Congratulations! You've Ubered and Grubhubbed and online-shopped your way into credit card debt. Now you're an adult who's incurred enough debt to make a credit card company very frustrated with you. Welcome to the maxed out club!
The first time you realize that you've maxed out a credit card, you may panic, but there are many recourses you can take that aren't openly advertised by credit card companies. Some will impact your credit score more than others, but if you've come this far, you've probably realized that a credit score is just life's homework, and there's always a way to half-ass the assignment during homeroom.
Listen: Credit card companies are like distant relatives from whom you've been forced to borrow money. You are fully expected to pay it back; but sometimes they just give up on you. If you've been missing multiple payments and are clearly falling behind what you could ever feasibly repay, you can call your creditor to negotiate a way to settle your debt. You reach an agreement to pay a lower amount than what you owe, and they agree to forgive the difference.
It's not a perfect plan, however; a note is added to your credit report that you've settled a debt you couldn't pay. Your credit score could take a hit, plus any forgiven balance over $600 is counted as "taxable income" by the IRS, meaning you could end up owing taxes on it.
- The Well-Kept Secret of Debt Negotiation - PayPath ›
- Reasons to cancel your credit card from time to time - PayPath ›
- The Little-Known Lifeline for People Drowning in Credit Card Debt ... ›
- What to Do if You're Drowning in Debt | DaveRamsey.com ›
- What is a Maxed-Out Credit Card? ›
- 50% Of Americans Have Maxed Out Credit Cards, Here's How To ... ›
- What to Do When You Max Out Your Credit Cards | Experian ›
- The Only 4 Times You Should Max Out Your Credit Card ›
- How to restore credit after maxing out cards - CreditCards.com ›
- 6 Easy Steps to Take After Maxing Out Your Credit Card | US News ›
- 7 things not to do when you've maxed out your credit cards ... ›
Airbnb offers an affordable option for people looking to be more comfortable as they travel.
However, there are downsides to staying in a host's home rather than a hotel. Whereas hotels are designed for constant streams of visitors and often have furniture built to last, at an Airbnb, you may be staying on old or cheap furniture that a host is using in order to maximize their profits.
And while most reputable hotels will have regular room inspections from staff to check for any wear and tear, Airbnb damage disputes are oftentimes he said, she said situations. If you are in an Airbnb and something breaks, there are a few steps you should take in order to ensure that you are not on the hook for damages out of your control.
If you're keeping tabs on the art and tech worlds, you've probably been hearing whispers about "NFTs" for the past month. Just over the past week they've entered the mainstream lexicon.
Twitter founder Jack Dorsey made the news for selling his first ever tweet. The app has been teasing paid subscription models and newsletter-like features, but tweets for sale is "the next frontier."
just setting up my twttr— jack (@jack)1142974214.0
The 2006 tweet went up for auction as an NFT, and the current bid is $2.5 Million. But what does it mean to own that? Why would anyone want to? And what even is an NFT?
Long gone are the days when the majority of Americans dreamed about owning a home with a white picket fence.
The traditional American Dream may be on its deathbed, but that doesn't mean a core component of the vision can't survive. It simply takes a diverse perspective. People can still believe they can attain their own vision of success in society with hard work, knowledge, and risk-taking. Investing in today's American Dream may literally mean investing money in our modern economy, starting with our infrastructure.
Real estate investing in particular is a lucrative method that can boost income and secure a better financial future for many. There's always risk involved, but the payoffs can far outweigh the uncertainty. Selecting solid financial investments is about confidence and competence. If you're looking for some advice on this kind of investment, here are a few savvy tips for new real estate investors.
Stick To a Specific Strategy or Niche
Real estate is a challenging sphere of the business world, one that requires several key skills: groundwork knowledge, networking, perseverance, and organization. True knowledge of the real estate market will come with time and experience, but it's a smart idea to select one area of the market and stick to it. This is the best way to attain in-depth familiarity with your specific niche.
First, choose a geographical area close by and then a niche strategy within it, such as house flips, rental rehabs, or residential or commercial properties. By doing so, you can become aware of current inner working conditions in the market and you'll have a better idea of how these trends may change in the future.
Be Vigilant About Viable Financing Options
While it takes money to make money, you don't have to use all your own money. A common misconception about real estate investing is that you must be wealthy to start off. This isn't straight fact, however. A majority of people can test the waters of real estate investing without a lot of initial cash in their pocket.
Aside from traditional financing options from banks and institutions, private lending options can be worthy solutions. Hard money lenders are popular, reasonable choices, and they tend to have fewer qualification requirements upfront. However, be sure to strategically choose a hard money lender to find the best possible fit.
Master the Art of Finding Good Deals
There may be hundreds of thousands of available properties for sale on the current market, but the bulk of them will never amount to the final money-making result you desire. Another great tip for new real estate investors is to use good math to estimate profit. Taking risks is part of the process, but you have the ability to analyze properties and use networking sources to find the greatest deal. You can't win every deal, but you can steadily work towards a thriving financial future.