Rescue One Cares ® Menu


How to Purchase a Home With Bad Credit

bad creditA big part of the “American Dream” is buying a house on American soil. For many people, buying that house is considered a normal part of life. For others, it presents a big challenge. One of the consequences of having bad credit is having great difficulty getting credit of any kind for an extended period of time. That is particularly true for someone who has gone through a recent debt settlement negotiation or bankruptcy, but still wants to try to buy a home.

Buying a Home is Still Possible

If you have had recent financial difficulties and feel like buying a home is near impossible, you might want to do a little investigation. What you will find is there is more than one way to skin a cat. The fact is there are several home buying options available for people with bad credit.

To be sure, it is not going to be an easy process. However, this is America, the “land of opportunity.” People tend to get second chances when they start doing and saying the right things. If you need help getting yourself back on tract, you might consider contacting a reputable debt management company like Rescue One Financial. Not only can they help you address your debt issues, but lenders might recognize the fact you are working with this type of company, which supports the notion you are serious about your financial future.

Taking Care of Business

If you want to set your sights on buying s new home in spite of your financial handicap, you need to start by making sure you are doing all the right things. These right things include:

  • saving money to be used for a down payment.
  • paying all your bills on time to establish you are now a good paying citizen.
  • applying for a new credit card so you can begin reestablishing or rebuilding your credit score. If you just went through bankruptcy, you might be interested to know getting a credit card is quite possible. Credit card companies will recognize you have no debt and can’t file bankruptcy for 10 years. That’s not a bad position for major credit card company.

Applying for a Loan to Buy a New House When You Have Bad Credit
You should know right up front that Freddie Mac and Fannie Mae have very strict standards that will most likely eliminate the feasibility of you securing a conventional loan. However, there are plenty of loan programs available for people who are financially challenged. Take a look at these options.

  1. The FHA – While conventional lenders typically require a four-year waiting period between a discharged bankruptcy or foreclosure and applying for a home loan, the FHA only requires a two-year waiting period. Even better, the down-payment requirement might not be as big as you thought it would be. Finally, the applicable interest isn’t going to be as punitive as it would be with other types of lenders.
  2. Hard Money Lenders – This might not be the best option, but it is an option. Hard money lenders are in the business of making high risk secured loans. In exchange for the risk they take, they will typically offer a loan with an interest rate that sits well-above current market rates. The loan terms will be slanted in the lender’s favor and the down-payment requirement might go as high as 40%. The good news is a hard money lender is usually willing to give you all due consideration after a short six-month waiting period following a bankruptcy or foreclosure.
  3. Cosigner – If you can find a family member with strong credit and a willingness to vouch for you financially, you could put yourself in line for a home loan with a decent interest rate and reasonable terms. It is very important you recognize that the cosigner’s name is going on the same loan document and deed of trust. Should you encounter further debt problems and miss a payment or two, their credit is going to also be adversely effected by your actions.

If you are serious about buying a home after great financial difficulty, you would be well-served to schedule an appointment with one of our professional debt counselors here at Rescue One Financial. During the initial consultation, they can help you better understand your available options and offer advice as to which ones might be best for you considering your current situation.

  • Thanks for leaving a comment, please keep it clean. HTML allowed is strong, code and a href.


Do Rewards Programs Make Using Credit Cards a Good Idea?

credit-card-rewards-programFor decades now, credit card companies have used rewards programs to entice American consumers to use its credit cards. The rewards typically ranged from free goods and services to cash rebates. As the years have gone by, major credit companies have gotten more and more creative with its offers. Of course, that creativity has also caused the credit card companies to increase the fine print. When all is said and done, one has to wonder if these rewards programs bring any real value to the customers.

Earning Rewards Can Be Challenging

There is only one way to earn rewards from credit cards. You have to use them. In fact, you have to use them a lot in order to accumulate enough points to be able to take advantage of what is being offered. That’s the hook. You have to use your credit cards for everything you possibly can. Otherwise, you will earn points at a snail’s pace and it will be months to years before you can reap any of the benefits. During that time, there are a lot of things that could go wrong, making all your efforts nothing more than a waste of time.

