You are here: Home / Archives for Advice, Tips & Tricks

Improving Your Business in the Long Run

February 12, 2011 By Leave a Comment

When asked why many customers used certain businesses and services instead of others the answer was always the same. These customers believed that these businesses and services offered a better level of customer satisfaction and really made them feel as if they really mattered to the company or business. With this information in mind many companies have started to try to improve the satisfaction of the customer.
Here is a look at some ways that companies have started to improve their overall customer satisfaction.

Personal Service. Personal service goes a long way in terms of customer satisfaction. Many companies have started to make a real effort to be more personable. They will send handwritten thank you’s to customers who write to the company and try to answer every piece of mail or customer feedback that is received. This personal touch is viewed by positively customers, who consider that company as one that really cares about its customers.

Customized Services. Customers love to have services that feel almost as if they are tailor made for them. Companies have started to develop products and services that really cater to their client base. By having these types of services or products it really makes it feel as if the company or business is going out of their way to meet the client and customer’s needs.

Prompt Responses to Concerns. It’s part of the business that there will be unhappy or unsatisfied customers. However, customers are known to view companies favorably when they promptly respond to customer concerns and problems. Customers will often view this as really caring and going out of the way to make amends for problems that might have happened.

While it might seem as if taking these steps would be a waste of time and money to implement it can really help a company in the long run. Customer satisfaction can lead to higher profits and a better overall image to future and current customers.

Filed Under: Advice, Tips & Tricks Tagged With: , , ,

Utilizing Debt Consolidation

February 6, 2011 By Leave a Comment

You’ve got a car loan. A loan to pay for your child’s braces. Another loan to repair your car when you were in an accident. Your credit card has a large outstanding balance from the furniture, clothes, and groceries you purchased. And your daughter’s wedding is looming on the future. You feel that you are over your head in debt. What can you do?

One of the wisest financial moves you can make is to use a debt consolidation service. There are several benefits to lumping all of your loan payments into one. First, you won’t have a plethora of loans to pay every month. You’ll only have one payment. You will get a lower monthly payment and the interest rate will generally be lower.

How do you go about consolidating your loans? First, get a copy of your credit report. You want to know exactly what your credit score is. This will affect which debt consolidation service will be best for you.

Figure out which bills and loans you want to consolidate. If you have small amounts on your credit cards that you can easily pay off in a couple of months, do not include those in your consolidation.

Research different banks, lending institutions, and debt consolidation services. Ask them lots of questions to find out what their requirements and regulations are. Pay close attention to what the interest rate is connected to. If it is connected to the prime rate, your interest rate will fluctuate with the prime rate. When it goes up, your interest goes up. When it goes down, your interest rate will go down. (Generally it goes up more than it goes down.)

Last, discuss with your consolidation service how the money will be dispersed to pay off your various loans. Will the lender give you a lump sum and expect you to pay off your debts?

Filed Under: Advice, Tips & Tricks Tagged With: , ,

Alternatives to Filing Bankruptcy

February 5, 2011 By Leave a Comment

When you find yourself in so much debt that you have no clue what you can possibly do to get out of it, your first thought might be to file a bankruptcy and just be done with it. Bankruptcy is an option, but there are other avenues you need to pursue before jumping straight into a bankruptcy. Although bankruptcy can alleviate much of your debt it does not wipe out everything and it may be more costly for you in the long run.

Are you suffering from depression, anxiety, or any other mental health issues? Your debt could be a result of these problems or these problems can be a result of your debt. Either way you need to seek help to gain control over your emotional and mental health. You may even be able to find a support group to help you understand how you got into debt in the first place and to help you find ways to get out and stay out of debt.

Now you need to take some steps to get things under control. You should try other methods of debt control before pursuing a bankruptcy. There are several ways to manage your debt which will in turn increase your credit scores and improve your overall quality of living. Consider a debt consolidation loan. Many times this type of loan can roll all of your loans, credit card payments, and medical bills into one loan which most times will have a lower interest rate than your previous loans and/or credit cards.

If a consolidation loan is not an option for you or you feel you need additional help and advice you may want to seek out the help of a professional credit counselor. There are many non-profit organizations that can give you credit counseling and help contact your debtors to work out payment plans, reduce or even stop your interest levels, and help you come up with a workable solution for your problem.

Filed Under: Advice, Tips & Tricks, Personal Finance Tagged With: ,

When is it Time to File Bankruptcy

January 25, 2011 By Leave a Comment

You have found yourself in an extensive amount of debt. You have tried several different options. It seems that no matter how hard you try to get out of debt you just cannot seem to get out. You are at risk of losing everything you have and you just don’t know what to do anymore. Your finances are stretched to the limits. You have no other option at this point to bring in additional income to work on getting yourself out of debt. You are afraid to even answer the phone anymore for fear that it is a bill collector calling to harass you once again. If this scenario sounds like your life it may be time to consider filing a bankruptcy.

