Best 2019 Reviews provides expert reviews for consumers looking to consolidate their debts. One particular company that is interesting is Americor Funding. The company goes by several different names: Americor Financial, Americor Funding, Americor Debt, Americor Financial Services and possibly Credit 9. The company is widely popular and is very active through the internet and direct mail. However, Americor Funding reviews aren’t always the greatest.
For many Americans, debt has become an inevitable part of their everyday life. Whether you talk about mortgage loans, credit loans, automotive loans, and student loans – the list just goes on. According to most estimates, the average American household owes at least $130,000. Moreover, debt issues are prevalent in almost every age group.
The median income earned by Americans has increased by 28% since 2003, but the cost of living has increased by 30% during the same time. What hits debtors the most are unexpected expenditures on medical costs, which have climbed by a whopping 57%. Prices for food have steadily increased by 36%.
Most financial experts believe that the debt crisis has become a mainstay of the American economy due to a lack of financial education. Financial experts believe that most Americans should be given a crash course on finance.
You also have to take into account the spendthrifts who are more psychologically ‘hardwired’ to spend money. Researchers believe that these individuals do not feel the “pain” when spending money, and this allows them to go above and beyond their budgets.
The bottom line is that nearly every household is tied to expenses that they are unable to avoid. You can’t avoid spending on your mortgage, rent, credit cards, student loans, and more.
This raises an important question: what is the ideal spending limit in each area?
Most mortgages account for at least 31% to 36% of average income, including taxes, insurance fees, and interest. In larger cities, the percentage may push up to as high as 50%.
It is important to adjust these limits when the average pay appraisals are unreliable. It is also worth noting that the previous generations spent less on college and healthcare. Shorter life expectancy and reliance on pensions meant that there wasn’t much pressure to save on retirement
So what is the most reasonable course of action? Financial pundits argue that you should cap your hosing costs at 25% of your income. This should leave you free to invest in other areas of your life. 25% should be enough in most cases to pay off your mortgage loans by retirement age. For this reason, it is important to choose a 15-year mortgage plan and just stick to it.
Student loans require a bit more planning and should be approached cautiously. For starters, it isn’t a good idea to borrow more money than you will ideally make after finishing school. It isn’t good financial practice to get parents involved because this will most definitely interfere with their retirement savings. The best course of action is to cap student loan costs at 10% of your income.
These loans are best paid as soon as possible.
When it comes to loans, it is not a good idea to spend more than 5 or 10% of your gross monthly income on car payments. A larger percentage will choke most Americans financially, leaving them little room to maneuver. The best course of action is to shoot for 4-year loan plans with a downpayment of at least 20%.
Clay Advisors Reviews Claims To Help Those With Poor Money Habits
A Clay Advisors Review by personal loan review website, Best 2020 Reviews, shows the possible negative and positive outcomes by doing business with Personal Loans companies you don’t know very well. Companies like Clay Advisors have been flooding the market with Personal Loans offers claiming to be able to assist those with poor money habits. But can they really do it?
Sometimes, consumers end up making mistakes that haunt them for a very long time. This is due to a number of poor money habits that can drown us into a debt trap. However, there are a few habits we can avoid to keep financial distress at bay.
1. Paying Automatic Bills
If you can setup automatic bill payments, it saves you from late payment surcharge. However, at times, you don’t have any idea about how much money you have in your account. As a result, you face overdraft charges or penalties in response to returned payments.
Experts believe that setting up an automatic payment schedule is a bad idea. By relying on such a schedule, you often fail to check if you have any money left in your account to pay the bills.
Rather than configuring automatic payments, one of the wiser money habits is to set up alerts through which you can pay these bills on time.
2. Failing to Create an Emergency Fund
Unforeseen expenses are always around the corner. You may lose your job in a sudden turn of events or your car might break down unexpectedly during a trip. Without an emergency fund, you have nowhere to go. It offers you much-needed assistance when the going gets tough.
If you and your partner both work jobs, try to save enough money in your account so that you can so that you can survive for three months without a job. Save for six months if you are the sole earner in your home. Even if you find it hard to save, try to accumulate enough money to pay for groceries or repairs.
3. Struggling with Budgeting
Failing to make a budget is one of those money habits that can lead you into a financial crisis. Budgeting allows you to pay off a debt or reduce it to a significant extent. In this way, you can save money for emergency. Other than keeping you safe in times of need, budgeting provides you with an effective roadmap that allows you to address your financial objectives. By setting a spending target and sticking to it, you can budget better.
4. Deciding Against a Retirement Strategy
Surviving without funds in old age can be harder than you imagine. Young people often decide against retirement savings because they believe that it is too “far away.” However, what they don’t realize is that this extended period can generate them excellent compound interest on their retirement plans.
Some people incorrectly assume that they will not need a lot of money in their retirement. This is an incorrect assessment because the cost of living always rises with time. Moreover, retirement is a phase during which people will want to pursue their passion and hobbies like traveling. Hence, they are going to need money. To save up for your retirement, you can either go for a 401(k) plan or open an individual account.
5. Not Getting Insurance
What will you do if an untimely disaster damages your personal possessions and you don’t have car insurance?
Insurance is something where you need to strike a balance and ensure that you are neither investing too much nor spending too little. Ideally, you should cover your primary assets, especially your health. In this way, you can stop a natural disaster form taking the form of a personal financial disaster. Apart from health, get insurance for your vehicle and property where the coverage is enough to pay for catastrophic care in the event of illness or accident.
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