Tag: Financial Plans

Do Not Take Debt Into Retirement

Posted on by Jordan Rumanek

DebtDo Not Take Debt Into Retirement

If you research retirement and debt topics, almost all articles, advice and financial help and planning books say something similar to these three points:

1. Carrying debt on a fixed income is very stressful

2. Carrying debt and spending a fixed income drains cash flow

3. Retirees with outstanding loans are less happy

It is difficult sometimes to think about retirement when you are just figuring out your mortgage or paying into your children’s tuition account every month. However, retirement is around the corner and you not only deserve to be stress free and happy now but you also deserve to feel secure and happy in the future. This may sound easier than it seems but small steps in this direction every year may reap financial benefits in the future and towards retirement.  Start by selling items you no longer need or decide to do something you love to make a little bit of extra money every month to decrease your debt. Downsizing your living environment may feel scary but can be most invigorating and beneficial. You just need to do what makes you feel most comfortable but most importantly, do not carry debt into retirement.

Contact Rumanek & Company Ltd. for more information on bankruptcy and debt solutions. Or please fill out the free bankruptcy evaluation form, to learn more please visit our YouTube. Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.

Line Of Credit: Not a Second Income

Posted on by Jordan Rumanek

Line Of Credit: Not a Second IncomeDebt to Income Ratios

Yes, sometimes a line of credit is useful if you need money immediately and realize that using your credit card is not the best financial decision. Most often, it is never the best decision to use your credit card for big purchases unless you actually have the money in the bank and you are going to pay it off immediately. There are situations when people want to earn points or miles on their credit card and make this decision. However, most other times it is not in anyone’s best interest to carry a balance on a credit card.

First, if you decide to research line of credit options, which you should always do, make sure you shop around to get informed and compare interest rates.  Secondly, you will notice that many financial advisors will advise you to cap your line of credit and then make sure you pay off that line of credit before you get a new line of credit. For example, if you need $5,000, do not take the $20,000 the bank may offer you. First of all this is not a bonus for you and it becomes more and more difficult to pay back the line of credit when you start thinking that it would be so great to not only get a new bedroom set for the kids but also a new washer and dryer.   

In short, do not take more of a line of credit than you need and make certain you pay back everything before you spend again. This will also help you build financial confidence because you will be paying off your goal quickly.

Contact Rumanek & Company Ltd. for more information on bankruptcy and debt solutions. Or please fill out the free bankruptcy evaluation form, to learn more please visit our YouTube. Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.

Your Bankruptcy Proposal is Rejected – Now What?

Posted on by Jordan Rumanek

Your Bankruptcy Proposal is Rejected – Now What?Bankruptcy Proposal

Remember, it is all about money.  Ask your Administrator if any of the creditors who rejected your original proposal submitted a counter offer.  This will give you an idea of what the creditor wants.  The question is can you afford to increase your proposal to the amount that the creditors will accept.  It is very important that your budget is accurate.  You do not want to increase your proposal to the point where any hiccup in  your budget in the future will cause you to miss payments.  If you miss three payments at anytime, your proposal is automatically annulled.  If your proposal is rejected, consider increasing your offer by amending the proposal.  If all negotiations fail, the final option is to consider filing an assignment in bankruptcy.

A full discussion of all the options should take place with your trustee (who will act as the administrator of your proposal) before you sign the original papers to file the proposal.

Contact Rumanek & Company Ltd. for more information on bankruptcy and debt solutions. Or please fill out the free bankruptcy evaluation form. To learn more please visit our YouTube Channel. Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.  

Do You Need An Expense Tracker?

Posted on by Jordan Rumanek

Do You Need An Expense Tracker?Do You Need An Expense Tracker?

If you have to ask yourself: Am I in over my head financially? Then consider downloading an Expense Tracker App. There are several apps available and this is an efficient way to track your income in and expenses out on a daily, weekly, monthly and annual basis. Several apps give you a pie or bar chart of your expenses-to give you a visual of where you spend your income.  You need to see where your money is going in order to make positive changes.

Contact Rumanek & Company Ltd. for more information on bankruptcy and debt solutions. Or please fill out the free bankruptcy evaluation form. To learn more please visit our YouTube Channel. Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.

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