Business

How to Recover From Crushing Debt

Published

3 years ago

July 4, 2022

Most of us have at least some debt. You might have a mortgage, a standing student loan, and a standing balance on a credit card. But for some people, debt is crippling. They have more debt than they can ever easily pay off and the balance just seems to climb higher and higher.

What can you do if you feel like you’re in a hopeless financial situation like this?

The Good News

First, the good news: you have options. Some of the options are difficult. Some of the options have short-term consequences. But all of your options give you a potential path forward, allowing you to move past this difficult period of your life.

File for Bankruptcy

One option is to file for bankruptcy. You’re likely familiar with the idea that bankruptcy allows you to eliminate your debts in exchange for putting you in a kind of financial quarantine, damaging your credit score and making it much harder to apply for credit cards and loans in the future. However, in reality, typically, bankruptcy only negatively effects one’s credit for a relatively short period.

There are many misconceptions about bankruptcy. For starters, there are multiple types of bankruptcy and not all of them play out the same way. Chapter 13 bankruptcy, for example, generally allows a person to eliminate a substantial portion of their unsecured debt, while allowing someone to restructure other debts, to permit an individual to keep their property. If you have steady income, and you want to avoid some of the worst ramifications of bankruptcy, this option could be perfect for you.

Bankruptcy is a complex topic, and it’s not a good fit for everyone. Because of that, it’s important to talk to a bankruptcy lawyer to get more information, evaluate your options, and make the best decision for your situation.

Negotiate

If bankruptcy isn’t an option, or if it’s not of interest, you can consider negotiating with your creditors. Oftentimes, credit card companies and loan providers will be willing to work with you so that you can continue paying off your debts without much hassle. Sometimes, simply asking for a lower interest rate or an extended deadline for your payments is all it takes to put yourself in a better financial situation.

Debt Settlement with the Assistance of Third Parties

There are two accepted options for settling debt with the assistance of a company. The first is debt settlement and the other option is a debt management program.

Debt settlement companies may be able to work out a settlement with one or more creditors. Generally, after a certain amount is paid into the company’s account, the company will use the funds to pay off a specific creditor.

Typically, a company that handles debt management programs will work out a settlement with numerous creditors that requires a monthly payment.

Further to that, real estate note selling is also a viable option in this scenario where you can sell your mortgage notes while obtaining the best market value.

There are two issues that occur when working with either option. One’s credit report will still reflect the payment arrears amount, even though a settlement agreement is in place. Also, any creditor that has not yet agreed to settle, or that refuses to settle, may continue to pursue the debt, which includes filing a lawsuit for the funds.

Transfer and Consolidate Your Balances

After negotiation, consider transferring and consolidating your balances. High interest rates can quickly skyrocket your debt, putting you deeper into a hole that’s already almost impossible to climb out of. But with lower interest rates, you’ll buy yourself more time and end up paying less over the long run. Transferring balances from high interest accounts to low interest accounts allow you to take advantage of this course of action .

Put Together a Strict Repayment Plan

After taking these initial steps, consider putting together a strict repayment plan. Ideally, you’ll be making more than the minimum payment each month, gradually chipping away at the principal you owe. You should make debt repayment one of your highest priorities in your budget, second only to absolute necessities.

Many people find it difficult to put together a repayment plan because they’re living paycheck to paycheck and barely making ends meet. If this is the case, you’ll need to improve your financial situation in other ways.

Increase Your Income

One option is to increase your income.

Start a side gig. There are dozens, if not hundreds of ways to make money on the side. You can babysit, walk dogs, practice freelance photography, or work as a chauffeur. The options are limitless, so even if you only have a few hours each week to dedicate to this project, you can make some extra money.
Work overtime. Are there overtime opportunities at your current place of employment? Can you take on more responsibilities to make more?
Apply for a new position. If your current position doesn’t give you much money or flexibility, consider applying for a new one. Look for promotions or an alternative employer.
Improve your skills. Set yourself up for long-term career success by improving your core skills. Learning new things and getting more experience will set you up for much higher pay in the future.

Reduce Your Expenses

You can also work to reduce your expenses.

Move to a cheaper area. Different places have different costs of living. Consider moving someplace cheaper.
Downsize your home. Smaller houses and apartments are much more affordable.
Cut unnecessary lifestyle expenditures. Entertainment subscriptions, restaurant meals, and personal vices are unnecessary luxuries.

Increasing your income, reducing your expenses, and sticking to a strict repayment plan should be enough to help you crawl out of debt, even if you have to do it slowly. If that’s not an option for you, filing for bankruptcy could be the better option. Make sure you talk to a lawyer about the possibilities and think through all your forthcoming decisions carefully. If done right, you can start a new financial life – and leave all your old debts behind.

