The Importance of Health and Safety in the Workplace

A business can only be as productive as the production of employees allow. Workplace safety is extremely important for every employee, and health is one of the main factors that help organizations promote wellness for all who occupy the work space.

For everyone who enters work, they should leave in the same healthy manner in which they came. Health and safety procedures are important for the wellness of employers and employees alike, and its importance cannot be understated. Here are some reasons as to why health and safety in the workplace are incredibly important.

Creates Environmental Awareness

To many employees, where they work is simply a building in which they occupy. However, this can predispose to a nonchalant attitude towards potential hazards that exist in the environment around them.

If employees are adequately trained and educated on how to remain safe in their work space, that will exponentially reduce the risk of workplace injuries and take precautionary steps if necessary.

Reduces Stress

Certain employees may have a difficult time being productive because of the stress that they may go through while working. Whether it is working long hours, conflicts with co-workers or the general stress of meeting the demands of the business, stress will create a nuisance in both business and personal lives.

In order to reduce stress, a healthy environment should be promoted. Usually this entails taking care of oneself outside of the workplace. Whether this is meditation, getting consistent sleep or exercise, there are plenty of stress coping mechanisms available that can be used. For more information on the importance of a functional work environment, you can visit Robert Butchike for further details.

Can Be Financially Costly

Many businesses underestimate the financial toll of not focusing on health and safety in the environment enough. The value of the business can be adversely affected if accidents were to happen because not enough attention was paid to a specific issue.

Improper management of safety features and inadequate education towards the employees are some of the indirect causes of accidents. If something were to happen to an expensive piece of equipment, then this can cause thousands of dollars worth of damage.

An even bigger financial catastrophe could take place if a worker were to get injured on the job and sue the organization for negligence. In that situation, not only would money be wasted on having to find adequate legal representation, but if one were to lose, the financial setbacks can be gargantuan.

These situations could be avoided with proper attention and care to health and safety.

Increased Production

At the end of the day, what’s important for a business is to have high productivity. Employees are the backbone of a business, as the future of any organization counts on them to be a top working condition.

If there is an environment of unfit people or hazards all around increases, productivity and profits will decline. This is a dangerous indirect relationship to avoid.

Organizations should be inspired by these scenarios to emphasize a safe environment. Robert Butchike has more resources on these topics that can be helpful to any organization


4 Characteristics of Good Data

One of the most important assets that a business has at its disposal is its data. It is important that the data a business uses is not only high in quality but governed properly. However, it is also important that the data being used contain certain characteristics.

Completeness

Arguably the most important characteristic that data has to have is completeness. This could be considered to be the biggest factor that can affect data quality. Data completeness is a term that refers to potential gaps that data may have from what was expected.

If any pertinent information is left out in data, this could be considered less value and incomplete. In order to ensure that data is always complete, businesses should enforce policies that state data cannot be submitted unless all of the expected information is present. With paper, this can be exponentially difficult because human error can interfere greatly. Therefore, paperless data collection has become more popular, as it features mandatory fields.

Accuracy

Of course, another factor that can affect data quality is the accuracy of the data being used. This refers to whether or not the data being used is correct and is an accurate representation of the information required.

As opposed to completeness, data accuracy can prove to be a more difficult aspect of data to maintain. Usually, data inaccuracies are a product of poor training. In order to minimize human error that is bound to happen, extra measures may be necessary. For example, GPS location and time stamp for recorded events or picture capture are certain interventions that can be implemented. That way, inaccuracies can be spotted and corrected in a timely manner.

Consistency

Next to accuracy and completeness comes the consistency of the data being used. Data consistency refers to whether or not the data being used is in alignment with expected versions of the data that comes in. On the surface, this seems similar to the completeness of the data, but there are also different aspects to be considered. Completeness encompasses whether or not there is pertinent information missing. Consistency is there to ensure similarity in the content.

Many companies today utilize mobile data collection apps, and this can help out immensely. This is because drop down menus are utilized to give the operator a predetermined assortment of options to choose from. This can ensure that data not only remains consistent but allows for complete search results and accurate event recordings.

Timeliness

The timeliness of the data works together with all of the other aspects of good data. This refers to when it can be expected that the data will be received. Oftentimes, businesses will not align reality with expectations. This can directly lead to data being used ineffectively and alter the thought process of making important business decisions driven by data.

A general rule of thumb to ensure consistent timeliness of the data is to use real-time data so that personnel can collect similar data that they would on paper. This can eliminate potential time lags from when the data is completed and when it is received by the branch making the big decisions


3 Tips for Starting a Tech Only Business

Tech only businesses are some of the most popular and prosperous in the world today. These businesses have introduced many of the products and ideas that power the contemporary economy. But this strength does not mean that tech only businesses do not face serious headwinds. The leaders of tech only businesses have to be careful with their financing, training, and marketing plans. It takes years of hard work and careful preparation in order to make a tech only business succeed.

Make financial connections

Tech only businesses should try to foster financial connections as quickly as possible. Cyrus Baseghi notes that technology infrastructure and software can be incredibly expensive to build to scale. Companies need networks, vendors, and detailed plans. Every factor of success for these companies requires money. One of the best ways to rake in large sums of money is by fostering connections with angel investors and leaders at banks. These men and women will help a tech only business pay for office space and new staff. Tech only businesses should foster connections at institutions as well. These institutions can alert them to new financing opportunities and potential investors who may be interested in their company. A massive cash infusion from an investor will often mean the difference between survival and collapse for a young tech only business.

Bring in trained staff

Trained staff is essential for any tech only business. According to Cyrus Baseghi, these companies need to find staff members who can understand and handle complex products and technology. Companies cannot simply post a help wanted ad online and wait for competent talent to come to them. Instead, they need to seek out staff and train that staff for their particular products. Companies need to make sure that their staff can improve software and explain that software to customers and potential investors. In many instances, companies in tech have to pay a premium for their employees. These payments will be more than compensated if staff is able to cultivate a breakthrough that eventually leads to an IPO or major acquisition.

Focus on marketing

Marketing is essential for the future of any tech only business. There are millions of companies available and advertising on the internet at any time. As a tech only business, an entrepreneur will often have to sell online and compete with these companies. They can only go so far with free search-engine optimization techniques and cheap websites. At a certain point, they will have to work with other vendors and pay for massive advertising.

Most companies today work through large social media companies such as Facebook or Twitter for their advertisements. They can target specific groups with ads and use their money efficiently. Companies should also work with other websites that are viewed frequently by their demographic. They need to have a robust social media presence as well. This presence will help them once they have secured customers who may eventually turn out to be repeat customers.

Conclusion

Tech only businesses often suffer many hardships in their first few years. They struggle to differentiate themselves from the competition and fight for years to secure competent staff. But with proper planning and foresight, a competent entrepreneur can turn a dream into a million-dollar tech reality


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.