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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 →

Student Loan Consolidation

You may want to consider student loan consolidation. This option can be a good one if you have a large amount of student loans. Since student loan rates vary you may consider doing this is to lock in the lower interest rates that are available. It is important to consider your options carefully before you make a choice. When you consolidate your loans you are locking in your interest rate. This is good if the interest rates continue to rise, but if the interest rates drop you have locked in the higher rate, and you will not be able to … Continue reading →

Is Student Loan Debt a Necessary Evil?

Is student loan debt a necessary evil? So many people graduate with at least some student loan debt now, that most people do not even think twice about it. Student loans can add up quickly and then seem to take forever for people to pay off. With the consolidation loans you can have your payments spread out over twenty years. This is a long time to be paying for school. Here are five things to consider before you take out student loans. 1) Before you take out a student loan you should apply for all grants and scholarships that you … Continue reading →

When You Are Swimming in Debt

Have you ever seen HGTV’s “My First Place”? It’s about first-time home buyers looking for the perfect place to call their own, within a set budget. I’m always amazed by how seemingly transparent they are with their finances. I’ve seen a few episodes where the buyers freely divulged how bad their credit scores were as a justification as to why their budget for house hunting was so low. Another episode followed a guy as he tried to repair his credit while house hunting. The show documented the jockeying he did with lenders as he waited for his score to improve … Continue reading →