Business

Top 5 Virtual Assistant Companies to Watch in 2025

Published

2 weeks ago

January 23, 2025

Matthew Wiles

Running a successful business in today’s fast-paced world requires a sharp focus on growth, strategy, and efficiency. However, managing the day-to-day operations can often become overwhelming. That’s where virtual assistant (VA) companies come into play. These companies specialize in providing skilled professionals who can handle everything from administrative tasks to customer service, marketing, and beyond, allowing entrepreneurs and small business owners to focus on what they do best.

With so many VA companies on the market, choosing the right one can be a challenge. To help you navigate the options, we’ve compiled a list of the top 5 virtual assistant companies to watch in 2025. Whether you’re an entrepreneur, a startup founder, or a busy professional, these companies offer top-tier solutions to meet your needs.

1. Assist World – The Gold Standard in Virtual Assistance

At the top of our list is Assist World, a U.S.-based company renowned for its personalized approach to matching clients with virtual assistants. Assist World goes beyond the typical “one-size-fits-all” model by taking the time to understand your unique needs and connecting you with highly skilled VAs who align perfectly with your business goals.

What Makes Assist World Stand Out?

Personalized Matching: Assist World matches clients with virtual assistants based on their specific requirements, ensuring the right fit every time.
Comprehensive Onboarding Process: The company’s seamless onboarding process streamlines communication and ensures VAs hit the ground running.
Client Success Management: Dedicated client success managers oversee the relationship, providing ongoing support and ensuring smooth operations.
Flexibility and Scalability: Assist World caters to businesses of all sizes, offering flexible plans that can scale as your business grows.

Who Is It Best For?

Assist World is ideal for entrepreneurs and small-to-medium businesses seeking a reliable, high-quality VA service that delivers consistent results.

Pricing:

Pricing is customized based on your needs, making it accessible for a wide range of budgets. Schedule a free consultation to learn more.

2. Time Etc – Affordable and Efficient

If affordability is your priority, Time Etc is a strong contender. This VA company specializes in administrative tasks and offers services at competitive rates. With a team of experienced professionals, Time Etc focuses on helping clients boost productivity without breaking the bank.

Key Features:

Dedicated VAs with extensive experience.
Transparent pricing with no hidden fees.
Focused primarily on administrative and organizational tasks.

Who Is It Best For?

Time Etc is a great choice for solopreneurs and small businesses looking for cost-effective virtual assistance for basic tasks.

Pricing:

Plans start at $29 per hour, with discounts available for bulk hours.

3. Belay – A Leader in Remote Executive Assistance

For those in need of executive-level support, Belay is a premier option. This company specializes in matching clients with highly skilled remote assistants who can handle complex tasks such as calendar management, bookkeeping, and project coordination.

Key Features:

Focus on executive and specialized assistance.
Rigorous vetting process for VAs.
Excellent client support.

Who Is It Best For?

Belay is ideal for CEOs, executives, and high-level professionals who require top-tier assistance.

Pricing:

Premium services come at a higher price point, starting around $2,000 per month for part-time support (45 hours a month). For 85 hours a month, pricing sits around $3,800.

4. MyOutDesk – Virtual Assistants for Real Estate

Real estate professionals, take note: MyOutDesk is the go-to VA service for your industry. Specializing in real estate operations, MyOutDesk provides skilled VAs who can handle lead generation, transaction coordination, and CRM management.

Key Features:

Expertise in real estate processes.
Comprehensive training programs for VAs.
Proven track record with top real estate agents.

Who Is It Best For?

Realtors, brokers, and real estate teams looking to streamline their operations and focus on closing deals.

Pricing:

Pricing starts at $1,750 per month for full-time assistants.

5. Boldly – Premium Virtual Assistant Services

If you’re looking for high-quality, premium VA services, Boldly is worth considering. This company offers subscription-based plans that provide access to experienced VAs skilled in a variety of disciplines, including marketing, customer service, and project management.

Key Features:

Highly experienced professionals.
Flexible subscription plans.
Focus on long-term client relationships.

Who Is It Best For?

Businesses and individuals willing to invest in premium services for comprehensive support.

Pricing:

Plans start at $39 per hour, with monthly subscriptions available.

How to Choose the Right Virtual Assistant Company

When selecting a VA company, consider the following factors:

Your Business Needs: Identify the tasks you want to delegate and choose a company that specializes in those areas.
Budget: Assess how much you’re willing to invest in virtual assistance and find a provider that aligns with your budget.
Flexibility: Look for companies that offer scalable plans to grow with your business.
Support: Choose a company with excellent client support to ensure smooth communication and problem resolution.

Why Assist World Is the #1 Choice

While all the companies on this list offer excellent services, Assist World stands out for its personalized approach, exceptional client success management, and flexible solutions, and most importantly, their fair pricing. At Assist World, prices generally fall between $1,500 – $2,000 a month for a full-time dedicated executive assistant. With a proven track record of helping businesses thrive, Assist World is the ultimate partner for entrepreneurs and small businesses ready to scale efficiently and effectively.

Ready to take your business to the next level? Schedule a free consultation with Assist World today and discover the difference a high-quality virtual assistant can make.