Category: finance

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finance

Here’s What You Can Do To Fix Your Bad Credit

Associates Home Loan

Having bad credit will seriously limit one’s financial experience. The bad the credit rating, the bad the experience. Bad credit is commonly described as any credit score below 650, but this may vary based on credit use. Bad credit will result in higher interest rates, reduced funds offered on loans, rejection of credit cards, and a more challenging time making daily payments like purchasing a vehicle, obtaining a mortgage, or other similar tasks. It can also result in job rejection for positions that review credit history.

Repairing your credit can be more complicated than starting again. You’re attempting to demonstrate to credit card companies and lenders that you will make future payments as negotiated despite mistakes on your side or disasters outside your control.

Fortunately, repairing bad credit is highly possible. Here are four practical tips for repairing your bad credit.

Check Your Credit Rating
Check your credit report to get a better view of your credit image and what creditors can view. It will provide you with a rundown of the risk factors affecting your rating, allowing you to make adjustments to increase your rating.

If you discover incorrect facts, you should file a dispute with the credit rating firm whose report you discovered it. You can also notify the creditor who is reporting the incorrect details personally to request that their records be corrected.

Pay on Time
Your payment history is the biggest risk factor impacting your credit rating. Missed and late payments will reduce your credit rating, and collections and bankruptcies will cause severe damage. Late payments remain on your credit rating for up to 10 years.

Your credit report also considers the magnitude of your loan as well as the timing of your late payments. Generally, the greater your debt and the more recent your late payments, the lower your credit score. Keeping accounts current and attempting to make on-time payments would undoubtedly positively affect your credit ratings.

If any of your bills have already been sent to collections, prioritize those on which your account is still active. Collectors can produce far more noise, but they are not your primary concern.

Keep Majority of Your Credit Card Limit Available
The credit utilization ratio is the comparison between what you owe and how much credit you can access. Simply put, it’s the amount of all your outstanding debt divided by the maximum credit available to you multiply by 100 to get a figure.

High credit utilization will significantly impact your credit rating. In general, keeping your credit utilization level under 30% is a smart idea. Here is how you can reduce your credit utilization rate.
• Consolidate your debts with a personal loan from Associates Home Loan
• Open a new credit card account or seek a credit limit raise on a current card to increase the total available credit
• Begin settling down account balances

Apply For a Credit Rebuilder Loan
A credit builder loan from Associates Home Loan will enable you to improve your credit rating. You would be required to provide proof of income and demonstrate the capacity to pay. The lender keeps the funds as you repay and delivers them to you after you have completely repaid the loan.

If you have money saved up, you can borrow against it with a certificate- or share-backed loan. This is a secured loan backed by funds in your savings, stock market, or CD portfolio. The bank holds the money until you pay it back.

Credit misfortunes and mistakes eventually melt away. The effect on your credit rating and the time it takes to repair is determined by the magnitude of the error and how recent it is. Use the above tips to fix your bad credit to have a better financial experience.

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finance

Is a Personal Injury Settlement Considered Income?

personal injury attorney

When you are injured at work or on the property of another individual, you will usually be able to claim for a personal injury that often leads to a settlement. The first step to take is always to talk about your accident and how it came about with your injury attorney before you move onto the subject of whether you have a compensation claim. If you are working with a reputable attorney they will not tell you of any financial options before an offer has been made by the insurance company involved. One of the big questions you will have for your personal injury attorney is whether the compensation you claim will be classed as income and face taxation.

Your Settlement will not be Taxed

The first part of the answer to any question about personal injury compensation and taxation is that most settled cases are not subject to any form of taxation. There is no precedent in state or federal law that allows your compensation to be taxed at either of these levels, according to the IRS. The main part of this piece of evidence is that the majority of cases will not result in taxation being needed for your settlement. In most cases, any settlement made for a physical injury or sickness that occurs on the property of another individual will not require any taxation for your settlement.

