The Finance Blogger


Monthly Budget Ideas for Debt Management

September 21st, 2016 ernie Posted in Budget | No Comments »

Monthly Budget Ideas for Debt ManagementWhen you are dealing with a lot of debt it is really difficult to think about monthly budget ideas for debt management. But this is really the best time to get your cash flow under control. If you are dealing with debt and trying to figure out how to manage the debt you have a monthly budget is a good place to start. How do you get control of your debt? How do you manage your budget? The best way is to begin by listing all of your income and then all of your regular expenses. Your expenses should include your monthly payments for rent, utilities and of course your monthly debt payments.

Monthly Budget Ideas for Debt Management

Once you have a handle on your cash flow and know what your budget is each month, it is time to make some decisions. What areas can you curtail to help deal with your debt? Can you refinance your debt with lower interest rates and lower monthly payments?

The important thing is to analyze every aspect of your cash flow to determine what sacrifices you can make to get your cash under control. If this does not work and you are still unable to meet your debt payments, drastic action needs to be taken.

Can you sell something? Can you refinance your debt? Can you get another job to increase your cash flow on a temporary basis? Worst case is to apply for some level of bankruptcy? This will have a big impact on your credit rating.

You may also want to sit down with a financial advisor to help find ways to deal with your financial situation.

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Nearing retirement how much life insurance do you need?

September 14th, 2016 ernie Posted in Life Insurance | No Comments »

Nearing retirement how much life insurance do you need?If you are nearing retirement how much life insurance do you need? This is one of the big questions that many retiree’s ask themselves. There are good reasons for having life insurance. However if you do not fit into these, you may not need life insurance. We have been wondering about this question for some time. There is no single answer for everyone. Instead it depends on your personal situation, your risk tolerance etc. Some people just do not care. Others cannot afford to pay for life insurance. Many have not really thought about the question and have no life insurance.

This post attempts to list some of the reasons a consumer should consider life insurance coverage. It also assumes that the average consumer can afford the monthly payments and feels that they want to take responsibility for their family, debts that they may have and of course providing for their loved ones.

Nearing retirement how much life insurance do you need?

Fundamentally, life insurance is purchased to provide cash after you have passed away. The reasons vary, but it really comes down to this one issue. If you have a lot of debt and want to have this debt disposed of when your gone, life insurance can solve this problem. Car loans, mortgages, personal loans and credit card debt can all be paid off by life insurance. Add up your total debt and arrange for enough life insurance to cover this amount. Your family will not have to sell your assets to pay for your debt that remains after you are gone.

Another reason many people have life insurance is to provide income for their dependents after they are gone. You might need to have a great deal of insurance coverage if you want to replace your income with income from investments. For example a one million life insurance plan will generate $50k at 5% if it is fully invested. Depending on your age you could also draw down on the principle.

Combine your debt repayment needs and your income generation needs to determine the total amount of insurance that you require. Every year re-evaluate your needs, especially nearing retirement how much life insurance do you need?

 

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Reluctant to Spend Retirement Savings

September 7th, 2016 ernie Posted in Retirement | No Comments »

reluctant to spend retirement savingsYou have saved for retirement for the past 30 years and now it is time to spend it. Most people are reluctant to spend retirement savings, even if they have a pension. Part of this phenomenon is habit and part of it is worry about the future. Most people worry about this issue and do not spend the money. They put off travel, trips to family and even avoid doing some of their favorite hobbies. You could end up with a nest egg to pass along to your family. But would you not rather enjoy yourself and spend some of the money? There is an approach to dealing with this issue which will help to meet your concerns and also allow you to enjoy life.

Reluctant to Spend Retirement Savings – Plan

The first step is to develop a budget that takes into account all of your current retired income and expenses. These are your day to day expenses that you need to live on. Next plan for larger expenses. For example repairs to the house, replace the car and emergency health issues.

Once you have this plan, you will have some idea of how much money you will need to maintain your lifestyle. It will also tell you how much of your savings you will need to draw down each year.

