The process of negotiating with a creditor to reduce the amount you owe in exchange for a one time payment in full of an agreed upon amount is called debt settlement. You may often see it referred to as debt negotiation as well.
Seeking a settlement agreement can be an effective debt resolution approach—under the right circumstances. This is particularly true in instances in which payments are in considerable arrears, or a balance is so high paying it off will be extremely difficult.
However, there are some pros and cons of debt settlement to consider.
How Debt Settlement Works
First of all, it’s important to note you can do everything a professional debt settlement firm can do on your own. On the other hand, it’s equally important to note that negotiating a debt settlement plan with a creditor is an arduous and time consuming process, with no guarantee of success.
Once you reach the person who has the authority to agree to a settlement proposal, you’ll try to get the total amount you owe reduced, along with waivers of accumulated fees and interest. You’ll offer a one-time payment in full of the agreed upon settlement amount, in exchange for these concessions. Be mindful though, you must be in a position to make the payment in full when the agreement is reached. Otherwise, it could be rescinded.
Working with a debt settlement firm, you’ll be enrolled in a type of savings plan in which the monies you’d normally forward to your creditors is deposited until the account’s balance is high enough to fund a settlement agreement. Payment will be made to the creditor settle the debt from that account and the process will continue until all of your debtors are satisfied.
Debt Settlement Alternatives
Generally speaking, debt settlement should be one of the last debt relief options of which you avail yourself.
While debt settlement is not as destructive to your credit history as bankruptcy, credit counseling, debt management and debt consolidation are less damaging and should be investigated before attempting a settlement.
In fact, given a choice of credit counseling vs debt settlement, going with counseling first could resolve your problem with far less collateral damage.
Debt Settlement Pros
The most obvious benefit of debt settlement is it enables you to resolve credit accounts for less than you owe. Settlement will also put an end to collection calls and restore your peace of mind.
Most debt settlement programs eradicate debt within 48 months. That is, assuming you have the wherewithal to set the cash aside to fund your payoff agreements. The time frame is also dependent upon the amount of debt with which you’re burdened.
Debt settlement can help you avoid filing for bankruptcy protection and enduring the consequences of that action. A bankruptcy filing will stay on your credit report for seven to 10 years, depending upon the nature of your filing. A debt settlement program will usually allow you to start rebuilding your credit history in a much shorter amount of time.
Debt Settlement Cons
Creditors don’t always agree to accept settlements. In other words, there are no guarantees that debt settlement will work. And, over the time you spend trying to get a settlement, your debt will be increasing, owing to fees and ever increasing compounded interest payments.
Working with a debt settlement company will also entail fees, generally in the range of 15% to 25% of the amount you owe. The good news is they can’t bill you until they’ve reached a settlement agreement to which you and your creditor agree—and it is paid. But you will owe that money when the settlement is funded.
While not as bad as the fallout from a bankruptcy filing, there are negative credit score and credit report consequences to debt settlement just the same. Accounts will be listed as “settled” rather than “paid in full”. This could give potential creditors pause when reviewing your post-settlement credit applications.
Some creditors report settled debt to the IRS, which will then look upon the forgiven amount as earned income. In other words, you could have to pay taxes on forgiven debt.
It’s important to consider these pros and cons before embarking upon a debt settlement plan. It’s also a good idea to consider the alternatives first. Yes, a debt settlement program might be less costly in terms of the cash you’ll pay, but there are benefits to looking at debt consolidation, counseling and management first.
What Areas Can You Invest in When You Don’t Have Much Money?
Why Investing is Important
Even if you’ve never tried or simply thought of investing yourself, you likely know someone who has— and with good reason. Investing is beneficial and important for a variety of reasons. The first is you want to ensure that you won’t have to work forever. Depending on where you live, the retirement age keeps rising, which means you’ll have to work longer before you can access your retirement.
You also want your money to work for you, instead of having to always work for your money. This is also known as earning passive income (i.e., the income you don’t have to work for). Investing allows your money to work for you by earning returns.
