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Thursday, 24 September 2015

Consolidating Student Loans

Any college student attending a contemporary 4 yr college or university is conscious of the need to fund ones training by means of taking out student loans

https://en.wikipedia.org/wiki/Income-Based_Repayment
Certainly, via the training course of the four yr schooling, one can get out lots of these loans - and upon graduation, each and every single one of them has to be compensated back. One can wind up with as much as a dozen or extra loans, all with unique terms.

Interest costs could possibly be unique, too as the length of time you need to repay the quantity borrowed. The grace period you might be offered right after graduating might be various too. Acquiring all people various payments to create can become challenging and stressful. For this reason, a lot of graduates select to go the route of consolidating pupil loans as soon as they've obtained their very first career after graduating.

Consolidating university student loans has a lot of benefits. For one, you do not need to sit down and create out a dozen unique checks each month, all having a diverse due date. It can turn out to be quick to neglect to create a payment within the multiple loan scenario, with the attendant danger of hurting your credit rating when you neglect to make a payment.

Acquiring one payment to create instead of quite a few will go a long methods to lowering your stress amounts, which will be substantial enough with the responsibilities that go with having your very first actual occupation. In addition, you may end up reducing your over-all payment price once you consolidate all of your pupil loans into one single payment. Given that your credit is going to be much better than it had been if you 1st applied for your loans, your total pace of interest could possibly be an excellent offer reduced, leaving you with a lower monthly payment than you would have by writing checks to many unique mortgage corporations.

Just paying off all of your aged pupil loans by consolidating college student loans will also support your credit score. All of all those previous loans will present as compensated in complete, therefore you won't have to ever before worry once again about one of them finding a poor mark due to the fact you missed a payment. Obtaining all these loans compensated for will greatly strengthen your creditworthiness in the opinion of the companies which rate credit risks.

One quickly discovers, on the other hand, several issues to think about when consolidating college student loans. You might wish to examine the total payment you will be responsible for producing immediately after you might have signed the consolidation agreement. Typically talking, it's going to be less than that which you were paying just before, but be sure and retail outlet about, as you'll be able to obtain a wide selection of curiosity prices from distinct pupil mortgage consolidation providers.

Eventually, the interest rate will be essentially the most vital aspect, but you can also want to compare mortgage origination charges, too as hardship provisions and grace periods in the situation that you ever turn out to be unemployed.

You will also wish to take into account no matter if you get a fixed fee of curiosity or perhaps a variable charge. With a fixed fee of interest, you can find it simpler to spending budget, as your payment are going to be the exact same every single month. The trade off right here is which you will probably have a higher fee of curiosity than you would for those who went having a variable price mortgage.


Having a variable charge loan, you might begin off with a decrease pace of curiosity, but if interest prices do go up, you will need to make a bigger payment than you'd have should you were utilizing a fixed charge product instead. Due to the fact your monthly payment could differ from month to month, you'll want to permit for that inside your per month budget.

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Tuesday, 14 April 2015

Your Debt Reduction Planning Tools


With the economy in such a poor state and many people losing their jobs, or having to take less pay, there is a bigger portion of the population that has resorted to living off of credit. When the time comes to pay off your debt and get out from under it all, using debt reduction planning tools can really help make a lot of difference.

Finding the right tools for you and your situation is as easy as surfing the internet. There are many things that you can use that can help you get a clear picture of where you are, a clear picture of where you want to be and, most importantly, a set plan on how to get there.

Debt calculators are one such tool because it will allow you to factor in the amount of interest you are paying on any particular bill. You can use the calculator by determining the date you want to be free and clear and the calculator will figure the amount that you will need to pay every month in order to reach that goal. As long as you don't incur additional debt, such as continuing to use a credit card or line of credit, the calculator can give you an exact time frame for when you can be debt free.

In order to make sure that the numbers you are plugging into a debt calculator are accurate and that you can make those payments every single month, it's important to come up with an exact budget in your debt reduction planning strategy. You need to have a clear picture of how much money you have coming in the house every month and how much goes out every month. Only then can you accurately calculate when you will be debt free.

In order for your budget to work you have to make sure to include everything. If you buy coffee every day when you go to work (and you're not willing to stop doing so) you need to include that amount in your budget. It's easy to remember the big things like car payments and mortgage payments, or the things where you get a bill in the mail every month,but the things that you might have trouble thinking about and including in your budget are things that you don't have to do every month such as dry cleaning, pet expenses, seasonal expenses, etc. Make sure that you take all of that into consideration before you make out your budget. The more accurate your budget the fewer bumps in the road to financial freedom you'll encounter.

Also, don't be afraid to contact your credit card companies and see what, if anything, they are willing to do to help. Just make sure that whatever they do to help doesn't have a negative impact on your credit rating.

There are a lot of tools and methods you can incorporate in your debt reduction planning strategy but the one best thing you can do for yourself and your financial health is to get started right away.

