News

Wink Capital Shares Why Millennials Look For New Credit Cards More Than Older Generations

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For years, millennials have been the topic of conversation along with their financial struggles. Some experts would blame their poor choices, while others would feel compassion that they were dealt a bad hand. Whether the cause of the problem is external or internal, millennials can’t help but find ways to cope with these money problems.

According to Wink Capital, millennials suffer from the most debt compared to other generations. Here are some of the interesting statistics about millennials and their debt status:

  • Millennials ages 25-34 have an average of $ 42,000 in debt.
  • The top two sources of debt are credit card balances, while the next is student loans.
  • 1 in 4 millennials suffers from debt which amounts to $ 30,000 and above.

Despite these staggering numbers, millennials have found a way to ease their financial burdens, and one way is through finding better credit card offers. Credit card debt may be a challenge to pay off, but all is possible through the millennials’ new financial strategies. Below are some reasons why credit card companies should step up their game to get more millennials to sign up.

Wink Capital Shares Why Millennials Look For New Credit Cards More Than Older Generations

Credit cards can help millennials stretch their budget.

Many millennials understand the consequences of using credit cards–some of them have interest rates when you pay off the minimum amount. Credit card balances can eventually lead to skyrocketing costs when interest rates are added up.

However, a lot of these young adults also need to pay off other expenses. This is one of the major reasons why they use new credit cards. They can use their new credit to extend the timeline of their payments, while still having money for their daily expenses.

According to Wink Capital, credit card companies and banks can help millennials by offering lower or zero interest rates for credit card balances. Lowering interest rates can help credit card companies remain competitive in a financially tight market.

Millennials want credit cards with big rewards.

Though they often get blamed for their poor financial decision-making, millennials are now learning their lesson by being savvy about their credit card choices.

According to an article on CNBC, 68% of millennials want a credit card that offers big rewards. This includes freebies, discounts, travel packages, and other exciting offers. Since they are more selective compared to other generations due to their tight budget, they would only pick the best credit card offers with exquisite rewards.

The survey in CNBC showed that many of the millennials want a 3% cashback on their purchases, while others prefer a $ 500 or $ 1,000 sign up bonus. For jet setters, an ideal perk would be converting the rewards to free flights or miles on their chosen airlines.

This says a lot about the current credit card market. If credit card companies want to get the best of millennials, they should also be willing to present the best reward offers.

Millennials want to improve their credit score.

Another major reason why millennials are looking for new credit cards is to bump up their credit score. A lot of them may be rejected for housing, business, or other types of personal loans.

Having credit cards and paying the balances successfully helps increase their chance of acquiring these loans through a higher credit score. By offering easier payment schemes, credit card companies can successfully market their credit card through this demographic.

Credit card companies should understand these reasons and use them to their advantage to help millennials. This is a win-win situation for both parties, and when done right, can help millennials rise from debt

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Travel

Tuck Associates Discusses How to Pay Off Credit Card Debt While Planning Your Next Vacation

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When you have credit card debt, many life events are often put on hold. Simple pleasures like eating out, shopping and going on vacation are riddled with guilt as you think about how all the money could be put toward bills. But when you constantly pay off debt, you also need a break now and again to continue enjoying life and staying financially motivated.

Even if you have credit card debt, you can still plan a wonderful vacation without skipping payments. Tuck Associates wants to help you gain financial independence and build confidence as you pay off debt and find a healthy balance.

The Importance of Flexibility

If someone only commits every cent they make to paying off bills, they’re likely to become depressed and burnt out. Although it’s important to pay as much as you reasonably can toward debt each month, you shouldn’t sacrifice important aspects of your well-being including a social life and family vacations.

The key factor of enjoying financial freedom while you pay off debt is flexibility. You may not be able to justify or afford the brand name jacket you want, for example, but you can still purchase a new coat that looks great and boosts your self-esteem.

