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Repaying Your Debt

You have some extra money, or you’re cutting back so that you can make some progressive financial changes in your life. Congratulations! Now comes the confusing part. Where do you put the money? If you have debts, take a look at their rates of interest. You may have everything ranging from a zero-interest loan from family or a bank to a credit card that charges upwards of 18% in interest. These debts are not created equal. Ideally, you want to get rid of those that are costing you a lot of money in interest. Take a look at your debts … Continue reading →

How Far Would You Go To Pay For Your Kid’s Education?

Some parents would consider taking out a second mortgage on their homes or picking up a part-time job to help fund their child’s education, but a mom in Washington State has turned to another means to help raise cash for her son’s schooling—-begging. As in standing near a busy off-ramp near her Bellevue home and panhandling for cash. “Tuition help needed! Donate a few dollars!” Shelle Curley yells at drivers in an effort to raise nearly $47,000 so her son can attend one of the most prestigious dance schools in the country. According to reports, Curley’s 17-year-old son D.J. scored … Continue reading →

Reverse Mortgages

Should you use a reverse mortgage? First, you have to make sure you qualify. Reverse mortgages are only for those who are 62 and older, who own a home with significant equity, and those who expect to live in their home for many years. A reverse mortgage must be paid back to the lender when you no longer plan to use your home as your primary residence. This can occur upon death, when you decide to sell the home, or if you have to move out longer than 12 months. At that time, the loan balance or market value of … Continue reading →

Paying Ahead

Have you ever paid extra on your loans? Generally people just simply add extra money to their check and figure that everything is going to work out fine. One common misunderstanding is that the people need to specifically apply the extra to the principle of the loan. This is the most effective way to pay down your debt quickly. If you are considering doing this you should speak to your bank and make sure that the following three things are not happening. 1) Some banks simply take that money and apply it to the next payment that you make. This … Continue reading →

Paying off your Mortgage Early

Have you ever considered whether you should try and pay off your mortgage early? Many people have. But, a mortgage is different kind of debt than most… so it is good to evaluate all the advantages and disadvantages before you make that leap. The first consideration is other debt. In almost every case, before you ever consider making extra payments on your mortgage you should first focus on all your other debt. In almost every instance, whether it be a credit card, student loan or car, that debt is costing you more to keep in interest than a mortgage. What … Continue reading →

Paying Off Loans

If you have debt and are looking to start paying it off, then you need to evaluate where to put your money first. For those with a couple of loans, this process may only require a piece of notebook paper. But for most of us with a variety of loans and debts, create a spreadsheet to compare the variances between them. These differences will help you decide which loans need to be paid off first. Start by lining up all your sources of debt. Common types include: *Mortgage *Home Equity Loans *Lines of Credit *Credit Cards *Student Loans *Automotive Loans … Continue reading →

5 Reasons to Payoff Your Loans Early

Many people often wonder why you should payoff your loans early. Often they look at loans as a time commitment and as long as you are making your monthly payments you really do not need to worry about the loans that you have taken out. Paying your loans off early can be a great benefit to you and your family. Here are five reasons to pay off your loans early. 1) You will save money on interest payments. For the average mortgage you end up paying at least as much in interest as you originally borrowed. You end up paying … Continue reading →

Taking Debt Too Lightly

Why is it so easy to go into debt and so hard to get out of it? I think for modern generations, there has been a culture of taking debt too lightly. Fortunately, for some of us, that culture is changing toward one of getting rid of debt or not getting into it in the first place. Meanwhile, there is still a more corporate culture that encourages debt, and it is one, as individuals, that we have to fight against in order to be solvent and live a good life. Being offered a loan, whether it is a home mortgage, … Continue reading →

Olympic-Sized Sacrifice

No sooner did their children make international headlines as Olympic gold medalists than the parents of gymnast Gabby Douglas and swimming superstar Ryan Lochte’s parents garner worldwide attention themselves… but not the good kind. Leave it to TMZ.com to break the news that Douglas’ mother, Natalie Hawkins, was forced to file for Chapter 13 bankruptcy just months before her 16-year-old daughter made the Olympic gymnastics team. According to court records, Hawkins has been granted time by a federal court to reorganize her finances and pay down the nearly $80,000 of debt she has accumulated since going on long-term medical disability … Continue reading →

Every Little Thing Counts

Many times when we think of saving money, we think in terms of the biggest impact. This can be a good strategy. If you can find a way to save hundreds of dollars per month, say by paying off debt, you can get on top of your finances much faster. At the same time, we shouldn’t neglect the little things. They can really help you to save money and get ahead. For example, if you spend just ten minutes each morning (or the night before) making homemade lunches, you can easily save $30 to $50 or more per week, which … Continue reading →