Monday, 13 April 2015

Self Help Debt Reduction - DIY Debt Reduction


There are many excellent companies around that can help people clear up their debt and get out from under, but a lot of people simply get embarrassed with sharing so much personal information with strangers, the good news is that you can easily use simple self help debt reduction strategies and you can start right now. Why you're in debt isn't that important (except that if it's mostly just a lack of self control you will need to address those tendencies or you will be right back in debt eventually anyway) what's important is that you start today to fix your finances or you will be struggling for the rest of your life... and who wants that?

Step one is always to figure out exactly where you are right now and this can be a painful step to take. It's not easy to see all the money you owe in one long list but it's essential that you do exactly that as your first step. When you are just 'guesstimating' your debt it's way too easy to leave things out but when you've got it all listed in black and white it's pretty much impossible for you to 'forget' anything.
I know it hurts but start right now, get a piece of paper and a pencil ( or you can use a spreadsheet program if you prefer) and list out all of your debt. Include all credit card bills and lines of credit. Make sure that this list is complete and accurate. Put the name of the creditor as well as the total amount due and minimum monthly payment. Don't let the bottom line number freak you out, remember, you already knew you were in debt that's why you're doing this self help debt reduction in the first place.
After you've got all your debt written down it's time to make out your budget. Start by listing your monthly income. Then list out all of your monthly expenses (just plug in the things from your debt list). Make sure to include things that you don't pay every single month such as quarterly payments, seasonal expenses, etc.
When you've got a complete listing of all the money coming in every month and all the money going out every month, just subtract one form the other. Subtract your expenses from your income. Did you end up with a positive number? If so good for you, you are living within your means and you can just take that 'extra' money you've got coming in every month and apply it to one bill so that you are paying more than the minimum on that bill. Once that bill is paid off in full, take the extra money and put it towards another bill. Keep doing that and you'll be free and clear in no time.
If you ended up with a negative number you'll have to make cuts, or bring in more income, so you can have some extra money to apply to pay down your bills. It will take time and dedication but this is a simple, yet highly effective, method for self help debt reduction.

Sunday, 12 April 2015

Accelerated Debt Reduction - Can Save Thousands Of Dollars


Accelerated debt reduction is a great way to get your debt under control quickly and easily. You can hire s debt consolidation company to help you with the process or you can do it yourself. It's very easy to do and if you don't want to include outsiders into your financial world, there really is no need to do so.

The concept is simple, find some 'extra' money (or get a second job to create extra money every month) and apply that extra money to one of your debts. Start with the smallest one first while still making minimum payments on all the others. This method takes a little time but after a while it will really start to gain momentum.
Once you've got your first debt paid off you take all the payments you were making on that debt, the minimum amount as well as the extra amount you were putting on it, and apply all that to the next smallest debt you have. Just keep repeating this cycle and by the time you get to your biggest debt you will have freed up a lot of money (all the money you were paying for the minimum payments on the other debts) to apply to your biggest debts.
While simple in theory, accelerated debt reduction does take a little planning to get off the ground. The first step, and for many people the hardest, is to get a firm grasp on your current financial situation. You need to have a very clear, and possibly bleak, snapshot of just where you are at financially right now.
To get this picture, you have to write down every single debt you have. For right now only include unsecured credit card debt and don't worry about mortgages and car loans (though you can use this method to pay off those loans early too and save yourself a bundle in interest payments). Once you've got a complete list of your debt write down all other monthly expenses such as house payments, car loans, utilities, gas, groceries, vet bills, prescriptions, membership dues, subscriptions,etc.
Make sure your list is complete. You can look over your checkbook register for the last several months to jog your memory and make sure you haven't forgotten anything. In order for this to work your list has to be very accurate and complete.
Next, list out all your income for the month. Then just subtract expenses from income to see where you are at. If you come up with a positive number that means that you spend less than you make, and that's good. Just take that left over every month and apply it to your first debt to get it paid off.
If you come up with a negative it means you spend more than you make and you'll have to find a way to cut expenses or bring in more money, or both. Once you've done that you can apply that extra money to paying down your first debt. This method will help you get out of debt even though it will take time and discipline. This is the best method of accelerated debt reduction because it's simple and free to do and you can get started today.

Saturday, 11 April 2015

Have Less Fear With A Debt Reduction Spreadsheet


Getting out of debt doesn't have to be as daunting as you might have thought and using a debt reduction spreadsheet can help you keep track of income and expenses. Choosing the best spreadsheet for you can be pretty easy since there are many sources where you can download a free spreadsheet online.

