Derby Advisors Discusses How to Avoid Drowning Your Business in Credit Card Debt

Businesses are often attempting to keep their heads above water financially. They want to make sure they are avoiding massive amounts of debt and staying out of bankruptcy. One of the ways that many companies try to accomplish this is through credit cards. Credit cards can seem like an easy solution for companies trying to meet payroll or pay off their mortgages. But these same companies have to

Make a plan

Credit cards are often seen as a last resort for a business. They are the funding source that a company uses when they cannot pay bills or otherwise meet their obligations. Any business that wants to avoid serious debt from credit cards must not put themselves in a position where they have to turn to them. The best way to do this is to have a simple, detailed budget plan. This budget plan will include significant information such as monthly expenses and the wide range of potential externalities for a business along with their costs.

Use business loans

One helpful way for businesses to avoid considerable credit card debts is for those businesses to focus more on traditional business loans. These loans are structured for businesses and often have lower interest rates and more generous terms than credit cards. In addition, business loans are not viewed as negatively by creditors as credit card debt is. Business loans are often seen as a simple component of doing business and paying off debts. They are safe and often paid back by businesses. Companies need to realize that the appearance of their loan is beneficial to the chances that the loan will harm future efforts to obtain financing from other organizations.

Be prudent with costs

One of the easiest ways for a company to start accumulating credit card debt is to work beyond their means. Many businesses have high hopes for their eventual success. As Derby Advisors notes, they think that their product or service will perfectly fill a market niche and be sold to thousands or even millions of people. This mindset helps people make unrealistic purchasing decisions and financial plans. Instead, prudence should be the top priority when a business is looking to spend money or expand.

Prudence will help a company buy what they need rather than what they think they may want at some point. In addition, prudence will lead a company to have lower credit card debt and more cash on hand to deal with the inevitable emergencies that will rise up in a new business. By keeping expenditures low, companies can simply reduce the need for debt and reduce the possibility that they will have to rack up the levels of debt that can ruin a new business.

Conclusion

Businesses need to work with experienced partners in order to keep themselves out of credit card debt. They need to contact partners such as Derby Advisors in order to formulate and help implement a business plan. Many companies fail within the first five years. Without a competent plan and expert guidance, companies can make sure they are a success story instead of a statistic

Vlad Rigenco Launching a Startup Company

Vlad Rigenco Shares Insights on How to Launch A Startup Company

Many professionals desire to be out of the rat race. You can tell that this is an ongoing trend because a lot of companies now offer flexible jobs and an achievable work-life balance. However, there are people who simply won’t be satisfied with a flexible job–they are called to be visionaries, innovators, and entrepreneurs.

Perhaps that person is you. You may be stuck at your office desk thinking about how you can launch your own startup company, but you don’t know the first steps to move forward. Vlad Rigenco, a financial expert and entrepreneur based in Toronto, Ontario, knows what it’s like to be in your shoes.

Vlad Rigenco started his career journey early but quickly switched gears and began creating his own mobile application. In this post, he shares his insights that he picked up along his journey in building a startup.

Have a business plan in mind.

Having a world-changing idea is one thing but having a solid business plan is another thing entirely. You may have the brightest invention that could change the world, but without a business plan in mind, you may end up being the 1 in 2 small businesses that fail within the first 2 years.

Having a business plan in mind means learning about your target audience, creating your mission and vision, and preparing where you will get your capital for operations.

When Vlad Rigenco started out with his mobile application startup, he pinpointed a market he could serve, but he knew this wasn’t enough. He sought the help of a friend who is a Computer Science graduate to help him formulate his plans for building the app.

Being a financial expert himself, Mr. Rigenco also created a full business plan for his startup. He advises beginner entrepreneurs to create an outline of what they’re going to do to start a business and how they are going to do it. The timeline of this business plan should be within 3-5 years.

Find the right funding for your startup.

Some startups require a lot of capital and others not so much. Whichever category your business falls into, it is best to look for the best possible sources of funding.

If you have a highly innovative idea, you can look into pitching your startup to a venture capital company. They specialize in funding innovations in the area of STEM (Science, Technology, Engineering, and Mathematics). Other common sources of funding include personal savings, credit cards, friends and family, angel investors and banks.

