What's in your wallet?

By Dave Thomas

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As the 2014 calendar draws to a close, many businesses and consumers are already turning an eye towards 2015, wondering what the next 12 months holds for their incomes.

Related: Take Control: Financial Planning 101

From the business side of things, the last few years have proved challenging to say the least.

Many companies (especially small business owners) have had to close their businesses, finding that staying open was costing more money over the long haul.

With oil prices dropping recent weeks, the hope is that less money spent at the pump means consumers will spend more shopping, especially going into the New Year.

Related: A Guide to Establishing and Maintaining Good Business Credit

Meanwhile, many consumers from coast to coast are hoping that increased health insurance costs and other products and services demanding an uptick in prices will not derail them in 2015. For some, they’ve been left with no choice but to seek out financial assistance.

Where Will the Money Come From?

Whether it is the need for a personal loan, signature loan, title loan or other form of financial assistance, many consumers have had to reach out for help this year and in recent years.

With that in mind companies such as TitleBucks.com have opened the doors for those consumers in need of money.

While many American consumers have been and will continue to reach out for loan assistance, some fear that it will lead them to increased debt over time.

If taking out a loan, it is important for consumers to pay it back as soon as possible, thereby lessening the chances of accruing a sizable amount of interest charges.

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It is not uncommon for consumers to take out loans on myriad of things, including a new car, new home, new small business opportunity, medical expenses or even paying down credit card debt.

Yes, some consumers will run up credit card debt, and then take out a personal loan to pay off that card. What they need to remember is that they should have a means with which to pay off that personal loan as soon as possible, otherwise they are in essence just transferring debt from one site to another.

As 2015 draws closer, both business owners and consumers should keep an eye on a variety of things, including consumer spending numbers and habits, stocks, and their own bank accounts.

Related: 5 Common Myths that may be Affecting Your Business Credit Score

While it is hard with certainty to predict what will happen for both businesses and consumers in 2015, it is safe to say that some businesses and consumers will continue to find it a struggle to get by financially.

As a business owner and/or consumer, what do you expect to see happen financially in 2015?

About the Author: Dave Thomas writes for a variety of websites on topics such as small business and marketing.



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