There has been a lot said about peer to peer (P2P) lending lately. With the economy and credit market crunch making it difficult to get more traditional loans, “alternative” lending opportunities are arising. Peer to peer lending is a way for those who might be turned down by a bank to get the loans that they want/need, while providing an opportunity for investors to make some money by lending to others.
An Against the Grain Approach to Prioritizing Your Savings
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Frequent readers of personal finance blogs are familiar with the importance of getting out of debt and staying out of debt. The reasons for avoiding debt are both economic and emotional, and they are so well known that we can call “staying out of debt” Personal Finance Truism #1. Let’s briefly review the reasons behind Personal Finance Truism #1:
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What Is A Reverse Mortgage Loan?
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A loan that has been popping up more often these days is the Reverse Mortgage. This mortgage works differently then other types of mortgage loans in that it works in reverse in a way. Let me tell you a little more about reverse mortgages…
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Buying Stuff on Credit is Expensive [Infographic]
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You know that making purchases using credit cards is expensive if you do not pay off your balance each month. Indeed, carrying a balance on your credit card is one of the biggest ways that people waste money each month. However, it is hard to see this, since the minimum payments required by credit card companies are so small and seem so affordable. The Credit CARD Act of 2009 has required credit card companies to list total payoff amounts, and alternatives to only paying the minimum, on statements, but many still overlook some of the issues associated with a slow repayment of credit card debt.
This infographic from Go Banking Rates offers a look at just how expensive it can be to make purchases using credit:
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Too Much Debt? 5 Steps To Pay Off Your Debt
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I still remember the first day of class at college.
The professor walks into the classroom and hands you a piece of paper called a syllabus. In that paper is all of the work you will complete over a four month period. However, you automatically begin to feel overwhelmed. How, you ask yourself, am I going to finish all of this?
In my case, I would total up all of the number of pages that needed to be read in a semester. I would then take that number and divide it by the number of days in the semester. Suddenly, reading 15 pages per day seems a lot more manageable than reading four books.
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Sure-Fire Tips To Renegotiating Your Credit Card Debt
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There’s a lot to be said for paying your bills on time, but some quick and easy negotiation can actually save you money each month on your credit card account if done properly.
The key is to never take the number on your billing statement for granted, as everything from the fees to the interest rate can usually be lowered with some tact.
However, you cannot expect to simply ask for a lower debt and get it without effort.
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What’s My Credit Score Made Of?
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For years credit scores were the best kept secret from consumers by credit bureaus that calculated them.
Only lenders and other credit providers knew what went into a score and how much it weighed on the score’s compositions.
But thanks to pressure from consumer groups and other government agencies, over time not only the credit score number itself has been made available to consumers, but also how the score is determined.
Knowing what affects their scores and by how much, consumers will have a better means in managing their finances.
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Pay Off Highest Interest Or Highest Balance Credit Card – Analysis Paralysis
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The question comes up all the time when a person wants to start getting their credit cards under control – Pay off the cards with the highest interest or the cards with the highest balance?
On the one and you have high interest credit cards – A high interest rate costs you every month and compounds the amount you owe every month you aren’t paying off the entire balance. High interest costs you for what you borrowed. For some people the interest rate can close in on 30%. That’s basically agreeing to pay one third more for everything you bought on the card (or more depending on how long you owe)!
On the other hand you have high balance cards – You’ve used the card so much that the balance may be in the thousands and no matter what you are paying the balance doesn’t seem to ever go down. Even if you have a low interest rate you may be paying a lot of interest because of your high balance.
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Debt Traps College Students Fall Into
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I could spend all day talking about the financial issues facing college students these days. However, for today’s post I will take a look at common debt traps that college students fall into:
Ways To Help Deal With Medical Expenses
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Medical expenses are one of the leading causes of bankruptcy proceedings in the US. In 2007, 57 million people were in families who had problems paying their medical bills according to this article by Peter J. Cunningham. However, there are ways to cope with the rising costs of medical care. I was born with Spina bifida in 1979, and I’ve had a lot of experience in the medical care “system”. I have a few tips to share with you, and by following them some of your burden will be lifted.
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