The big advantage of using a spreadsheet is that it's very easy to lose track of your purchases. You might think you're doing really well with your budget but in reality you are spending a few dollars here and a few dollars there and before you know it you've thrown away a lot of extra money every month. If you're writing it all down and keeping track of it visually it's much more difficult to throw money away. When you can see your debt and expenditures in black and white most people tend to hold themselves more accountable.
Another benefit of using a debt reduction spreadsheet is that it can really help you stay motivated and on track when you can actually see your progress. Again, being able to see your debt diminish a little every month can be a very empowering thing. It's going to give you strength to resist temptation and stay on track when you have black and white proof that you are moving ahead.
No matter how good a spreadsheet is, it won't do you any good if you don't keep all the entries up to date. Anytime there is a change in your circumstances such as a change in the interest rate of a certain loan, or the minimum payment requirements, you'll have to update your spreadsheet so that your new pay off date will be accurate. If you have some unexpected change in your monthly living expenses you have to update your spreadsheet. Remember, the information you get from your spreadsheet will only be as accurate as the information you plug into it. So do yourself a favor and keep the information up to date.
There are different types of spreadsheets that will help you focus your efforts, one of the most common types is the type that has you pay off one debt first, than take that amount of money and apply it to your next debt, than when that debt is paid off you take the money you've freed up from that debt and use it one your next debt, etc. You get the idea, it's a cumulative effect and as long as you are making at least minimum payments on every debt and only using the 'extra' money that you've freed up by paying something off to pay off more debt this method is very common and works extremely well. It really doesn't matter what type of spreadsheet you use. Whether it's free or if you had to buy it. Whether it includes a debt reduction calculator or not or what form of payoff it uses. The point is that to get out of debt use any tool you can lay your hands on and one of the simplest and easiest to use is a debt reduction spreadsheet.

Sunday, 5 April 2015

How To Consolidate credit card debt

People who are in debt (credit card debt) often get to hear this advice ‘Consolidate credit card debt’.

So, what does that ‘Consolidate credit card debt’ mean?

Well, pretty simply, ‘Consolidate credit card debt’ means consolidating the debt on various credit cards into one (or two) credit card.

This consolidation can be done either through a low interest bank loan or by transferring balance to a new credit card (i.e. transferring the amount you owe, on one or more credit card, to a new credit card(s)).

So what should you do when you are looking to consolidate credit cards?

Well, the key thing to look for is the APR or the annual percentage rate. Whatever method you adopt to consolidate credit cards, APR will always be the key; in fact, you could say that it is the sole criteria to look for.

So, if you use a bank loan to consolidate credit card debt, the interest rate on the bank loan should be lower than the APR of the credit cards whose debt you are consolidating. Similarly, if you are moving to another credit card, you must make sure that the APR of the new credit card is lesser than the credit cards whose debt you are consolidating.

However, there is a catch that you must be aware of when laying a plan to consolidate credit card debt. The APR rates advertised by most credit card suppliers are the short term APR rates which are meant to lure you to consolidate credit card debt with them. By short term we mean APR rates that will applicable only for an initial period of less than 12 months or some other period after which the APR rates increase.

When you go on to consolidate credit card debt with these credit card suppliers, they will offer you a lower (even 0%) APR for the first 6-12 months; and a much higher APR after that. You should check what this higher APR rate is. Your decision to consolidate credit card debt will be fruitful only if the new APR rate is lower than or equal to the APR on your current credit card. You might check with your current credit card supplier to see if he is able to lower your APR (if that works, it will make things really easy for you).

Before you move on to consolidate credit card debt you should understand that consolidating credit card debt will be beneficial only if you pledge to adopt and follow disciplined approach to credit card usage i.e. controlled spending and regular/timely payment of credit card dues.

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How to eliminate credit card debt


How to eliminate credit card debt ? – A question that is asked by lots of individuals around the globe.

These are the men and women who somehow (mostly due to uncontrolled spending) landed into the mouth of this monster called ‘Credit card debt’.

So what are the ways to eliminate credit card debt ?

 If you are looking to eliminate credit card debt, you have already reached 50% of your goal because your decision to eliminate credit card debt is the first and the most important step towards you being able to eliminate credit debt.

Having said that, it is important to mention that you also need to be firm on this decision and stick to it with complete sincerity and seriousness, till you finally eliminate credit card debt (and even after that). To eliminate credit card debt, you need planning. This starts with analysis of current situation in terms of your debt and your finances (current and as expected in near future).

So to eliminate credit card debt, you need to first check the amount you owe on various credit cards. Just use a notebook to note down the amount you owe on each credit card and the corresponding APR associated with them.

Once you have this information handy, you can total up the various amounts to get the total amount of your credit card debt. After all, you can’t eliminate credit card debt if you don’t know how much it is actually. The next thing is to see if you have enough cash handy e.g. in your various bank accounts, which you can put to use to eliminate credit card debt (of course, you will need to take a view on how much cash you will need to fulfil your day to day and specific future needs). If you find that you have enough to eliminate credit card debt completely, just go ahead and eliminate credit card debt and earn your peace of mind.

However, if you can’t eliminate credit card debt completely, check the amount that you can use to eliminate credit card debt partially. Next step, as you must have guessed, is to check how best you can use this amount to eliminate credit card debt (even if partially) i.e. which portion of credit card debt should you eliminate first. So, first eliminate credit card debt on the credit card which has the highest APR and which is hitting you the most. Then eliminate credit card debt on the credit card which has the next highest APR and so on and so forth. If you are incurring additional late fees etc on some of your credit cards, you might decide to reserve some amount to make minimum payments on those credit cards (before you finally eliminate credit card debt on them).

What we have seen is just some basic analysis and first steps on how to eliminate credit card debt. You might need to take some other steps to eliminate credit card debt e.g. consolidation of credit card debt is one good option. However, it’s imperative to understand that any and all methods to eliminate credit card debt will fail if you don’t inculcate controlled spending habits.

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