Sometimes, you have to combine these options to secure the right amount of capital. You also have to keep in mind that some investors will want a stake in your business. Consider how you will be able to create a profit while still paying dividends to your investors.

Surround yourself with a great team.

In some instances, your startup company may be best shared with a business partner or a small team. Having the right team allows you to have extra hands to work on certain areas of expertise that you may not be aware of.

Mr. Rigenco started his mobile applications company backed with financial expertise. However, he built a small team to help in the technical and marketing aspect of his digital product. He has leveraged the power of combined skills to create results for his business.

If you have areas in your business that you are not confident in handling, you may want to consider building your own core team. Having the right people to back you up will provide you with the manpower and resources you need to successfully launch your startup.

Consider having an online presence.

Another important aspect of your business is its digital presence. Nowadays, more corporations and small businesses alike turn to the power of the internet and digital media to reach a wider audience.

Since more people are going online to look up information, choose a service, or purchase a product, it is imperative that your startup company should have its own website. Additionally, it could be very beneficial to also have an online marketing strategy in place.

Vlad Rigenco is well-versed in creating an online presence for his startup company. Since he started out with real estate, he has been closing sales for leads that he was able to get online. Since most people look for properties on websites such as Zillow or Realtor, he used his knowledge of building an online presence and applied this to his mobile app company.

According to Mr. Rigenco, these strategies are what helped him launch his startup successfully while keeping it on the right track. The main takeaway from the insights he shared is to enter your entrepreneurship journey with a plan in mind and execute it with confidence.

nando caporicci online store

Nando Caporicci Explores the E-Commerce Trends for 2019

Clearly, most every company needs an online presence in 2019. Many well-known companies from the retail world have had to add an e-commerce presence, some successfully and others not. As we see more and more retailers in the U.S. fail and close stores, e-commerce is booming and growing. With these changes, there are trends that e-commerce retailers will likely need to adopt in order to stay relevant in their online efforts. In 2019, we are seeing some large changes that began a few years ago being rolled out on a larger scale.

In order to understand the new trends in e-commerce for 2019, we spoke to Nando Caporicci, Caporicci is an entrepreneur who lives in Les Cedres, Quebec and is the CEO of Olitris Technologies, a company that creates Bitcoin mining hardware. Caporicci has experience running affiliate marketing programs for Roadmall.com. He also received his Bachelor of Arts in political science at Concordia University in Quebec, Canada and his MBA with a major in marketing from the City University of Seattle.

Personalized Shopping Experience –

According to Caporicci, there is a big move by many retailers to make e-commerce more interactive and to also better target fulfilling customer needs and desires. Toward this end, the e-commerce experience that is now being rolled out on many websites is more personalized. Ecommerce-Platforms.com states that online marketers learned that customers were six times more likely to make a purchase when they received a personalized email message. Also, they state that personalization translates into 48 percent more spending.

Furthermore, there is an effort to gather more data from each individual shopper, such as their purchase history, which pages they tend to visit and their search queries. This information is then weaved into listings of recommended products, more personalized marketing pitches and advertisements that reflect the customer’s prior searches. This is all accomplished through software designed to ease the personalization of website information.

Also, in the realm of personalization, Forbes spoke about the fashion-industry retailers who are beginning to go beyond the small, medium and large sizing to more customized clothing with exacting measurements based upon the customer’s body. One company who has tried customized sizing found a real cost savings in a lower returns rate.

Chatbots –

ReadWrite.com stated that chatbots will be increasingly helping e-commerce retailers answer common questions by customers, checking into available inventory and funneling customers to what they are looking for on a site.

Business News Daily is reporting that it is estimated 50 percent of mobile searches on e-commerce sites will be voice searches by 2020 and emphasizes using long-tail keywords, everyday syntax and small bites of information.

Easy Mobile Use Access –

According to Business.com, a continuing trend that all e-commerce marketers must adhere to is to have a mobile-friendly means of viewing their products or services. ReadWrite.com spoke of the use of Accelerated Mobile Page (AMP) software that allows mobile users to have e-commerce website pages load much more rapidly. Such accelerated web pages boost sales. AMP-driven sites have a lightning bolt symbol just before the URL to let the user know that the pages will load much more rapidly.