Now that these numbers are known, further plans can be developed. You will be able to determine if you need to keep working to fulfill your dreams for example. Trips can be planned. Projects you have put off can also be considered.

While this planning activity may not be your favorite thing to do, it will answer a great number of questions. Most importantly knowing these answers will allow you to sleep better at night.

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My Monthly debt Load is out of Control

August 28th, 2016 ernie Posted in Cash Flow | No Comments »

My Monthly debt Load is out of ControlWe have a lot of monthly payments to make and as a result my monthly debt load is out of control. My wife and I would like some suggestions regarding what we can do about controlling our monthly payments so that we have some money left over at the end of the month. We have the usual utility payments, cell phones, cable, heating and water. We own a house so we pay a mortgage and taxes. We have two car loans and then there are the credit cards. We have not been able to pay the balance in full on several cards and as a result we are paying a lot of interest on the unpaid balance. We have no money left at the end of the month for social activities, our savings etc. Please help.

My Monthly debt Load is out of Control – Tips

Without knowing what the actual numbers are e.g. income, all values of what the monthly payments are and how much is owed, we can only provide general suggestions. Readers can determine if any or all of these ideas apply to them and whether these solutions would contribute to getting a better handle on the monthly costs. Here is our list in no particular order:

  • Consolidate your credit card debt into either a low interest personal loan or on to a refinanced mortgage
  • Pay off the credit card debt as quickly as possible
  • Examine each utility payment to determine if reductions can be negotiated or fewer services subscribed to e.g. reduce water consumption, reduce services on CATV or mobile phone services
  • Cut back on meals out
  • Take your lunch to work
  • Plan your trips to reduce cost of gasoline
  • Reduce to one vehicle
  • Perform your own maintenance e.g. lawn care, snow clearing, window washing etc
  • Cancel a trip and focus on paying off debt
  • Cut back on trinkets
  • Track all expenses and review them each week
  • Classify all expenses as necessary or items that you want but do not need

Focus on the big ticket items first to maximize your results. After that you can decide if the smaller items are worthwhile to be considered. Once you have paid off some of your debt and freed up cash flow, this money can be used to reduce other debt items more quickly!

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Tips For Consumers Applying For An Unsecured Personal Loan

August 21st, 2016 ernie Posted in Personal Loan | No Comments »

Tips For Consumers Applying For An Unsecured Personal LoanA personal loan can either be secured or unsecured. Before we talk about tips for consumers applying for an unsecured personal loan, we will define the two different types of personal loans. A secured personal loan is one that the consumer offers a security usually equity in a home for the loan. The lender has the right to sell the home if the consumer does not repay the loan or misses payments on the loan. An unsecured personal loan is one where the consumer does not offer any security other than their own promise to repay the loan based on their credit rating, income etc.

Tips For Consumers Applying For An Unsecured Personal Loan

If you are applying for either type of personal loan, the following tips may help you in your quest to be approved.

  • Have a pay stub available which shows your income and deductions
  • List all of your major assets
  • List all of your debt including car loan, credit card debt and mortgage
  • List all of your payments for the above as well as utility, rent and / or mortgage payments
  • Know what your credit rating is and why it is at the level it is at
  • Be prepared to defend your credit rating if it is not as high as it should be
  • Be able to explain what the personal loan is for e.g. consolidate credit cards, renovation of a home, trip etc.
  • If your debt payments divided by your monthly income is more than 35% many lenders will shy away from approving a personal loan. Be ready to explain how you will deal with this
  • If your spouse is co-signing for the personal loan, have all of her or his information available as well

This tips for consumers applying for an unsecured personal loan will help you prepare for and be approved for a loan. Even if you have a bad credit rating, having all of this information ready shows the lender that you are serious and ready to make a commitment to repay the loan.

