Business Credit Cards Three Solutions To Business Difficulties Developing A Meaningful Debt Management Plan Using A Personal Debt Consolidation Loan As A Tool Is Your Uk Credit Card Doing You Credit Stop Exchanging Time For Money
Business credit cards can be one of the easiest ways for a new company to acquire needed financial capital, as well as an excellent way for existing companies to ease the transition into the Internet-age by simplifying the company purchasing process, making travel and expense accounting by employees all the easier. However, there are a number of other benefits to a good business credit card that companies can take advantage of in order to improve their financial stability and level of customer support still more, including rewards programs, variable credit limits, and multiple cards with fixed limits for different employees with different needs.
The most common business credit card rewards programs involve frequent flier miles, cash back rewards for gas and other travel expenses, and sometimes even office supplies or construction materials.This makes business credit cards ideal for virtually any type of business: investment firms can save a certain amount of money on the constant flights and travel necessary to attend faraway meetings. Furthermore, savings can be found as well on simple purchase items such as paper, toner, binder clips and other office supplies needed to keep any good corporate office running. But with the right kind of business credit card, even a small construction, landscaping or delivery firm can take a significant chunk out of their monthly gas or materials needs. The cash back isn’t spectacular, with something like 1% – 3% cash back on purchases being the general standard. But if your business spends the entirety of a $10,000 credit limit in a month and receives a $300 rebate check over the course of that month,those savings can add up in a big way over time.
Variable credit limits are another advantage of a good business credit card. Often startup companies aren’t sure, no matter how good their business plans, about exactly how much money they’ll need in a given month, and in the case of certain industries (notably travel and tourism), business is tends to be a seasonal affair. At certain times, a $15,000 credit limit may be practical, but during the off season, you may find yourself with only $7,500 worth of expenses that need to be paid in credit. With a variable credit limit, you can spend however much or however little you want in a given month, as long as you’re able to pay off the interest. Variable credit limits do come with a monthly fee for use, of course, but with the standard monthly fee falling somewhere in the $100 range, this should be an easily absorbable business expense, and an easy way to use business credit cards to make your accounting procedures and general operations run that much smoother.
Finally, business credit cards frequently allow multiple cards for use on a single account, each with an individually-defined credit limit. This allows you to allot only a certain amount of purchasing power to certain trusted employees, and is a very good way to control your company’s purchasing operations and travel expenses without having to give each employee the same access to a single, high-limit credit account. Although you should always make sure that your employees can be responsible for their particular credit limit (since, in the case of startup businesses, a business credit card is most often placed in the name of an individual cardholder rather than in the business’s name), business credit cards can help make your employees more autonomous, fostering a better work environment and requiring less time spent in tedious financial arrangements and year-end accounting crunches.
There are more advantages to business credit cards, but any employer willing to do business in a world of frequent travel and online purchasing should find just these three features helpful. It can be difficult to run a business at any level, from a three-man mechanic operation to a multinational conglomerate, but with a good business credit card in your employees’ pockets, some of the most difficult things about business become that much simpler.
Debt. Debt. Debt.
On paper, debt may appear to be just a word. But, to many people today debt is something that they feel absolutely buried under. Indeed, the vast majority of people in the world today will end up facing very serious financial problems at some juncture in their lives.
If you have reached that unfortunate position, you may be seeking reliable solutions through which you can restore some order to your finances. One option that you may want to consider is a personal debt consolidation loan. However, you cannot consider obtaining a personal debt consolidation loan in isolation. Rather, you must look to a personal debt consolidation loan as being one tool in a meaningful and ultimately effective debt management plan.
Through this article you will be provided with an overview of what elements — what tools — need to be included with a masterful and meaningful debt management program. (And, again, one of those tools oftentimes should be a personal debt consolidation loan.)
Perhaps the most important tool that you will want to make certain is included in your debt management plan is a responsible and reasonable budget. The budget that you create and develop cannot — must not — be something that you throw together willy-nilly. Rather, your budget must be thoughtful, detailed and comprehensive. Moreover, you cannot budget merely for the coming week. When it comes to developing a meaningful budget as part of an overall debt management plan, as part of an overall financial management program, you must look down the road. You must develop a budget that will take you at least three years down the road. (You should not attempt to budget beyond five years because by doing so you really will be engaging in an act of speculation.)