Breach of Contract

One of the most difficult aspects of any personal injury attorney settlement is the use of breach of contract as the reason for the injury taking place. If you and your attorney have identified the problem leading to your injury as beginning with a problem with the contract you signed with an employer. The issue of breach of contract will often lead to a judge giving you a mixture of punitive and compensatory damages that will usually be split into percentages. An expert attorney will always ask a judge to decide how much of your settlement falls into each category with punitive damages classed as taxable by the IRS. Nolo reports your attorney should be able to work with the court to ensure the majority of your compensation is not taxable.

Interest on your Compensation

When you are working with your injury attorney, you will often hear them discuss backdating your compensation claim to the date of your accident and claiming the interest. Although you may look at this and think it is the best option for making sure you get the most compensation for your injury. However, at this point, you may find yourself struggling to cope with the issues of taxation because any interest incurred on your compensation claim will be taxed by your state and federal governments. If you are looking to keep your taxation issues to a minimum, you will usually want to limit your use of earned interest as part of any settlement you agree to.

This can be a difficult part of your compensation claim because you may want to wait to settle your claim until you have completed all your medical appointments and treatments. when you are hoping to make the most of your injury claim, you will usually want to wait until you can get the most compensation for your claim. If you are looking to make an impact on the way your compensation settlement is paid and it is as large as possible you will want to make sure you have an itemized tax deduction if you move into another tax year. By choosing to itemize the deductions you take when you are involved in a personal injury settlement you will make sure you have the impact of any interest minimized.

Emotional Distress Claims

If you are looking for a claim for personal injury, you should be aware of the changes that came about when the Trump administration came to power and made tax law changes in 2017. The change in the law made it clear the only form of personal injury settlement that would be taxation free would be those for physical sickness and injury. This meant the commonly used claim of emotional distress for those who had not been physically injured but felt the effects of an accident could no longer be made with taxation-free funds available.

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How to Make Your First $100,000 As An Online Entrepreneur

Pedram Zohrevand

Entrepreneurs often fall in love with the idea of making their first six figures by working for themselves. While this goal is certainly achievable, it requires serious strategizing to do on your own. Read on for the best tips to make your first $100,000 as an entrepreneur.

1. Identify Your Niche

The first step in the process of earning $100,000 is to identify your niche. While there is money to be made as an entrepreneur, this only comes as a result of very intentional and persistent business practice. In order for you to find success as an entrepreneur, you’ll need to start by finding something that other people are willing to pay for.

Experts like Pedram Zohrevand recommend identifying your passions and interests to find a viable niche that is guaranteed to become profitable. Consider the interests and passions that you naturally gravitate towards. This will give you a better idea of where you’re willing to invest your time, which decreases the odds of your quitting.

2. Diversify Your Audience

In addition to identifying your niche, your next step is attracting a diverse audience. If you’re starting from scratch, the next step is to select a target audience and start generating interest. Your target audience should be the demographic that your brand’s products or services cater to. For example, graphic designers’ demographic may include business owners that need content for marketing and promotion.

After identifying your target audience, your next step is to make an effort to create a diverse audience. To start pulling in more money, you’ll need to create a diversified audience. Businesses should use paid and organic social media marketing, webinars, email marketing, and similar methods to reach different types of clients and customers. As you reach new types of clients, you’ll strengthen your brand’s customer base, ensuring that you have a solid group of customers supporting your entrepreneurial endeavors.

3. Have Offerings for Every Price Point

Another tip to grow your income as an entrepreneur is to be sure to have multiple product and service offerings for every price point. Most businesses make the mistake of having a one-size-fits-all model for their business offerings. While you may find clients willing to pay top dollar for a specific product, this severely limits your reach with potential clients. In addition to offering top tier services and products, be sure to create lower-tie offerings.

