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Top 6 debt management strategies you cannot miss

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Debt management strategies

Source: Friends of the Earth International

Debt is all right when it fulfills your immediate needs and you have enough resources to pay it back without sweat but if it increases beyond a limit, your financial position crumbles into dust and you can easily go bankrupt as the situation spirals out of your control. Nevertheless, the thing is, debt can be controlled if we have certain financial knowledge and a commitment to get debt free and to control our spending.

The Requirements for Controlling Debt

An individual must possess many qualities if he has to control his debt and payback in an efficient and steady manner. The most needed such quality is self-control. A person in debt must cut back his spending so that he does not incur more debt and can slowly pay back his older debts. In addition, it takes self-control to steadily payoff the debt and interest out of one’s small salary and one has to undergo a lifestyle change at times to pay the money back. The second quality that is needed is a deep commitment to a payback plan. Many offers from various agencies can confuse a person. However, many of these agencies are not working to help their clients, instead they just make money for themselves and client is left to suffer on his own. It is always advisable to get some knowledge regarding various companies and products offered in the market.

Debt Management Strategies

There are many approaches one can follow to manage his debt.  Some of these strategies are listed below:

1. Individual Voluntary Agreement (IVA) – An IVA is a legal agreement between the debtor and the creditors. An agreement is reached on the amount of the debt, which the debtor can pay off in a certain period, by living within reasonable livelihood expenses. It usually lasts for a period of five years and after that amount of time, the remaining debt is written off. It is a formal alternative to avoid bankruptcy. More info www.iva.com

It has many benefits like those that the debt owned is significantly reduced; the individual is also motivated to payback the debt. There is also no hassling of the debtor at the hands of the creditors as the term of agreement is fixed and the creditors cannot force a change in its terms. A financial expert is selected as Insolvency Practitioner who then manages the whole process.

 There are some nominal fees involved in the entire process. The debtor also has a greater hold over his home than in bankruptcy. It is difficult to obtain credit during the period of IVA but an individual can still obtain credit if necessary.

2. Debt Restructuring – Debt restructuring (also known as debt consolidation) is a widely used technique to manage debt. In this technique, many small and distributed debts are exchanged with a larger debt with a lower interest rate. This technique will provide one, the benefit of paying off a single debt with lower payments and lower interests. In addition, the hassle to pay different debts at the same time is greatly reduced.

However, this technique has a catch. One must carefully calculate the interest, which will be paid on this larger debt. This new and larger debt will last for a longer period and thus it is possible that one will end up paying much more. Also as the payments last for a longer period, the satisfaction to see the debt disappearing is not there.

3. Debt Snowball Method – In Debt Snowball method, the smallest debt is paid off first, often starting with credit cards. A small fixed payment is distributed among all debts equally but extra payment is applied towards the smallest debt. As the smallest debt is cleared its share of fixed payment and extra payment is applied towards the next smaller debt until it is cleared too.

This strategy offers the satisfaction of watching your debts reducing in numbers quickly, but the inherent problem of this strategy is that debt with higher interest rates may linger on which in turn puts you in more debt.

4. Debt Management Plan– It is an agreement between a creditor and debtor, which is individually tailored. It specifies how the debtor will pay back his debt. In it the payment frequency, the interest rate is adjusted and an affordable amount is agreed upon as the payback. This helps in a person getting control of his finances especially unsecured debts. To follow this strategy a thorough analysis of an individual’s net worth and monthly expenditure is done.

5. Debt Recycling – In this strategy, the unsecured and inefficient debt is replaced with efficient debt. An inefficient debt is the debt for which we do not get tax deductions while for efficient debt we qualify for tax deductions. In a way, it helps a person as the amount saved on tax, can be utilized for debt repayment. However, there are charges for converting inefficient debt to efficient debt as it is difficult to do on your own and financial expert’s help is usually required.

6. Bankruptcy – A person can declare himself bankrupt in case he is no longer able to payback his debts. In that case, the creditors can get control of his assets and can sell them off to secure their repayment. Bankruptcy stays in the individual’s financial record for a minimum of six years, making it very difficult to obtain credit.

I am a software engineer in a prestigious MNC. I am NSE certified derivatives professional and I like to dabble in money making schemes a lot. I like to read, play subway surfer on my tab and I am always connected to internet.

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How To Reduce Your Shipping Costs As An Online Seller

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Reduce shipping costs

Shipping costs are something that you are stuck with as an online seller. This makes finding innovative ways to reduce your expenditure on shipping a necessity. This keeps your profit margins high and your stream of revenue flowing steadily. Thinking strategically to reduce shipping costs for yourself and your clients is a major requirement if you want to be successful as an online seller. This is because your customers and clients expect to spend less on shipping and want free shipping in most cases. Here are five smart ways to reduce shipping costs.

Choose lighter packing materials

Protecting items in transit is important, and this means you must get the best packing materials to secure them. However, not all packing materials are the same. To lower shipping expenses, consider lightweight, protective materials that offer the same level of protection as the heavier ones. In this regard, use air pillows and bubble wrap to secure the boxes’ empty spaces—the lighter the package, the lesser the cost.

Use flat-rate shipping

Make the most out of flat-rate shipping. Most major logistics businesses offer some sort of flat-rate shipping, and you can take advantage of this to save some money. If you happen to ship heavy items frequently, this could present a great opportunity to save a lot. Be sure to research your options and make the best choice that makes it economical for your business. You can get significant savings on UPS prices here.

Improve your negotiation skills

Great negotiation skills are key to saving money anywhere, and in the shipping business, your ability to negotiate will save you some expenses. You can negotiate the terms and rates of your parcel volume even if it is on the low side with your shipper to slash your shipping costs. With competition high amongst shipping vendors, being a good negotiator could secure you a good deal. However, note that not all shippers can provide certain services or guarantees. So, be sure you settle on one that can fulfill all your shipping obligations and satisfy your customers’ demands.

