What are the Available Debt Relief Options?

Owing money to a financial institution in the form of a loan, line of credit or credit card can be of great help to individuals, families and businesses when used properly. However, when used improperly, it could lead to financial ruin. It is not the amount of money you owe that equates to a healthy debt but how well you are able to balance your finances. You have to be able to pay your debt but not in the sense that it has become a burden from your income. In extreme debt problems, inevitable events like hospitalization, job loss and even theft can turn a balanced budget into a nightmare. Creditors, however, do not take these unforeseen circumstances in consideration. You have to pay up regardless.

When you are in dangerous debt situations, there is no time to delay. You have to take measures as soon as possible to avoid inflating your debt exponentially. If you are at lost at what options would best fit your unique financial situation, it would be a good step to consider looking into debt relief options to end your debt for good.

Debt relief are programs designed to help free up your budget on a monthly basis. These specialized program will help you payy off your debts in the least amount of time than just doing minimum payments.

Debt Settlement

Debt settlement works through a special monthly payment system towards a special purpose account wherein the debt settlement company negotiates with your creditors to reduce your total debt through a lumpsum payment. A good debt settlement company will be able to finalize resolutions for you and have you save as much money possible on each of your accounts at the least possible time.

Debt Consolidation

Debt consolidation has two types: through a credit counseling agency and through a debt consolidation loan.
A credit counseling may help bring interest rates from about 20% to about an average of 8-10%.
In a debt consolidation loan, your debts are combined into one single new loan where the original interest and fees are incorporated as well.

Debt Management

Often known as consumer credit counseling, debt management is a creditor sponsored program to help consumers pay back their debt.  the debts are merged into one single account. This is usually pushed with low interest rates. You are still paying everything in full with interest.

Weighing Your Options

In debt management services, you have to make one big payment per month. The company also often charges a monthly fee. This doesn't help you save as much. The advantage is that you are no longer paying towards multiple creditors as your agency pays them for you.
In debt consolidation, when the collateral for the loan is a property or your assets, you may be at risk for repossession if you fail to pay up on time. Also, a new loan would mean the original fees and interest are incorporated.

Lastly, debt settlement seems the best option among debt relief programs. In debt settlement, balances are negotiated with creditors to help you save even up to 100% off your original amount owe and specifically designed according to your budget so that you are able to become debt free as soon as possible than paying the minimum each month. Do take note that results vary.

If you want to learn more about debt settlement, check these resources:
https://www.investopedia.com/terms/d/debt-relief.asp
http://www.curadebt.com/debt-relief-programs/

College Graduate? Here Are Some Tax Tips For You!

Moving forward from being a student to a graduate can be a strenuous experience. After graduation comes job hunting, and then next thing you know, you're receiving your first ever post grad paycheck. You will encounter new financial decisions that are crucial to a successful financial life.

Here are some very useful tax tips for new graduates like you:

Tip #1 A Tax Professional Can Help

One important matter is to never neglect your taxes and credits. Sorting out the paperwork, laying down the figures, writing down tax deductions and other specifics can be a tedious and grueling job. Tax laws change often and each's financial situation differ. Because factors vary, it is an excellent idea to speak with an experienced tax professional before filing your income tax return.

Tip #2 Take Advantage of Tax Credits

Everyone single and less than 65 years old who make more than $10,300 will need to file taxes. It is also important that you are no longer declared as dependent by your parents before filing your own taxes. You will be able to take advantage of tax credits if your most of your expenses are paid by yourself too.

Tip #3 Check Your State's Website

Remember to check your state's website first before anything else. Some states allow filing of state returns for free. You can also see several options available.

Tip #4 You May Qualify for Student Loan Interest Deduction

Congratulations new graduate! Unfortunately, many will be continue to be burdened by student loan debt. The good news is that you may qualify for a student loan interest deduction. After receiving a 1098-E from your school, your interest paid can be subtracted from your total earnings as adjustment. This will lower your adjusted gross income.

Tip #5 Take Advantage of HSA

If your employer offers a health savings account (HSA), take it. Contributions will be carried over to future years and can be tax-free if used for health expenses. Deposits are up to $6,150 per year, tax-deductible.

Tip #6 Lifetime Learning Credit

Tuition and Fees Deduction or the Lifetime Learning Credit is available for post-graduation college courses you take. Aside from your tax savings, you can increase your value to employers.

Tax credits can be equal to or 20% of the first $10,000 from tuition paid, fees required and other certain expenses during the calendar year. Even if you don't qualify for it, you'll still be able to claim "tuition and fees deduction" for qualified educational expenses paid in connection with enrollment during academic term. Take note, this offer is not available if your married and filing separately or if someone else has already claimed an exemption for you as dependent. Higher level incomes also phases out this deduction.

Tip #7 Think About Retirement Right Away

Although it's not really a requirement, looking into retirement options sooner has its advantages.
Your options include:

Roth IRA - The lifetime of the investment grows tax free and you can pull out your money before you retire without getting hit with a penalty. Income should be no more than $110,000 however.

