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Tips for Settling Credit Card Debt

Tips for Settling Credit Card Debt. Debt Settlement Firms, Watch For Debt Settlement Scams, Researching Debt Settlement Companies

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Tips for Settling Credit Card Debt

If you’re overwhelmed with credit card debt with no end in sight, there are ways to get out of the hole without spending a whole lot of cash. Let’s explore your options.

1. Debt Settlement Firms

Any tips for settling credit card debt must include debt settlement. Usually offered by for-profit companies, such programs entail negotiating with creditors to permit you to settle your obligations for less than the total amount owed.

 Credit Card Debt Settlement Firms

To make that payment, you are asked to deposit a certain amount of money into an escrow account each month. When there are enough funds in the account, the debt is paid off.

The strategy has risks, including the potential difficulty of depositing funds for 36 months or more. So, before you sign up, carefully run your numbers to see whether you can set aside money for the program’s full term.

2. Watch For Debt Settlement Scams

Some firms offering debt settlement may try to deceive you with promises or “guarantees” to settle your credit card liabilities for pennies on the dollar.

Other firms may fail to explain program risks, including that debt collectors may continue to call you. Instead, look for companies who offer full disclosure and are affiliated with organizations like the American Fair Credit Council.

3. Researching Debt Settlement Companies

Run the company’s name by your state’s attorney general and local consumer protection agency to see whether there have been complaints.

You should also ask your attorney general whether the company you’re interested in is required to be licensed to work in your state and, if so, whether it is. Try these credit card debt relief programs.

4. Disclosure Requirements

Ere you signup for the assistance, the debt support organization must give you information about the program, including price and terms. It must also tell you how long it will likely take – the number of months or years before making an offer to each creditor for a settlement.

If you’re asked to stop paying your creditors directly, the company must alert you to possible negative consequences.

5. Other Debt Relief Options

There are other options for dealing with your debt, including negotiating directly with your creditors, working with a credit counsellor, or bankruptcy.

a. Deal directly with creditors:

Instead of paying a company to represent you to your credit card company, you can handle it yourself for free. Be polite but persistent in explaining your situation. You aim to get a new payment plan that lowers your payments to a level you can manage.

Just know this process requires diligence, patience and steady nerves. You’ll make a lot of calls and talk to many different people before you get there. This is why most people choose to work with a professional.

b. Contact a credit counsellor:

Trained credit counsellors can help you figure out how to manage your money and debts, help you craft a budget, and offer complimentary educational resources and workshops. Note, however, that “nonprofit” status doesn’t necessarily mean that services are accessible or affordable.

c. Consider bankruptcy:

Declaring bankruptcy is fraught with consequences, including seriously damaging your credit. But in some case, the strategy can make sense. If you file under Chapter 13 and have a steady income, you can keep property such as a house or vehicle that you would otherwise likely lose through Chapter 7 bankruptcy.

With Chapter 13, the court approves a repayment plan that allows you to eliminate your debts over three to five years without giving up any property. You still must pay an attorney to handle the process, and you’re required to get credit counselling from a government-approved organization within six months before filing for bankruptcy. However, your credit score will be ruined for at least ten years.

Now that you have solid tips for settling credit card debt and are aware of the various pros and cons, you can assess your situation and choose the right strategy for you.

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6 Fun Activities For Your Next Virtual Corporate Event

Remote working doesn’t have to be boring because you can spruce it up with fun activities for virtual corporate events. These are fun activities that ensure employees are lively and happy.

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6 Fun Activities For Your Next Virtual Corporate Event

Virtual corporate events are online gatherings often held via video platforms like Webex, Zoom, and Google Meet. Such events offer an excellent way to participate in games and other fun activities. They also aim to help create familiarity and relationships between the attendees and improve work dynamics and communication.

Hosting a virtual event is challenging, especially for an unfamiliar group. However, it has become a new culture nowadays because most companies have allowed their employees to work in a remote setup.

Despite the convenience, working from home has brought countless negatives like burnout, unexpected distractions, and feelings of isolation. It also resulted in positive outcomes, though, like the ability to bond, connect, laugh together, and have fun with each other via 100% virtual means. Thus, businesses and companies have openly embraced virtual events as part of their work process.

If you are tired of the old encounters at events and are struggling to get fresh creative ideas, here is a list of fun activities you can consider:

1. Virtual Happy Hours

Despite having employees working from home, companies must ensure that business operations continue without risking employees’ lives. This opened an opportunity to find creative ways to interact with each other to avoid boredom, including attending corporate virtual happy hour with colleagues.

Virtual happy hour doesn’t mean going to bars or pubs after work. There is no need to wait in line to use the bathroom or stick around for drinks, and none of your coworkers has to call a ride-hailing vehicle to take you home afterward. This is because employees can have conversations and share drinks over a video call.

Virtual happy hours allow remote employees to socialize in a confident and comfortable setting. Working from home can sometimes feel lonely and isolated, but virtual happy hours help people socialize, bringing a sense of connection and belonging despite the distance. This also allows employees to toast to each other from different locations, like when they used to go out for drinks after office hours.

2. Health And Well-being Activities

Cases of mental and physical health issues are more common today than ever before. Hence, incorporating activities beneficial for your mental and physical health into your virtual event is recommended to ensure you are well taken care of, even in a small capacity.

For instance, you can incorporate a meditation break or a short workout between sessions, depending on the event you’ll have.

Excited young man looking at laptop celebrating online victory

3. Online Office Games

Online office games have gained steady popularity since several companies adopted remote work setups. Such games are conducted via a secure videoconference platform and last for 90 minutes. These include trivia, icebreakers, and mini-competitions that somehow break the monotony of work duties employees have daily. The game is headed by an eager host to enhance engagement and entertainment.

4. Social Media Groups

According to Statistica, an average person spends about two hours a day on social media. So, you can create private groups on platforms like Instagram, Facebook, or Twitter for more virtual social connections.

For example, on Throwback Thursday, invite your peers to share an old photo with the team, and they will guess who’s in the photo. You may also ask teammates to tag someone on an image you’ll post, say, Ironman, who may be a favorite Avenger of one or two employees.

5. Virtual Dance Party

Dancing is a great stress reliever and team bonding exercise where coworkers can show their goofy and vulnerable side. To conduct a virtual team dance party, invite your coworkers to a video call, then create an enthralling playlist that will call for silly moves.

Another alternative to a dance party is to hold a silent disco. Here, each participant dances to the music they choose on their headset. Joining a silent disco is easy as each attendee dances to a song of their choice, and teammates can guess the song based on the moves. Virtual dance parties involve movements that may help workers blow off steam without thinking or talking to anyone; only rhythm does all the talking.

6. Digital Prom

Everyone has that prom dress or suit sitting in the closet because there is no opportunity to wear such elegant clothes. However, digital prom allows coworkers to dress up and relieve their childhood nostalgia, using the same prom experience to help them bond.

Although this activity might be silly for some, it offers a playful way to interact with peers and overcome fear.

Conclusion

Remote working doesn’t have to be boring because you can spruce it up with fun activities for virtual corporate events. These are fun activities that ensure employees are lively and happy. So, if you’re looking forward to organizing a virtual corporate event, try the activities discussed here to lift your spirits.

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