Patriot Funding personal finance and debt consolidation offers are bait and switch. Patriot Funding has begun flooding the market with debt consolidation and credit card relief offers in the mail with the website My Patriot Funding. The problem is that the terms and conditions are at the very least confusing, and possibly even suspect.
The interest rates are so low that you would have to have near-perfect credit to be approved for one of their offers. Best 2020 Reviews, the personal finance review site, has been following Patriot Funding, Tate Advisors, Plymouth Associates, Credit 9 Loan Reviews, Americor Funding, Safe Path Advisors, Silvertail Associates, etc.).
Debt management is a skill that can make or break your financial situation. If you have a command over your finances and debt management, you’ll be set up for success. However, if you have no method of managing your finances and monthly payments, then debt can become a huge problem. Moreover, inefficient management can lead to further financial instability.
Debt isn’t necessarily a bad thing. It helps finance various important feats in a person’s life, such as buying a home, a car, financing your education, starting a business, etc. However, if you don’t manage it properly, it can quickly start weighing you down.
Debt becomes a problem, especially if you start to struggle with timely monthly payments. Sometimes this leads to a lot of stress and anxiety. However, it’s important to remember that you’re not alone. There are several ways that you can manage your finances to deal with your debt repayments.
In this article, we are going to offer you some tips and strategies for managing your finances in a way that helps you make your debt repayments on time. If you’re someone who’s struggling with debt right now, keep reading to learn how to deal with it. Remember, don’t fall for a debt consolidation scam.
Reduce Non-Essential Expenses
You can’t manage your debt efficiently if your finances are all over the place. In order to manage your debt, you’ll have to keep your finances in order. So, the first step is to have a long and hard look at your finances and spending habits. But how does one manage finances?
A monthly budget is your easiest solution. It will help you identify all your non-essential expenses and help you cut them down. Having a budget ensures that you’re well-aware of where each of your earned dollars is going. It will also make you more mindful of wasting money on non-essential things.
Most importantly, a budget will help you manage your debt repayments and pay off the debt entirely. Make sure you create a sustainable budget that you can actually stick to. Don’t hesitate to cut off unnecessary expenses. If you feel uncertain, remind yourself that your priority is to get rid of debt for good. It will give you the motivation to stick to your budget. Consider cutting off costs such as dining out, subscriptions to entertainment streaming websites, etc.
Tap into Your Savings
If you’re someone who always keeps an emergency or savings fund for a rainy day, then this may be the right time to tap into it. If the saved sum is equal to or more than the money that you owe, it would be best to pay off your debt with it and work on building your fund again after it.
If you don’t make the payments on your high-interest loans and decide to keep the emergency fund as is, you’ll only put yourself in further financial jeopardy because of the piling up of the outstanding balance. Emergency funds and savings are for difficult times, and the inability to pay the debt definitely counts as a challenging time.
However, we don’t recommend exhausting all your savings to pay off the debt. Make sure you keep some amount and then start building on it after your debt is paid off. With the high-interest debt gone, you’ll be able to spare a bigger portion of your earnings for the emergency fund.
Consolidate Your Debt
When you have debt repayments due to several creditors, it can become unnecessarily exhausting and overwhelming. Managing multiple debt payments can be taxing as you’ll have to keep track of different deadlines, interest rates, and payment amounts. The best option for dealing with this problem is to consolidate all your debt into one.
Debt consolidation is the most recommended method of managing and paying off debt. It simplifies the process of paying off multiple debts. When you consolidate your debt, you no longer will have to worry about keeping track of multiple payment amounts, deadlines, and interest rates.
You will have more control and understanding of your debt situation. After consolidating your debt, you’ll only be responsible for making a single monthly payment. It’s easier to remember the payment deadlines, minimum amount, and interest rate of a single loan rather than several loans all at once.
However, this method is only an effective debt management method. It doesn’t necessarily ensure the erasure of your debt right away. It just makes keeping track of your debt easier. Plus, you can be eligible for a lower interest rate on loan after consolidation, which can help you save money in the long run. There are two main methods of consolidating your debt:
- Debt consolidation with a personal loan
- Debt consolidation with a balance transfer credit card
You can choose either of the methods for consolidating your loans as per your situation. If you can qualify for a 0% introductory APR on a balance transfer card and you’re confident that you can pay off your debt in its entirety during that introductory period, then the balance transfer card method would be the better choice for you. If that isn’t the case, then taking a personal loan to consolidate your debt would be the right choice.
Credit card debt is becoming an increasingly rampant problem for everyone worldwide, especially after the adverse impact that the COVID-19 pandemic has had on the economy, forcing many to need coronavirus credit card relief.
Contact Your Creditors
When you’ve run out of all the options, and none of the strategies seem to be working for you, then you should consider contacting your creditor and telling them about your situation. Your creditor may agree to a debt settlement setting, or they may lower your owed amount by reducing or eliminating the interest rate. However, it’s important to convince the creditor of your situation during negotiations and push for as much leniency as possible.
Some creditors offer hardship programs for debt repayments. These programs allow people who are struggling financially to pay off the debt at more flexible or lenient terms.
Final Words
Managing and paying off debt can feel like a never-ending uphill journey. However, with the right approach, it’s possible to achieve it. The first step is always working on your unhealthy financial habits. By adopting the tips and strategies we mentioned above, you can pay off your debt in its entirety. Good luck!