Personal Debt Consolidation Loan
As mentioned earlier in this article, you will want to include a personal debt consolidation loan within your overall debt and financial management plan in some instances. For example, if you’ve found your individual debts to be unmanageable — in other words, if you are behind in your payments and facing mounting interest rate increases, late fees and other penalties — you need to take a close look at applying for a personal debt consolidation loan. The personal debt consolidation loan can provide you immediate relief but can also be a helpful long term solution to some of your financial problems. In the end, by taking steps in addition to obtaining a personal debt consolidation loan as described in this article, you can save a good deal of money over time by obtaining a personal debt consolidation loan.
Debt Counseling or Financial Planning
Finally, you may want to consider engaging the services of a debt counselor or a financial planner (perhaps over time both types of professionals) to provide you intelligent and educated assistance in implementing your own debt and financial management plan.
By developing a multifaceted debt and financial management program, you will be on your way to a better and happier future on so many important levels.
With over 1,300 UK credit card providers, the credit card industry in the UK has mushroomed beyond all recognition in the last decade. Nonetheless, much like at any other time during which credit cards have been made available to us in Britain, once we select a credit card provider we rarely change. This does beg the question: “Is your UK credit card doing you credit?”.
Competitive interest rates
With the publication of the recent Office of Fair Trading report on excess interest and fess being charged by UK credit card issuer, many credit card providers in the UK are now having to re-examine the interest rates they charge. Consequently, it is possible to obtain extremely competitive (for credit card use) interest rates at the moment. Do be left behind, make sure your card provider is offering you the best rate of interest available in the market place.
Some credit card providers charge their members an annual membership fee. Others charges what are known as hidden fees if they fail to make repayments on time, use an ATM to withdraw money, conduct transactions overseas, etc. However, with the cut-throat nature of the business at the moment, you should be able to make sure you get a provider willing to offer you a credit card without you having to incur these fees.
Make your credit card loyalty program work for you
9 out of every 10 UK credit card users now chooses to have a credit card provider that also offers a loyalty program that we like. However, more than 1 in 5 of us neglects to redeem our loyalty points in a timely manner. This is estimated to be a net cost to credit card users of
Most people exchange their time for money. Their entire compensation package is determined by the number of hours that they work in a given week. Typically, an hourly wage is set which is multiplied by the total hours worked during that time period. The standard in this country is 40 hours with overtime accumulated after that. One’s complete paycheck is contingent upon them showing up for work. Miss a day of work and there is no pay earned without sick time.
Another common pay plan is a salaried position. This is similar to the hourly except the pay rate is the same each week regardless of the number of hours worked. Overtime is usually not available in this scenario. Unfortunately, most people end up working more that the normal 40 hours under this plan. Companies put so much pressure on employees to increase production that the time spent working seems to lengthen with each passing year.
This is the common mindset that is instilled in all of us growing up. We are taught the we are to do well in school to get into a good college. Once there, high achievement is stressed so that we can get a good job with a decent salary. When we accomplish that, the pressure is to work hard so that we can advance to higher ranks within the organization with an associated increase in pay. Finally, we can retire after a productive career and drift off into our golden years.
Unfortunately, in this era, this concept is not realistic. Although the educational system still prepares us to get a job, the lifetime employment with the same company is bygone. People typically work for numerous companies during their careers. Massive layoffs are well documented. Loyalty either from the company or the employee is almost non-existent. Oftentimes, people are caught in financial hardship due to unexpected changes in circumstances.
How does one get ahead? It almost impossible to attain financial abundance when exchanging time for money. The reason is simple. There just is not enough hours in a week to work to make it profitable long term. Eventually, there is a cap on one’s earning potential due to the time limitation. Couple this with the fact that taxes take a greater percentage the more that is earned and one quickly realizes that it is a fruitless proposition.
The key is in the concept of passive income. Basically, passive income is money acquired without you “directly” working for it. It is income that is not an exchange for time. If work is required, it is done one time with the money flowing in multiple times.
There are two forms of passive income: income derived from business and income derived from investments. Business income is the money that one receives without actually needing to work in the business. One acquires a business that is either run by someone else or is self sufficient. The profits generated are taken out by the owner thus yielding passive income.
Income derived from investments is making money from money. Instead of you working for money, it is putting your money to work for you. depending upon the investment, a rate of return is realized which generates passive income. Examples of this are dividends from stocks, appreciation in real estate, interest on savings, etc…
The wonderful aspect of this type of income is that the money is created regardless of one’s efforts. If you don’t show up for work, the income still exists. You will earn the same while at work as you would sitting on the beach. In addition, this allows one to increase their overall efforts. If your money is working while you are focusing on something else, you are, in effect, paid twice for your time. It is easy to see how it is possible to create massive wealth under this scenario.
Focus your attention on creating passive streams of income. It holds the key to all financial freedom..
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