Why is Patriot Funding Accused of Being a Debt Consolidation Scam?
Patriot Funding has been reviewed by Crixeo, the popular news and reviews site, for being part of a long-running debt consolidation and credit card relief scam. According to Crixeo:
“The story is the same. They lure you in by sending you direct mail with a “personalized invitation code” and a low 3%-4% interest rate to consolidate your high-interest credit card debt. You will be directed to Patriot Funding Review or My Patriot Funding More than likely you will not qualify for one of their credit card consolidation loans and they will try and flip you into a more expensive debt settlement product.”
Ed Miles, crixeo.com
If you are having trouble paying off your debts then you can take heart that you are not alone. Millions of others in the US are struggling to become debt-free. There are many who have bounced back from steep debt to become debt-free and financially independent. You can do the same and breathe easy knowing that you have discharged all of your debts. Paying back debt is not as hard as you might think.
Here are easy ways to become debt-free.
While tips like making a budget and curtailing expenditure really do work, you will have to start with the basics. The most important issue to address is your mindset since this is what brought you here in the first place.
You will have to introspect and see what went wrong. Did you use credit cards for everything from groceries to entertainment? Do you splash the cash on a whim? Do you make it a point to buy every single latest Apple gizmo and the latest electronic items? Do you buy at random without taking into account the best deals? There is much to ponder over and you should take your time to look within.
You should be brave and honest while assessing yourself. Outline all of your weaknesses and think about the best ways of remediating them. For example, if you buy expensive items on impulse, here is what you can do to take control. If anything takes your fancy, take it easy and take your time. No matter how tantalizing it seems, you should wait at least 2 weeks before finalizing your purchase. During this time you should do research and read customer reviews to find out as much as you can. Most importantly, you should think seriously whether or not you really need it. This can help to curb capricious spending habits.
2. Take Stock of Your Debt
Most people don’t even know the exact amount of their debt. A major reason for this is that they are too stressed to face the enormous debt that they really owe. This will not help matters. You have to look up all of your credit card accounts, their interest rates and all other forms of debt.
Note: Crixeo has also recently profiled debt consolidation companies such as:
Once you have noted down all of your debts, you should prioritize them. Debts with the highest interest rate should be right at the top. You should maximize the payment on the most expensive debt while making minimum payments on the rest. This can help you to control interest expense.
4. Make a Budget
Creating a monthly budget is easier than what most people think. It is vital for helping you to become debt-free. You can do it on a spreadsheet or a sheet of paper. Note down your expenses and your income. For expense items, you should list down two amounts: the actual expense you incurred and what you plan to incur (the budgeted expense amount).
The difference between the budgeted expense items and your income should equal the amount that you intend to pay for discharging your debts each month.
5. Better Than Last Time
Set yourself modest budget targets for your expenses. Make sure that you start easy. Think of realistic amounts that are within your reach. Once you keep within your budget successfully, you will be motivated to raise the bar and save even more money for debt payments. This is a key step to help you to become debt-free.
6. Pay Yourself First
Whenever you get your paycheck, you should take out a fixed amount. This amount normally goes towards savings, but in your case it will be used for debt payments so that you can become debt-free. Take out the money and bear in mind that you cannot spend it on anything else besides debt payment.
7. Expense Monitoring Apps
Apps are available to help you track your spending. The biggest problem with the budget is that most people have no idea where their money is going. If you don’t know how much money you are spending on various expense items in your budget, how will you know whether or not you are within budget? To resolve this key problem, you can install apps that monitor spending. As soon as you spend on anything, you just have to key in the amount spent in the app. These apps are very user-friendly and hassle-free. This is a simple solution for you to become debt-free fast.
8. Cut the Cable and Bring Down Other Expenses
Instead of paying a fortune on cable TV, why not go for cheaper streaming services? You might think that cable TV may not actually cost you a fortune each month and that is true – but only partially. The truth is that cable and other unnecessary subscriptions cost you a lot of money each year – a vast sum of money that could be used to pay debt. Thus, you must search for cheaper alternatives.
Stop eating out. Why not prepare healthier meals in your home and barbecues in your own backyard? Preparing delicious foods through your own culinary expertise is far more satisfying (and cheaper) than eating out. You will also become popular with friends, relatives and neighbors when you cook delicious food.
Say no to overseas vacations and expensive trips abroad. Why not explore nearby areas and see discover exciting new opportunities close to your vicinity? You may be surprised about the many wonders in your locale that were hidden from you and you will be glad that you found them.
And remember, when you do to pay off debt, your sense of elation and jubilation will be far better than what any vacation can evoke.
10. Use Debit Cards
Do not make daily purchases with credit cards. Do not take out loans. Use debit cards instead. You can enjoy the full convenience of electronic payments with debit cards. This next step can help you to become debt-free sooner.
11. Stop Using Credit Cards To Become Debt-free
If your debts are too high, then it goes without saying that you should stop using credit cards. Beware of cancelling them, since that could hurt your credit score.
12. Extra Income To Become Debt-free
Think of other ways for earning more money. Are you good at writing? Do you know coding? Think about skills that you have for earning money part time. Even driving can help you earn side cash through ride lift services.
Any extra income that you get should go towards debt payment so that you become debt-free faster.