in mind we know that your success in the near future is inevitable and living comfortably will not be a problem. By saving and investing as early as you can, your dream house, your dream car and all the things that you would like to have is just at hand. If you think we have missed a tip on the list we have mentioned above, feel free to leave them on the comments section below.


Images by fstraub812 and WerbeFabrik under Public Domains CC0