Do Rewards Programs Make Using Credit Cards a Good Idea?

A case can me made on both sides of this question. It really depends on the individual and the kind of personal behavior they exhibit when it comes to their personal finances. Based on information recently provided by the Federal Reserve, there are over 2,000,000,000 active credit cards in the U.S. With approximately 200,000,000 credit card holders in the mix, that works out to 10 credit cards per cardholder on average. That’s a lot of plastic and many of these cards have rewards programs tied to them. For the individuals who have great discipline regarding personal financial matters, credit cards with rewards programs are very useful and many times, quite beneficial. They use the cards a prescribed, they accumulate lots of points and at the end of the month, they payoff their credit card bills in full. For those individuals who struggle to manage their finances, credit cards with or without rewards pose a basket full of issues. The rewards make no difference if the associated cards do nothing more than allow the cardholder to get further into debt.

Why Rewards Programs Fail to Provide Benefits

If rewards programs fail to provide any real benefits, the blame has to placed firmly at the feet of the cardholder. The rules laid out by credit card companies are fairly straight forward. If a cardholder uses the card, they earn points. After enough points have been accumulated, those points can be converted into actual rewards. In cases where the credit cards give cash rebates or department store discounts, the rewards are automatic and instant. However, there are a couple of circumstances where things just might work out as well as planned.

  1. Cardholder Doesn’t Make Proper Payments on Credit Card Bills The key to making rewards truly beneficial is making credit card payments on time and paying more than the minimum requirement. Credit cards carry notoriously high interest rates and late fees. If the credit card owner fails to manage the payment process properly, the interest costs and eventual late fees will offset any benefit they might have derived from rewards. Debt management companies like Rescue One Financial will often stress to its clients the importance of paying bills on time and paying them off on a monthly basis if possible. This is one of the reasons why.
  2. Cardholder Never Gets Around to Claiming Rewards When points are earned, they represent an asset of sorts. When enough points are available to start purchasing goods or services, it is incumbent on the cardholder to do so. Billions of points go to waste over a year’s time. It might be nothing more than travel awards not being used because the cardholder has nowhere to go, but the fact remains that points don’t get used and that represents a true loss of value. Remember, credit card companies have no motivation to prompt customers to use points.

If you find yourself having difficulty with credit card or debt issues, our professional debt counselors here a Rescue One Financial are here to provide counseling services. Our goal is to help our clients stay out of harm’s way when it comes to debt and to be able to manage their finances in a manner that will give them the opportunity to enjoy the rewards of good financial behavior.

  • Thanks for leaving a comment, please keep it clean. HTML allowed is strong, code and a href.


Credit Prison – Why Bankruptcy Should be Considered a Last Resort

Poor Credit Score

Poor Credit Score

For centuries, countries all over the world had something called “debtor’s prison.” When someone was unable to fulfill their obligations, they would be placed in jail if they weren’t making reasonable efforts to resolve the issues at hand. In this day and age, not paying your debts will only land you in jail if the debt was secured by fraud. Otherwise, it’s up to the borrower to find a way out. If they run out of options, they can file for bankruptcy protection and attempt to get all their debt discharged. Of course, it comes with consequences. One of those consequences could be considered a 7-10 year sentence in “credit prison.”

Truth About Bankruptcy in America

As a result of one of the worst recessions in American economic history, personal bankruptcies have been plaguing the nation. Based on information provided by the US Bankruptcy Courts, there were a total of 4,312,484 bankruptcies filed between 2009-2011. This represented one of the worst three-year reporting periods in American history. In years 2012-2014, the number improved by 26.8% to 3,156,531. However, that number is still troubling because it shows that Americans continue to relying too heavily on debt. After seeing that Americans hold $11.85 trillion in total debt with over $890 billion of that number coming from credit cards, the concern would seem to be warranted.

What is Credit Prison

Once a bankruptcy has been discharged, the debtor is usually relieved of their debts, mostly consumer debts. That might sound like a good idea, but the consequences can be dire. The harshest consequence is a huge hit against one’s credit score. This effectively creates a credit industry moratorium of 7-10 years on credit availability for the individual who successfully invoked the bankruptcy. The moratorium is considered to be “credit prison.” Just like regular prison, the person could get a slightly earlier release for good credit behavior, but could also have to do the full 10 years should they create additional credit issues.

