DIY Mortgage Repair

Unless you have your head in the sand, you are aware of the foreclosure crisis. More families are losing their homes than ever before. If you are nervous about your mortgage situation, there are some “do it yourself” solutions to consider. Your mortgage is the most important loan you have. It enables you to keep a roof over your head. You should pay your mortgage first if you don’t have enough money to go around for all your bills. The problem that often leads to foreclosure is the inability to pay that large payment each month. The first step to … Continue reading →

DIY Debt Reduction – Multiple Creditors

Most people don’t have one type of credit account. Most of us have our debt spread out in multiple locations. This can often make managing our bills complicated. If you have many different types of credit accounts – loans, lines of credit, credit cards, overdraft accounts – and want to reduce your overall debt, you will need to get organized first. Start with a file folder and put in your most recent balance statements into this folder. Collect them all, even the ones you don’t use often. Next, take this folder to a quiet place. Using a calculator and piece … Continue reading →

DIY Credit Card Debt Reduction

Is most of your debt with credit cards? Do you have lots of cards with large balances? Are you having trouble making your minimum payments? Credit card debt is one of the worst kinds of debt. It is considered empty debt, as you often have little to show for it. With a mortgage or car loan, at least you have the house or car. Credit card debt tends to sneak up on you with lots of little purchases. This is especially true these days where almost all businesses accept credit cards. If you want to get out of credit card … Continue reading →

DIY Debt Reduction

So, you have decided to reduce your debt by doing it yourself? Today, we will discuss a scenario where you have multiple creditors and you want to consolidate it in order to pay it all off. A consolidation loan can be a good idea if you have many different creditors. It allows you to re-focus all your efforts into one place, potentially allowing you to pay your debt off quicker with less effort on your part. Consolidation loans are good for those who are busy and have trouble with their credit reports due to disorganization. They are not always the … Continue reading →

Do It Your Self Credit Repair

Given our whole discussion on credit counseling and credit repair companies, you may wonder… can I just do it myself? The answer is… absolutely! Everything a credit repair company will do, you can do yourself instead. The advantage of DIY credit repair and debt management is you save yourself money AND prevent the hassles of finding a reputable company. Before you launch into this… there is one key thing to consider. Ask yourself seriously, how did I get into this credit and debt mess to begin with? You will have a lot of trouble with doing it yourself, if you … Continue reading →

Calculate your Payoff

Is one of your New Years resolutions to pay off some debt? This is a great goal! There are some different philosophies about how to get there, let’s learn about some of them. Debt costs us money from the interest we are charged. Let’s use an example… you have $1000 in debt with an interest rate of 20 percent a year; you are paying $200 a year for that debt. You have $100,000 in debt at 5 percent a year; you are paying $5000 a year. Then you have $10,000 in debt where you pay 30 percent for a cost … Continue reading →

Paying Off Loans

If you have debt and are looking to start paying it off, then you need to evaluate where to put your money first. For those with a couple of loans, this process may only require a piece of notebook paper. But for most of us with a variety of loans and debts, create a spreadsheet to compare the variances between them. These differences will help you decide which loans need to be paid off first. Start by lining up all your sources of debt. Common types include: *Mortgage *Home Equity Loans *Lines of Credit *Credit Cards *Student Loans *Automotive Loans … Continue reading →

Where to start on my debt reduction plan?

How do you set priorities when starting to budget or set up a savings account? Should you pay off debt first? Pay off your home mortgage? Save for emergencies? I think the answer is yes yes and yes, but actually, it depends upon who you ask. Some advisers tell you to pay off your largest debt first, or the debt with the highest interest rate first, and others tell you the opposite, leaving you more befuddled than ever. Perhaps you’ve also heard that you have to get an emergency fund going before you pay off any debt. Who should you … Continue reading →

Are you Upside Down on Your Car Loan?

Are you upside down on your car loan? When you are upside down on a car loan, it means that you owe more on the loan then you can sell the car for. This happens when you trade in a car for a newer one and the dealership roles your old loan into your new one. It can make it very difficult to get ahead when you make this move. If something were to happen to your car, your insurance would not completely pay off your loan, and so you would need to continue to pay on your old car … Continue reading →

Student Loan Consolidation

You may want to consider student loan consolidation. This option can be a good one if you have a large amount of student loans. Since student loan rates vary you may consider doing this is to lock in the lower interest rates that are available. It is important to consider your options carefully before you make a choice. When you consolidate your loans you are locking in your interest rate. This is good if the interest rates continue to rise, but if the interest rates drop you have locked in the higher rate, and you will not be able to … Continue reading →