Traditional IRA - When you contribute your money to a traditional IRA, you take an income tax break and you are only taxed when you take distributions from your account. You can take out distributions without penalty starting when you are 59 years old and 6 months.

Savers Credit on Contributions - You may get tax returns of up to $2,000 from your IRA contributions when you claim the Savers Credit. This applicable if you are individual taxpayer of legal age with an income of up to $30,500. It won't apply though if you're a full time student during the year or if you have been claimed as a dependent.

401(K) - Take the golden opportunity should your employer offer you a 401(K). This will not only help lower your overall taxable income for the year, it will also jumpstart deferring tax from your income until a later period.

Final Thoughts

Remember, when it comes to taxes, saving as much documentation such as receipts can maximize your possible deductions. If you are required to move no less than 50 miles to take on a job, expenses may be tax deductible. These little details that may seem like too small to declare can add up and become a contributing factor to lowering your yearly taxes. However, there's no better way to fully take advantage of tax reductions than to get a tax professional to assess your unique financial situation to help you streamline your tax and credit needs.

Sources:
http://www.curadebt.com
http://www.irs.gov/retirement-plans/individual-retirement-arrangements-iras-1
http://www.investopedia.com/ask/answers/080816/are-student-loans-taxdeductible.asp

What is Debt Settlement?

How does a debt settlement program work? How does it compare to other programs available? How is it better than others? Your questions answered on this http://www.curadebt.com/debt-settlement-program/.

A CuraDebt Review By The Experts From Advisory HQ

Top online news media Advisory HQ , reviews one of the longest running debt settlement company, CuraDebt Financial Services.

Advisory HQ gave a summary of the company's extensive background and length of service in the debt settlement industry. They also explained how their services work. Fees were laid out and made transparent. Reputable review sites which contain hundreds of 5-star reviews from customers were highlighted.

CuraDebt's Features

According to Advisory HQ, here are the main features of CuraDebt Debt Settlement Company:

Free Consultation

CuraDebt offers a no obligation, free consultation through their hotline or through a short assessment of your debt status on their website.Through their free debt analysis, their expert debt counselors, you will be given the best possible solution to your unique financial situation. You may even qualify for their in-house program.

Debt Relief Services

CuraDebt offers debt consolidation, payment schemes or debt consolidation depending on your financial circumstances. They are an expert in negotiating with creditors to let you pay a reduced amount on your money owed for based on the set monthly payments dedicated to paying off your debt. Ultimately, the goal is for clients to be able to break free of their debt obligation at the least possible price and the least possible time.

IRS Tax Debt Relief

CuraDebt Tax Alliance provides you IRS Tax Debt Relief with the best possible solution to your IRS tax woes. According to Advisory HQ, the company complies with the IRS in reviewing your tax problems through their 3 phased approach. First, an investigation and financial analysis will be enforced. If deemed necessary, compliance is achieved by correcting mistakes and filing any missing taxes. The third and last phase is the implementation of the resolution to resolve your tax issue.

5-Star Customer Rating

Advisory HQ also highlighted the ratings CuraDebt reviews achieved over the years through dedicated review sites. One of the sites mentioned, Shopper Approved, has 104 \ reviews from verified customers with an overall rating of 4.9 out of 5 stars. Another trusted rating site, Customer Lobby, has 679 verified customer reviews with an average of 5 stars for each category: service, will recommend and total experience. 

It is also worth noting that TopConsumerReviews.com ranks them as the Top 2 Best Debt Relief Company for 5 years now.

Overall, Advisory HQ has given quite an extensive review on the CuraDebt website. As far as the lack of transparency being mentioned by the article is concerned, CuraDebt has added a page dedicated to introducing their debt counselors. 

No wonder CuraDebt is one of the best debt settlement companies in the industry today. Their length of service has allowed them to be one of the most experienced and highly trusted by consumers all over the US.

source:

http://www.advisoryhq.com/articles/curadebt-reviews/

Debt Consolidation Options

What Are Your Debt Consolidation Options?

Drowning in debt can be a very hard situation to manage. There are different types of debt consolidation programs available to help you. 

If you are looking for your options available, checkout the different types of programs and their real life example for you to understand.

Here are non-profit debt consolidation options for you

What is Chapter 7 Bankruptcy

What is Chapter 7 Bankruptcy?

Are you considering declaring bankruptcy to end your misery on your surmounting debt?

Do you think that bankruptcy is your last option?

It is important to know the ins and outs of Chapter 7 Bankrupcty. You should know how long bankruptcy stays on your credit report and how it will affect your future finances. You will  have to be subjected to a "means test" designed to check your disposable income and see if you are eligible.

If you are considering Chapter 7 bankruptcy, here's a very credit resource to make sure you are making the right choice.

Chapter 7 Bankruptcy