If you’ve thought about it and just received a “too good to be true” loan offer in the mail from Credit 9, Tripoint loan, Simple Path Financial, or SPF saves or – listen to your instincts. Do you really think you are entitled to a 3% interest rate? Do you really think the booking code is especially for you? Check Crixéo and find out the truth.
Is Credit 9 a scam?
Credit9 is affiliated with Americor Funding, a debt resolution company.
It seems like Credit 9 operates a typical bait and switch system. They lure you in by sending you a direct mail with a “personalized reservation code” and a low interest rate of 4% to 5% to consolidate your high interest credit card debt.
Credit9 doesn’t tell you that you need great credit to qualify for a loan with that low interest rate (for which you were supposedly pre-approved).
While the Credit 9 New mailer offers incredibly low rates, the licensing information on their site reveals that the “typical” rates for most states that they include in their disclosure are 18-24% APR.
Interestingly, while having sample rates for the state of Pennsylvania, the Credit 9 website also reveals that “These products / services are not available to residents of Pennsylvania.”
Whether it’s an ice storm, tornado, earthquake, wildfire, or hurricane, most of us are vulnerable – a natural disaster does not. does not occur with sufficient notice. While you can’t plan for one, you can make sure you’re financially prepared for an emergency. By adhering to the following steps, it would be easier to organize your finances in the event of a natural disaster.
1. Build an emergency fund
Experts recommend creating a emergency fund. It is one of the smartest ways to manage your finances in the event of a natural disaster. Unfortunately, research shows that 28% of American adults don’t have a Plan B – no emergency savings to bail them out in the worst-case scenario.
As a rule of thumb, try to save six to nine months of basic expenses – those that can pay for groceries, insurance, and housing.
Often, after setting up an emergency fund, people are tempted to dip into it for frivolous expenses. To make sure you don’t make the same mistake, keep your emergency fund in a separate account.
When it comes to emergency funds, focus on building up short and long term funds.
For short-term investments, called temporary investments or marketable securities, get instant access to cash but at lower interest. These can include municipal bonds, bond funds, treasury securities, and CDs.
On the other hand, long term funds help you earn higher interest, but they have a shorter waiting period. Examples include index funds and stocks. This way, you can grow your fund quickly by earning higher interest. Direct your efforts to building long-term funds when your short-term emergency fund becomes large enough. And be sure to complete your balance transfer requests.
When planning for a natural disaster, think about what you will need. For example, if you are confined to your home due to a thunderstorm, you will likely need water, batteries, and flashlights. With other emergency household supplies in the mix, your total bill can reach between $ 200 and $ 300. Similarly, electricity can be cut off at any time in the midst of a natural disaster. Therefore, if a portable back-up generator is required, you may need to pay around $ 2,000 to $ 4,000.
2. Review your insurance policies
It is a misconception that home insurance will cover damage caused by a natural disaster. For example, standard home insurance does not cover damage caused by flooding. Therefore, if you live in a flood-prone area, you may need to purchase an additional insurance policy. For other types of natural disasters, review the following considerations.
You must purchase a separate policy or add a rider to the policy to get coverage for earthquake damage. This form of insurance is ideal for areas vulnerable to seismic activity.
Although home insurance covers damage caused by wind, exceptions exist in certain scenarios. For example, damage caused by windstorms is not covered in every state. In this case, you will need to take out a policy that covers damage caused by wind.
A standard home insurance policy covers fires or forest fires, but again, exceptions may occur depending on your geographic location. For example, insurers do not add forest fire coverage to home insurance policies in areas where forest fires are common.
3. Collect valuable documents
If a natural disaster damages your home, you will need to access essential documents, such as bank account numbers, credit card numbers, passports, and insurance policies. It is recommended that these documents be scanned and saved online on a secure cloud platform. For backup, email copies to an immediate relative who lives in another country.
If you are more comfortable with hard copies, keep them in a waterproof / fireproof safe or in a bank safe. Putting them in a desk drawer or filing cabinet is extremely risky.
In addition to paper documents, shoot videos of your assets and also save them in the cloud. Make sure you zoom in on brand names and serial numbers. By doing this, you can report the damage to your insurer when things stabilize after the loss.
Don’t know which documents to protect? Here is a list:
- Birth and marriage certificates
- Social security cards
- Driving license
- Income tax returns
- Receipts and guarantees for large purchases
- Appraisals of works of art, collectibles, jewelry and other valuables
- Credit card records
- Home renovation files
- Rental contract / Mortgage documents
4. Invest in repairs to strengthen your home
Do you live in an old house? Are you worried that your current home may not be able to withstand damage from a natural disaster? To protect your family, you need to invest in repairs and renovations that will help your home withstand any natural disaster. Since some of these updates are too expensive, are you researching to decide which repair offers the most value?
In many families, only one person is responsible for managing financial activities in the event of a natural disaster. But, what if that person is unreachable in the midst of a natural disaster and the other members do not know how to access the emergency fund or where the safe is located? Such a scenario can cause considerable inconvenience to your family. Therefore, make sure you have regular family reunions where such a scenario is discussed and all relevant information is shared, such as the password of the cloud account that stores the electronic copies of your rental agreement.
To effectively manage a natural disaster, the most important step you can take is to prepare your finances before unforeseen costs put you in a bind. Perform home renovations to fortify your home and repair areas that are in danger during a natural disaster.
If you are a football fan, you know the best defense is a good offense. If you find yourself in a bad financial situation, you will have to somehow get out of debt without paying where to find the best way to consolidate your debt.
Finally, study your insurance policies and find out if you have the required coverage and develop an emergency document kit that saves you in times of crisis.