Categories: General Article

Ways To Get Out of Debt

Being in debt isn’t easy, but it’s a common experience for people today. Maybe your bills started piling up, and you had no choice but to start using your credit cards to try and cover them. Maybe you took out a personal loan instead. Whatever the reason, you now find yourself under a mountain of debt, and it seems like there’s no way out. Don’t lose hope, though; there are several options available to you that can help you get out of debt as soon as possible.

Balance Transfer Credit Cards

If you’re in debt, the thought of opening another credit card may seem like the last thing you want to think about or do. However, experts such as financial advisors Paramus NJ might suggest you do just that.

You see, a big part of what’s preventing you from paying down your debt is the interest rate on your existing credit cards. Typically, these cards have fairly high-interest rates. They can have interest rates between, for example, 17% to 24% or more. This interest accrues on a monthly basis and prevents you from paying down your principal or debt quickly.

Pay Zero Interest

However, there are credit cards that offer introductory interest rates of 0% when you first sign up. This introductory rate only applies to the start of your tenure with this new credit card but is typically offered for at least a year’s length after the card is opened. What does this information mean? It means if you open such a credit card and transfer your existing credit card debt to it, which may cost a comparably small transfer fee to do compared to your current interest payments, you could pay down your credit debt for a year with no interest!

Of course, this option is just one of the many ideas a professional advisor might suggest!…

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Categories: General Article

3 Uses of Social Security Numbers

A social security number is a nine-digit number assigned by the government in the United States. This number is used for certain activities and purchases in daily life. Here are three uses of social security numbers.

1. Taking Out a Federal Loan

When you apply for a federal loan such as a federal student loan to help fund college, you will be asked for you social security number. The reason for asking for your ssn trace is to make sure that you are eligible to receive the loan and are not in default on another federal loan. The number is also used to verify your citizenship status and ensure that you are registered with the Selective Service, if applicable.

2. Getting a Passport

The government needs to verify your citizenship status when applying for a United States passport. If you do not have a social security number and wish to apply for a passport, you must submit a certified statement saying that you have never been issued a social security number. Failing to provide either of those pieces of information can delay the application process or cause you to be denied the passport.

3. Filing Taxes

The state and federal taxes that you file each year require you to report your social security number in order to verify your identity and what you claim as your income. If you claim any children as dependents on the tax return, you will need to provide their social security numbers on the form as well. If you have recently had a child and do not have this number for them yet, you will need to amend your tax return later or file for an extension on filling out your tax return.

The next time you need to complete any of these actions, have your social security number available if you have one.…

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