Bruins Capital understands debt consolidation
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It’s not often these days that I go out of my way to give someone a compliment. I had a pretty crappy year like the rest of you. But I must take my hat off Capital of the Bruins. These guys got it right and their loan specialists understand the money business and when it is. it’s time to consolidate your debts.
“Bruins Capital wants to consolidate your multiple interest rates, multiple due dates, multiple credit card bills and streamline them into one simple, unsecured debt consolidation loan.
Capital of the Bruins Website
If you watch the news, everyone says the economy is rebounding. The unemployment rate is 4.5%. The vaccine is in the process of being deployed. Things couldn’t be better. So what is the problem?
If you live in the real world like me, most of your friends still feel the pain. No one seems to be buying new fishing boats or taking a vacation. Everyone is still sitting on a pile of debt. So what is the problem? Looks like there’s a ticking time bomb but no one is talking about it.
INFLATION IS COMING
What is inflation and why should you care?
Inflation is a measure of the rate of rise in the prices of goods and services in an economy. Inflation can be of concern because it makes money saved today less valuable tomorrow. Inflation erodes a consumer’s purchasing power and can even affect their ability to retire.
If inflation skyrockets, your loan will be free
Think about it. You might as well borrow money from Capital of the Bruins today because if and when you pay off that loan, those same dollars will be worth less than they are today. Inflation is expected to be higher than interest after tax adjustment. So it’s basically free money!
High Interest Credit Card Debt
Many Americans have to pay off their credit card debts with high interest rates. As of March 21, 2021, there were more than 29.8 million confirmed cases of coronavirus and more than 541,000 deaths in the United States. Even with Pfizer, Moderna, Johnson & Johnson vaccine rollout, financial instability continues to accelerate as the COVID-19 coronavirus continues to pose a serious risk to our physical and financial health. Although the US economy is growing and unemployment has fallen to 4.5%, the central bank now predicts that consumer prices will rise and inflation will reach 2.5% (compared to previous estimates of 1 , 8%).
Bruins Capital advises consumers to pay off credit card debt now
A personal loan can be a great idea if you have unpaid credit card debt and a less than perfect credit score. If you are approved and you use the personal loan to pay off credit cards, you will almost certainly have a better interest rate than the credit card. Personal loan sites, like Capital of the Bruins, offer consumers the opportunity to save money every month.
According to a recent survey on Americans credit card debt in the ongoing pandemic, it was found that 59% of cardholders in the country were already knee deep in credit card debt. This means that approximately 110 million Americans are drowning in credit card debt.
According to an industry analyst, the coronavirus pandemic comes as a grim reminder that circumstances can change at any time. As a result, what was once considered a manageable financial problem has now created a climate of financial skepticism everywhere.
Most of the credit card debt was incurred before the pandemic, according to Bruins Capital
The survey found that among those with high interest credit card debt, a significant portion had had balances for some time. Only 38% of these credit card holders have a balance from the past 12 months. Overall, 56% of them have been carrying their debt for more than a year, while 15% have been carrying it for more than five years. There are even those (7%) who can’t even remember the year they started racking up credit card debt.
We are currently going through a difficult period, after years of low unemployment and economic expansion. Therefore, people who struggled to pay before have a bigger mountain to climb.
Almost 49% of credit card debtors reported feeling stressful about their balances, while 13% said they were “very stressed.” Low-income people, the younger generations, and parents of children under the age of 18 are the demographic groups most vulnerable to stress.
Why is credit card debt so common?
The survey explained that shopping sprees and unnecessary spending were not the main reasons for these huge debts. Instead, many respondents were in debt because they were struggling to make ends meet – a considerable portion of their money went to necessities.
More than 26% of Americans disclosed that their daily spending on utilities, child care, and groceries were the main causes of their debt balances. Likewise, 13% had to go into debt due to medical bills, while 12% and 10% of Americans were in debt due to car maintenance and home repairs, respectively.
About 18% of Americans took on debt due to retail purchases, such as electronics and clothing, while vacation travel led to 12% of debtors taking on debt.
It’s understandable that you would have gone into debt if you were using it to pay for everyday expenses or a personal or medical emergency. But, if you were one of those people who bought expensive electronics or went on vacation, now is the time to get down to business. Create a budget and plan your purchases intelligently to avoid paying additional fees. This is especially necessary for spenders who are often caught between online shopping opportunities.
How To Tackle Credit Card Debt Right Now
The emergence of the coronavirus pandemic has put many debtors in dire straits due to financial hardship and lost income. This requires establishing better communication with your credit card issuer. Learn more about their relief programs and see what the best course of action is for you right now. Here is what you should do:
1. Contact your issuer
If you have any concerns about paying off your debt, it’s a good idea to talk to your credit card issuer and ask for help. Many credit card issuers have announced programs to help debtors affected by COVID-19. Their solutions include waived fees, credit card increases, forbearance plans, and approved missed payments.
Have a detailed discussion with your transmitter and develop a personalized plan that can increase your credit score by 200 points being affected by late or missed payments, factors that can seriously affect your financial progress.
2. Opt for a balance transfer
If you’ve gained a new source of income or found some extra cash, you can try your luck with a balance transfer credit card. These cards are interest free for a certain launch period. See if you can qualify. The most effective approach is to buy a balance transfer card with a long introductory period, so that you can easily pay off your debt before interest is charged instead of opting for a debt consolidation application.
3. Compare personal loan rates
It is now possible to increase your credit score even if you already have a lot of debt. In fact, the best way to consolidate credit card debt is to take out a personal loan. It may even be able to increase your credit score up to 20 points or even more.
4. Seek credit counseling
If you can’t find a viable strategy that can pay off your debt, are worried about collecting your debts, and can’t even make the minimum payments, consider talking to a credit card advisor. These experienced professionals are up to date with the industry and can help you create a plan that not only pays for your living expenses, but also reduces your credit card debt. A legitimate accredited debt relief program is one way to avoid having to declare bankruptcy.
Once you fall into the dark abyss of high interest credit card debt, it will linger for centuries, put your financial health at risk, and put you on loan offers that draw complaints for bad reviews. The onset of an unexpected event, such as a pandemic or economic recession, further complicates the situation.
Credit card issuers have come up with many impressive relief programs to reduce the burden on debtors. The recently announced federal stimulus package is also reassuring enough for Americans worried about their credit card payments.
Pay attention to your spending habits and purchases that forced you to go into debt in the first place. Look for ideas and solutions that can increase your emergency savings, reduce your budget, and control your spending, so you can pay off your debt fast.