The same goes for a vacation. While cheaper accommodations and transportation should be chosen first, you don’t have to automatically assume that traveling is completely out of the question just because you have debt.

Choose the Right Destination

Tuck Associates suggests choosing a travel destination that is relatively local and, as a result, more affordable to reach. A close location will cut down on flight or train costs so you can allocate more money to your savings, debt repayment or other travel expenditures.

A road trip to the coast or a few states over can be just as fun and exciting as jet setting to another country. It may not be exactly what you want right now, but keep that flexible mindset in place so you can embrace the opportunities and adventures that are close to you.

Visit Family or Friends

If you have family or friends in a different state, consider staying with them instead of paying for a hotel. Although private accommodations are typically more convenient, allowing loved ones to host you could save you hundreds of dollars that can be put toward credit card payments.

Understand Debt’s Role in Your Life

Some forms of debt are difficult to ever live without; mortgages, auto and student loans endure for years, and they are an essential part of life. People who still have these forms of debt can still learn to budget within their leans and lead fulfilling lives.

If you have credit card debt, the first thing you should do is understand which debts are the most pressing. Typically, these are the cards with the highest balances or interests. Turn your attention to them first so you can free up your budget after they’ve been paid off.

Plan Ahead

You will only amass more debt and guilt if you go on vacation before you’re able; credit card debt requires careful planning, so you should adjust your monthly budget and begin putting money away toward your next vacation for several months or even a year before the trip.

The goal is to pay with cash entirely, not pay down a card only to acquire more travel debt. With a flexible mindset and solid budget, you can begin planning your next vacation guilt-free

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News

3 Reasons to Speak with a Personal Injury Attorney Before Accepting the Insurance Company’s Settlement Offer

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Insurance companies are businesses just like any other company. This means that whatever they pay you for your claim will impact their bottom line, and they do not always like that. Therefore, you need to be wary when dealing with them. Here are three reasons why you should speak with a Tampa personal injury attorney before you accept the insurance company’s offer of settlement.

You Will Know the Value of the Claim

Insurance companies will definitely know how much your claim is worth, practically down to the penny. It is their bread and butter and what they do every single day. Beyond that, they have complicated software programs that help them compute your claim’s worth. You do not have any of this information. Hopefully, this will have been your first accident so you are not well-versed in claim valuation.

A Tampa personal injury attorney handles claims like yours on a daily basis. They will have an idea of how much you can get in a settlement offer and whether the insurance company is being fair with you. The attorney will also know everything that can be included in your claim.

Insurance Companies Can Be Difficult

Not every insurance company is easy to deal with when it comes to getting the money that you are owed. Many of them are excessively formal and try to put hurdles in your way to make it more difficult to get their money.

Navigating the maze of the insurance company may be more than you can handle in the wake of an injury. You are likely dealing with many things all at once before you are even able to worry about your health. A personal injury attorney can help you speak with and handle the insurance company, lowering your stress level during a very difficult time.

They Can Get You More Money

Under most circumstances, you should never accept the insurance company’s initial settlement offer. They are viewing the settlement process as a negotiation and, like any good negotiator, they will not make their best offer first. Instead, they will try to lowball you with their first offer. The insurance company is likely trying to see if you will jump at what they are giving you because you need the money quickly. They are hoping that your interest of necessity will overtake your need to be fully compensated.

You are under no obligation to take what the insurance company is trying to give you simply because they are offering it. Many people do not know this critical piece of information. It is possible to make a counteroffer to the insurance company in the hopes of settling your claim.

There is a skill to negotiating with insurance companies that a personal injury attorney will possess. While many cases will end up in court, these companies do not necessarily want to litigate your case. For them, it adds to their costs of doing business. While retaining an attorney does not guarantee you more money in a settlement, it will put you in a stronger position when dealing with the insurance company.

With all of this in mind, it is in your best interest to have a conversation with a personal injury attorney if you will be filing a claim for a personal injury or have a claim pending

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