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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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Can the UK Host Europe’s First Spaceport?

In the race to launch the first rocket from Europe, can the UK come out on top? With the plans for two new UK spaceports based in Scotland underway, these may present Great Britain’s best chance of success.

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Can the UK Host Europes First Spaceport

The United Kingdom can boast an enviable record of excellence with its contributions to science, engineering, and technology, especially in the field of aeronautics. Therefore, it’s surprising that Great Britain hasn’t yet achieved a vertical rocket launch from the country’s soil, despite the abundance of scientific expertise in its space industry.

Now, the United Kingdom is targeting 10% of the worldwide space industry by 2030, and its success in the endeavor is likely to hinge on the progress of two new UK spaceports.

1. Spaceport Development in the UK

Despite the difficulties posed by the coronavirus pandemic and the continuing fallout from Brexit, the UK is still aiming to build new spaceports on British soil very shortly. The government and space industry hope to boost British enterprise, provide a platform for the nation’s scientific talent, and secure considerable economic benefits.

UK science minister Amanda Solloway stated that the new UK spaceports would “cement the UK’s status as a global space superpower.” The UK already makes sizeable contributions to the global space industry with its technology exports. The annual UK satellite export market is valued at over $300 million, while more than £360 billion of broader UK economic activity is supported by satellite services.

Indeed, small satellite (smallsat) technology promises the most significant short-term growth for the space industry’s future. Many of Britain’s most innovative smallsat companies are located in Scotland, which, combined with the local geography, makes the UK’s northernmost part an ideal base of operations for developing the country’s space industry.

It’s no surprise, then, that Scotland has been chosen as the location for two different spaceports with two very different profiles. While plans for other UK spaceports in Wales and Cornwall are also in progress, if Britain launches Europe’s first vertical rocket, it will likely originate from one Scottish spaceport. Now, it continues to be discussed which will strike first: Space Hub Sutherland or the Shetland Space Centre.

2. Space Hub Sutherland vs. Shetland Space Centre

With a proposed site amidst the beautiful Scottish Highlands on the A’ Mhòine peninsula, the construction of Space Hub Sutherland is scheduled to begin soon, with an eye on launching rockets before the end of 2022. The spaceport will launch rockets carrying payloads of up to 500 kg, the first of which will be a rocket made by Orbex. Although based in Scotland, Orbex’s founders hail from Denmark and Germany, with most of Orbex’s employees working in Denmark rather than in the UK.

spacex Host Europes First Spaceport

This is not the only setback that Orbex and Sutherland Space Hub have had to weather. This is not the only setback that Orbex and Sutherland Space Hub have had to survive. Previously, the American aerospace giant Lockheed Martin had come aboard as a partner at Sutherland Space Hub. However, it seems the US company thought better of the decision, as they have now turned their efforts to the Shetland Space Centre instead.

The original design for the spaceport included two vertical launchpads to enable up to 30 launches every year. However, due to ecological restrictions, the spaceport has been limited to a single launch pad and a maximum of 12 launches every year. It is also unclear why Orbex would have sought a bailout loan despite having secured millions in investment for the project.

Other objections to the Sutherland spaceport have come from Danish billionaire and the richest man in Scotland, Holch Povlsen. The emigrant entrepreneur has cited environmental concerns that conflict with the work done by his Wildland firm, which aims to rewild the Scottish Highlands. However, it’s also worth noting that Povlsen has a £1.4 million stake in the competing Shetland Space Centre, which he argues has more potential for success.

Shetland Space Centre is also looking to be up and running with its first rocket launch by the end of 2022, from a site in Lamba Ness on Unst, one of the Shetland Islands. The plans boast three launchpads capable of launching payloads of up to 1,000 kg for up to 30 launches every year. Lockheed Martin is partnering with space technology firm ABL Space Systems for a series of maiden launches from the spaceport.

Although the project promises to contribute £5 million to the local economy, planning approval has yet to be granted. The preferred site will require the demolition of a Second World War radar facility, which Historic Environment Scotland has argued is too high a price to pay. Suggested suitable alternatives could easily be found elsewhere.

3. When Will UK Spaceports Be Operational

The coronavirus pandemic has caused mass disruption to almost every industry on Earth, and the commercial space sector is no different. That said, the global space industry continued to grow in 2020, which is perhaps a testament to the sector’s future-proof potential. Suppose the UK is serious about leveraging its space industry to acquire a share of this market.

In that case, UK spaceports will have to be constructed before long, especially if Great Britain wants to realize its ambitions of becoming the first European nation to play host to a vertical rocket launch. Meanwhile, on the continent, countries such as Germany, Sweden, France, Norway, and Portugal, are all working towards making their space industries sufficiently competitive to increase their global market shares.

What are the uses of satellites

  • Television
  • Telephones
  • Navigation
  • Space science
  • Weather
  • Environmental monitoring
  • Safety
  • Land stewardship

4. Conclusion: Healthy Competition

The UK spaceports planned for Scotland both face their own set of challenges. Neither the Shetland Space Centre nor Sutherland Space Hub will find themselves wanting for customers if one or both of them can demonstrate the capacity for successful vertical rocket launches. However, the presence of two different spaceports in Scotland can only help to improve Britain’s overall ability for commercial space launches that are likely to make the country an attractive proposition for future investment.

The global satellite market proliferates as more and more industries rely on satellite technology to stay competitive. If these UK spaceports can establish themselves as Europe’s premier launch facilities, both the spaceport developers and the broader British economy are sure to reap the benefits.

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