window.document.getElementById(’post-129′).parentNode.className += ‘ adhesive_post’;With all of the ways to pile up debt is it any wonder that so many people are obsessed with credit and debt consolidation? After all, it doesn0t take very much time (or really even very much effort) to go from in the black to drowning in the red. There are student loans, credit card debt, medical bills, store accounts, utility bills, etc. It can be very overwhelming. This is where the debt consolidation comes in. There are all sorts of companies that are making a fortune from helping people to consolidate debt. But beware! Often opting for debt consolidation is not actually the best route to escaping debt or rebuilding your credit. In fact, there are many ways in which consolidating debt can hurt your credit record and put you further in debt.
Here are the risks that are involved in debt consolidation:
In many cases opting for debt consolidation is only slightly better than declaring bankruptcy (which, as we all know, is credit score suicide). In fact often the credit agencies will view consolidating debt as a chapter thirteen bankruptcy. This is because a chapter thirteen bankruptcy is classified as 0realigning debt.0 This is a huge black […]
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window.document.getElementById(’post-129′).parentNode.className += ‘ adhesive_post’;We encourage our kids to plan for their future, but we seldom include buying a first home sooner than average as a path to building that future. Let them know buying a home is easier than they think.
Most of the people who read this column are not first time homebuyers. The fact of the matter is many of you that are first time homebuyers and reading this article are relatively mature individuals who are fighting off your commitment fears of being tied to a mortgage. But there is a huge segment of the population that could buy their first home, yet it doesn0t occur to them to do so. Who are these people? Well, it0s your 24 year old son or daughter, new to the work force, and is throwing away money on rent somewhere. Encouraging your children to buy a home when they are young is some of the soundest financial advice you can give them. Equity in a home is an easy way to grow one0s portfolio with very little investment. But the fact of the matter is it doesn0t occur to most of us to encourage the younger generation to buy early in their […]
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Does it seem like your daily mail always brings a new bill? Are you struggling to make the minimum monthly payments on your credit cards? If so, you aren’t alone. Every day, people are faced with debt that seems to be quickly gaining the upper hand. If this sounds familiar, it may be time to consider the possibility that a debt consolidation loan could be the answer.You may be wondering what the difference is between debt consolidation and a debt consolidation loan. The term debt consolidation is often used to describe a service offered by non-profit organizations to combine your debts into one monthly payment, but without being granted an actual loan. A debt consolidation loan is an actual loan that does not require you to enter a debt counseling program or turn your finances over to someone else.One of the leading reasons that individuals apply for debt consolidation loans is their desire to get ride of high interest credit cards. With monthly payments that often barely cover the interest rates, which can increase at any time, credit cards account for a large portion of consumer debt. A debt consolidation loan can […]
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