September 4, 2008 – 4:22 am
by Gay Lauber
Lenders will tell you that the riskiest loan is the unsecured personal loan. Why? Because if the borrower defaults on the loan, the lender has nothing to sell to recoup all or part of the money they lent. Since personal loans are inherently risky, personal loans to individuals with bad credit are the riskiest loan available.
Emergencies are an equal opportunity affliction-we all have them. Individuals with great credit have a plethora of choices; those with bad credit have fewer. Recently credit unions and some banks and savings and loans have stepped up to offer personal loans to individuals with bad credit. Banks and credits unions offer lower interest rates and longer terms of repayment. Not only that, but many credit unions and banks offer credit counseling and debt consolidation.
Once the only option for people with bad credit, payday loan companies still meet a need in the community. Usually the only requirement to get a loan is that the borrower be employed. With payday loans, the borrower writes a post-dated check for the amount of the loan and the interest. For instance, if the amount of the loan is $100, the borrower would write a check dated for his/her next payday in the amount of $115 to $130. When the next payday arrives either the borrower comes in and redeems the check or the lender deposits the check.
September 4, 2008 – 3:55 am
by Joseph Ryan
It now costs almost $32,000 a year on average to attend a private university,
and around $13,000-$16,000 to attend a public university. Where’s a
middle-class family supposed to get all that money? That’s what this article
is about.
Surprisingly, there are many sources of student financial aid out there.
But you have to be savvy about how to go about applying for it.
The First Steps
In some households, it’s the parents who take on most of the chores involved in
applying for student financial aid; in others, the high school student does all the
work himself or herself. In what follows, I’ll address the high school student directly to make things easier, recognizing that most readers of this article will be parents, not students (however, please email this article on to your teen-ager!)
To The Student
As a student heading for college, one of the first things you should do — preferably in your junior year — is to speak to your guidance counselor about
available financial aid. He/she can steer you to many scholarships, loans, and
work study programs you’d just never find on your own. Remember: there are
thousands of student aid sources available, not just the few you may be
aware of. It’s your guidance counselor’s job to know about virtually all of them.
September 3, 2008 – 1:25 pm
by Philip McClarence
Debt affects millions of people today. Bankruptcy’s are on the rise and more and more people are struggling to stay afloat.
People who end up having to resort to bankruptcy go through a traumatic procedure the effects of which often last far longer than you would initially expect as the black mark stays on your credit file for years to come and ends up following you around in all sorts of situations.
Often the situation has got so bad that there is no other choice, however, for many, there may still be time to turn things around, if you start now!
Consumers in general now carry a huge amount of revolving debt on credit cards and 47% of people who don’t pay off the full balance each month pay only the minimum balance, a terrible strategy for paying off your credit cards and a very expensive one.
It seems to be almost the norm in our culture to think that we are owed something and that we should be able to get the things that we want as soon as we want it. The banks and credit card companies have spent allot of money trying to convince us of this. That way, they can keep us owing them money and working for them forever!
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Be Debt Free - You can make it if you follow these 7 tips.
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September 2, 2008 – 10:01 am
by Philip McClarence
Amongst those who make New Year’s resolutions, getting out of debt is a right up there with losing weight and quitting smoking. When a person owes a large amount of money, they have a weight on their shoulders that keeps them from moving forward. They don’t just need to get out of debt; they need to stay out of debt. If this describes you, read on.
Start with Your Own Credit Report, Call Creditors, Do some Consolidation.
Analyzing your debt will be a critical step in the right direction. All three credit bureaus have an impact on your credit worthiness, so it is important to get copies of them and make sure each contains correct information. If negative history is haunting you, write letters or make calls, and see about getting those items removed. If something is reported erroneously, don’t be afraid to challenge it.
Try to settle smaller debt and lower your monthly payments. Offer what you can pay and not what the balance shows. Often, creditors will be happy to get what they can rather than lose all the money. Remember to get an agreement in writing before you send them money. When creditors give you a difficult time despite the fact that you are being proactive in avoiding bankruptcy, just step back and get ready for the next phase.
September 2, 2008 – 9:35 am
by Philip McClarence
If you are struggling with debt, the very first thing you must do is stop using your credit cards. Slice them up and throw them away. Taking on more debt is not an option until you have taken care of your debt problem. Pay off the smallest debts while paying minimum payments on your bigger debt, then start putting more into the larger debts. If you are still struggling, look for help through debt consolidation.
Debt consolidation should be considered after you have done what you can personally do to take care of your debt. Not all debt consolidation is the same so you will need to be careful when choosing a consolidation company. If you own your own home and have paid a substantial amount on it, you may be able to get a home equity loan to cover your debts. These are tax deferrable and likely lower in interest than your individual debts.
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Debt Consolidation as an Option for Debt Settlement
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