Why Bankruptcy Should be Considered a Last Resort

While bankruptcy resolves one set of problems, it also creates a new set. American society is set up in a manner that makes credit availability a key ingredient to living a normal life. Given the damage bankruptcy does to one’s credit, the likelihood of buying a home or new car is essentially eliminated without taking on a high-risk loan that carries unfriendly terms. The individual will most likely have great difficulty finding sources of cash if an emergency arises. Without realizing, even employment opportunities might go to waste since today’s employers are putting more focus on an individual’s ability to handle responsibility, something a bad credit score shows could be a problem. For the average American, these are significant issues that must be considered.

Avoiding Bankruptcy

Before jumping into the deep end of the pool with a bankruptcy anchor around your waist, you might want to consider talking with a debt management company like Rescue One Financial. A debt management company’s goal revolves around helping clients do everything they can to avoid bankruptcy. Among the services they provide are debt management training, debt consolidation loans and debt settlement negotiations.

  • Debt Management – The fact your finances are in such disarray is proof enough you could use some pointers on how to manage your debt. A debt management company will take the time to educate on the importance of budgeting, avoiding the use of credit cards and how to get value from your money through things like smart shopping and saving.
  • Debt Consolidation Loan – If your financial situation is troubling despite the fact you have adequate resources, you might need to simply reorganized your finances. A debt consolidation loan allows you to roll most if not all of your consumer debt into one loan with one lower payment and better loan terms.
  • Debt Settlement – Before capitulating your debt to bankruptcy, there is a distinct possibility a debt management company can help you negotiate debt relief from your creditors since they would stand to lose everything if you filed. Debt settlement could result in a significant principle reduction, lower interest rates and lower monthly payments.

Before moving forward with bankruptcy, you should contact one of our professional debt counselors here at Rescue One Financial. They are interested in working with you to see if your debt issues can be resolved without you having to go to credit prison. If successful, you will find you have the opportunity to reestablish both your credit score and financial stability is a reasonable amount of time.

  • Thanks for leaving a comment, please keep it clean. HTML allowed is strong, code and a href.


Why Debt Settlement Works so Well

debt settlement works so wellIn America, debt issues are becoming a serious problem for both the nation and at the individual level. For the average American family, the data is quite concerning. Based on a Federal Reserve report released in August 2015, American families had total debt of $11.85 trillion with $890.9 billion attributable to credit cards. According to CardHub, credit card companies have charged off an average of $28.77 billion a year from 2012 to 2014. The combination of these numbers indicate debt problems are brewing in America.

Assessing Your Situation

Assuming you are an average American, there is a reasonable chance you are facing financial difficulties. It’s no secret the long recession that started in 2009 created a lot of problems for individuals. In fact, there were just under 7,500,000 personal bankruptcies filed between for the five-year period ended December 2014 (US Bankruptcy Court). That’s the worse five-year period in decades. Even if you survived the recession, you might well be looking at mounds of debt that has to be dealt with sooner or later. If you have been issuing late payments, missing payments and obsessing about your personal financial situation, it’s better you start dealing with your debt problems now.

Looking at Options

Debt management companies like Rescue One Financial provide a valuable service by helping debtors better understand their situation and options. Depending on your situation, you might want to consider reaching out for help before it’s too late. For now, you probably have three different options to consider for debt relief. The worst of the bunch is bankruptcy. Due to the severe consequences and damage to your credit score, you need to save this as a last resort and do all you can to avoid it. That leaves debt consolidation and debt settlement. If your debt is excessive and you have been missing payments, qualifying for a debt consolidation loan might be problematic. That leaves debt settlement.

About Debt Settlement

In the information provided above, it was disclosed that credit card companies charge off billions of dollars a year. Did you know that much of it comes from debt settlement negotiations? Creditors are well-aware that you might file bankruptcy, which might result in them not getting a dime of what you owe. For them, it makes better business sense to remain open to a possible debt settlement negotiation. It’s a good idea for you to use a debt management company like Rescue One Financial to handle your debt settlement process because of the experience factor. If you can successfully secure a debt settlement agreement with your creditors, you should see a significant decrease in your outstanding debt, especially your credit card debt. That should translate to better terms and a lower monthly payment.