Business News Daily also suggests that e-commerce marketers accept some form of digital wallet payment, whether it be Apple Pay, Amazon Pay or PayPal. Those help improve your sales rate.

Interactive Product Views –

One of the big problems with shopping online is that you just can’t see every side of an item or view how the clothing would look on someone’s body. That problem is being overcome as well. E-commerce providers are using 3D images and augmented reality to help customers make a more informed buying decision. For example, augmented reality allows you to take a picture of your living room to see what a certain type of flooring, a new color of paint on your walls or a different piece of furniture will look like in your home.

Business News Daily suggests videos that link to the product page in order to assist customers see the product in action.

Chinese E-Commerce –

Today, we don’t just see Western e-commerce retailers online competing for our dollars. We also have Chinese e-commerce sites, such as Alibaba, rising up and competing with their Western counterparts. Retailers like Alibaba are also solving the issue of waiting for three weeks for an item purchased to arrive from China by having shipping facilities here in the U.S., just like Amazon.

B2B E-Commerce Increase –

Forbes is reporting that business-to-business e-commerce will increase to $6.6 trillion dollars by 2020. According to Forbes, this sector has grown more slowly in prior years because of the more complex nature of how transactions are completed.

According to Nando Caporicci, e-commerce trends that have slowly been evolving, such as personalized shopping experiences, chatbots, easier mobile access, more digital payment options, better interactive views of products, more competition from China and a steady rise in B2B e-commerce will be rolled out more rapidly in 2019 and into 2020. Most all of these new trends will represent big wins for consumers and aid conversion rates.

Punch Associates Discuss If Business Credit Card Debt Is Good or Bad

At Punch Associates, a firm that specializes in helping small business owners and consumers get out of debt, we are often asked if it is a good or bad idea to have business credit card debt. The answer is that it depends on a few factors whether the debt is helpful or harmful to your business.

Personal Liability

According to Nolo Press, most business credit cards are issued when business owners sign a clause that makes them personally responsible for the debt. This means, even if you have a corporate identity, you will be personally responsible and your credit score may suffer if you fail to pay the debt.

On the other hand, not every credit card issuer is quick to ding your personal credit score if you miss a timely payment. Nerdwallet compiled a great list of which major issuers of business credit cards report payment history on the business card to your personal credit score or not. Some of the major players do not report your business card payment history on your personal credit score, including Bank of America, BBVA, Citi and Wells Fargo(!).

All of the major card issuers do report your payment history on your business credit card to commercial credit bureaus, except BBVA. Thus, the bad news is that you are usually personally liable for business credit card debt. The good news is that you can choose a card issuer that will not ding your personal credit score for your payment history on your business credit card, and you can use a good payment history on your business credit cards to improve your enterprise’s creditworthiness.

The Interest Rates

The really bad news is that the interest rates on business credit cards are ridiculously high. The average rate is around 14 percent. Obviously, at rates this high, you end up servicing a lot of interest fees, if you carry debt on the card. Also, it can be really hard to pay off the debt at interest rates this high.

Who Gets the Card

We suggest that businesses limit who gets to use business credit cards. Otherwise, you can end up with a nightmare of unexpected expenses. Some companies simply have employees front the expense with their personal credit card, keep a receipt and count upon being reimbursed.

Other Benefits of Business Credit Cards

According to Investopedia, other than helping build business credit, business credit cards have a few more benefits:

  • They are easier to qualify for than a bank loan.
  • They are convenient because they allow one to make online transactions.
  • They help weather the waiting time on accounts receivable.
  • They often provide a rewards program.

The Other Drawback of Business Credit Cards

Other than high-interest rates, the dangers of misuse by employees and the risks to your personal credit by the personal liability clause required by almost all business credit card issuers, Investopedia found that there is one more risk of business credit cards that all business owners need to be aware of. These cards do not have the same legal protections that come with consumer credit cards. Thus, your interest rate can fluctuate without notice, based upon your usage of the card. Also, you may not have much protection when you have a billing dispute or when you need to return an item purchased.

Here at Punch Associates, we suggest that business owners use a business credit card to build the creditworthiness of your business and pay the balance every month or very soon. The danger at the interest rates charged on credit cards today is that one will have tremendous difficulty paying down the balance, which may harm your company’s cash flow.