In addition to giving your customers more products and services to choose from, Pedram Zohrevand shares that having lower-level offerings helps to get more people into your sales funnel. For example, a product that is priced $10 is a great way for a new customer to test out your brand without taking on the risk of paying more for a higher-priced product or service. Once they discover the value in their initial purchase, they’ll likely become a repeat customer.

4. Build Multiple Streams of Revenue

As you work towards making your first $100,000, it’s essential that you build multiple revenue streams. Gone are the days where relying on a single stream of income is feasible. To generate more money as soon as possible, you must use your resources to bring in money from other outlets.

Other popular formats for money-making include offering courses, consulting and coaching services, membership websites, digital information products, paid content creation, and more. Many of these can be passive forms of income, ensuring that your net worth continues to grow without you having to lift a finger.

5. Stop Wasting Time

Entrepreneurs often get caught up in the idea of working all the time but fail to realize that they’re not actually making more money. To add more monetary value to your life, you’ll need to value and prioritize your time. Avoid time-wasting activities like consuming free content or wasting time on social media.

It’s not always easy to identify time-wasting activities. Make sure you get ahead of these wasteful behaviors by putting together a plan for the following days, weeks, months, and years. Similarly, choosing to be more specific about how you respond to calls, emails, and messages is another way to prevent yourself from giving your time away for free.

6. Learn From the Best

One of the fastest ways to make $100,000 is to learn from entrepreneurs that have already achieved this goal. While you can find valuable resources for free, the best and most effective advice won’t come cheap. If you want to make more money in a timely manner, make it a point to invest in premium content and learn from the best experts.

Not in a place where you can invest in top-tier content? Consume quality free content for now and come back to the experts when you’re able to. With expert knowledge, you’ll learn specific strategies that will help you achieve and exceed your six-figure goal.

Your first $100,000 is achievable. As you develop as an entrepreneur, use this guide to help you make the best decisions to help you scale your business and make more money

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finance

How to Keep COVID-19 From Causing Your Financial Empire to Fall

Rusty Tweed

You may be wondering what you need to do in order to keep your finances intact during the COVID-19 crisis. Here are some principles to live by so that you can live financially to see another day.

Know the Different Scenarios

One of the first things that you should do is to model various different financial scenarios based on certain impacts that the economic crisis could have on you It is vital to be prepared for the worst-case scenario financially so that you are able to plan for the worst. Make sure that you consider the worst of what can happen and are not overly rosy in forecasting the various situations that you may change. In other words, you will want to have a plan to deal with the worst so you can know how to adjust your expenses accordingly.

Stay Defensive

You will also want to adopt a defensive posture so long as the crisis is continuing and things seem chaotic. While there will be the urge to try to take advantage of opportunities that arise during this time, the best thing that you can possibly do during an economic crisis is to survive. There will be plenty of chances to scoop up assets on the cheap once it is apparent that the crisis is over and you will emerge from it.

While the COVID-19 outbreak is ongoing, you must be cautious in terms of investments and new opportunities. Remember to not use all of your available cash and to always keep more than enough liquid assets than you need to make it through to the point where business begins to increase again. As Rusty Tweed would tell you, sometimes the biggest win is just sticking around when other businesses are forced to close.

If you are an individual as opposed to a business, you should still try to stay as liquid as you can during the crisis. However, you can slowly scale into new financial opportunities as they arise, making sure to do so a little at a time.

Use All Available Government Programs

Moreover, you should take advantage of each and every single government program that is available to you. If you are a business, there are government loan programs that are designed to keep your business going until the crisis has passed. Some of these loans can even be forgiven so long as you keep your business operating during the COVID-19 outbreak. To the extent that there is a government program or other relief that allows you to take advantage of forbearance to pay certain bills, wait to pay the bills until you have to so you can continue to conserve cash resources.

Not every government program is well-publicized during this time. Some may be first-come-first-served while others may have time deadlines to apply. Do an exhaustive search for all possible programs that can give you grants or loans during this difficult time.