Why Debt Consolidation Works so Well

Time and again, debt settlement has proven to be an effective way to get borrowers back on track. First and foremost, anything that helps someone avoid the grips of bankruptcy is worth its weight in gold. Aside from that, debt settlement provides a few other benefits.

  1.  Helps Salvage Your Credit Score Make no mistake about it, debt settlement is going to cause a big hit to your credit score. For the most part, your access to additional credit will be hindered for a least a couple of years. However, that kind of penance is far better that the 7-10 year credit isolation you get with bankruptcy. As you resume making your debt payments on time, you should start to see your credit score improving.
  2.  Helps Relieve Stress Chances are you have been putting yourself through the mill while stressing over your debt issues. By the time your creditors eliminate a portion of your debt, you will feel like the weight of the world has been lifted off your shoulders.
  3. Reestablishes Credit Availability Over a fairly short period of time, you will find that some sources of credit are becoming available to you. The last thing you want to do is run out and get new credit cards, but in an emergency, you might have some options available.

Here at Rescue One Financial, we specialize in debt relief services like debt settlement. If you need help dealing with your debt situation, you should schedule an appointment with one of our professional debt counselors at your earliest convenience. During your initial assessment, we will help you decide the best plan of attack that will be designed to deliver you back to sanity and financial stability.

  • Thanks for leaving a comment, please keep it clean. HTML allowed is strong, code and a href.


How to Prepare a Cash Basis Personal Budget That Works

woman holding cash money

Prepare a cash basis personal budget.

Contrary to popular belief, personal budgets are not designed to make your life miserable, quite to the contrary. Personal budgets are great tools to help individuals properly manage their finances and avoid getting into debt trouble. In a world where credit cards get worn out from use within a few short months, having a cash budget as a personal guideline makes a great deal of sense.

“Cash Basis” Budget

A personal budget has to be prepared on a cash basis. Why? Cash is the only reliable barometer for what you can afford to spend on a monthly basis. After all, cash is what you earn and cash is what you have to spend. You can’t keep yourself financially stable if you look at credit cards as an extension of your buying power.

After incurring interest, your credit card balances still have to be paid off in cash and should your cash continually run out, you might find yourself facing debt issues. Note, the average American household uses as much as 14% of their disposable income just making payments on credit cards (Federal Reserve data as of May 2015). That isn’t a formula for success. If you keep it cash, you keep it real.

How to Prepare a Cash Basis Personal Budget That Works

You don’t have to be an accountant or finance major in order to learn how to prepare a proper cash basis personal budget. In fact, all you need is a pencil, paper, common sense and a little dose of reality.

If you are not sure how to proceed, debt management companies like Rescue One Financial can be helpful. Before you begin the process, you will need to accumulate your total disposable income (all sources) and monthly expenses (rent or mortgage payment, car payment, insurance, utilities, food, transportation, school and miscellaneous).

Step 1: List Your Sources of Income – In the top section of your page, you need to list all sources of income. If your primary income comes on a semi-monthly basis, you should have two columns, one for each paycheck. List any other sources under the most applicable column with a sub-total.

Step 2: List All of Your Expenses in Detail – The best way to list your expenses is by due date. This will allow you to put the expenses in the appropriate semi-monthly column and sub-total. This is a process called “matching income with expenses.” (Example: Your paychecks come in on the 15th and last day of each month. In the column with the income that comes in on the 15th, you should list any expenses that you need to pay with due dates between the 21st and the 5th of the next month. For the paycheck that comes in on the last day of the month, list expenses with due dates between the 6th and 20th). By taking this approach, you will have a realistic guide that shows the money coming in and which expenses should be going out at that same time. Strict adherence to this method will help you avoid late payments and late charges.

Step 3: Calculate Excess Disposable Income – The subtotal is calculated by subtracting your total expenses from total income. The positive difference is your excess disposable income. If the sub-total comes back negative, you are operating from a negative position and need to increase your income or lower your expenses in a hurry.

