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Think Twice Before Taking a 100% Auto Loan

It may seem a great idea to take out a 100% to buy an auto. If your credit score persuades a lender that you can repay in full, then you get your new auto without having to spend any money until the repayments start. Just because lenders are happy, it does not necessarily mean such a loan is in your best interests. Remember that the recession was caused by the availability of easy credit with many people getting 100% loans on real estate that was expected to continue to increase in value. In the case of an auto, it goes the other way; it will never be worth more than your purchase price. There are several reasons why it might not make sense to borrow 100% and they are worth considering. Monthly Payment The monthly payments on a 100% loan will clearly be much higher than those if you put down 20 – 25%. If you are managing your financial affairs well, living with a budget that monitors your position at any one time, that monthly repayment needs to be entered in your expenditure column? Is it affordable from your point of view? Loan Term If you want to get ...

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5 Ways To Get A Handle On Your Debts

No one likes being in debt. It is a hard financial burden, and if steps are not taken to get it under control, it will only snowball into a larger problem. If you’re someone who is in debt, then you may be looking for ways to get things in order. Below are a few of the options that are available to you, and how you can get started with them. In some cases, a simple phone call will be enough to get you on the right path, while in others, larger legal action will need to be taken. Take a look at the list below, and see which option is best for you. Consolidate Your Debts First off, if you owe money to several different places, then consolidating them into one loan may be a good first step. For people with several loans or debts, combining them into one larger debt will make it so that you only have one monthly payment to make, and this will typically be lower than the payments you are making now. Depending on what kind of interest rate you can get, and what the monthly payments will be, this option could save you a ...

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Important Things to Remember When You Need a Loan

We all know that there are periods when money can be tight and find ourselves considering whether or not a loan might help or potentially make our financial problems worse. Borrowing money is a serious business, and it is important to prepare carefully. There is nothing wrong with taking a loan – after all, that’s why they exist.  This article assumes that you have decided to borrow from a lender to mitigate your financial distress.  So, let’s review some steps that you should take before you fill out that loan application. Your Credit Score Matters Before you rush to send a bunch of loan applications to every lender you can find, keep in mind that too many applications for loans that are rejected by lenders can lead to your credit rating being downgraded. Each time you apply for credit, your credit report is pulled and an inquiry appears.  Some lenders view too many inquiries over a short period of time, especially within the past 60 days, as a desperate attempt to acquire credit. The lender may also wonder how many of those resulted in an approval for a new account that has yet to appear on your credit file.  So, ...

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Exploring The Benefits Of Title Loans

Many people find themselves in a financial situation that requires extra money quickly. If you are considering obtaining a loan at the local bank, you are going to be sorely disappointed, when the pre-approval process takes anywhere from 3 to 5 business days. This is time that you do not have to spare, since the factor affecting your financial situation needs to be eliminated immediately. The best option you will have available is online title loans, which are extremely easy to qualify for, without the long wait. No Credit Checks It is without a doubt that millions of consumers are plagued with bad credit. There isn’t much in the financial world that will not affect your credit scores. A divorce, bankruptcy, multiple credit checks, payments past the due date and employment alterations can all affect credit scores. While some of these factors can easily be avoided, most of them cannot. For instance, if your spouse wants a divorce, you are not going to be able to change his/her mind. Instead you are going to need to face the fact and move on, even if it means lowering your credit scores. Personal Collateral Almost everyone owns a vehicle, which can be ...

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Efficiently Managing Your Student Loans While in College

If you’re new to college and student loans, you’re probably feeling overwhelmed by a great many novel experiences – choosing and taking college classes, applying for and receiving federal aid and scholarships, even living away from home for the very first time. Graduation, and all that it entails, seems so far away! It’s probably the last thing on your mind. Really, though, when it comes to student loan debt, you should be considering how you’re going to repay those loans from the very first day you take them out. Waiting until post-graduation, when those payments first become due, isn’t a smart strategy. That’s because there are things you can do now, as a borrower still in school, that will set you up down the road to save money on your loans. Managing your debt is something to think about from day one. Subsidized vs. unsubsidized loans, and why the difference matters. If you’ve taken out federal student loans, there’s a good chance you have a mix of subsidized and unsubsidized loans. And of course, private loans are always unsubsidized. Subsidized loans are loans you aren’t charged interest on while you’re in school because the federal government pays the interest on ...

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