If you are aware of their dangers and use them responsibly, business credit cards can help shore up cash flow issues for a few weeks at a time and improve the credit score of your business. If you have any questions on business credit card debt, contact us at Punch Associates. We are here to help

Daniel-Doyle-Pleasantville

Daniel Doyle Pleasantville Photographer Discusses The Importance Of Business Plans

Many people love photography and would like to go into business for themselves as photographers. But, the difference between those who are successful and those who simply end up in failure have a business plan in place. The reason is that you need to determine some very basic aspects of your business that will take some research so that you succeed. All of the best technique and striking photographs in the world will not help you if you are not able to decide upon your target market and basic pricing. These are elements in your business plan.

In order to determine the importance of a business plan and its key parts for a successful photography business, we spoke with Daniel Doyle Pleasantville. Doyle began his successful photography business in his studio in Queens, NY that focuses upon studio head shots of actors and musicians in New York as well as event photography. His event work spans concerts, weddings, families and children. He has made such a name for himself that he is now tutoring young photographers to follow in his footsteps. He majored in art at Ohio State University. Doyle is now opening a new studio in his home town of Pleasantville, Ohio. +

Daniel-Doyle-Pleasantville

Why a Business Plan?

According to Doyle, to succeed in the very competitive world of studio and event photography, excellent technique that grows and evolves is a prerequisite. But, one cannot succeed without a business plan as well. As Entrepreneur Magazine states, you have to know some foundational information, such as how much you should charge for your work and what niche you will pursue. If you don’t know such basic information, your business will likely be doomed to failure.

Key Details to Flesh Out in a Business Plan

Some of the key points in creating a business plan for a photography business are as follows:

Market Analysis:

If you fail to do the marketing analysis steps, you will likely fail to find the niche that you can profitably serve. As Entrepreneur Magazine stated, you have to first identify who are the targets for your products. Expert Photography explains that this is the stage where most businesses fail because they decide everyone is their market. You have to narrow down who is realistically going to buy your photographs for the price you will need to charge in order for you to make a profit and a living. It is too expensive to have “everyone” be your target market.

Are there enough of your target market customers in your area? For Daniel Doyle Pleasantville photographer, he first decided that his local market was too small for him to begin as a startup, so he made his business flower in a larger market area first, so he could get established. For example, if you have decided to do studio photography and portraits, your biggest target market in most areas will be families who have children, but Doyle was able to find entertainers in Queens who needed publicity head shots that were unique. This is what earned him a solid reputation in his area.

Products:

Here you will carefully delineate each type of product that you will carry as well as formats, such as digital and print and dpi resolutions. Are you offering prints, albums or files online?

The Competition:

Who is your competition, and how can you differentiate yourself from what they are offering? As Expert Photography suggests, you really don’t want to try to succeed by being the “low price leader.” Leave that for Walmart.

Marketing Strategies:

How do you get your name to clients?

Wedding photographers can work with bridal boutiques and hair salons. Portrait photographers, like Doyle, worked with entertainers who were trying to get a start in the industry. His unique head shots helped market his business to other entertainers through word of mouth. Commercial photographers pay for space in directories and work through production companies.

Operations Strategy:

Will you be able to work from home? Will you rent a studio when necessary? Do you already have all of the equipment you need, or will you rent some as needed?

Financials:

How will you pay for everything you need to operate your business for the first three startup years? Expert Photography suggests you need to have back-ups of everything for emergencies. Imagine if you were in the midst of a wedding shoot and your only camera body seized up on you.

SWOT and Timeline:

Do an analysis of your strengths, weaknesses, opportunities and threats. Create an action plan to address every part of this analysis over time as well as a timeline of how you will roll out your business.

Since photography is such an enjoyable hobby, there are many who would love to go into business for themselves in the field. As Daniel Doyle Pleasantville knows from his own personal experience and success as a photographer who has one successful studio and is opening a new one, a business plan that is fully fleshed out is the only way to be able to achieve success in the crowded field.

Trout Associates Financial Plan

Trout Associates Explain How Credit is Calculated

Some people may assume that only wealthy people can have good credit, but the truth is, a good credit score is available to anyone. Good credit is not the result of having a lot of money, it is the result of good financial habits and practices. In fact many people of very modest income have good credit, while many wealthy people have terrible credit.