Step 4: Determine Savings – From your excess disposable income, you need to subtract something to contribute to an emergency savings account. If you are serious about saving, the amount should be at least 50% of the available amount. If you already contribute pre-tax dollars to a 401K or IRA retirement savings, it would be acceptable to save a little less.

Step 5: Fun Money – The remaining amount after deducting savings should be considered your personal monies. You should feel comfortable spending this money as you see fit, having already acted responsibly by paying your bills on time and putting extra savings aside.

There you have it. After an investment of 30 minutes and $1 of office supplies, you now have a realistic cash basis personal budget that will help you stay on track with your finances.

In you would like more information about managing your finances and staying out of debt, you could benefit by scheduling a consultation appointment with a professional debt counselor here at Rescue One Financial. Our goal is to better equip our clients with the tools necessary to maintain financial stability.

  • Thanks for leaving a comment, please keep it clean. HTML allowed is strong, code and a href.


10 Ways Marketers Are Making You Addicted to Debt

Ways Marketers Are Making You Addicted to Debt

Appealing sale offer to entice consumers to use credit cards

Advertising is an interesting game for marketers. Their job is to make you want to buy something whether you need it or not. For the most part, they are very good at their jobs. Why else would anyone buy a slinky or silly putty? They have all kinds of tactics that are tried and true. The fact is they aren’t evil-doers, they are just men and women paid to do a job. What they are good at is understanding what motivates you and others to buy when reason says don’t.

Debt Marketers

That’s right, there are marketers who are charged with getting you to want debt. Have you ever seen a commercial for a payday loan company or American Express? That’s what they are doing, trying to get you to seek debt. They aren’t doing this so you will destroy your financial stability, on the contrary. They are marketing the way debt makes your life better and more enjoyable. The more they get you addicted to debt, the better they are doing their job. The fact it sometimes turns into financial disaster is probably your fault.

10 Ways Marketers Are Making You Addicted to Debt

In order to make the game fair between two worthy opponents, it is important for you to understand how they get you addicted to debt. This awareness stands to keep you better prepared for the unintended consequences of too much debt.

  1. Block the Thinking Process – Debt Marketers have to relieve you from your rational mind. They do this by appealing to emotions like happiness, joy, excitement and sexuality.
  2. Now is the Time – Under time pressure, people tend to act impulsively. Debt marketers are quick to let you know that when you need it now, they have just the right solution, consumer debt.
  3. Glamorize Credit Card Debt – Not only do you need the gold card, but the platinum card will give you so much more buying power. Best of all, it’s accepted at all the five-star restaurants and hotels in the world.
  4. Sell the Abnormal as Normal – With images of beautiful houses, luxury cars and exciting vacations, debt markets will remind you that nothing is out of reach if you have available consumer debt. When your checkbook says no, your credits cards will say yes.
  5. You Want to Be One of the Beautiful People – Have you ever seen debt marketing piece that uses ordinary looking people? The reality is that debt marketers want to assure you that you to can be one of the beautiful people if you have the right credit card.
  6. Mood Enhancer – People love to shop and spoil themselves when they feel down and out. Nothing spells SPOIL better than a spending spree compliments of your credit card.
  7. Rewards – Everyone loves to be rewarded for good behavior. Debt marketers are sure to remind you that the more you use your credit card, the more points you can earn towards a wonderful vacation.
  8. Avoiding the Truth – When casinos, alcohol beverage companies or tobacco companies market its goods, they have to disclose the possible risks. Have you ever seen debt advertising that speaks to the possibility of too much debt leading to bankruptcy?
  9. Everyone is Doing It – By making it seem like everyone needs a credit or personal loan to fit in, they are appealing to your sense of belonging. If everyone uses credit cards to enhance life’s experiences, why shouldn’t you?
  10. 10. Get Another Card and Save Money – Just when you credit card is tapped out, debt marketers will remind you that you can transfer your balances to a “better” credit card, free of interest for the first 12-18 months. Who can resist the temptation to save money?

