Financial Clean-Up
Financial clean-up is something that needs to be done proactively. We are with you to clear your finances and become a professional in money management.
Yes. You need a special planner to organize your finances. Financial planning certainly can't beat space with grocery lists and birthday reminders in your daily planner. Your hard earned money deserves special attention. Use this planner specifically to write down the details of your finances. Premium payments, outgoing invoices, EMI dates, FD records and more can be tracked by taking notes. Organize well and establish a process for keeping track of dates and documents. Clear your mind by jotting down everything on the planner.
List all debts and then calculate the interest you currently pay for each. Also, consider how long you might need to continue doing this. This could be an eye-opening event! You will find that too little debt becomes too expensive. Determine if you can clear any of these in the near future and come up with an action plan. Reorganizing your debt can change the rules of the game! Pay off these debts and get rid of the money black hole called interest payment..
The clearance requirement is a condition that is usually written into contracts of annually renewable lines of credit or revolving lines of credit. Secure credit cards or lines usually do not require cleaning. A clearing requirement clause may require the borrower to pay the outstanding balance on the line of credit and then stop using the line of credit for a specified period of time. Clearance requirements are often enforced as a way to prevent borrowers from using their lines of credit as ongoing permanent financing.
The purpose of a clearing requirement clause is typically to ensure that businesses do not rely too heavily on a line of credit they have established and that revenue from sales is their primary source of income. Without such restrictions, it is plausible for a business to pay regular, recurring operating costs such as payroll, rent or utilities through a line of credit rather than earned earnings. Relying on a line of credit in this way may indicate that the company is not generating enough revenue to sustain itself or pay off debt. This can lead to a business taking more and more lines of credit to pay its bills until it maximizes all available credit options. The terms of the clearing clause may require the borrower to clear the balance on the line of credit and keep it at zero for 90 consecutive days (over a 12-month period).