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Approval For a Loan If You Don’t Have Assets For Collateral

August 14th, 2016 ernie Posted in Home Improvement Loan | No Comments »

Approval For a Loan If You Don't Have Assets For CollateralApproval for a loan without assets can be a little more challenging, however it is not impossible. Many people everyday find approval for a loan if you don’t have assets for collateral by taking out a personal loan based on their proven income level, their other debts and of course their credit rating. Assuming a good credit rating and little or limited assets, they will be approved for a loan with an interest rate that is slightly higher than a loan where there are assets for collateral such as a home etc.

Approval For a Loan If You Don’t Have Assets For Collateral

If your credit rating is medium to bad, it will be much more difficult to find someone to lend money to you at an interest rate that is competitive. For people with bad credit ratings, the payday loan people step in and charge very high fees and interest rates. Not a good idea to go in that direction.

The best most competitive loans are always available to consumers with assets to use to pledge against the loan. Note that if you fail to repay the loan, miss payments etc, you run the risk of the collateral being seized and sold to cover the remaining debt and any legal costs associated with the process.

Never miss a payment to protect both your collateral and of course your credit rating. You have worked hard to achieve both and a missed payment can easily and quickly jeopardize both. Collateral can be a home that is worth more than the existing mortgage on it. It can be a cottage or even a car although both are considered more difficult to use as collateral compared to a home.

Personal loans that are unsecured are typically the product that most banks and lenders offer to customers that do not have any collateral to provide.

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Transition from a Career to Retirement

August 7th, 2016 ernie Posted in Retirement | No Comments »

Transition from a Career to RetirementA recent conversation about transition from a career to retirement with my doctor revealed that although he was thinking about retirement he really had no plan. He is 54 and is only plan is that he wants to work until he is 65. Obviously money is not the issue for him, but what he will do in retirement is an issue and he is only now beginning to think about it. Some would say that he has lots of time, over 11 years to get ready. An yes this is true but depending on what he wants to do in retirement, he may need to start the planning now and begin the transition very soon. He mentioned that he would like to do more research and possibly lecture. He is doing neither of these at the present time. His health is good, although these days one never knows what is around the corner. My main message to him in our short conversation was that he needed to develop a transition from career to retirement that works for him and helps him achieve his goals.

Transition from a Career to Retirement

Everyone is different of course and has a variety of interests. Whatever you would like to do in retirement should be carefully thought about and then a plan developed to help you get there.

In the doctors case he would like to do research and lecture. This is his goal for the time he retires. Note that this is in addition to travel, spend time with the family etc. Now that he knows what his goal is, the next step is to map out a step by step plan that takes him in the direction he wants to go.

Perhaps attending school and training, getting involved with a research group,  finding sponsors for the type of research that he wants to do. Once he has done some of this research there is no doubt he will be asked to guest lecture from time to time. There are a lot more details to be worked out but hopefully you get the message, start now and plan.

Establish a goal for when you want to retire in terms of what you would like to do and then set up a plan to achieve this goal. If it is a worthy goal, you will have to be prepared to work hard to achieve it.

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Seven Habits of Highly Successful Retirement Investors

July 28th, 2016 ernie Posted in Financial Advice | No Comments »

Seven Habits of Highly Successful Retirement Investors

This list could apply to any stage in life, but this post is focused on seven habits of highly successful retirement investors. We put together this list based on our own experience and from reading about what it takes to be a successful investor. It worked well for us and we know it will work for you as well. Is it difficult to understand, no. Is it difficult to apply all of the time, yes. As long as you do not make big mistakes and you apply these rules the majority of the time you will probably do alright from a financial perspective.

Seven Habits of Highly Successful Retirement Investors

Avoid Emotional Spending – always take a day or two to think about your spending. Many people purchase on a whim and regret their purchase later. By waiting a day you give yourself time to consider the purchase from all perspectives including whether you can afford it.

Don’t Lend Money – to friends and family unless you can afford to lose it. Most people want to help family members out, but it often ends badly.

Don’t always pick up the Check – it is nice to be the generous guy in the group, however it is expensive and people tend to take advantage of you after a while.

Avoid Comparing to Other People – focus on your own situation and life. It is impossible to compare with other people since they lead profoundly different lives.

