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What Happens When You Default On Student Loans and Credit Cards- Part 3/4

Posted by finmaster | Loan and Credit | Friday 1 July 2011 07:30
loans and credit25 What Happens When You Default On Student Loans and Credit Cards Part 3/4
Many not-so-pleasant things can happen to you if you don’t pay your credit card and student loans.Here’s what happened to me…I started getting letters asking me to pay the loans in full. When I ignored them, I started getting more letters. At first the letters are kind of friendly.”In case you’ve forgotten or didn’t receive the last letter”… Then they get stronger. “Warning: You are late with your payment”… Then they get threatening. “Legal Action Pending”…Then, One day a letter comes saying – This is your FINAL notice.I thought “Good, at least I won’t have to hear from them anymore” – WRONG! – More letters keep coming. I ignored these letters for a very long time.And then one day THE letter comes telling me that I will NOT be receiving my State Income Tax Refund Money. The money is being withheld to pay a debt. Oh Crap!… I was counting on that money.Oh well, let me just get on with my life.Time passes, I forget about it. Life is good. And then one I go to the bank to withdraw some cash out of the ATM machine.”Sorry, that transaction
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Mortgage Refinancing: How to Pay Down Your Mortgage Quickly

Posted by finmaster | Mortgage | Tuesday 22 February 2011 06:18
mortgage38 Mortgage Refinancing: How to Pay Down Your Mortgage Quickly
If your financial goals include eliminating your debts as quickly as possible, refinancing your mortgage can actually help you accomplish this. Here are several tips to help you pay down your mortgage quickly and even consolidate higher interest debt into one payment.Building equity in your home is a smart way to safeguard your finances. The equity you have is simply the difference between what you owe your mortgage holder and how much your home is worth. Having a large amount of equity in your home opens financial doors that otherwise might be closed to you. You can easily consolidate other high interest debt such as credit cards or consumer loans into one payment with a low interest rate.How does this help you pay off your mortgage faster? By refinancing your mortgage to a loan with a shorter term length, you will not only qualify for a better interest rate, you will pay more each month towards the loan balance. Your monthly payment will be higher; however, you will pay less to the lender for financing than you would with a longer term mortgage loan.Mortgages with a term length of
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Drawbacks of Virtual Credit Cards

Posted by finmaster | Loan and Credit | Monday 12 April 2010 18:27
credit18 Drawbacks of Virtual Credit Cards

Identity fraud has caused serious headache to the card holders, as well as the authorities who are trying to control this from happening. An alternative to overcome this issue has been designed – virtual credit card. It is also known as prepaid card. The number given on it is only valid for one time use and it expires within a short period. Nonetheless, there are some limitations of this card.… Continue reading ...

Credit Cards Truth

Posted by finmaster | Loan and Credit | Wednesday 18 November 2009 10:49
credit5 Credit Cards Truth

Credit cards have moved on to become almost a necessity today. It’s rare to find people having no credit card. In fact most of the people have more than one credit card. However, possessing a credit card is not enough. You also need to understand how to use it properly. Sometimes credit cards can become a pain e.g. when you get into a debt trap.

The first thing to understand is the fact that credit card is not free money or a goldmine that you just discovered. It’s simply a loan that you are taking from a bank or a financial institution and you need to pay it back soon. You must understand that if you don’t pay this amount back in time you will have to pay an interest on the amount. This interest is calculated using APR (annual percentage rate) i.e. the interest rate charged on the outstanding balance on your credit card account. This is calculated and applied on a monthly basis. APR is one of the key features one considers when choosing a credit card.

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