Archive for the ‘How To Manage Debt’ Category
Wednesday, February 11th, 2009
If you’re unable to pay lenders on time, be up front with them. Tell your creditors what the problem is and the month to get rid of the debts. Each creditor probably has re-payment guidelines for customers in distress. So if you lose your job, for example, you might be ...
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Monday, February 9th, 2009
If you apply for a loan or a credit card and get turned down, demand a copy of your credit report from the three big credit bureau: Equifax, Trans Union, and Experian. Carefully review your reports for mistakes. According to one recent survey, about 30% of would-be borrowers said they ...
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Saturday, February 7th, 2009
5.Shop around for the best borrowing deal. The most recent issue of Money or perhaps your local newspaper are good places to start. You can find lists of the best credit cards, as well as the best deals on mortgages, home-equity loans, and car loans in your area.
Be sure ...
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Saturday, February 7th, 2009
Now that you’re familiar with the borrowing basics, you’re ready to follow these seven strategies:
1.Borrow for long-term goals, not short-term pleasures. Try to take out loans only for purchases that will pay long-term returns, like a house, a home remodeling, a college education, or a car, and not for a ...
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Thursday, February 5th, 2009
If you’re in a bind and need to borrow cash fast, check out the following:
Retirement plans at work. The tax law prohibits withdrawals from 401(k) –type plans except in narrowly defined emergencies. However, most employers will let you borrow from your 401(k), 403(b), profit-sharing, or thrift plan. The interest is ...
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Tuesday, February 3rd, 2009
A personal loan from a bank, S&L, or credit union is about the most expensive way you can borrow, short of a cash advance on a credit card or going to a loan shark. Typically, such unsured personal debt –so named because the loans are not backed by an asset ...
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Sunday, February 1st, 2009
These days it’s fairly easy to find a lender willing to waive part or all of a home-equity’s up-front points and fees, saving you $200 to $1,500 in closing costs. But beware: some lenders are pushing home-equity loans hard, with deceptive come-ons or exorbitant costs. Don’t sign up unless you ...
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Saturday, January 31st, 2009
Home-equity loans (or second mortgages) and home-equity lines of credit let you borrow against the value of the equity you’ve accrued. They’re hot –with rates that easily consign such rival sources of cash as credit cards to their rightful place in credit inferno. Factor in the deductibility of home-equity interest ...
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Thursday, January 29th, 2009
If you already have a mortgage, you might want to refinance it –swap the loan for a different one –to get a lower interest rate, snag a lower monthly payment, unload the loan faster or pull some money out. Refinancing also is sometimes a smart idea for homeowners who want ...
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Tuesday, January 27th, 2009
In addition to points, borrowers may be asked to come up with numerous other costs at the closing, not to mention the price of hiring a mover. For a list and description of these assorted expenses, see the following table:
Always attempt to negotiate a lender’s fees. This is easiest to ...
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