As an individual, do not hesitate to file for unemployment. There are federal government programs that supplement state unemployment benefits, giving you a living wage while you are out of work due to the coronavirus crisis. However, you will need to be persistent in filing for unemployment benefits because many people have been reporting difficulties getting through to the agency on the phone or even being able to file over the website.

Cut Expenses

As a business or individual, Rusty Tweed would advise that you get aggressive in cutting your expenses while there is no visibility about whether and when the economy will recover. In order to maintain your financial empire, you literally need to assume that the worst projections will happen and then plan from there.

This means cutting out any type of spending that is not essential. Provided that you survive this crisis financially, there will be plenty of opportunities to spend in the future. However, you must make it to the future. You can never be cautious enough when it comes to slashing the amount of money that is going out when it seems like the economic world is ending.

Keep Your Head

Finally, the most important thing that you can do as a business or an individual in order to keep your financial empire from falling is to keep calm and take a deep breath. Many people will panic during times like these and make illogical decisions. This is the beginning of the end for them as one bad decision literally begets another.

By thinking clearly and making sound decisions, you can do what needs to be done financially during these times. While these are occurrences that nobody could have fully planned for, you can still exercise the principle of strong decisionmaking to make it through. If you make decisions based on rationality and evidence, chances are that you will make it through this economic catastrophe

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finance

Jayhawk Advisors Shares 7 Things To Invest Your Work Bonus Into

It is nice when you are recognized at work and it’s even nicer when you get a bonus. Whilst it is tempting to blow your bonus on a new TV or a fancy dinner and an overnight stay out of town, you need to think about practical ways you could use your bonus such as reinvesting that money to help grow your savings account or your portfolio as the case may be. Here at Jayhawk Advisors, we are committed to helping clients grow their wealth, so without further ado here are 7 ways you can re-invest your bonus, and boost your financial health!

1. Re-invest in yourself, via your employer

If your business thrives, then you keep your job. Depending on the company you work for it may or may not be publicly traded, as such if it is publicly traded then you should consider purchasing stock in your company. Stock options are a great way to boost your income and help you save some money for the future. When it comes to buying stocks remember this, buy low; sell high!

2. Buy CD’s or bonds

If you are not brave enough to weather the storm that is the stock market, you can approach investment in a passive way by buying CDs or bonds from your local bank. The rate of return on investment is not that high so many people avoid bonds or CDs. most CDs offer 1 and 1/2 to 2% on return on investment at the time of the bonds maturity. 

3. Put the money into a high yield savings account

Again, if you are someone who prefers a passive investment then a high-yield savings, account would be perfect for you. With high-yield savings accounts you have to have a large deposit sometimes over $1,000 to see the rates of return that you would expect from a high-yield savings account.

4. Use the money to get out of debt

 Sometimes the best investment you can make in yourself is paying down your debts. When you pay your debts down, you free up more capital and will have the money you need to buy stocks or open a savings account or do whatever you can to grow your wealth and protect your family from financial instability.

5. Buy into a business or a franchise

Not knowing how much your bonus is we can only speculate and offer a wide range of options of things to invest in. A great money maker is franchising or buying into an established business. Now you would have to have a sizable bonus in order to buy into a franchise most franchises including restaurants like Burger King ask for an investment of $50,000 but there are groups that go in together to buy franchises and there are many websites out there that will connect you with startups or franchise owners looking for investors.

6. Put the money in an IRA

Consider putting the money into an IRA or if you already have a retirement account see how much you need to put into Max it out for the year. Remember the IRA account to tax-free, so you can maximize your current IRA account.

7.Invest in your home

Consider using the money to invest in your home and make some energy-efficient changes such as solar panels. Solar panels or other energy-efficient upgrades to your home can add thousands of dollars to the value of your home. Also, you will save money in the long run from lower energy bills. In fact with solar power, you can make money by selling your unused energy to the power company. 

