Month: June 2019

If you are struggling to meet the monthly payments on various debts and you feel overwhelmed in juggling credit cards,loans and overdrafts,you are stepping into a debt problem and a debt relief solution is needed to avoid it becomes serious and causes more financial troubles to you. Debt consolidation can be the easiest and quickest solution to settle the burden.

But,if it is the first time you try to consolidate multiple balances into single account,you may want to know what exactly is involved when you consolidate debts and whether it is a right solution for you. Below are the most common questions asked by people when they are considering debt consolidation.

1. Do I need to be a homeowner to consolidate debt?

No,it is not. Although you will get the best deal for a consolidation loan at the lowest interest and if you have a home as collateral,you don’t need to be a homeowner to consolidate debt. Without a home as collateral,you may choose to consolidate debt through an unsecured loan. There are many good unsecured loans that you can choose to consolidate debt,especially if you have a good credit score.

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2. Can my monthly payment be reduced after the consolidation?

Generally,debt consolidation loans carry low interest rates compared to many other forms of debts. So,if you consolidate debt into an interest rate that is lower than your existing rates,the monthly payment will be reduced. But,if you are struggling to make the monthly payments due to the total payment is greater than your monthly earnings,then you are looking for the reduce of monthly payment to a level within your financial affordability. Under this scenario,you will need to find a consolation loan with a longer repayment term so that the month repayment amount is distributed throughout the period. But,you should aware that you have to pay more in total interest if you get a consolidation loan with long payment term to consolidate debt.

3. Will my creditors stop harassing me?

Yes. In fact,the existing delinquent debts that cause the phone harassment from creditors are paid off with the new consolidation loan. Since your creditors are paid,they won’t call you anymore. As long as you follow the payment schedule of the new loan that use to consolidate debt,you will be debt free once the loan is paid off. But,if you repeat the behaviors of late or miss payment on the consolidation loan repayment,the lender of the new loan will start calling you to chase you for payment. So,once you have stopped the phone harassment from creditors with debt consolidation,don’t let it happens again.

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4. Will my credit rating be affected if I consolidate debt?

Debt consolidation won’t affect your credit score. As long as you make the loan repayment on time and don’t create new debt that can causes problem to you,your credit rating will not be affected. In fact,it will improve your credit rating by paying off the problematic debt with a new loan.

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Summary

Many people will ask the above common questions before they choose to consolidate debt. The answers to these questions will help you decide whether the debt consolidation is a right solution for you.

Financial management is very important for the smooth operation of any legal firms. Whether your law firm is big or small,you need to mak sure that you have legal accounting software in place to allow your business to run efficiently. Through adopting accounting software,your accounting services get faster,and this will contribute a lot to the success of any legal firm. If for some reason, your law firm is handling the firm’s accounting needs manually,then bear in mind that it is very inefficient and unproductive.

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Using a reliable accounting software package in your agency will help reduce any possible financial errors while at the same time,lessen the time spent to do accounting tasks. Besides,old fashioned accounting tools increase the billing errors of the firm. Below are some of the reasons you should consider using legal accounting software.

Billing Support.

If you run a busy law firm,you will find that you get to deal with a lot of clients,all who need billing. It can be challenging for you to keep track of the various client accounts,as well as knowing their billing requirements. Some clients will prefer to pay your law firm every month; others may choose to pay for the services immediately they get the services they need. For this reason,calculating costs based on the clients’ wants may be a little difficult. Legal accounting software helps the billing department to gather all the data from each client and can even calculate how much each client owes the firms within a short time. Your accounting section does not have to worry about calculating fees manually,to bill the different clients.

Invoicing.

Invoicing in a law firm can be tedious and time-consuming,especially if you are still using the outdated accounting software. It may involve your lawyers looking at previous client tasks as well as time records for them to be able to create the invoices. Your staff will have to create the invoices and manually send them to clients,and this may cause your firm to lose a lot of time. An efficient legal accounting system will help your staff to create detailed invoices and send out bulk invoices within very few minutes. It also allows you to see which client have cleared their bills and which clients have not. Because of this,the firm can now urge clients to pay through follow up reminders faster.

Time Tracking.

For any law firm to succeed,accurate and timely time tracking is crucial. The use of sticky notes to record tasks and time for record purposes is over. Good legal accounting software gives your staff the tools they need to quickly and effectively record the time they spend on clients. It is efficient since it allows the attornies to track the time regardless of how busy they are. This will prove helpful during invoice creation because all the records are on the system.

For your law firm to succeed,you need legal accounting software that adequately meets the firm’s accounting needs. The system should be flexible enough to allow for any changes needed,this being especially the case if the number of customers you have increases over time. Do not rush to adopt any available software. Instead,look out for its qualities and whether it will serve your needs.

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