Stop Borrowing Your Way Out of Debt

immilia-johnstonBankruptcy rates in the United States had fallen approximately 12 % in March of 2015 reaching this low after countless years of unbelievable highs. The reason for that drop occurred with the ever growing number of debt consolidation loans that consumers are turning their attention towards.

Paying off debt is a vital part of your financial life and that task can often be a very daunting adventure. The countries average credit card debt is about $15,000 to $20,000 with interest rates sometimes reaching an astronomical rate of 22%. Logically looking at those figures a person can envision a life of never achieving financial freedom from the debt.

However by searching a financial institution for either a secured or unsecured loan to consolidate that debt into a lower interest rate loan, freedom is merely one loan application away. Today’s average bank interest rates are in the low 5-6% range and can even be seen as low as 3.5%. When considering the seo vancouveraverage credit card rate of 15% this will stack up into the thousands of dollars saved in just interest charges for the common American household.

Debt consolidation is a great way to stop paying those enormous finance charges and to work towards the goal of being debt free. But the benefits of debt consoling does not stop with the interest rate savings, you will generally also be able to acquire one smaller monthly payment that will free up your budget to allow debt relief.

In the United States alone most people have not one but multiple credit cards making it easy to let things get out of control. The premise of transfer your credit card debt to a new card is an age old practice. While the reality is that you can not borrow your way out of debt, unless you plan it smart and look for a debt consolidation loan.

The Best Three Apps for Managing Household Finances

Household Finances    

immilia-johnstonManaging household finances can be very tricky. There are always tiny transactions that we forget to tell other members of the household, which can potentially disrupt an entire budget. Thus, it is necessary for all members to communicate their financial expenditures with each other. In this current era of technology and advancement, it has become exponentially easier for members of the same household to communicate their expenses with each other and make sure that no one is violating the guidelines set by the family budget. Today, we will be looking at three of the best apps available in the market that allow you to ensure that no one in your family is exceeding the current financial plan.

1. HomeBudget

Developed by Anishu Inc, HomeBudget is one of the highest rated mobile finance apps available in Play and Apple stores. This app has been used by countless families to keep an eye on their latest spending updates. Users have to manually enter every spending (the app advises users to make an entry of their transaction right after every purchase), and this entry is automatically shared with all the other associated accounts. Moreover, the HomeBudget app can be accessed via a computer, which is beneficial for those users who don’t have an Android or iOS phone.

2. HelloWallet

Most people don’t know how much money they need to save up every single month. They may save thousands of bucks one month and may find themselves dipping into their savings account the next. To avoid this, HelloWallet has announced an app that guarantees the financial wellness of its users. Moreover, the HelloWallet app has an emergency savings calculator that allows users to calculate an emergency savings goal for themselves, which is solely based on their current expenditures, lifestyle, and monthly income. Furthermore, this app is available in the market for free which means that it requires zero financial investment for safeguarding your budget. We recommend even the people who don’t live hand to mouth to use this app as it offers the best way to keep track of your money.

3. FileThis

FileThis is a revolutionary app that has changed the way people keep track of their financial paperwork. With a company motto of ‘go paperless,’ FileThis offers its users a digital way of organizing their paperwork. It can be thought of as a simple digital filing cabinet where users can store a digital copy of their expenditures. This not only helps them stick to their budget but also enables them to use their current financial plan to predict the impact of all possible short and long term investments that they may make in the future as well as assists them in their tax returns. FileThis allows its users to track their financial accounts, organize their utility bills, and store their invoices, bank statements, and receipts all in one location. The FileThis app is available for both Android and iOS smartphones.