Buy in bulk

Buy packaging products, from cartons to air cushions, to bubble wraps, and even pallets in bulk. Buying in bulk usually comes with volume discounts that can save you some money. One more thing to consider is your product packaging. Your packaging is part of your brand, so find suitable branding methods that do not alter your products’ weight by much.

Recycle and reuse shipping supplies

It is more likely than not that you also have items shipped to you before you resell. It is best to recycle and reuse such shipping supplies, to save money on shipping costs and packaging materials. You can repurpose the cartons and packaging material for your own packages. Simply replace the shipping labels with your branded ones. This also ensures you run a green business as you reduce the effects of possible environmental pollution.

If you decide to offer free shipping to your clients, that is fine but remember that it will eat into your profits. In this regard, you must find smart ways to save money on shipping expenses as well as packaging. If not, then as much as possible, find ways to reduce the shipping costs for your customers so that they can continue purchasing your products.

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Ensuring The Best Quality For Your Customers

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Best Quality for Customers

For all businesses big and small, customer satisfaction should be the number one goal, as they’re the ones who make everything possible. Without customer satisfaction, you’re going to see sales decrease, and it’s going to be hard to operate with efficiency! There’s a lot you can do to ensure that your customers are satisfied, and it doesn’t hurt to put in that extra effort to make sure of it!

Data security

Data security is very important for many reasons, but most importantly you want to make sure customer information is not at risk! It’s a legal requirement to protect the sensitive information of customers and employees, and you’re likely going to lose sales if you have a data breach. Make sure that all of your data is secured and away from people with ill intent, else you’ll be risking your reputation and the trust of your audience!

In-house guarantees

If you work in retail, the only way you can ensure customer satisfaction is from product testing, and making sure everything is the quality you want it to be! Whether it’s by tasting products as a food retailer or making sure customers are getting what they pay for. If you sell by weight, consider investing in some scales to make sure you’re selling what you advertise – ones like these: https://www.arlynscales.com/scale-knowledge/industrial-weighing-scales/. You don’t want any mixups with customer satisfaction, and many brands have faced criticism for inaccurate advertising.

Promotions and loyalty cards

Loyalty cards and promotions are a great way to reward your customers for buying from you, they allow you to give back to the customer for their repeating patronage! Make sure to set it up so that you don’t lose out, while also giving back to your customers – you’re trying to please the customer, not sink the business!

A lot of businesses offer credit instead of a loyalty card, finance that can only be used in their stores, encouraging them to come back and buy from you again! These deals are great for building lasting relationships between you and your audience, and should be used by every retailer if they can afford it!

Customer feedback

Allowing customers to give feedback is very important if you’re trying to please them, as they can tell you exactly what you did wrong and how you can do better! A lot of businesses do this through their website with a review feature, allowing them to collect data on their customers and find a general consensus on what the audience wants. It’s never bad to hear what your customers have to say, and you might end up pushing yourself a little closer to success with each change based on customer complaints! You can read more at https://survicate.com/customer-satisfaction/tips/.

You can’t please every customer, but trying to please the majority of them is what’s going to help you climb closer to success. Trying to keep an honest relationship with your customers, and not driving your prices up too high is important if you want to keep loyalty between you; people can tell when they’ve been overcharged – and that’s not something you want!

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Where can I find Ray-Ban’s online spare parts?

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Rayban lenses parts

It has been many years since the aesthetics and fashion sector came to the world of eye wear. Especially in the case of sunglasses. Great brands and designers began then to work to launch to the market interesting models that have conquered the public of the whole world.

One of the most iconic examples is that of Ray-Ban. The American company has been launching sunglasses that are recognized by almost anyone for almost one hundred years. This makes them coveted examples with a high average price, so it is not pleasant that Ray-Ban glasses break and cannot be repaired.

Fortunately, nowadays it is easy to find Ray-Ban replacement parts online in a simple way and without this entailing a great economic expense. And what is so positive about this? In short, you can extend the life of a pair of glasses of this brand to infinity and thus amortize the investment.

Spare parts for all types of glasses

As easy as finding the right store on the Internet, knowing the model of glasses you have and looking for the part you need: replacement lenses for Ray-Bans, screws, Ray-Ban temples or even frames for the most serious accidents. You can find practically any type of part of this brand on the net at affordable prices!

In addition, these reference stores include the possibility of getting other types of lens-related accessories such as Ray-Ban sunglass cases. In this way, you can replace any element related to the optics that is broken, damaged or simply aged. Any of these problems has nowadays an immediate solution and very interesting thanks to reference webs in the sale of spare parts.

Unbeatable price

Options such as Replacementlenses are suitable for all types of Ray-Ban brand consumers for quite a few reasons: their unbeatable prices, the quality of the materials, and compliance with all U.S. brand guarantees.

This has made the web, which allows to receive the orders comfortably at home and in a very short time, become one of the favorites of the ‘Raybanmans’. There are people who are truly addicted to the aesthetic lines of the brand and who acquire different types of frames and brands for each look.

Thus, the Ray-Ban glasses have become a real fashion accessory to combine with the tie, suit, hat or socks every day. And this is partly possible thanks to the possibility of finding spare parts and accessories at very affordable prices in Replacement lenses.

There is no longer any doubt when buying a Ray-Ban: it will become one of the best investments made in terms of optics and eye care, while providing a touch of distinction and beauty on a daily basis. And, in case of any breakage, customers know they can get Ray-Ban spare parts quickly and at very reasonable prices.

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