Bad Credit Debt Consolidation Advice

Depending upon the financial situation, the level of debt and the future prospects, every individual in personal debt may require a different approach to the debt repayment. An individual will have to choose a debt repayment plan that is best suited to his/her present financial situation.

There are various programs available and choosing the right solution to debt problems may be difficult for some. It is better to take professional advice from reputable credit counseling organizations. These organizations have trained professionals or certified credit counselors who are experts in the field of consumer credit and debt management.

Credit counselors first study the current financial situation of the customer. After understanding the payment abilities, the customers are given various options of managing money and debts. Each option is discussed along with their pros and cons. A debt management program is then developed and a plan is worked for the customer to follow.

Selecting a reputed credit counseling organization is important. A legitimate organization charges a flat fee per month or a small fee on every individual debt account handled. Their counselors study the financial situation thoroughly and educate the customers on budgeting and money management skills before suggesting or enrolling them in any debt management program.

Any credit counseling organization asking for financial data before sending information about their services should be avoided. The customers should insist that the credit counselor takes all the necessary steps to minimize the damage to their credit standing.

Credit counselors normally offer their services through the Internet or on telephones. Some counselors offer in person counseling. Financial institutions, credit unions, U.S. Cooperative Extension Service, local consumer protection agencies and many universities offer credit-counseling services on a non-profit basis.

The FTC gives free information to the customer regarding fraudulent business practices. They can be visited at their official website at www.ftc.gov

Cash Flow

Cash flow refers to the amounts of cash being received and spent by a business during a certain period of time. Cash flow reports are used as a financial planning tool for specific projects or businesses. A cash flow projection sets out all the expected payments and receipts in a given period. Managers use cash flow projections to arrange for employees and creditors to be paid at appropriate time. The transactions that are displayed in a cash flow chart are expected revenue, incoming and outgoing loan repayments, sales, material, labor and purchase of capital goods.

Cash flow statement is a financial report, which only shows incoming and outgoing money during a particular period. It doesn’t include non-cash items such as depreciation or purchases on credit. The report allows managers to analyze the short-term viability of a company. People who are interested in cash flow statements are accounting personnel, potential lenders and creditors, investors, employees and contractors. It is an important factor for start-up companies with limited liquid assets as they are vulnerable to devastating cash shortages and unexpected expenses.

When predetermined cash receipts are available they can be valued as assets. Such income streams can be purchased or sold due to the present value of their future cash flows. Most of the income streams that are bought, sold or brokered are privately owned by individual consumers or businesses rather than by banks or other financial institutions. There are many reasons one may need or want to sell cash flow such as to maintain a steady flow of working capital and to increase financial flexibility by converting non-current assets into ready cash. The cash flow funding process can be applied to annuities, leases, insurance benefits paid in installments, retirements accounts, royalties, lottery winnings and tax lien certificates.

When planning the short-term or long-term funding of a business, it is more important to anticipate the cash requirements than to just project profitability. The difference between sales and costs is a vital indicator of the performance of a business. The generation of a profit does not guarantee a business’ development or even the survival. Study of the cash flow and proactive steps to develop a healthy and positive cash flow assures the stability of any business.

Bankruptcy

The legal provision of bankruptcy, though sometimes misused, is a progressive and often merciful process. By it, a hopelessly indebted individual can make an official declaration of financial inability and be free of obligation. This may be on a temporary or permanent basis, depending on the degree of insolvency.

With new amendments in US laws, there is little or no social or corporate stigma attached to filing for bankruptcy. Filing for bankruptcy, though a matter of public record, no longer means that it becomes a matter of public knowledge. Effectively, this is an incentive for the bankrupt party to make another attempt at financial solvency. An individual can file for bankruptcy under Chapter 7(for irreversible insolvency) or Chapter 13(for temporary insolvency).

The benefits of filing for bankruptcy include restoration of bank credit via a secured credit card. This requires a certain deposit to be made, but a new line of credit can be established within two years of doing so. Meanwhile, the bankrupt person has assured freedom from harassment by previous creditors.

The US Congress amended the US bankruptcy code(ratified in 1978) in 2005, and further amendments were made on October 17, 2005, to discourage the abuse of the generous provisions available.. In fact, the passing of these amendments was preceded by a literal stampede on bankruptcy courts by people hoping to beat their enactment.

Under the revised Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, (BAPCPA), someone filing for bankruptcy is subjected to stringent tests to establish genuine insolvency and present income. Another provision is that people dwelling in any particular state, must be residents of that state for at least two years to be eligible. Bankruptcy laws do not provide a shelter against alimony and child support obligations.

Cash

Cash is a physical manifestation of financial resources. As mankind progressed through civilization, from a barter system into a currency system of economic transaction, cash became a focal point, as it became the main medium of exchange. The definition of cash from a business perspective is different from what it means in our everyday language. To an accountant, cash is the most liquid form of asset and it includes coins, currency (paper money), money deposited in banks, money orders, traveler’s checks, cashier checks and credit card deposits. Technology has enabled us to carry cash in less cumbersome forms such as ATM cards, debit cards and credit cards.