HOW IS CREDIT CALCULATED?

Your credit score is like a final grade you might receive in school. Just like your grades in school, there are a number of different factors that determine your final grade, such as homework, tests, quizzes and special projects. Some factors, such as a mid-term or final exam, will carry more weight in determining your final grade than a single homework assignment. In fact, you may even be able to miss a few homework assignments and still get an A, if you do well enough in other areas to offset the damage the missed homework might cause.

The same is also true of your credit score. Some factors are more important than others and carry greater weight in determining your final score. For instance, if you have good credit overall, you may be able to make a late payment or two without significantly damaging your credit. If you credit is already poor, however, late payments can have a far greater impact.

Creditors will generally do more than just simply look at your credit score alone to determine your creditworthiness, the same way that colleges and universities will look at more than just your grades to determine if you are a good fit for their school. That being said, if your credit score is too low, creditors may not look any further. If your credit score is lower than they would like but still within an acceptable range, then they will often look at your overall credit file to determine where the lowered score is coming from. Some factors may influence their final decision more than others.

Here are the main factors that impact your credit score:

  • Payment history: If you have a good record of paying your bills on time, it will have a significant positive impact on your credit score. If you regularly miss payments or make late payments, however, that can seriously damage your credit score.
  • Debt to credit ratio: What creditors are looking for is how responsibly you manage credit. One good habit to have is to not always use all of the credit that is available to you. Conversely, however, if you already have too much available credit, other creditors may be wary of giving you more. A good rule of thumb is to never carry a balance worth more than 30% of your available credit.
  • Length of history: Everyone is going to have financial peaks and valleys. It’s fairly easy to pay your bills during peak times when money is plentiful, but what do you do when crisis hits and things get tight? The longer your credit history is, the more of an idea it gives creditors of how you handle credit over the long haul, not just in the short-term when things are good.
  • Types of credit: Different types of credit will have a different impact on your credit score. In addition, having a mix of various types of credit will also have an impact on your credit score. For instance, you may have $300,000 in total debt, but if $250,000 of it is a home loan, $30,000 of it is student loans, $19,000 of it is an auto loan and only $1,000 of it is credit card debt, that will generate a much better credit score than having only $100,000 in debt, but $30,000 of it is credit card debt.
  • Credit inquiries: When you apply for any type of credit, lenders will request a copy of your credit report. If they extend credit to you, it can take up to 30 days for it to show up on your credit report. Until then, other lenders don’t actually know if the first lender extended credit to you or not. For that reason, if a lender sees that another lender has recently requested a copy of your credit report, they will be less likely to extend you credit.



Having good credit is important for far more than just getting more credit. Your credit score can affect your insurance rates and even your ability to rent an apartment or other housing. Carrying too much debt will not only have a significant impact on your credit, but it can also make you vulnerable to financial collapse. Debt consolidation is one way to help you tackle your finances and get your debt under control. Trout Associates are debt experts that can help you explore a wide range of options to better manage your debt and get your finances back on track. Debt consolidation with Trout Associates can help you make one monthly payment. Not only will this help you avoid missed payments and costly late fees, but it can even help you pay down your debt faster.

Graylock Advisors Income

Graylock Advisors Shares Ways to Get out of Debt Quickly and Responsibly

Amid record high consumer confidence, the debt burden continues to weigh down many households in America. A State of Credit 2017 report unveiled by Experian shows the average American holds credit card debts amounting to $6,350 and non-mortgage debt of over $24,700. The non-mortgage debts are collateralized credit facilities such as car loans, commercial loans and personal loans. The average student loan has also been rising over the years and stood at a record $34,140 in 2017. The debt situation is worsened by reports showing people are spending much more than their monthly earnings. To bridge the gap, many are turning to new lines of credit.

Experts see the debt as an emotional rather than a rational problem. This is demonstrated by the continued practice of buying stuff one can ill afford. According to Financial Mentor, the top habitudes blamed for the rising debt problem include emotional spending, sense of entitlement, complacency, lack of plan and instant gratification. People with emotional spending problems are often tempted to use shopping as a route to escape boredom or relieve stress. The habit can easily cause bills to pile up, thereby making repayment untenable. Lack of a plan causes a disconnection between spending on one hand and earnings and savings on the other hand.

