Monday, September 21, 2009


1. Federal Student Loan Consolidation

2. Private Student Loan Consolidation

Both federal student loan consolidation and private student loan consolidation offer the benefit of a significantly lower monthly payment and simplified finances. If you want to consolidate student loans, begin with your federal Stafford, Parent PLUS, Perkins, and all Federal FFELP and Federal Direct Loans that were taken out for your education. Private student loan consolidation is a separate program that allows you to refinance all non-federal, education related debt

Mortgage Payment on-time

Paying Your Mortgage Payment On-Time, Every Time
each month is the most important obligation you will have. Failure to pay can result in higher fees, interest expense and possible foreclosure. We have a number of recommendations for FAST mortgage payoff options.

1. Get Automated Draft:

Most lenders offer automated draft of your monthly mortgage payment
If you continue to have insufficient funds in the account after the second attempt, you may be assessed a fee.

2. Automated Bill Payment:

If your lender does not offer automated draft,

or if you prefer more control over your bank account, look into setting up reoccurring bill payment schedule through your bank's online bill payment feature.

Many banks offer this service FREE to their banking customers. If not, you can shop around to find a bank that does.

You simply link to the bank's online banking site and register for bill payment services. Follow their instructions on setting up recurring bill payments.

Make sure you read carefully how the DUE DATE works.

Many bill payment services require a 3-5 day lead time to ensure timely payment.

You should check with your mortgage lender and request information where e-payments should be sent. Some lenders have a special lock box for e-payments.

Make sure you have sufficient funds in your account when your due date occurs. Banks will require that you have funds in the account before they initiate payments.

3. PC Bill Pay:

Another option is bill pay through a PC Personal Management Software program (PFM).

The procedure requires you to setup bill payment through your bank or other bill payment services company.

You simply follow the instructions in the PFM software to setup your bill payment accounts and instructions.

Many of these PFMs allow reoccurring or automated bill payment,

which means you don't need to do anything to initiate the payment. You simply setup the payment information and forget about it.

Most banks and bill payment services charge a fee for this service. Check around to find the best program.

4. Professional Bill Payment Services:

There are private bill payment companies that manage your bill payments.

They will make payments on your behalf to your mortgage lender and whomever you designate.

The advantage of these services is that someone is monitoring your bills to ensure payments have been made and delivered.

These services are the most expensive type of bill payment service.

Sunday, September 20, 2009

Credit Card Debt Consolidation

Learning how to consolidate credit card debt is one of the best things cardholders can do. Consolidation is perfect for those who are looking to better their credit for the future. There are many advantages for cardholders that take advantage of credit card debt consolidation. If you are thinking about consolidation, then there are a few things you should consider before doing so. Use these tips as a guide while you consolidate your debt.

Why Consolidate?

There are several great reasons to consolidate credit card debt. One of the best reasons is to get better rates. If you can get a better rate on a consolidation than you currently have, then there is no reason not to consolidate. Consolidating credit card debt can add up to substantial savings.

Look up all of your interest rates from each card and write them on a list. Then note the new rate you would be given. If the new rate is lower than the average of the old rate, then to consolidating your credit card debts would make financial sense for you. If there are cards that have a lower rate, then you don't have to include them in your consolidation.

Another reason people love to consolidate credit card debt is to make their lives simple. By paying one bill, they can cut out a lot of stress and bill paying time. You should probably not consolidate your debt for this reason alone however. You don't want to pay more in the long run just to cut out a few pieces of mail monthly. Consolidation also gives those in a credit card mess a chance to get out of it. By consolidating, they may be making lower monthly payments than they would be if they did nothing. By closing out the other accounts, their credit may also be improved.

Who To Turn To?

When considering credit card debt consolidation, you should turn to professionals for a consultation. There are many credit card companies and banks that would like to help you with your request. Make sure you do your research so that when you consolidate credit card debt, you are certain you are making a decision that is profitable to you. Make sure there are no hidden fees that come with different consolidation plans. Doing your research can help you save money for the future.

Making The Choice

If you want to consolidate credit card debt, you should first look at all of your debt in detail. Once you know what you have, it will be easier to contact professionals to help you with your consolidation. Don't be afraid to tell them you are shopping for the best deal. You should do yourself the honor of getting the best deal out there to making your consolidation as worthwhile as possible

Wednesday, September 2, 2009

Reduced Monthly Loan Installments Using Unsecured Debt

Reduced Monthly Loan Installments Using Unsecured Debt Consolidation
Some people think that unsecured debt consolidation can help to modify their debt installments. As an example, if you have a credit card that can cover all your current bills, you can transfer all your various debts or bills onto that single credit card so that you only make a single monthly payment in the long run. However, do make sure whether your ready credit transfer expenses are worth the energy. Generally, you may have to pay approximately 5% of the transferred balance, although from time to time, there are some promotions with very low transfer credit card. Although credit card bill consolidation loan is convenient, note that it is only effective for small bills given the limit of your credit card and the high cost on your credit account balances once your interest free period is over.

Then again, debt counsellors generally advise their customers to destroy their cards and stop their credit card such that they can help to restrain themselves from further buying on credit again which worsen their income to debt ratio. Although it can be very uneasy without credit cards in the first few weeks, it is the most sure, effective or simple way to avoid more loans when you buy what you can afford with your spare cash. This allows you to have more available savings to reduce your current loans very soon.

It can be more suitable to check out debt consolidation assistance from finance companies. These loan consolidation firms will provide you with a new loan which covers all your remaining high cost credit cards bills or delinquent debts. The new monthly payment for these bill consolidation packages is usually reduced compared to what you are paying for all your current loans, but this is at the expense of a longer loan term. For those of you with properties or houses, they can be eligible for secured bad credit debt consolidation to decrease the interest charges charged by the credit card companies. For those of you with very poor credit, this can be the only bearable method to consolidate loans with appropriate interest charges. The disadvantage to secured loan consolidation packages is that there is a higher risk you must shoulder in the event that you default on the monthly installments, you may lose your secured loan collateral.

Note that loan consolidation can reduce your monthly loan reduction such that you have an easy time repaying your loans and this also helps to restore bad credit score very quickly. However, your loan principals remain as they are. Although debt consolidation providers can send a debt settlement proposal to get interest fees forbearance, your basic savings over the interest charges will come after your Free credit score is repaired to good levels.

For e.g., when you are paying a $20,000 bad credit loan at 9% interest fee over a loan term of 5 years, you need to make a monthly bill repayment of $415 and a total of $5,000 in interest charges alone. If you modify your $20,000 secured personal loans into a term of 20 years at a lower 7% interest rate, you need to pay $155 every month but the total interest charges become $17,200. That is the extra interests you have to pay for making it more manageable to repay your debts over a longer loan tenor.

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