For most us, there comes a point where we need to find a substantial amount of cash. Let’s face it, being financially frugal is not easy, and sometimes we can lose sight of our budget and overspend. At this point, we wish would have been more responsible with our cash, or that we could magically boost our bank balance. But, that is wishful thinking. Instead of sitting around and feeling sorry, it is time to take action. We might be in a spot of trouble, yet we can still do something to help ease the situation.
Here are my tips for when you need money, and you need it fast.
Refinance Your Home
The first step is to head to the bank and ask them if they will let you remortgage your home. The debt will be substantial, but the amount of money available is also huge. In fact, it is hard to find a quicker and more substantial source of cash than a remortgage. However, if you are struggling to stay up to date with the repayments as they already are, the bank will refuse. In that case, there are always the Harp 2.0 loans at CalMtg.com. Harp is a federal home refinancing project that is designed to provide assistance for homeowners in need. Just head to the website and see if you qualify.
Sell Off Your Assets
Selling off assets is always a touchy subject, but I can never figure out why. To me, there are certain assets that we can all do without – we have just become used to them, so they seem integral. The reality is they are not yet they cost a fortune, which is why I would recommend selling them as soon as possible. Take the car as an example. Cars can bring in thousands of dollars, and you can always use public transport to travel. Yes it is more hassle, but we are not in the position to be picky.
Ask Your Friends Or Your Family
Almost everyone I know hates the idea of borrowing money from their friends or their family, and I totally agree. I would hate to put my relationship with my loved ones in jeopardy because of money. But sometimes the situation demands us making decisions that we don’t like. Realistically, they will only lend us money if they can afford to, so we won’t be putting them in a tight spot financially. And, we don’t have to worry about repayments and the crippling interest rates. The more I think about it, the more it makes sense.
Get A Credit Card
How bad is your credit history? As long as it isn’t appalling, you will be eligible for a credit card. Now, credit cards are dangerous when they are not used correctly. You, however, are not going to use them incorrectly. You are going to find the cards with the incentives that best suit you and then transfer the balance. It is a vicious cycle, but it is a steady stream of money.
The key is not to panic. Take a deep breath and study your options. If you don’t, you will find yourself in more trouble.