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Check out the 5 financial tips for the third week of May 2013.

Tip no 1: Plan on running into debt. That way you will have enough funds in reserve to address emergencies.

It may sound weird but it does make sense to plan on getting into financial problems. This way you'll start saving money in your emergency fund to face the financial problems boldly. You won't need to get financial help from lenders or your friends to tackle the emergency situations.

You may make the necessary cuts in your lifestyle to save money. You can set up an auto-pilot savings account in your bank so that a certain amount will be directed to that account every month. This will help to make the saving process faster.

Tip no 2: If you want something done right, do it yourself. Negotiate settlements with your creditors by yourself.

Contact your creditors and negotiate with them to pay less than what you've borrowed from your creditors. This will serve twin purposes. Firstly, you don't have to look for a reliable negotiation company in your city. The chances of getting scammed become zero. Secondly, you won't have to pay dollars to the companies for successfully settling your debts. You can save the entire amount and use it to better your lifestyle.

Learn the tricks to negotiate with the creditors. Follow those tricks to end your financial woes fast and without aggravating your problems.

Tip no 3: Before you consolidate your payday loans, check if they are legal and licensed in your state.

Payday loan consolidation is a viable option when you're struggling to pay the high-interest rates on your cash advance loans. You can consolidate those loans to get a single monthly payment plan and that too at an affordable rate. However, before calling at the toll-free number of a good consolidation company, find out if the lenders are legal in your state.

If you're resident of Pennsylvania, then you're not required to pay interest rate on the cash advance loan. What you've to do is, pay back only the principal amount.

Tip no 4: Leasing a car with the choice to buy is a better option than an outright purchase.

Usually, lease agreements give you an option to purchase the car. Some lease agreements consist of low buyout prices. If your lease agreement contains such a provision, then it is better to take advantage of the option for your benefit. You can purchase the car at a less price than what is its original price. Just consider a few factors before purchasing the car. These are (a) residual value of the car (b) market price of the car (c) penalties.

Tip no 5: A bankruptcy on your credit report might look bad but lenders generally do not consider it after 2 years.

A bankruptcy doesn't ruin your ability to obtain loans. It is a fact lenders may not agree to offer you a loan within 2 years of filing bankruptcy. However, once the 2-year period is over, lenders may forgive the fact that you've filed bankruptcy and offer you a loan.

Don't expect that lenders will offer you a loan at an extremely low interest rate. Lenders may not consider bankruptcy after 2 years, but they may very well remember that you've not been able to repay loans on your own. Plus, your credit score also went into the downward slide due to bankruptcy filing. These 2 facts may induce lenders to charge excessively high rate of interest.

With proper help you can
  • Lower your monthly payments
  • Reduce credit card interest rates
  • Waive late fees
  • Reduce collection calls
  • Avoid bankruptcy
  • Have only one monthly payment
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How much debt consolidation can save you