Don’t spend all of Your Income – save for retirement, for emergencies and for those special things that you want from time to time. Living within your means with these saving ideas in mind means you can whether the emergencies that always occur in our lives.

Don’t rely On Credit Cards for Cash – cash from credit cards is almost as expensive as payday loans. Interest rates at 20% or higher make this as one of the most expensive ways to borrow money. If you must borrow, get a low interest loan instead of using credit cards.

Always track your Expenditures and Income – if you track it you will know where your money is going.

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Highly Effective Investing

July 21st, 2016 ernie Posted in Investing | No Comments »

Highly Effective InvestingHighly effective investing characteristics are not usually the strengths portrayed by our politicians and yet many of us rely on our governments to provide us with a security blanket if we get laid off, get sick or get ourselves in trouble financially. Personally I would rather depend on myself to embrace the techniques of highly effective investing to make sure that my investments do well and  provide the quality of life I am most interested in for my retirement lifestyle. The following is our list of techniques to consider.

Highly Effective Investing

Develop your strategy and document – this strategy. Review it with your investment advisor, spouse and close family members.

Check your direction regularly – and make adjustments as needed based on equity changes, life events, emergencies and income requirements.

Diversify – never put all of your eggs in one basket. You will be disappointed and could even lose everything if you make the wrong decision. Diversify across companies, industries and investment vehicles such as equities, bonds and mutual funds.

Maintain balance – across industries. Investing everything in one area creates too much risk, especially if there is a downturn and you need the money.

Invest for long term – in high quality equities that pay good dividends, increase their dividends at least annually and have a history of growth.

Avoid buyers remorse – Sometimes you will make a bad decision or events beyond your control will mean that a single investment does not work out as you expected. Make whatever decisions you need to and move on. Focus on the future and what you can do ot recover.

Keep your cool even if the market does not – the market will swing, sometimes as much as 10% or more. As long as your in good quality investments as we mentioned above, the market will recover and besides you will continue to collect interest and dividends.

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Financial Regrets of older Consumers

July 14th, 2016 ernie Posted in Financial Advice | No Comments »

Financial Regrets of older ConsumersThe number one financial regrets of older consumers is not traveling enough while they were younger or while retired. Tied to this regret is not saving enough for retirement and for emergencies that we all must face from time to time. It is hard to know which would one of these is more important. Clearly if you did not save enough for retirement to do the things you would like to do, traveling is out of the question. So many people have all of these great plans for retirement that include travel to many exotic locations, but then they find out that they just cannot afford. This is when they truly experience regret.

Financial Regrets of older Consumers

Start saving early to provide the financial freedom and flexibility to do just about anything you want to. Someone who starts early to save for retirement and puts together a sizable nest egg has a lot of flexibility in what they can do while retired as well as retiring earlier than many other people.

Financial freedom allows consumers to pursue interests in retirement including travel. Some one who saves a million dollars by the time they are 50, can retire early, continue working, purchase various toys that they enjoy or even continue working. Once they are retired, they should be able to balance their life style to the amount of income and savings they have.

Plan your retirement, the type of retirement you want to have and learn just how much money you will need for that lifestyle. Set your objectives and start early. Adjust your interest change and you get older. All the time you are aiming for a retirement that is absent of regrets and provides you with the flexibility to do just about anything you would like to consider.

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How to Fill Your Days in Retirement

July 7th, 2016 ernie Posted in Retirement | No Comments »

How to Fill Your Days in RetirementMany people wonder what they will do in retirement and how to fill your days in retirement. This is a pretty common question for many people, while a few have no problems what so ever. For those of you who are looking for ideas, and have the time to prepare for retirement, the following list will help you. If you are already retired, some of the items on this list will still be interesting and helpful. The bottom line is that you have to work at it just like anything else in life unless you are luck enough to have already found your passion.

How to Fill Your Days in Retirement

Need a plan – a plan really helps. The plan should include where you are going to live, your finances, your interests both social and hobbies as well as even volunteering or part time work, travel and family. Make sure you ask for ideas from your spouse and include them in the planning process. Be prepared to make changes as circumstances change and also interest levels also change. Write it down!

