What Is A Reverse Mortgage Loan?

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…
Continue Reading

Buying Stuff on Credit is Expensive [Infographic]

Credit Cards Are Expensive small

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:
Continue Reading

Too Much Debt? 5 Steps To Pay Off Your Debt

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.
Continue Reading

Sure-Fire Tips To Renegotiating Your Credit Card Debt

handshake

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.
Continue Reading

Pay Off Highest Interest Or Highest Balance Credit Card – Analysis Paralysis

Choose

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.
Continue Reading

Debt Traps College Students Fall Into

College Equation

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

Medical Expenses

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.
Continue Reading

Free Newsletter to Keep you Free From Broke!Name: Email: We respect your email privacyPowered by AWeber email marketing