It also leaves the affected individual with no concrete budget, long term earning strategy or retirement plan. Complacency is an attitude that is widely blamed for causing debt escalation. An individual with this mentality believes he or she is already in debt so spending a little more wouldn’t make any big difference. Although the habit may keep you going for a few months, it may cause serious problems down the line such as increased charge offs, bankruptcy and foreclosure. The first step of getting out of debt is accepting you have a problem that needs urgent intervention. According to AARP, here are 6 ways to turn the corner when you are in debt:

Getting out of debt quickly and responsibly

1. Use savings to pay down large debts

It is safe to use part of your savings to pay the initial credit down payment, assuming your savings are at a level to justify this expense. This decision can go a long way to curtail the accruing interest normally associated with high interest debt. You will also get the money sitting idle in the bank to work for you.

2. Use your tax refund to pay debt

Instead of splurging your tax funds to satisfy short-term desires like going on a vacation or buying high value items, you could use the check to clear some of the crippling debts. Paying debts in a lump sum will ease your debt burden and make it easier to clear the remaining debt moving forward.

3. Increase your debt repayment percentages

If you are serious about offsetting your debt, consider setting aside about 15% of your paycheck or social security benefits on loan and credit card debt repayment. Making slightly larger repayments will help you offset the accruing interest and clear the debts quicker. Most credit card issuers usually request around 2% monthly debt repayment on the existing balance.

4. Learn to negotiate lower interest rates

This is a popular strategy for lessening the debt burden. Once you have negotiated for a lower interest rate, you need to strictly adhere to the agreed terms of repayments in order to maintain a good standing with your creditors. This will place you in the good books and earn you better terms of credit in the future.

5. Find ways to earn more

As you work on paying off your debt, you should consider new strategies to increase your income and clear debt in the shortest time possible. Some of the ways to do this include negotiating a pay raise with your employer and looking for a part time position or a side gig to boost earnings.

6. Use Statute of Limitation to your advantage

If you have old, charged off debts and debts you are not obligated to pay, you can use the Statute of Limitation to clear your credit history. Old debts will feature on your credit history for seven years or thereabout and will certainly limit your chances of getting credit or favorable loan terms in the future. Some states have set limits on the types of debts that debt collectors can pursue and the legal means they can use to pursue such debts. A debt expert like those at Graylock Advisors can help clarify the matter.

How a professional debt expert can help

If you are in a bind and do not know what to do about your debts, you need to get in touch with a local debt expert. Debt management entities like Graylock Advisors offer an array of services, including debt consolidation and low interest rate debt consolidation loans to help clients stay debt free. Graylock Advisors will help consolidate your debt into one, low interest payment.

Brice Capital Effects of Debt

Unexpected Side-Effects of Debt According to Brice Capital

Many people today are struggling under a massive load of debt. According to the Washington Post, 7 million people in the United States are now behind in their auto loan payment for three months or more. This means that the debt of their auto loan is now overwhelming them. 

Also NerdWallet stated that Americans have an average of just under $7,000 in credit card debt. Since the credit cards issued today have very high interest rates, many of the people who struggle under this debt don’t think they will ever be able to fully pay it off. 

Brice Capital has found that, for their clients, this debt has many unexpected consequences: 

No Retirement Savings – 

Debtors are unable to save for their retirement, since they are making the mandatory interest rate payments on credit card debt. This will force them to have to work later in life. 

Marriage and Health Problems – 

The stress of trying to keep up with payments to multiple lenders, some of whom have ridiculous interest rates, takes its toll on young married couples. Also, people can have trouble sleeping, be depressed, get headaches and even have a heart attack when they are deeply in debt. 

Credit Score Domino Effect – 

Sadly, according to TheBalance.com, even if you are making those payments on time, 30 percent of your credit score relates to how much debt you carry. If you carry too much debt, your credit score will decline. 

That creates a domino effect, since it can also influence the amount of money you pay for auto insurance and even the type of job you qualify for. 

Juggling Other Expenses – 

Over time, people who are paying exorbitant rates for credit will begin to have trouble paying for other expenses, such as utilities, food and gasoline. 

Precluded from Home Ownership and Other Housing –

If your costs for servicing your debt exceed a certain formula, you will not be able to buy a home because your ratio of expenses to income will be too high to qualify for a home mortgage. 