More important than finances – While your plan has to compliment your financial situation, it can also be more important than finances. If you are bored, have no interest in life or no purpose, it could be catastrophic for you in terms of long term health. Write your plan down on paper, review with your spouse and family and be prepared to adjust it as life events take place.

What are your interests – list your current interests and those you may be interested in the future. Some should be personal while others should include things you and your spouse can do together.

Match your income level – to your interests and plans. A round the world cruise might not be within your financial means, while traveling by car on a road trip is. Build a budget which takes into account regular living expenses as well as your interest areas and make adjustments as need to match your income level.

Develop multiple activities – being interested in a number of diverse interests will inspire you and also make life more interesting. Diverse interests expose you to new ideas as well as many different people who lead to an interesting life.

Adjust for stages in life – retired and healthy vs. retired and dealing with medical issues leads to many different scenarios. Make adjustments to your plan that reflect your life and your capabilities. Continuously challenge yourself.

Join for social activities and maintain friendships – one of the most important elements to living a longer life and enjoying yourself is to be active in social activities, maintain friendships and meet new people.

All of these ideas should be considered as part of your plan to plan for your enjoyable retirement.

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Banks That Lend To People With Bad Credit

June 28th, 2016 ernie Posted in Bad Credit Home Loans | No Comments »

Banks That Lend To People With Bad CreditNot too many banks will lend to people with bad credit. They are in the business of managing their risk profile and let’s face it with a bad credit rating you are already at a high risk level as far as they are concerned. They are in the business to make money and losing on someone who does not meet their obligations does not contribute to profit expectations. In addition, loan managers who want to advance within the company are not going to want a bad credit risk staining their reputation and preventing them from getting promoted. So what do you do?

Banks That Lend To People With Bad Credit

The first thing is to repair your credit rating by paying all of your bills and loan payments on time all of the time. Never miss a payment. This is like a red alert on your credit score if do. Always keep your debt payments each month to less than 35% of your total gross income.

When you approach the bank for a loan, know your numbers. Know your credit score and how you can improve it. Also know what your debt ratio is. If it is above 35%, forget taking out a loan unless you’re consolidating to reduce the monthly loan payments.

Focus on establishing your credibility regarding meeting your monthly payments for the new loan and also your existing debt. Your making a sale to a bank lender and you are selling yourself so do a good job.

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How To Fix My Bad Credit Score Fast

June 21st, 2016 ernie Posted in Credit Repair | No Comments »

How To Fix My Bad Credit Score FastMaintaining good credit is a continuous activity that must be paid attention to each and every day. There are the big things such as making sure that you never miss a payment on anything. But there are a lot of other activities that each consumer needs to think about if they want to maintain their credit score. If your credit score is already bad, then there are some things that you can do to fix it quickly depending on your situation. If you can fix your credit score fast then you will be able to borrow money easier and at much lower cost for both interest rates and fee’s.

How To Fix My Bad Credit Score Fast

The following is a list of actions you can take to improve your credit score. Apply those that fit your situation:

  • Pay all bills, rent, utilities, loans and credit card payments on time all of the time.
  • Over due accounts should be address immediately, talk to the lender to find a solution that does not impact your credit score.
  • Keep your monthly debt payments to less than 35% of your monthly gross income.
  • Reduce the number of credit cards you have to no more than 3 and no more than a total of $15,000 in total debt
  • Consolidate your loans and debt into one low interest payment
  • Never default on a loan of any kind, always repay the loan.

These are the big ones. Pay attention to these items all of the time and you will be well on the way to fixing your credit score.

