Credit card debt is much easier to get into than we usually realize until it’s to late. But once you’ve entered the realm of credit card debt it is difficult, but not impossible to get out of.

For starters, you can negotiate paying a lower interest rate. Thus giving yourself a little bit of relief for other expenses.

Also, once your account has gone into delinquency, many companies will allow you a small window of time to pay one partial lump sum payment. Once you’ve paid it, the entire debt is made whole. If you are in a position to do this, it could be one of your more convenient choices.

You could also consolidate your credit card bills, assuming they are not all maxed out. This is only a good idea if you use a credit card that has a lower interest rate. It could save you a good deal of money.

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Nobody wants to be stuck with an unreliable vehicle in this day and age, and with the government having brought in new regulations and prices relating to the cost of vehicle tax on many vehicles, a lot of people may be considering changing their cars either because they do not want to be hit with the higher tax charges or because they simply need to get a more reliable vehicle. Many people rely on their cars to ferry their kids around, get to and from work, and even as part of their work, and the last thing any driver wants is to have a car that is unreliable or worse still unsafe.

There are a number of options available to those that are looking to finance a new or newer vehicle, and most of us do have to rely on finance to purchase a new vehicle as most do not have huge sums of money stashed away, particularly in the current financial climate. Amongst the options available for financing a vehicle purchase are bank loans, secured loans, Hire Purchase or HP, Personal Contract Purchase or PCP, and dealership finance. For those with good credit most options are available, which means plenty of choice and the chance to get a really good deal on vehicle purchase. However, the situation can be very different for those with damaged credit.

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Over recent years, and in particular over recent months, more and more people have started to realise just how important their credit file is and just how their credit rating can impact upon their future, both financially and in other ways. The onset of the global credit crunch has had a profound effect on the financial markets, and many people with even slightly damaged credit have realised that life is not always a bed of roses when you have poor credit.

For those lucky enough to have an unblemished credit record it is important to ensure that you maintain this good record, as this will enable you to enjoy far easier credit conditions in the future, which is important in the current difficult financial climate. If you have damaged credit, however, you could find that life becomes difficult in many ways, and it is therefore vital that you focus on ways to try and improve your credit.

Why is it so vital to ensure that you credit is up to scratch? Well, first of all you will find that it is very difficult to get any sort of affordable finance if your credit is damaged, so if you are looking to purchase a property, buy a car, or even take out a loan or credit card, you could experience real difficulties. Lenders are becoming more and more stringent over who they will lend to due to the global credit crunch, and the worse your credit the less likely you are to get the finance that you need.

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In business we all sometimes need that extra little bit of cash to get certain business ideas off the ground. There are many ways in which you are able to gain extra business finance such as loans, overdrafts, credit cards or through private investors such as business angels; however what do all of these have in common? They all have to be repaid in one form or another but with a business grant it’s another story.

Business grants are a sum of money that is awarded to your company for a very specific purpose or project. This money means that you can undertake the changes that you want to make to your business without having any debts at the end of it; sounds too good to be true? Well let me assure you this is completely genuine but like all things that seem too good to be true there are a few catches. You are only awarded between 15% and 50% of the total money that you need to carry out your project; the rest of the money needed has to come from you. The percentage of the total cost that you will be awarded depends on how much money you need for your purpose or project.

There are many ways in which you can obtain a grant some of the main ones are as follows:

• The government

• The European Union

• Regional Development Agencies in England, Scottish Enterprise, the Welsh Development Agency and Invest Northern Ireland

• Local authorities or local councils and local development agencies

• Chambers of Commerce

• County Enterprise Boards

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When it comes to business finance the saying ‘it takes money to make money’ fits right in; you need business finance in order to get your business started, for it to operate, expand and grow.

There are a range of options open to you when it comes to gaining the right business finance for your company but you need to choose the one that is right for your business. To do this you should look at all of the advantages and disadvantages of each of the financing options that are open to you. Some examples of these financing options are as follows:

Short term sources of finance:

• Bank overdraft
• Trade Credit
• Leasing
• Bank loans
• Credit cards

Long term sources of finance:

• Bank loans
• Share capital
• Debentures
• Asset sales
• Venture capital
• Government, local authority or EU grants

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<!–more–>Every business, especially at the start-up stage will need some form of finance. There is a lot that needs to be spent before your business even starts to make money. Below are just a few examples of some of aspects that you will need to spend money on when it comes to your business start-up:

• Purchase capital items (fixed assets) e.g., plant, equipment, land or buildings, motor vehicles;

• Increase holdings of trading stock and supplies;

• Fund research and development;

• Expand distribution or develop new markets.

On top of this you will have the property costs, including bills and your staff wages to cover. Once your business starts to make money these aspects will be covered by the profit that your business is making but until then you will have to rely on the money that you will have gained for your start-up costs.

When you are in the process of gaining your business finance it is important that you have an accurate idea of your financial needs. In order to do this you need to calculate the amount you need to cover your initial start-up costs as well as this you have to take into account you’re running costs and expenses. This is due to the fact that for a while you will be running your business without it making a profit but you still need to pay all of your bills as well as to keep trading. I would suggest that you have enough funds to cover at least six months of your business running.

One way in which you are able to secure the business finance that you need is through your business plan. Good planning will make it easier to raise the money that you need, which is why your business plan is important. Your plan will detail and outline what the money is needed for, exactly where the money is going to be spent and how this will benefit your business as well as demonstrating how the money will be repaid. Your business plan could make or break whether you receive the finance that you need.

If you are looking for business finance at the moment make sure that you approach the avenue that is most suited to you and that you have took into account the advantages and disadvantages of the finance you are after.

Angel Start-Ups, specialists in all aspects of Business Finance

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