Some important concepts related to cash are cash advance, cash registers and cash flow. Cash advances are a mode to meet minor emergencies in finance, based on a short-term process of withdrawal. A cash register is a mechanical or electronic device for calculating and recording sales transactions. Cash flow is the amount of cash being received and spent by a business during a certain period of time.

Some businesses such as retail stores are required to keep a larger amount of cash on hand and the cash is used as a change fund and petty cash fund. They use the term “change fund” to refer to the pre-determined amount of cash that is maintained by a cash register clerk at the beginning of his shift. Petty cash fund means a small amount of cash that is used to pay for minor expenditures.

Most businesses receive cash through two main sources. The first source is cash receipts paid by customers for goods or services. Businesses may receive some of their cash through electronic transfer over the Internet or receive credit card payments over the phone. Cash is easy to conceal, move and steal. Therefore, businesses use an elaborate system of internal controls to safeguard and manage their cash.

Cash

Cash is a physical manifestation of financial resources. As mankind progressed through civilization, from a barter system into a currency system of economic transaction, cash became a focal point, as it became the main medium of exchange. The definition of cash from a business perspective is different from what it means in our everyday language. To an accountant, cash is the most liquid form of asset and it includes coins, currency (paper money), money deposited in banks, money orders, traveler’s checks, cashier checks and credit card deposits. Technology has enabled us to carry cash in less cumbersome forms such as ATM cards, debit cards and credit cards.

Some important concepts related to cash are cash advance, cash registers and cash flow. Cash advances are a mode to meet minor emergencies in finance, based on a short-term process of withdrawal. A cash register is a mechanical or electronic device for calculating and recording sales transactions. Cash flow is the amount of cash being received and spent by a business during a certain period of time.

Some businesses such as retail stores are required to keep a larger amount of cash on hand and the cash is used as a change fund and petty cash fund. They use the term “change fund” to refer to the pre-determined amount of cash that is maintained by a cash register clerk at the beginning of his shift. Petty cash fund means a small amount of cash that is used to pay for minor expenditures.

Most businesses receive cash through two main sources. The first source is cash receipts paid by customers for goods or services. Businesses may receive some of their cash through electronic transfer over the Internet or receive credit card payments over the phone. Cash is easy to conceal, move and steal. Therefore, businesses use an elaborate system of internal controls to safeguard and manage their cash.

Cash Registers

A cash register is a mechanical or electronic device for calculating and recording sales transactions. It has an attached cash drawer for storing currency and also prints a receipt for the customers. While operating a retail business, wherein cash transactions are high, cash registers are an essential tool. Most cash registers come with features such as a cash register customization, networking, fiscal law compatibility, remote management functions and reporting.

Cash registers were invented by an Ohio-based bartender named James Ritty in 1879 for the purpose of eliminating employee theft. The first cash register was entirely mechanical and the employee was required to ring up every transaction on the register. When the key was pushed, the drawer opened and a bell would ring, alerting the manager to a sale-taking place. Those original machines were essentially simple adding machines.

Modern cash registers can be attached to scales, bar-code scanners, check stands and EFTPOS or credit card terminals, helping to make them more effective business tools.

A few different types of cash registers in use are battery powered cash registers, coffee shop cash registers, economy cash registers, inventory cash registers, royal cash registers, and sharp cash registers. Sharp cash registers use heavy- duty printers, can handle a larger volume of high transactions and are provided with cash drawers.

Standard cash registers are no longer adequate for today’s complex business requirements. Manufacturers of cash registers are focusing on the growth of intelligent point of sale (POS) systems. Today, these machines scan barcodes, retrieve the price from a database, calculate tax and deductions for items on sale, calculate differential rates for customers, and records the transaction and method of payment. Purchase of a cash register compatible with the business model and the needs, will go a long way in ensuring the efficiency of the enterprise.

Cash Payroll Loans

A cash payroll loan, another name for a quick payday cash loan, cash advance or instant cash loan, is one of the fastest and easiest ways to obtain access to cash to cover emergency financial needs. When you encounter a difficult financial situation, such as urgent medical and/or credit card bills, and you do not have enough cash on hand to cover these expenses, you can turn to a financial lender offering cash payroll loans to solve your financial problem quickly and conveniently.

A cash payroll loan is a short-term loan that covers an emergency need for cash or other short-term financial problem. These loans are designed for employees who need to bridge a cash flow gap between paydays. Getting a payroll loan is fast and easy. You can apply for a $500 to $3,000 loan and once it is approved, the cash is deposited into your account immediately. These types of loans are offered by various financial lenders, such as banks.

In the past, if you needed to get a cash payroll loan, you would have to personally go to traditional lenders. Now, using the Internet, securing a cash payroll loan is fast, easy and convenient. You can visit an online financial lender and apply for a cash payroll loan using a secure Web site. The online environment also provides you with more choices and allows you to compare interest rates, payment terms, and other important factors before you make a choice.

So if ever you find yourself in need of cash and your next payday is still a few days away, you can look for cash payroll loan deals and apply for fast cash. You don’t need to have collateral or even make a down payment. You don’t even need to have a good credit record. However, to ensure that you don’t into a debt trap, pay your cash payroll loan as soon as you get your paycheck.