Investing today is also easier than it was decades ago. There are also many ways you can invest and have your money make money. If you’re not investing, you’re missing out on free money— especially with it being so easy to get started. Here are three areas you can invest in, even if you don’t have much money.
#1: Real Estate
Believe it or not, you don’t have to have hundreds of thousands of dollars to be able to invest in real estate— nor do you need to take out a loan. Real estate indeed is one of the most expensive things you can invest in, but investing in REITs (real estate investment trusts) allows you to reap some of the benefits of investing in commercial real estate (e.g., office buildings, malls, hotels, etc.). REITs are similar to mutual funds; big companies own the REIT (and the property), and the investors who own a piece of it receive payments from it regularly. Investing in REITs also gets you familiar with the real estate market in case you’d like to directly invest in properties one day.
#2: The Stock Market
Don’t think that just because you don’t have a lot of money you still can’t participate in investing in the stock market. In today’s digital world, investing in the stock market is more widely available and all you need is a few dollars to start. This is a great way to get your feet wet and familiarize yourself with how the market works, without much risk. You also don’t need a stockbroker or have to pay commissions with various trading platforms available.
You can also invest in partial (also known as fractional) shares with some companies. This means that you only buy a part or a fraction of their stock, which means you spend less money while still reaping some benefits. This method also allows you to diversify your investments.
#3: Your Own Savings
Invest in yourself by opening a savings account. Many banks don’t require a certain amount you have to deposit into savings, so you can put back as much money as you want. Banks even offer interest on your savings if you don’t withdraw money from them often. For the best interest rates, you’ll want to look into opening an online savings account because online banks offer higher interest rates and less fees than traditional banks, which means you get more money.
You can also look into apps that transfer your change to savings (some online banks do this as well). Soon, all of your transferred change will add up and you’ll even earn interest on it if you do this with an online bank.
It’s important to note that while now is a good time to try any one of these methods of investing, you may need to do some things before your start. For example, it’s always good to build an emergency fund before you start investing since investing of any type carries some amount of risk. The good news is that investing in a savings account builds this emergency fund with little to no risk. Next, you’ll want to pay off as much of your debts as possible, especially if it’s high-interest debt.
Finally, make sure that you do your research before you start dipping into any type of investment. As easy as investing is these days, you’ll still need to do your research to ensure that you’re likely to get some returns. You should also understand and make a list of our goals and why you’re choosing to invest. The last and most important tip to remember is that you must be patient because it does take some time to earn a profit and see returns on your investment(s).
Fifa World Cup Embraces the Crypto Industry Through Sponsors
The FIFA World Cup is the most highly anticipated international tournament event in football and possibly the world
The FIFA World Cup is the most highly anticipated international tournament event in football and possibly the world. 32 teams get to play in the competition, each one representing their own nation and comprising their country’s best football players. This will be the 22nd running of the World Cup and it is sponsored by some of the world’s biggest companies in the crypto industry. FIFA has announced Crypto.com and Algorand as the official sponsors for the event this year.
FIFA World Cup 2022 official sponsors
Crypto.com is a crypto exchange, a platform where you can buy, sell, or convert cryptocurrencies using other assets. This includes buying them using fiat currencies from your country, allowing you to become an investor with ease. As a sponsor for the event, Crypto.com provides financial support to run World Cup events in Qatar in 2022.
Algorand, on the other hand, is a green blockchain tech company proof-of-stake (PoS). It comes with a variety of features including the ability to trade ALGO, the native currency of its blockchain. This currency is not that widely accepted for live betting, all sports markets included but it can be swapped for Ethereum thanks to being an ERC20 token. Algorand also comes with a more exciting feature namely the ability to mint a collection of non-fungible tokens (NFT).
Crypto.com aims to drive awareness around cryptocurrencies using the World Cup as one of the biggest events in sports. On the other hand, Algorand wants to collect tournament highlights and mint them into a collectible set of NFTs. Both projects are also set to benefit FIFA because these are some of the biggest companies in the crypto industry.
