Sometimes you have so much money that you think, how you can swim in money like Scrooge McDuck. Sometimes you have to take the extreme of bankruptcy. Hardly anyone can say that he is immune to financial ruin. Lack of job opportunities, increasing cost of living and other factors can bring financial difficulties in your everyday life. If you are buried deep under debt, you want to get rid of them as quickly as possible.
A debt management plan is one of the ways you can beat financial challenges due to debt. You will sit with a credit counselor and he will create the best debt management program after evaluating your financial situation. It is a plan you can easily afford. The counselor will negotiate with all of your lenders. This program will allow you to make lower payments possible. You will be able to get rid of your debt in three to five years.
Instead of sending money to different lenders, you will make one monthly payment to the debt management company. Now, it is their job to make monthly payments to your lenders and creditors. The company can get more favorable terms for you such as longer repayment periods and lower interest rates. So, having the best debt management program makes your life simpler as you are paying less money and making only one monthly payment.
Though it will hurt your credit score, it is not as damaging as a bankruptcy. As your loan balances start to decrease, your credit score starts increasing.
One thing you should keep in mind is that not all loans are included in this program. A debt management plan does not include secured debts. Student loans and some other unsecured loans are also not included.
Creating Your Debt Management Plan (DMP)
Finding A Credit Counseling Agency
Don’t work with any random credit counseling agency that has called you yesterday. Make sure that it is a member of the NFCC (National Foundation for Credit Counseling). It should be a reputed credit counseling agency having an excellent track record. Your lenders and credit issuers should be able to trust the agency.
The first credit counseling session is often free. Always ask about the fee of subsequent sessions and documents you have to bring.
What To Expect During Counseling
When you are meeting your counselor for the first time, you need to bring bills for each lender, your recent pay stubs and banking statements. It is good to have a copy of your credit report. Telephone meetings and web meetings are also very common. So, you might not have to see your counselor in person. In this forty-five minutes to an hour-long initial session, the counselor will assess your debts, incomes, and expenses. The counselor also pays attention to the interest rate you are paying. After doing all these assessments, the counselor develops an action plan according to your financial goals. Your lenders are not involved in this session.
Making A Choice And Getting Started
The counselor will tell you about the pros and cons of all the available options. You can take your time to make the final decision. In case the credit counselor is pushing you to make an immediate decision, you are working with the wrong company. Carefully consider the debt solution you are choosing. Does your budget allow you to stick to the DMP?
What if the plan fails?
You will be in a worse position. So, act wisely.
Putting Together the DMP
If you choose to go for a debt management program, the counselor will ask for more detailed information to set up the best debt management program for you. You need to tell about the lenders you are including, bank account statements, medical bills, and credit card bills. You cannot miss any of your expenses. Make sure that you are comfortable with the due date.
Start Making Payments
Though you have to make only one monthly payment, it should be made on time. So, get used to following your new budget. Your credit counseling agency will negotiate and reach agreements with your lenders. Keep in mind that not all lenders will accept your plan. Once the lenders agree, start making payments.
Don’t ignore the fact that the debt management program is not the only solution for you. If it is right for you, go for it.
The Value of Entrepreneurial Innovation to Convert Your Business Into a Brand
A common question that often pops up while starting a new business is:‘How much value will we place in turning this business into a brand?”If you are looking for ways to appeal to and reach out to several customers, then you need to find out the answer for thiscritical question.
The first step towards understanding the value of an entrepreneur to convert your business into a brand, is to understand the importance of branding. This process helps business owners to brand their products or services so that customers will remember them, and be attracted to buy from them again. Businesses have to be careful with this process, as it is often do-or-die in terms of retaining or losing their customers.
Branding takes time to accomplish because it requires a lot thought, effort and time from business owners. There are a few key elements to increase the value of converting your business into a brand. Leading entrepreneur Lewis Schenk has a unique strategy that is unseen in the current industry, which is integrating publication relations into branding and marketing strategies.
Who is Lewis Schenk?
Formerly an elite amateur/aspiring professional golfer, Lewis’s golfing dreams became more difficult when the covid-19 pandemic hit in January. With his plans put on hold without being able to play golf, he quickly pivoted with the help of one of his mentors. “I moved super quick when I knew the pandemic was about to hit. My plans got put on hold but I was fast to adapt” Lewis explains. Having journalism experience with projects he did in college in the USA, Lewis used his network to build his own agency, Boost Media Agency. Since then, he’s served over 150 clients, helping themto get featured in leading digital publications and become the most, known, liked & trusted in their industries.
Integrating PR & Branding
As a business owner, it is your job to ensure that you stand out in the market.You have to ensure that you will not waste precious advertising money in the start-up phases, by buildinga brand that has a high value to your audience – meaning more money and profits in the future. “As business owners, we cannot just jump into this process. It requires a lot of time, effort, guidance and money for this to be successful, and we have to be sure of our strategy before starting this process” Lewis explains. This is where Lewis shines, as he specializes in coming up with unique public relations strategies and ideas to ensure maximum growth for his clients.
A new business is a risky investment. There are many risks involved in setting up and running a new business, and one of these risks is the loss of your customers and losing your market value. A lack of strategy and experience is the new entrepreneur’s biggest downfall, as they spend all their money on pointless hacks and courses. Investing in public relations is the best form of advertising, as for one, its permanent. Rather than spend $200 on advertising that will run out on a week, spending $200 on a published article to a leading news site will yield results long term, as it remains permanently, meaning increased chances of more eyeballs seeing it over time. As a business owner, you must learn all you can about this process or consult with someone like Lewis who does, so that you know the value public relations to convert your business into a brand. With this knowledge and understanding, you can control your strategy, your business and your success.
Also,as business owners, we must use a strategic approach in our decision making. This strategic plan will help you to overlook the strengths and weaknesses of your business and how they can be turned around.A strategic approach also involves finding out what the strengths and weaknesses of your business are and implementing the appropriate changes to make your business more profitable. Evaluating your current business model to identify the strengths and weaknesses of it, can greatly improvethe company by making some tweaks and adjustments.
Ensuring that we don’t invest money and time in the wrong areas of our business, by shifting the focus towards branding and public relations in marketing strategies, will ensure far greater business success.A business without publicity has no potential for expansion. If you have no courage and time to take these steps for your own business, then you realize the value of hiring a professional entrepreneur such as Lewis Schenk, to convert your business into a brand.