Cash Flow

Cash flow refers to the amounts of cash being received and spent by a business during a certain period of time. Cash flow reports are used as a financial planning tool for specific projects or businesses. A cash flow projection sets out all the expected payments and receipts in a given period. Managers use cash flow projections to arrange for employees and creditors to be paid at appropriate time. The transactions that are displayed in a cash flow chart are expected revenue, incoming and outgoing loan repayments, sales, material, labor and purchase of capital goods.

Cash flow statement is a financial report, which only shows incoming and outgoing money during a particular period. It doesn’t include non-cash items such as depreciation or purchases on credit. The report allows managers to analyze the short-term viability of a company. People who are interested in cash flow statements are accounting personnel, potential lenders and creditors, investors, employees and contractors. It is an important factor for start-up companies with limited liquid assets as they are vulnerable to devastating cash shortages and unexpected expenses.

When predetermined cash receipts are available they can be valued as assets. Such income streams can be purchased or sold due to the present value of their future cash flows. Most of the income streams that are bought, sold or brokered are privately owned by individual consumers or businesses rather than by banks or other financial institutions. There are many reasons one may need or want to sell cash flow such as to maintain a steady flow of working capital and to increase financial flexibility by converting non-current assets into ready cash. The cash flow funding process can be applied to annuities, leases, insurance benefits paid in installments, retirements accounts, royalties, lottery winnings and tax lien certificates.

When planning the short-term or long-term funding of a business, it is more important to anticipate the cash requirements than to just project profitability. The difference between sales and costs is a vital indicator of the performance of a business. The generation of a profit does not guarantee a business’ development or even the survival. Study of the cash flow and proactive steps to develop a healthy and positive cash flow assures the stability of any business.

Cash Advance

Cash advances are an important and popular way to meet minor emergencies in finance. It is based on a short-term need. The process of availing of cash advances is quite easy and fast. There are various options for short-term loans. Most banks and financial companies provide this facility with minimum procedures, to a borrower. The borrower can even avail of this facility remotely as most banks have introduced Internet powered transactions that enable a consumer to arrange the entire deal from a remote location. It is recommended that the terms and conditions associated with a “cash advance” deal be studied in detail. In a competitive lending market, the options for finance are unlimited and hence it should be fairly easy to find a merchant offering the right terms and which are suited to the needs of the borrower. Interest rates, repayment tenure, processing fees etc. are some of the factors worth evaluating before choosing the merchant.

Cash advances entails borrowing money on a short- term basis and to pay it back within a pre-determined due date. There are usually provisions for extensions of the repayment date. Anticipated delays in the repayment have to be communicated to the loan company in advance and a formal request for extension is generally required.

Many companies are offering low cost guarantee cash advance loans with better rates, convenience and services. The process of availing of this facility has become relatively simple, as it is not mandatory any more to clear a credit check, conducted by the lender. Once the paper work is over, the advance will be directly deposited in the borrower’s account, with minimal fuss.

Cash advances generally require proof that the borrower will have the funds at some future point. Some common consumer cash advances are from large tax consultants who do a person’s taxes and if an advance is due they advance all or part of the refund.

Cash Advance Companies

When payday seems far away and the bills are mounting, applying for a cash advance would seem like a good option. This is more attractive when sudden expenses crop up in the middle of the month making it tough to juggle with the existing money in the bank.

Cash advance companies can provide cash advances based on credit cards or payday checks. Most of these companies do not check the credit rating, so it does not really affect the application if the individual had filed for bankruptcy before or has a very bad credit rating with the credit card companies. The companies need the basic personal details such as if the individual is a major and has a steady income at the time of applying for the loan. In the case of paycheck advances, the individual will have to provide the employment details, which would be verified before the application is approved. The individual must have a checking account in any bank so the money can be transferred into the account either electronically or through check.

Companies that provide cash advances make money on the fact that individuals apply for cash advances only in extremely needy situations. Hence, the interest rates on these advances are extremely high compared to the interests on regular loans. Also, cash advance loans are short-term loans, so in the event the customer is unable to repay the amount by the specified time, it will become a rollover loan, wherein the interest rate is increased on top of the existing interest being charged.

Companies have made the process of receiving a cash advance a lot easier. The Internet has become a hotspot for applying online for these loans. The customer needs to fill in a form providing some of the basic details relating to their personal and professional life. The data is checked online instantly and the application would be approved within minutes if the entered data is correct. The cash would be wired electronically into the checking account of the customer and can be available for withdrawal within 24 to 48 hours.

Since there is a lot of competition for cash advance companies, most of the companies do not even go for the credit check. They just ensure the details of the bank that has the checking account are correct. This ensures a safe return of the borrowed amount sooner or later. Some companies also provide loans where in the customer need not pay any interest if the amount is paid before the payday. The logic in this is that if a customer had to take a loan, there is a very little possibility of being able to pay before the next paycheck comes in.

It is suggested to carefully consider the company before approaching it. A bit of market research might help in avoiding unseen complications in the future.