As you can see, there are many things you can do to reinvest your end-of-year bonus but what you can do will be dictated by how much the bonus is. Even if the bonus is $500, then that is still enough to make substantial savings or investment depending upon what you want to invest in. Managing money is difficult but with Jayhawk Advisors, you can find the Financial Freedom you need on your own terms.

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finance

What is Sales Tax Nexus?

Sales tax is what a company owes the state for sales made within it and the burden is normally passed onto the consumer as an additional mark up on the price at the time of purchase. A sales tax calculator can be used to calculate the final price before time of purchase.

The sales tax calculator algorithm is easily explained as an additional percentage per dollar. So if the sales tax is four percent, the final cost of an one dollar item would be one dollar and four cents, a two dollar items final cost would be two dollars and eight cents.

Sales Tax Nexus

Any time sales tax law comes up matters can get a little bit complicated. Then there is the question of nexus and what exactly sales tax nexus is. The simple explanation is that sales tax nexus is the relationship between a state and a private entity such as a corporation. The nexus is part of the state law that indicates whether a certain business is required to pay tax in a particular state or not.

Wayfair Sales Tax Case

A good example is the wayfair sales tax case, in which the online corporation Wayfair was brought to court to settle whether they owed taxes to the state or not. The ruling in this case was that a state can demand a seller without a physical presence in the state to pay taxes if a certain number of transactions or amount of revenue is accrued. The Supreme Court decided that 200 transactions or $100,000 in net sales was grounds for a state to demand taxes be owed to them.

Sales Tax Deduction

Many states have implemented a sales tax on goods in the form of a sales tax law and it is illegal for a company not to report or pay the taxes on sold items. As explained prior, normally the corporation will pass the tax burden onto the buyer however states have allowed a sales tax deduction from state and local taxes to benefit consumers.

By using itemized deductions a consumer can claim sales tax paid over the course of the year and receive a refund check or lower the overall cost of their taxes. Sales tax deductions should never be overlooked, especially in years where a consumer paid large amounts of sales tax.

Sales Tax Outsourcing

There are many companies that exist to handle the burdensome tax forms for corporations at the end of the year. By sending taxes to a company that specializes in that area not only is time saved but their amount of experience can benefit a corporation because these companies may find ways to cut the amount that is owed.

The sheer amount of transactions that certain companies will make in a given year can be mind boggling and employees may not understand the intricacies of tax law like a company that is dedicated to that alone so sales tax outsourcing has become a common practice among corporations.

Conclusion

Sales tax can be a complicated matter for anyone but hopefully with the help of this article it can be a little better understood. It is a subject most probably wish would disappear but it is unlikely to happen, at least not in the foreseeable future

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finance

Daniel Doyle Pleasantville NY Shares How a Mentor Can Help Your Finances Flourish

Even with the best intentions, many people struggle with their finances. From knowing how they should actually be paying for their home to being able to save for retirement, financial planning isn’t always black white.

In fact, in some situations, understanding how you should be saving in comparison to how you earn can be overwhelming, especially if you’re still paying on school loans. Regardless of whether you live in Queens or Dubai, enlisting the help of a financial mentor can get your finances on the right track.

Setting a Budget

It’s not always easy to determine how much money you really need to spend. Mentors, like Daniel Doyle Pleasantville NY, are masters at managing finances. A budget is set of expenses that’s followed through a given set of time, with most cases being a year. Budgeting can be one of the most difficult things a person can do.

From figuring out what needs to be paid to calculating every little figure, budgeting can take a long time. With a mentor like Dan Doyle at your side, however, the process will be shorter with more accurate results.

Cutting out Expenses

Cutting expenses sometimes means eliminating entertainment you enjoy. Not that you need to stop doing everything that makes you happy, however, when your hobbies are expensive, you might be better off finding something else you enjoy. For instance, photography is an excellent way to showcase your creativity and see the world in a different way. The best part is, you can do it for free.