Even if you are forced to rent an apartment, bad credit could preclude you from being approved by the landlord. 

Staying in a Bad Job – 

Changing jobs is risky. People struggling under a high load of debt and interest payments are hesitant to leave a soul-crushing job because they are afraid things may not work out at the new job, leaving them unable to service their debt payments at all. So, they may stay with jobs that are causing them even more stress and possibly harming their health. 

Paying Too Much for Purchases – 

If you are paying high interest rates on credit cards, you end up paying far too much for your purchases when you take into account the interest payment as well. 

Ignoring Health Issues – 

Since we don’t have a universal health care system in the United States, many people have to pay for their health care out-of-pocket. According to United Federal Credit Union, when one is juggling bill payments, some people opt to skip going to the doctor for a small thing that can morph into a larger health issue. 

Wage Garnishments –

If you get behind in these crushing payments and a creditor takes you to court, you could have some wages garnished from your paycheck. 

Bankruptcy May Not Help – 

If you mostly owe student loans or back taxes, as many in the U.S. do, these debts are rarely discharged in bankruptcy, so you will still owe the student loans and tax payments, even after bankruptcy proceedings. 

United Federal Credit Union also stated that the average credit card interest rate is just under 24 percent. If one could get a loan with a lower interest rate, such as nearer 10 percent, one could save about $260 yearly, if they had a balance of $2,000. 

If you are in excessive amounts of debt, consider consulting industry leaders, like Brice Capital, on debt consolidation and other means of improving your financial stability. Heavy loads of debt carry too many unintended consequences that devastate the quality of life for those who are ensnared in that web. 

What to Do if Your Corporation is Facing Criminal Charges in Tampa

Just like individuals, corporations have rules that they need to abide by. If a company breaks those rules, it can face charges that result in financial and other penalties. In some cases, those other penalties include executives or employees spending time in jail or prison. What should your corporation do if it faces criminal charges?

Take Time to Fully Understand the Charges

The first step in the process of preparing a legal defense is to understand the charge or charge that your company is facing. It is possible that the government is pressing charges against someone who embezzled money or otherwise acted inappropriately without your knowledge. Furthermore, you should understand that a criminal charge is merely an accusation of a crime. Therefore, there is no guarantee that you or anyone else did anything wrong. 

Hire an Attorney and Create a Legal Position

A Tampa criminal defense lawyer will be able to help you learn more about your rights throughout the legal process. Those rights typically include the ability to remain silent in the face of questions from a judge, prosecutor or police officer. You also have the right to ask to be free on bail as the legal process unfolds.

The first thing that your attorney will do after being hired is begin to review the evidence against the company. This may involve reviewing tax documents, corporate emails or anything else that could be relevant in the matter. Generally speaking, legal counsel has the right to analyze any documents or other information that will be used as evidence at trial. 

After reviewing the evidence, your attorney will create a strategy that is most likely to help you obtain a favorable outcome in your case. Examples of legal strategies include asserting that you didn’t intend to break the law or that an employee acted without your knowledge. 

Cooperate to the Fullest Extent That You Can

It is important to cooperate with authorities as much as you can during an investigation. Your Tampa criminal defense lawyer will be able to help answer any questions investigators have or provide any information that investigators need. While you don’t want to incriminate yourself, being polite and helpful can bolster a claim that you are innocent. 

At a minimum, it can help to create a perception among a grand jury that you could be a victim of government overreach. The same may be true among jurors who preside over your trial. Having a solid rapport with the judge or prosecutor in your case can also make it easier to negotiate a plea deal that comes with favorable terms. 

Listen to the Advice of Your Counsel 

As a business owner, you may feel as if you can be successful at anything that you put your mind to. However, it is critical that you follow the advice of your attorney throughout the legal process. Going against the advice of counsel could result in additional charges or penalties that could be avoided by not letting your ego get in the way. Remember, even attorneys will hire attorneys to represent them in their own legal matters. 

If your company is facing criminal charges, it is important to hire an attorney as quickly as possible. This may help to preserve your rights and increase your chances of resolving the matter quickly and favorably. It can also minimize the potential damage done to your company’s brand and to those who are associated with it.