Thursday, December 28, 2006


Plan For Your Debt

If you are paying extremely high interest rates on you credit cards, you should consider the option of consolidating your balances into one loan and one single payment. This could be the solution to your debt problem, providing you with a more manageable single payment with a lower interest rate and favorable terms.

The following are some factors to consider for when choosing a debt consolidation plan for your existing debt:

.You should try to lower the interest rate for the consolidation loan in order to most efficiently settle debt and maximize the benefits of the consolidation. Since the loan will be a long-term loan, a reduced interest rate will result in a significant amount of savings.

.There is a strong relationship between the length of the payments to be made on the consolidation loan and the ultimate amount you will pay on that loan. Do not move too quickly on accepting a low installment alone. With that, you must consider whether the term of the loan results in the consolidation costing too much in the end.

. Any loan taken will be a secured loan against your home which opens the possibility of repossession of your home This is why it is very important to commit to a loan that is manageable within your budget not only in the short-term but also the long-term. If it is not, avoid committing no matter how favorable the loan terms or payments may be.

Tuesday, December 26, 2006


Consolidation Company

To avoid pitfalls and to move towards achieving your financial goals you must do some research to be sure that you choose the best company for your needs. . There are a variety of qualities to compare, ranging from the industry reputation of the companies you are considering to the specific characteristics of the consolidation program to the rate and fees charged for services.

There are debt consolidation companies that are run for profit and those that are non-profit. It is important to note that just because a debt consolidation company claims non-profit status does not make it trustworthy. In fact, some of these companies request higher fees than those run for profit. You’ll have to research any company you consider.

You’ll want to compare the amount of time each company is prepared to spend with you working out a plan to fit your needs. The best companies are willing to spend time preparing an individualized plan for you that not only is geared towards helping you out of your current financial situation, but also towards helping you to develop the money management skills to avoid being in the situation again. Those that just hurry you through – promising fast and easy solutions, just sign here – are most likely just interested in adding another set of fees to their profit margin.

In order to compare, you’ll need a clear understanding of how the offered arrangements will work, including a projected date at which you will have everything paid in full. You’ll want to make sure that the debt consolidation company keeps meticulous records of negotiation with and payments to creditors, and that you will have easy access to necessary documents for your records.

Thursday, December 21, 2006


Debt Consolidation Calculator

Most of the Americans use credit card to do payments and it has led many of them into a debt trap. This calls for signing debt consolidation deals with lenders and calculating the best payment options available.

With the credit card debt consolidation calculator you can find out your possible monthly savings. This can be achieved by an intelligent and well-thought-out combination of the various bills into one. This leads to cutting down high interest rates and can make the loans tax-deductible.

The calculators will help you figure out the time you will need to pay off your loan. The procedure to use a credit card debt consolidation calculator is quite simple. Although credit card debt consolidation calculators offer assistance in summarizing your financial situation, they have to be used with caution. These calculators offer only estimates, and the results they show are often used to evaluate the probable results of consolidating specific debts into an equity loan.

It is always better to consult a well-informed tax advisor who can tell you the details of the deductibility of the interest rate for tax matters. In situations like refinancing where you take a home equity loan, the total number of monthly installments may increase.

The procedure to use a credit card debt consolidation calculator is quite simple. The user has to fill in fields regarding the monthly sum, and click on the "calculate” sign. Soon you can see the results showing the total amount you would have to pay compared to your current installments.

Wednesday, December 06, 2006


Your SkyMiles Number printed on your Card

This means if your low rate credit card has an introductory 0% balance transfer APR and you are carrying a monthly balance on purchases, then your payments will reduce the 0% balance transfer first while you continue paying interest on purchases—the resulting APR is called your effective rate and it is normally much higher than the balance transfer APR.Most credit card issuers have a universal default clause in their terms and conditions meaning that if you default with any other creditor not just another credit card company they reserve the right to raise your APR to 20+% in some cases—read our Universal Default article for more information. Whether lenders change their universal default policies at all, and whether they do it voluntarily or due to legislation, there is no doubt that our credit reports and credit scores will continue to be used by lenders, employers, landlords, and insurers. It can be loaded directly from an ATM with funds from a checking or savings account. And the million-dollar question is: What are the balance transfer fees? This is where a shady credit card company could make a killing off of your balance transfer.

You can do this faster and with a lot less hassle than if you were forced to get in contact with your credit card company by more traditional means such as telephone or mail. As of September 1 the last regions phased in included the Eastern states, the District of Columbia, Puerto Rico and all U S territories. If you win, you may recover money for the damages you suffered plus an additional amount up to $1,000. You have to be alert while ordering a balance transfer to an existing card or while picking up your new balance transfer credit card from among a plethora of names and choices available.

People may be pre-approved, but then they will get a higher interest rate or a lower balance. There is a charge for confirmation. These are companies that purchase your old debts—even ones that are no longer in force due to expired statute of limitations—and demand payment or settlement. Balance Transfer Fee - A fee charged by a credit card company to transfer a balance from one account to another.That doesn't mean you shouldn't take advantage of a balance transfer to another card with zero-percent interest, it just means that you need to carefully read the credit agreements for both cards and understand what it costs to effect a balance transfer and what could cause the terms of this offer to change.

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