All you need is your phone or camera to start shooting. No need for fancy equipment at first. If you do find that you’re good at it and want to learn even more, you can look for a mentor, like Daniel Doyle Pleasantville NY, to show you the ropes. Especially in a place like Queens, there’s never a shortage of interesting architectiure or street art to photograph.

Seeing the Big Picture

When it comes to creating a sound financial plan, you need to look at the bigger picture. Many time, overspending or spending money of things you don’t really need are because of another problem. Some people spend money out of habit while others overspend as a way to make themselves feel better.

The key to financial freedom is understanding why you’re spending money the way you do. Also, finding ways to feel happy without spending money is also important.

Final Thoughts

Mentors do more than show you to accomplish your goals. The right mentor also shows you how to live life on your terms. Whether it’s learning how to save money or shoot photography for a living, working with a mentor is a great place to start. Dan Doyle, a well-known mentor of photography, also knows that skills learned in mentoring also carry over into everyday living. For this reason alone, finding a mentor who can help you strategize your finances without sacrificing your current quality of life is always a win-win situation

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finance

How to Get Started Working a Call Center Job at Home When Your Finances Are Low

Money, what a stress-inducing ulcer it is in today’s world. Once you could buy a home for $6k now that is a dream or a scam! As hard as it is to live in today’s society, it is just as hard to start a new career or a new field of business. Sometimes after a long hiatus and no funds, the prospect of getting into a new career, and paying for it can be daunting. But fear not with the help of tech live connect we will show you how you can get started in your own call center at home with little to no money.


Most call center jobs that offer a work at home option should cost you zero dollars to start in. If a company is asking you to pay money to join them, that should be a warning sign to back away from them fast. 

1. Look for call center jobs that require no purchase of equipment

There are many call center jobs that offer no purchase of equipment and even ship equipment to your home for use while working for them. There are some companies that ask you to buy a cheap headset to use while working. If you cannot afford a headset ask family for a loan. Most of the headsets used to perform call center work will run you anywhere between $10-15 dollars.  But, if you can not bear to ask family for a loan, then ask your employer to advance you the funds and then deduct it from your first paycheck.

2. Look for a call center job that only requires you to use your own phone

There are plenty of jobs you can do from home, just with your phone. Cold calling and sales jobs get a bad rap, but with the right amount of effort you can make a six-figure income from cold calling, marketing or appointment setting alone. These jobs offer no monetary commitment and can provide you with a competitive income.

3. Get some free qualifications

Employers don’t care if you went to a fancy school or spent 20 years studying. No, the main concern of an employer is whether or not you can do the job they need you to do. There are many free online universities and courses you can do. Most unemployment offices offer free courses such as computer skills, book-keeping, etc. 

4. Use equipment you already have

You do not have to have a fancy new computer to get into the call center work from home. In fact, many of the at-home companies are providing Linux based systems for you to remote into. These systems are bare-bones, but they allow you to breathe life into an older computer.

There are many ways you can get into call center work from home while on a budget, you just have to take the time to find the right fit for you. Who knows, maybe a tech support role with tech live connect might be the role for you.

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How to Update Your Bathroom With $10,000 or Less to Spend?

Bathroom remodels can significantly boost your home’s value and improve your quality of life. With some bathroom remodels yielding an 86% ROI, homeowners that are ready to change the look of the most used room in their homes should consider a remodel. With a $1,000, consider the following five remodeling ideas:

1. Use a Tile Backsplash

One guaranteed way to makeover your Baton Rouge bathroom is to use a tile backsplash. This high-end detail will give your home a completely different look. With a glass-tile backsplash, you can bring a bit of luxe to the shower, vanity, or anywhere else you want to class up with a luxury feel.

If you’re hoping to save money, consider using temporary tile. This type of tile is easy to apply in a DIY bathroom remodel, making it quicker than ever to change the decor should you want to try something new.