If you would like more information about how debt marketers might be manipulating you, you should schedule an appointment with one of our professional debt counselors here at Rescue One Financial. We feel we are prepared to help you better recognize debt marketing trends that could spell trouble for your financial security.

  • Thanks for leaving a comment, please keep it clean. HTML allowed is strong, code and a href.


Types of Insurance That Can be Used to Protect Your Financial Security

Types of Insurance That Can be Used to Protect Your Financial SecurityEven in the best of times, your financial stability always seems to be at the mercy of fate. On your own, you can certainly make enough mistakes to create a precarious debt situation. That said those situations are usually within the scope of your control, making them preventable. However, there is another category of events that are out of your control that stand to create the kind of financial damage that is difficult to manage. These events are called financial emergencies or disasters.

What Qualifies as a Financial Disaster or Emergency?

As indicated above, a financial disaster or emergency is something that is beyond your normal control. Typical financial disasters or emergencies include getting laid off from work, a long-term medical problem due to illness or accident, death to a family member who contributes income to the household, liability issues related to an auto accident and damage done to personal property as a result of a natural disaster (flood, fire, tornado, hurricane).

Best Ways to Deal With a Financial Disaster or Emergency

The ideal way to handle a financial disaster or emergency is to have a savings account set aside for just these kinds of events. It takes time to save this kind of money, but the intrinsic value of having this kind of financial protection is worth its weight in gold. In lieu of significant savings, an investment in insurance usually offers enough protection to keep you financially stable regardless of the seriousness of the emergency. When you don’t need it, insurance feels like a waste of money. All of that changes the second a financial disaster or emergency occurs and you realize the financial impact is going to be minimized, making you grateful you made the investment.

Types of Insurance That Can be Used to Protect Your Financial Security

Regardless of how you feel about paying for insurance, you owe it to yourself and your family to protect your financial stability as much as you can. These are the types of insurance you need to cover the most likely negative events.

Mortgage and/or Credit Insurance In the event of losing your job or getting sick, you don’t want to run the risk of defaulting on your mortgage or credit cards debt due to the inability to make payments. Mortgage and other types of credit insurance will cover your payments should you not be able to do so through no fault of your own.

Healthcare Insurance If you are fortunate enough to have healthcare insurance from your employer, you still want to make sure the coverage is adequate enough to cover most major medical situations. If you need to purchase it on your own, you want to make sure the coverage in comprehensive with manageable deductibles and co-pays.

Life Insurance The loss of a family member is difficult to handle emotionally. When that person is a primary financial contributor to the household, you need to make sure you have a substantial life insurance policy on those persons in order to make sure the family is left with the resources to continue on and reorganize.

Auto Insurance If you are like most Americans, you can ill-afford to pay for property damage, loss of life or the replacement value of your automobile in the case of an at fault accident. You need full coverage in order to assure your financial stability is not irrevocably damaged.

Homeowners Insurance Your home and personal belongings have real value. You don’t want to lose that value should you become victim to a natural disaster. That could create a major financial setback. With the proper coverage, you should be able to replace most things of value with nothing more than a deductible payment.

If you would like more information about the importance of protecting you and your family through insurance policies, you should contact one of our professional debt counselors here at Rescue One Financial as soon as possible. We would like the opportunity to explain how insurance works and offer you advice on how to best protect you and your family.

  • Thanks for leaving a comment, please keep it clean. HTML allowed is strong, code and a href.


Debt Consolidation Solutions from Rescue One Financial

Debt Consolidation Solutions from Rescue One Financial

Oh, those pesky credit cards. They are so easy to get and so difficult to handle in the wrong hands. There are approximately 2,000,000,000 credit cards in the United States alone. With 200,000,000 credit card holders, that works out to almost 10 credit cards per card holder. After factoring in more that $901 billion in combined credit card debt, you can only assume there is a whole lot of payment activity going on in the States.

When the Hassles Begin

One of the big downsides to so many credit cards and too much debt is the amount of stress it puts on cardholders. Remember, many of them also have mortgage and car payments, student loans to pay for and the requisite insurance and utility bills to be paid. For many people, that much personal financial activity quickly becomes overwhelming. It’s not always an issue of affordability, it is just the hassles and stress than come with constantly having to deal with bills, especially consumer debt bills. If anything goes awry, the calls from creditors start coming and stress levels can quickly escalate.

