JKB Financial, Inc. Review: Keep a Close Watch on Your Spending Habits

It’s been said time and again that two things in the world are certain: death and taxes. This is true for many people. For others, unfortunately, debt seems to be third on that list. These people are typically guilty of bad spending habits that owing money has become inevitable for them.

However, things don’t have to stay that way forever. They can read a JKB Financial, Inc. Review online, and find out that becoming conscious of spending habits is the first step to conquering debt. Here are the habits to keep a close watch on:

Retail Therapy

No one is impervious to feeling blue once in a while. Maybe it’s because of a bad day at the office, being stuck in a heavy traffic jam, or seeing a favorite sports team lose a championship. It’s all normal to feel a bit down in the dumps because of these things, but it’s not recommended to shop just so you can feel happy.

Using the Plastic to Earn Rewards

Many of today’s biggest credit card companies have irresistible rewards for frequent credit card users, which incite the latter to swipe away with every purchase. Some credit card firms offer travel rewards such as air flights, hotel or resort accommodations, or even cruise line trips, while some offer reward points for gift cards in shops and restaurants. Who doesn’t want to get free stuff? However, if you think about it, you are actually paying for these with the interest rates and finance charges you incur from your card.

Keeping Up Appearances

So there is a new French restaurant in town that offers a set menu for $200 per person, and everyone at your department is going. This doesn’t mean you have to go with the flow, especially if you have bills to think about. Keeping up with the Joneses is fine if you have the means to do so. If you’re barely making enough, though, muster the courage not to succumb to peer pressure.

At times, people are not aware that their spending habits are getting out of hand, making them accumulate more and more debt. If you suspect that your spending habits need to be kept in check, read an online JKB Financial Inc. Review and look for suggestions on how to control spending. For more information, visit bankrate.com/finance/debt/10-bad-habits-that-lead-to-debt-disaster-2.aspx.

Enlisting Companies like JKB Financial Inc. for Clearing Payday Loans

There are certain wage cycles where you run short of cash for various needs despite efforts to save up—and the next payday is roughly a week away. One of your options is to head to a financing provider in your community and take out a payday loan, which could run up to $500 and carry interest rates of up to 20%. These are a short term solution to be wary of, as they are likely to increase your long-term financial instability.

Taking out payday loans have their own ways of ruining your finances, which could even be worse than your current situation. According to the Community Financial Services Association of America (CFSA), employed professionals are borrowing approximately $40 billion in short-term loans. Paying them off in full by the next salary period may mean up to 700% APR looming over your head. If the loans have piled up and options are running thin, you can go to companies like JKB Financial, Inc. (doing business as American Debt Solutions) for an effective exit strategy.

You can set the ball rolling by first listing the details of every payday loan you took out. They include the amount, interest rate and even processing fees. Segregate each loan between online or physical lending outlets. Research on the outlets’ credentials as well, especially if they are licensed under state finance laws and are CFSA member-companies.

Bring all of your statements and records to a reliable debt settlement company to ask advice on how to map out your payment strategy. In the meantime, you can notify each lender in writing that you might not be able to pay up; the lender or their collection agency must send you written notices instead. The creditors will likely call you and remind you of your debt obligations; make sure to jot down the details of each call, right down to the name of the employee who called.

A structured debt settlement program for payday loans can involve some options like closing a bank account where you would normally draw the money for paying the loan. However, your settlement advisor may counsel you on not opening a new account, and may require you to ask the payroll department to send a regular check instead of wiring the money to your account.

There’s no harm in taking out a payday loan when you were really in dire straits. When the loans have accumulated, approaching an outfit such as JKB Financial, Inc. for help can reduce your headaches.