2. Install a Luxury Shower

In addition to adding value to your Baton Rouge home, choosing to install a luxury shower will transform how you feel about your bathroom. Use a Kohler LuxStone Shower to transform your Louisiana home. With a powerful, durable, and beautiful shower system in your newly redesigned bathroom, you’ll never want to leave home again.

While you’re updating to a Kohler LuxStone Shower in your bathroom, consider putting in a new shower head. A massaging shower head with an adjustable flow rate can take your shower experience to the next level.

3. Redo the Floor

The floor may not seem like the first thing on your mind during a bathroom remodel, but it can completely transform this space. If you’re tired of stepping on dingy and dirty tiling, put in some new flooring. From affordable flooring options to designer tiles, you’ll be able to take your pick of vinyl flooring that is best suited for your bathroom.

4. Put in Ceiling Lights

If you’re New Orleans bathroom needs a bit of a boost, think about putting in ceiling lights. Making a simple upgrade to a more elegant style of lighting will help to transform the feel of your bathroom. Choose something like a semi-flush mount to add a bit of drama to the bathroom. Similarly, you can consider a lighting fixture that has a fun color or design that will act as the room’s statement piece.

5. Hang a Decorative Mirror

Not every upgrade to your bathroom needs to be a major remodel. If you want a DIY project that is as easy as visiting your local home goods store, think about switching out your bathroom mirror for a decorative one. A decorative mirror can give your bathroom an entirely new feel. Consider stores like TJ Maxx, Marshalls, Ross, or Home Goods for the best selections at lower prices.

Giving your New Orleans bathroom a new lease on life doesn’t need to be particularly expensive. Try these five upgrades to make your bathroom into the best room in the house.

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Should You Finance Your Dock Construction Project With Your Credit Card?

Dock construction is a large and important addition to your property that will increase its resale value. The question for many will be how to best finance your dock construction.

Here at Decks & Docks Lumber Company, a premier marine construction supplier in the Southeastern United States, we have some suggestions on how to best finance your deck construction that will go easier on your wallet than typical credit card fees.

Why Most Should Skip the Plastic

If you are using your credit card as a long-term plan in order to pay for your deck, consider first your credit card’s current interest rates. As of November of 2019, The Balance reported that credit card rates have gone up to around 21 percent. That is far higher than they were in the past. At 21 percent interest, many homeowners will be forced to primarily pay the interest and will find it tough to pay the principal. Not being able to pay down the principle will lead to a state of perpetual indebtedness servicing high-interest payments.

When people get stuck in credit card debt, they can get behind in payments, which will harm their ability to get credit for absolute necessities, like a home or a car, at fair interest rates.

When is it Safe to Use Credit Cards to Pay for Your Dock?

If you know you can pay down the balance in one to three months, you will not incur enough interest charges to make the hit financially ruinous if you use your credit card to pay for your materials.

Lower-Interest Options to Finance Your Boat Dock

Personal Loans

There are providers that offer personal loans at far lower interest rates than your credit cards. The terms can be up to five years to pay off the loan.

Construction Loans

If your dock is considered by your state law to be real, rather than personal property, you may qualify for a construction loan. According to Forbes Magazine, a construction loan lasts as long as the construction is occurring. The bank supervises the payout of the loan proceeds to the contractor in draws. At the end of the construction, you would need to either pay off the loan or convert it to another loan type. The good thing about this type of loan is that the bank is supervising construction, which will shield you from unscrupulous contractors.

Home Equity Line of Credit

The interest rates on a home equity line of credit are quite low compared to credit card interest rates. The problem with this type of loan is that, if you default, the bank can take your home.

Here at Decks & Docks Lumber Company, we have been serving the Southeastern states with 15 locations that stretch from Florida north to Virginia. We have two decades of experience in the field and offer the top, award-winning brands of marine lumber and hardware supplies. Call us for all of your dock construction projects. We are here to serve you