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Online Lending A Scam Or the Real Deal

June 14th, 2016 ernie Posted in Online Mortgages | No Comments »

Online Lending A Scam Or the Real DealTake special care when applying for a loan online. What most people want to know is online lending a scam or the real deal? The answer is that some sites are real and will even be competitive. But many sites are not and you may not be dealing with who you think you are! Deal with the main banks and lenders in your area. Check the url of the site you are on. If it does not look legit it probably is not. Some sites are just phishing sites which is to say they are trying to get your personal information to use it for their own gain. They might take out a loan on your behalf or sell your information to someone else to be used. Either way it will hurt you financially in the long run.

Online Lending A Scam Or the Real Deal

If you already deal with a regular bank, call them and apply in person or from a site you use on a regular basis to do your banking.

If you must use another site do some research first. lol for reviews online. Check out what people are saying about this lender.

If you cannot find out information on them or it looks suspicious, moved on to another lender. Also review the terms and conditions . Rates and fees might be really high and cost you more money than you  are prepared to spend. Be careful with online loans!

 

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Emergency Loans for $1000, $2000, $3000, $4000

June 7th, 2016 ernie Posted in Lines of Credit | No Comments »

Emergency Loans for $1000, $2000, $3000, $4000We all need emergency loans from time to time. The amounts vary but usually it is a relatively small amount. Sometimes even just a $1000 will get us over the problem we have. It is almost always short term cash flow problems. We need to pay the rent, buy groceries, or pay utilities to avoid them being cut off. Whatever the reason, if we just had some money set aside for emergencies like this an emergency loan could be avoided.

Emergency Loans for $1000, $2000, $3000, $4000

Bottom line if you budget and have money set aside for emergencies then emergency loans would not be needed. If you are reading this you probably need a loan.

Before you accept the money and sign for the loan read the fine print. Make sure you understand how much it will cost you. Can you pay the loan back in time? If not what will the penalty be and what will the cost be?

An emergency loan can rescue you from difficult problems. At the same time you do not want to create more problems for yourself or your family.

Lenders will be happy to lend money just remember they are making lots of money on these short term emergency loans.

For more information about emergency loans and lines of credit, click here.

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40000 Auto Loan With Bad Credit

May 30th, 2016 ernie Posted in Bad Credit | No Comments »

40000 Auto Loan With Bad CreditAre you looking for a $40000 auto loan with bad credit ratings? If you are there is still  hope for people with bad credit even if you cannot obtain other loans. There are two things a lender will look for. The first is that they want you to be able to put a small down payment on the auto. The larger the better since this will show that you are serious and that you have some skin in the game. The second thing they look for and this is relatively easy is that they want to make sure that the auto will cover the loan if it needs to be repossessed and sold to pay off the loan.

40000 Auto Loan With Bad Credit

Consumers need to realize that not only must the loan be recovered, they also want to recover their recovery costs and legal fees. They do not want to lose money at all hence the down payment. Don’t expect to get a lot of money back if your auto is repossessed. You could even still owe money.

Always meet your monthly payments and you do not need to worry. Once you pay off the loan, the next one will be easier since your credit rating will actually have improved as long as you have not had other issues with meeting your financial commitments.

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40000 Car Loan With Bad Credit

May 21st, 2016 ernie Posted in Bad Credit | No Comments »

40000 Car Loan With Bad CreditA 40000 car loan with bad credit can actually be easy to obtain if you have some money to use as a down payment. Aside from credit ratings, many lenders want to know that you have some skin in the game and that means if you are buying a $45,000 car, you can put $5000 of your own money down as a down payment. They will lend you the $40000 car loan with bad credit if they are also convinced that you can and will meet the monthly payments.  This last point is also critical. If you have a bad record for meeting monthly commitments or you walk away from loans, you probably will not be approved for a car loan.

40000 Car Loan With Bad Credit

Some people have a lot of small loans and the monthly payments add up to more than 35% of their monthly incomes. In a situation like this it will be increasingly difficult for you to meet those monthly payments especially if you have any kind of emergency financial situation to deal with.

The lender will also want to use the value of the vehicle as security for the car loan. If for example you cannot meet the monthly payments, they will reclaim the car and sell it to get their money back. You get what ever is left however after fees and penalties, there is not usually anything left. So if you do get approved for a car loan with bad credit make sure you meet all of the monthly payments and repair your credit rating.