The moment you pay the retainer to your attorney to file a bankruptcy all of the creditors who have been harassing you must stop contacting you by law. You can immediately experience a sense of relief at simply being able to answer your phone again! Bankruptcy will wipe out most of your unsecured debts and dependent on the type of bankruptcy you file can help you to actually keep some important things such as your home and/or your cars. However, this is not always the case. Again dependent on the type of bankruptcy and the assets you have, you may be required to sell some of your assets.

Although bankruptcy is not always the answer, some people just simply do not have any other choice. There are times that every other avenue has been explored and bankruptcy may be the only way to get a fresh start and move forward. You should seek financial counseling and make attempts to manage your debts in other ways first. Bankruptcy should not be looked at as the easy way out. Although it can fix the immediate problems you are facing with out of control debt, it does have long-lasting negative effects on your life and your credit.

Filed Under: Advice, Tips & Tricks Tagged With: ,

Donating Saves Tax Dollars

December 30, 2010 By Leave a Comment

Even though it’s not the most conventional method, you can save money by donating used clothing, household items and other products to worthy causes and charities. If you itemize on your annual federal income tax return, you may have the opportunity to lower your tax bill considerably by applying deductions for your donations.

The first step in this plan is to identify the items you wish to donate. Make sure you are setting aside only usable items that are in working condition. For clothing, skip over items that show considerable wear or stains. Only donate clothing that could be worn right out of the dryer, without need for sewing or replacing buttons and zippers. For small appliance and electronics, pass over those with missing parts or damage to the plugs or cords. Most of these will cost more to repair than they are worth.

You can also donate things like used eyeglasses and home health care products. Additionally, many reputable organizations welcome donations of used cellular phones. These are often used for no-contract service for homeless persons or those residing in shelters. Having access to cellular phones aids these individuals in finding work and staying connected to social workers and family members.

Big ticket items like automobiles can also be donated, either for repair or for parts. While you will want to make sure you get a receipt for all items donated, it is especially important to obtain an accurate estimate of value for donated vehicles. Refer to a reputable dealer or the Kelly Blue Book, and be realistic about the condition of the vehicle when arriving at your estimate.

Donating items is a great way to give back to your community while also helping to save money. Lowering your tax bill may even allow you to reduce your withholding, resulting in a bigger paycheck. And isn’t that something everyone can use?

Filed Under: Advice, Tips & Tricks Tagged With: , , ,

How Much Debt Is too Much

December 27, 2010 By Leave a Comment

For the last several decades, the tendency among Americans has been to buy on credit. The result of this, as we are now experiencing first-hand, is that most of us are carrying far too much debt. How much is too much? Using these simple guidelines will help you decide if your debt burden is too heavy, and what you can do to go about reducing it as painlessly as possible.

Before focusing on the amount of your total debt, start with your income. Most lenders use a formula called a “debt-to-income ratio” to determine whether or not you can qualify for certain loans and lines of credit. This ratio is also helpful to consumers in managing their budgets. Next, add up the monthly payments for mortgages and automobile and student loans. These payments usually do not fluctuate and most are considered long-term debt. Finally, add up the minimum payments on your credit cards, store cards, and any other line of credit. Divide your monthly debt by your monthly income to arrive at your debt-to-income ratio.

There are several standard pieces of advice for most consumers trying to lower the amount of their debt, and most of these are easy to implement. First and foremost is the idea of paying your savings account first, before any of your other bills. You will also want to look at your minimum monthly payments and pay at least double on these in order to reduce the balances due on each. If you are having trouble making even the minimum payments, it may be time to investigate other solutions. Perhaps you can convert to a one-car household, work from home or sell expensive items that you do not need or use. Use caution, however, in refinancing your home in order to pay off credit cards. If you do not then cancel those accounts, you will probably find yourself right back in the same position within a few years.

Filed Under: Advice, Tips & Tricks Tagged With: , , ,

Paying Off Credit Cards

December 4, 2010 By Leave a Comment

You have probably, at one time or another, heard the advice that you should pay off your credit cards. Keeping a balance on your credit cards encourages overspending, costs you tons in interest every year, and negatively affects your credit rating. What you may not know is how to make a plan for paying those cards off that you can stick to. If you have more than two or three credit cards with balances, here is how you can eliminate that debt in the shortest amount of time.

The first step is to write down the amount owed and interest rates for each card. You will always want to pay off the card with the highest interest rate first in order to save yourself the most money over time. Next, decide how much of your monthly income you can allocate to credit card payments. You should come up with an amount well over the combined minimum payments for your cards, since paying only the minimumswill take you several years longer than you need to spend. The next step is to divide your total amount to pay into payments for each card, again making sure that you will be paying the one with the highest interest off first. Here is the trick: once that first card is paid off, add the amount you used to pay on it every month to the amount you are already paying on the next highest interest card. When that card is paid off, add both payments to the next card, and so on.

Following this one simple trick will eliminate your credit card debt in less than one-third of the time it would ordinarily take, based on having three cards with a total of $5,000 owed. In order for it to work, however, you must make sure that you are not using your credit cards at all. Adding to your total amount owed will derail the whole process.

Filed Under: Advice, Tips & Tricks Tagged With: , , ,
Newer Posts »