FIFA World Cup highlights as NFT collectibles
FIFA’s and Algorand’s plans for the World Cup 2022 NFT set is an exciting project football fans are anticipating but the idea isn’t entirely new to sports. There are no details yet but the idea is going to be similar to the successful NBA Hot Shots. It’s a collection of highlight clips from events during the season featuring star players and specific team matchups.
Every highlighted clip will be labelled by its date, players and teams involved, as well as what kind of shot it was. They are then valued by how special that clip is to the match overall then grouped into levels of rarity. Fans can buy and own these moments in NFT that they can also view or display on the Algorand blockchain.
What do these mean for the crypto industry?
The FIFA World Cup is one of the biggest tournaments in all of sports with millions of fans looking forward to it around the world. Seeing two of the biggest companies in the crypto industry as official partners shows great confidence in the future of digital assets.
This ensures investors that crypto is the future of finance and it is lucrative enough to support such important tournaments. Likewise, this also boosts awareness of how to use cryptocurrencies.
Crypto.com offers an exchange where fans of the sport can buy digital assets to become an investor or use it for live betting, all sports or on the World Cup’s games. Algorand’s NFT project, on the other hand, further promotes the merchandising capabilities of blockchain technology. These partnerships are set to be the foundation of a wider crypto adoption in the world and you can look forward to it unfolding.
Basic Steps on How to Bet on Ice Hockey Using Bitcoin
Bitcoin (BTC) is a widely accepted medium of exchange in the crypto space, and it’s already influencing how online casinos and sportsbooks operate. With the surge of crypto, it’s time for you to start getting in the hype train and bet using BTC.
Like most coins in the market, BTC is a decentralised digital asset that can be used as a medium of exchange online. Since it uses blockchain technology, transactions are faster and more secure because of the absence of a third party.
Bitcoin betting is incredibly beneficial, and starting now will help you have a more seamless and enjoyable experience. Below are the simple steps to become a bonafide Bitcoin ice hockey punter in minutes!
Step 1: Secure a digital wallet
A digital asset is required if you want to use Bitcoin for any transaction. This includes betting on ice hockey games. Just like fiat currency, a wallet is needed to store your coins safely.
Digital wallets come in two forms: Hot and cold. The former is more versatile in that they can be used online for exchanging. However, they are more susceptible to cyber theft as anything exposed online will always run some risks of third party interference.
On the contrary, cold wallets are only used to store large quantities of coins. They usually come with hardware like a USB drive to make the storage capacity much more robust, thus having the name of ‘hardware’ wallet sometimes.
Step 2: Use a secure exchange
After securing your digital wallet, you now need to exchange your fiat with BTC. To do this, you have to visit a reputable exchange or trading site to start buying crypto coins like Bitcoin.
Similar to a stock exchange, a trading platform is like the central hub for those who want to buy and sell crypto. With platforms like Binance and Coinbase, it’s easy to buy your first BTC depending on what the current market value is.
Step 3: Choose the best online sportsbook
With a digital wallet in hand and BTC, it’s now time to go to an online sportsbook that accepts Bitcoin. It is also best to go with a site that is regulated and licensed to avoid losing your money or any fraudulent activity.
When you think about it, there really wouldn’t be a huge difference between each sportsbook in terms of the sports available for betting. Most likely, there will be ice hockey in their lineup of sports to bet on.
What it will come down to is how their crypto betting features work and if their payment methods are quick and responsive when doing transactions online. If a sportsbook tips all these check marks, you have yourself a reliable online sports betting site to go to every time you want to place wagers on ice hockey matches.
There are a lot of great benefits to betting with Bitcoin. If an online sportsbook offers an option to do so, grab the opportunity immediately. Another perk of ice hockey betting on crypto casinos and sportsbooks is that some of these sites feature sports legends.
Here is an exciting interview with one of ice hockey’s greats: https://bitcasino.io/blog/promotions/exclusive-interview-with-pavel-barber
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