Relieving Stress Through Debt Consolidation

It may not be necessary to endure all that unnecessary stress if your credit score is still in reasonably good shape. You may be able to qualify for a debt consolidation loan that stands to cut the number of consumer bills coming in the door each month from many to maybe one or two. Wouldn’t that be a big relief if you only had to cut one check each month on your consumer debt? If you qualify for such a loan, there are some extra benefits to be had. Depending on your credit score, the rate offered by your new lender might be lower than the aggregate rate on all your other debt. With a lower effective interest rate, your monthly cash outlay should also be lower. Finally, you can effectively decrease the risk of ruining your credit score by not allowing your debt to become unmanageable.

Debt Consolidation Solutions from Rescue One Financial

If you want to consolidate your consumer debt or generate a little extra cash to pay for unexpected bills or that well-deserved vacation, you should consider contacting Rescue One Financial. Rescue One Financial is in the business of helping people when they need it the most. While seeking a loan from other lenders can be tedious and disappointing in the end, Rescue One Financial cares enough to make the application process as easy as possible. The company’s unsecured consumer loan programs are designed to provide you with the extra cash you need to make your life just a little bit better. The good news is the whole application process can usually be completed in one business day with a check in your hand or bank account by the next day if approved. The benefits of securing a loan with Rescue One Financial include:

  • No collateral requirements
  • A fixed interest rate that is low and affordable
  • No pre-payment penalties

If you are consolidating debt, all you have to do is make that one payment each month and enjoy your peace of mind.

If you have any questions or need help with personal financial issues, our professional debt counselors here at Rescue One Financial are available for an immediate consultation. After reviewing your current financial situation, we can work together to get you into a financial situation where you can avoid unmanageable debt problems while maintaining financial stability for now and into the future.

  • Thanks for leaving a comment, please keep it clean. HTML allowed is strong, code and a href.


Spending Habits That Lead Straight to the Poor House

Spending Habits That Lead Straight to the Poor HouseFar too many American families find themselves in debt without ever understanding exactly how it happened. For some, it happened because of an unseen event like an unexpected illness, injury or getting laid off from work. It’s hard to fault those individuals due to their misfortune. On the other hand, there are those horror stories of people who systematically spent their way right into the poor house. The Federal Reserve recently reported that the average American family was carrying more $17,000 in credit card debt. With 15% of those families being proud owners of at least $10,000 in credit card debt, there is not much left for a bystander to do but shake their head and wonder what they were thinking.

Ignorance is Not so Bliss

The reality is many people don’t know how to properly handle their finances. They get an apartment/house, buy a car and start living life without understanding the economic realities of life. The most basic premise is money is finite. Believe it or not, that’s a hard concept for people to grasp. As long as someone doesn’t say no or enough is enough, they usually feel empowered to buy what they want and/or need without giving it much thought. That brings about the second economic reality of life. Debt is also finite. When a person is spending their way into the poor house, there will come a point in time when creditors say no or enough is a enough. By the time that happens, it’s usually too late and the culprit is left sitting in the poor house looking for a way out.

Spending Habits That Lead Straight to the Poor House

The best way to avoid debt issues from overspending is to recognize spending habits that tend to create unmanageable debt issues. By taking the time to identify these habits, you might be able to avoid the unhappiness and stress that comes from too much debt.

