Sometimes life lands you in a situation that causes your credit to suffer. A job loss or illness can send your credit rating south leaving you with nothing to do about it. Some creditors may let you slide a month or two, but your records will still show a delinquency. A stolen identity can also leave you feeling violated and unable to resume a normal life with credit. It is during these times you may have to search a little harder to find...more
Households across the country are finding themselves in a similar situation. They lack the financial funds to make the necessary changes to their home and need to find a way to fund upgrades and eliminate debt. A popular way of financing these changes without killing themselves is by taking a home equity loan to pay down their debt. The Home Equity Loan has become a fast-track way of paying down large credit card debt, financing college education...more
If you are up to your neck in debt, there may seem like there is no relief in sight. In fact this is not necessarily the truth. There are ways to take all of your stifling bills and roll them up into one neat package by using debt consolidation in two very popular forms Home Equity Loans, Refinancing Loans, and a Consolidation Credit Card. All of these instruments provide the debtor with one thing "relief" from the current debt by shrinking it down to a single manageable debt.Using home equity to consolidate debtsOne of the popular methods of debt consolidation today is the Home Equity Loan. What happens is that the debt is extinguished using the equity from a homeowner's home. A loan is created outside of the mortgage in order to satisfy the debts. Should the homeowner default on the loan, their house is in jeopardy of being foreclosed upon if that loan is not satisfied with a specified amount of time.Refinancing loansPeople often consume the debt by rolling it into a new mortgage. This way the house costs more money to the borrower, but the debt is extinguished at close and the debt is neatly rolled away into the mortgage securely. Upon settlement of the loan, the debts are paid...more
"You've been approved!" The words you have always wanted to hear when you filled out the home loan application. It swirls through your mind the opportunities and memories you will cherish in your new home. Before you even start shopping for a home it is best to understand in real terms what you can afford. Your income level may make it tight for...more
Some time in your life you will need a new car. You may not want to have the burden of a new car debt, but you may find there are very few alternatives. There are some simple things you can look for that will help reduce the amount of money every month. Depending on your credit situation, a car loan can be very easy or rather difficult. Even though...more
Chances are your bank is a virtual place. Since the invention of the Internet you can see your balances anywhere, at any time. Most banks think globally and have acted this way by creating secure portals to manage their account holder's information stored in their databases. This information stored usually shows account balances, previous transactions, current balances, interest paid and electronic scans of their checks. Anywhere you can get to a computer, your bank account is right in your hands, usually in real-time. Online checkingSome banks even provide a service where you can pay your bills online vis-à-vis a checking account or saving account. You can setup creditors accounts, addresses and account numbers to be printed out on each check shipped. There are even some banks that will electronically send the check directly to their account for a nominal fee. Most electronic banking can be free depending on the minimum account requirements are met. Otherwise, electronic banking can cost up to $10 per month for the convenience to send money and manage your account via the web.In our move towards a paperless society, banks have begun to stop shipping back cleared checks to their...more
There will come a day when you need credit. You may want to buy a home or a car and your credit rating will become very important to help make these dreams come true. One of the first things you will need to learn is the basic principle of money...more
You have finally found the home of your dreams. You have searched all over and are ready to purchase it. Before you even make your offer you should seek out the financing first. In some cases, it is easier to have a pre-approval in hand before making...more
With today's credit card companies, there are many opportunities to get your cards rate of 21% or more reduced. The higher the amount of interest your card charges will cost you more for a simple purchase and ultimately may take you years to pay off...more
Chances are you may need a little extra money to get some work done around the home or perhaps your current interest rate is 7.5% and the prime interest rate is 6.0% there is a benefit to restart the clock on an existing mortgage and save thousands...more
What we now call "marketing" began long before the name was coined. In the mid-1800s, traveling salesmen dressed "snake oil" and other tonics in fancy packaging and extolled their virtues to a gullible public. New marketing applications soon...more
Tuition costs are climbing, housing costs are climbing, it seems like all the costs for students are climbing these days. Students can afford cost increases less than any other demographic in Canada. Because of this, parents and students alike are...more