For more posts about what to do about bad credit, click here.

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120 Day Loans For Bad Credit

May 14th, 2016 ernie Posted in Bad Credit | No Comments »

120 Day Loans For Bad Credit120 Day Loans For Bad Credit are difficult to find, however they are available. Depending on your credit rating they may come with expensive fees and high interest rates. But if the need is great enough then it really does not matter how much you need to pay. You may be trying to avoid losing your home, dealing with a health issue or some other emergency. The point is that it must be a true emergency and something that makes it worth paying these high interest rates. Otherwise you should really just tough it out and find another solution.

120 Day Loans For Bad Credit

A 120 day loans for bad credit lender is in the business to make money and they are also aware that they are dealing with people who are considered high risk. They do not always get paid for a variety of reasons, but they charge the high rates to pay for the losses and make a lot of money.

If you can find another solution or just not borrow the money in the first place, you probably should take that approach. They money you save can be used to repay your other debts or to pay for the emergency you are dealing with. Anytime you do not spend your money is saving money for the future.

Start off by setting some money aside as an emergency day fund and only use that money for true emergencies. Put it somewhere it takes a day or two to get it so that you have time to think about it before you spend it.

An emergency fund is far superior than looking for 120 Day Loans For Bad Credit customers and paying the associated costs.

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Debt Consolidation Relief – $10,000 – $80,000

May 7th, 2016 ernie Posted in Debt Consolidation | No Comments »

Debt Consolidation Relief - $10,000 - $80,000Consumers looking for debt consolidation relief in the $10,000 to $80,000 are in luck since these limits are usually within the range of what many people can afford and what lenders are willing to consider. This assumes of course that your credit rating is at decent levels and not in the tank due to poor payment commitments and overdue loans. Some lenders will demand that they pay the debts off using the funds that they are advancing to you. They do this to ensure that the money is actually used for what you are telling them you need it for. They do not want the money spent on other things and you still owe the original debt. There should be nothing wrong with this approach since your asking for the loan in the first place for debt consolidation.

Debt Consolidation Relief – $10,000 – $80,000

If you are carrying thousands of dollars in credit card debt for example and paying 19% interest on the overdue balance, there is a good chance you will save a great deal of money if you ask for and get debt consolidation relief. A debt consolidation loan at a reasonable interest rate can save you thousands of dollars in interest.

The fastest way to repay that debt is then to take the interest you saved and apply it to the principle that you owe. You will be surprised at how fast you can pay off the loan when you apply the money you are saving to the loan in addition to the regular monthly payment. Try it, you will be amazed.

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Disadvantage of Banks Loans Compared To Using Payday Loans

April 30th, 2016 ernie Posted in Financial Advice | No Comments »

Disadvantage of Banks Loans Compared To Using Payday LoansWhen you are having a hard time finding a bank to lend money to you, sometimes a payday loan looks great when they will provide the money to you quickly. But consumers should know what the disadvantage of banks loans compared to using payday loans are. There several disadvantages and they can also be costly to the average consumer, especially if you have bad credit or cannot get a loan anywhere else. We thought we would list all of the disadvantages of payday loans compared to bank loans and let the reader decide which one they want to use in their own personal financial situation.

Disadvantage of Banks Loans Compared To Using Payday Loans

Payday loans are:

  • Always more expensive on several fronts for the average person
  • The interest rate will be much higher than a normal loan you would get from a bank
  • The processing fees are also much higher
  • The late penalty fess will also be exorbitantly high
  • They are short term loans usually due on your next pay check
  • They are often very small loans to control the risk
  • It can be difficult to get out of the cycle of using payday loans
  • Payments are high compared to the amount borrowed

Bank Loans:

  • Less expensive than payday loans
  • Lower interest rates even for poor credit borrowers
  • Processing fees are lower
  • Late penalty fees can be negotiated in advance
  • Longer term loans mean lower monthly payments
  • They cost much less than payday loans
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