    1. Using Credit Cards When Cash was Available – Accumulating all those rewards points from all that credit card spending is exciting knowing you are putting yourself in position for some great free stuff. However, you might neglect to put your cash aside to make your credit card payments and find yourself a bit short of cash come bill paying time. Those bills don’t pay themselves and they grow exponentially in quick order thanks to high interest charges. It doesn’t take long before you’re in debt when you could have paid cash from the beginning.
    2. Spending More Than You Have – Another way credit cards will cause you problems is when you decide to use them as an extension of your buying power. What you can afford to spend is based on how much cash you have. The cash from credit cards belongs to the credit card companies and they are going to want that money back at some point in the future, plus interest.
    3. Impulse Buying – Impulse buying is the act of buying things without planning to do so. Many times, it will lead you to buy things you don’t need, can’t afford or don’t even really want. You just see it and get this great desire to buy it without considering the financial consequences.
    4. Always Paying Retail Full Price – Everyone has needs and are entitled to a few wants. The problem is people are too lazy or impatient to shop for bargain prices. In most cases, everything you want or need is going to go on sale at some time in the future. If you take the time to do a little research and wait, you could save yourself a lot of money.
    5. Dining Out – Dining out certainly saves you the hassle of having to buy groceries and cook the food. It also costs you 200%-300% more money for the pleasure of doing so. If you have finite financial resources, dining out should be a treat not a way of life. It takes 20 minutes to buy groceries and 30 minutes to cook a meal. Surely, your time is worth the savings.

If you feel you might be the owner of bad spending habits, you might benefit by scheduling an appointment with one of our professional debt counselors here at Rescue One Financial. We would be glad to sit down and help you find ways to create a budget and refine your spending habits in order for you to avoid the poor house in the future.

  • Thanks for leaving a comment, please keep it clean. HTML allowed is strong, code and a href.


7 Healthy Spending Habits of People Who Don’t Use Credit Cards

7 Healthy Spending Habits of People Who Don't Use Credit Cards, Rescue One Financial

The standard of living for Americans is among the highest in the world. Of course, it can be a little misleading when you consider how much personal debt Americans incur trying to maintain that standard of living. One of the great advantages Americans have when it comes to buying the things they want and need is easy access to credit cards. There are almost 2,000,000,000 active credit cards in the hands of American consumers (Federal Reserve – 2015). With 200,000,000 cardholders carrying an average credit limit of $20,000, there is about $4.0 trillion of artificial purchasing power in this country alone.

 The Trouble With Credit Cards

Unfortunately, all of that artificial buying power has turned into over $900 billion in credit card debt. The average American family owes over $17,000 with about 14% of their disposable income being used to service that debt. It’s these numbers that are used to explain why there as so many people suffering from debt problems. The only way to keep these numbers from continuing to grow is to retrain American consumers to adjust their spending habits and cut up those credit cards.

7 Healthy Spending Habits of People Who Don’t Use Credit Card

Let the retraining begin with the following seven spending habits that responsible consumers use to maintain their standard of living without using credit cards

  1. Preparing a Budget – Smart spending starts with a budgeting process. By preparing a monthly budget, you are able to get a clear and precise idea of exactly what you have coming in, what you have going out and whether or not you have anything left over to spend on the extras you may need or want.
  2. Tracking Expenditures – There is very little value in a budget if you are not willing to track your actual expenditures. By tracking everything you spend, you will know exactly where your money goes and whether or not you are living within your means.
  3. Cash Only – The best way to avoid credit cards is to not use them. Cash is an accurate barometer of what you can afford to spend on a monthly basis. When the cash is gone, it is time to stop spending until more cash appears in your account.
  4. Use Shopping Lists – Anytime you get ready to go shopping for anything, you should prepare a shopping list. It is the perfect tool to keep you focused on what you really need, and it helps you avoid impulse buying, which is the number one spending downfall of many consumers.
  5. Put Something Away Money for Emergencies – Living within your means should include putting money away in savings. When you have adequate savings, you are better able to avoid the temptation to use credit cards when an unexpected situation comes up.
  6. Discount Shopping – Smart consumers know that almost everything goes on sale sooner or later. When you make a decision to buy something, you should invest the time and effort to find it on sale. If it’s not immediately available at discount prices, you can wait until the product’s time finally arrives.
  7. Limit Dining Out – Most meals consumed in restaurants and fast food places will run 200%-300% more than the same meal would cost if prepared at home. Smart consumers are willing to invest their time shopping and cooking in order to save money for more important expenditures.

Here at Rescue One Financial, we employ professional debt counselors who know a thing or two about good spending habits. If you would like to learn more about how you can avoid credit card debt and still maintain a decent standard of living, you should consider scheduling an appointment with us at your earliest convenience.

  • Thanks for leaving a comment, please keep it clean. HTML allowed is strong, code and a href.