Top Debt Reduction Tips

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Skillful personal finance requires you to be knowledge in debt reduction strategies. The following article will discuss top debt reduction tips to help you reduce your debt and achieve financial increase. The following tips will help you eliminate your debt and become debt free with discipline and time.

Budgeting to Reduce Debt

We will start our top debt reduction tips with the foundation and essential personal finance technique, budgeting. You must set create a budget, and stick to it. If you don’t already follow a monthly budget, you need to begin, there is no way around this, and it is important because you must track your debt to reduce your debt. A detailed monthly budget tracking your expenses and income is essential, as this knowledge will allow you to, at a glance, see and seize opportunities for savings, and reallocate money to free up resources for debt reduction. Budgeting turns on the lights of your finances so you can see, working blind with your money Is no way to succeed.

Eliminate Small Debt First

When working on debt reduction work on your smallest bills first. Pay the minimum payments for your large bills, house payments, car loans, large balance credit cards, etc. And focus all your discretionary income towards paying off your smallest outstanding debt first. Once this debt is eliminated then work on paying off the next largest debt you hold, adding the cash you no longer have to pay towards the first bill, and so on. This reduce your debt tip develops the habit of eliminating debt, while providing fast results and motivation. You will be able to track and see actual progress, and this keeps your momentum building.

Make Regular Payments to Reduce Debt

Another top debt reduction tip that is rarely discussed, is to make regular and frequent payments on your debt. Most people do not know if you cut your payment into chunks, dividing what your monthly bill is into 30 one day payments, you actually will increase the portion of payment going to principle due to the interest accrual schedule of most common loans and credit cards. This top debt reduction strategy will depend on your unique credit loan agreements, but try it, and check for results.

Top Debt Reduction Strategy – Consolidation Loans

If you are overwhelmed by your debt, you might bring yourself one step closer to eliminating your debt through the use of debt consolidation loans. You can apply for an umbrella loan that will pay off your high interest short term detrimental debt, and can reduce your monthly payments and increase the portion of your payment that applies to your outstanding debt. Debt consolidation lenders can often help you renegotiate your debt or settle your debt in some circumstances. With this kind of flexibility, check out what debt consolidation loans can offer your unique debt reduction situation.

Finance and Business R & D in the England’s East Midlands

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Accounting and Finance

  • 2 universities in top 12 overall, University of Nottingham (12) and Loughborough University (4)
  • 3 universities in top 10 for graduate prospects, University of Nottingham (4), Nottingham Trent University (6), Loughborough University (9)

Business Studies

  • 3 universities in top 20 overall, Loughborough University (4), University of Nottingham(15), Leicester University (18)
  • University of Nottingham Business School 1st in the UK and 26th globally in the Aspen Institute’s ‘Beyond Grey Pinstripes’ ranking of the world’s most innovative MBS programmes

Economics

  • 3 universities in top 20 overall, Nottingham (8), Loughborough(16), Leicester(20)
  • University of Nottingham 10th in graduate prospects

The Nottingham Uni has a range of research groups:

  • Centre for Risk and Insurance Studies

One of the world’s leading specialist centres for risk and insurance.

  • Financial Services Research Forum

Produces top-quality, cutting-edge research in the area of financial services strategy and management.

  • European Risk Research Network (ERRN)

Stimulates cross-disciplinary research in the area of risk management and provides an exceptional training ground.

  • The Centre for Global Finance

Established to strengthen University of Nottingham Ningbo Campus (China) (UNNC) capacity and reputation in the field of finance, and to act as a bridge into China for academics from the University of Nottingham UK.

  • Tax Research Institute

Nottingham Trent University offers the Retail Banking Degree which it established with Barclays Bank and also hosts the International Fraud Prevention Research Centre.

Loughborough University continues its European Banking Programme, an intensive 10-day European Banking Programme sponsored by Erasmus and the EU with support by the ifs School of Finance. It also hosts the Accounting, Finance and Banking Research Group.

For more information visit: http://www.englandseastmidlands.com.

Top 5 Ways to Kill Your Chances of Getting Business Financing

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As I’m working on various financing engagements, I’ve noticed a trend of behaviors and am using this avenue as a therapeutic sounding board.  This article is dual fold.  It’s a chance for me to rant and get some things off my chest while providing constructive feedback to you as to what NOT to do when searching for business financing.

There are ways to present yourself and ways NOT to present yourself.  Today, I’m going to focus on my top 5 ways to kill your financing chances in hopes that you can avoid them.

1) Not Answering Questions Completely or Honestly - Nothing will ruin your credibility faster than being evasive with your answers; or worse, not being truthful.  If you’re hiding information that is later caught, it makes me wonder what else you’re hiding.  Your credibility is shot.  Some people want to put a rosy face on a less than ideal situation…well don’t.  In order to find you the best financing for your business, it’s important to disclose the good, the bad and the ugly.  No business is perfect and these flaws WILL come out in underwriting.  So be upfront…show everything, warts and all.

2) Not Following Through on Your Commitments - If you commit to providing information by a certain date, call back at a specific time, or meet at a certain time, etc. and don’t follow through as promised, you’re viewed as undependable and unprofessional…and nobody wants to deal with that.  Say what you mean and mean what you say.  If you follow through on your commitments, your clout goes up dramatically because of all the mediocrity in the world.

3) Radio Silence - If you think being late with your commitments is bad, going underground and ceasing communications is equivalent to you saying that you don’t want your deal done.  Aside from a family emergency or something life threatening, I can’t think of any other reasons that are acceptable to just stop communicating.  “But I’ve been soooo busy”, you might say.  SO WHAT!  I’m swamped and put in 14-16 hour days and don’t need or want to hear excuses like that.  Please remember to stay in constant contact.

4) Sloppy and Unprofessional - When information presented is sloppy and unprofessional, it shows little care was used when preparing it.  Many conclusions can be drawn, whether true or not.  Maybe they’re not smart; maybe they don’t care; maybe they’re not serious.  Whatever the conclusion, it will not help you get your financing.  Make certain to prepare as if you’re providing the financing and ask yourself what you would want to see.

5) Form Over Substance - If you find that funding sources are cutting meetings short or they don’t want to have them at all, chances are you’re providing form and no substance.  What’s this?  It’s when you talk a good game and it ends there.  You might get lucky and schedule a meeting or two, but when they catch on that the magic ends there, so will your meetings.  Don’t discuss business philosophy or high-level theory.  Have specific, concrete information about your company, why you need financing, how you’ll pay it back, etc.

BONUS:  Here is a sixth way to kill your chances to get business financing…

6) Not Saying “I don’t know” – It seems simple but so many time people will stumble their way through trying to answer a question instead of just saying “I don’t know”.  We’re all human.  It’s OK to say “I don’t know; I’ll have to get back to you with an answer”.  Don’t guess, or worse, make something up.  Trust with others is always easier to build when you’re honest.