29 Jan 10 Last Resort Debt Solutions

If you find yourself very deep in debt, you only have two choices to resolve the problem: file for bankruptcy, or try and consolidate the debt. Filing for bankruptcy is a last resort, as that road will only lead you to more heartache and the scar you make on your credit will be almost impossible to heal. But some debts are too large to finance and successfully pay back. You have to weigh both options to see whether or not your debt is manageable, or if hitting bottom to start over is the best option.

The first step you should take is assessing your credit report. This will give you an accurate record of how badly your debt has damaged your credit score. You’ll also give an idea of how widely your debts span, and where exactly you owe money. The typical credit score is in the high 500-600s, anything slightly lower is manageable, but if you’re in the 300s that’s a severe problem. 300 is basically as low as it gets, at this stage it’s time to rethink your strategies.

Try to examine your monthly finances and see what you can cut to increase how much money you can pay out to eliminate your debt. Try and find as much as possible, so that you can live relatively comfortable, but also putting as much into the debts as possible. Paying off interest is a pain, and the worst part of debt, so you have to make sure you can pay well over the interest amounts, otherwise you’re just maintaining your debt.

If you find that consolidation won’t provide enough relief from interest rates, to pay off the debt within a number of years, bankruptcy might be your only option. Bankruptcy should always be a last resort, but if you’re so deep in debt there’s no way to dig yourself out, it’s almost a necessity. Your credit will be severely damaged, but any damage can be repaired as long as you don’t make the same mistakes the second time around.

Tags: 300s, Accurate Record, Consolidate Debt, Consolidation, Credit Report, Credit Score, Debt Solutions, Debts, Eliminate Debt, Filing Bankruptcy, Filing For Bankruptcy, Heartache, Hitting Bottom, How Much Money, Interest Rates, Last Resort, Scar, Second Time, Two Choices

Filed in Credit Counseling with 0 Comments

18 Dec 09 Choosing An Online Bank

When choosing an online bank there are a few aspects that you need to consider. Online banking has become a very, very common practice, but that doesn’t mean you shouldn’t take the appropriate precautions. Doing your transactions online is perfectly safe, as long as you take make the proper arrangements, and choose a banking institution that will appropriately protect your information.

So when searching for an online banking service to use, go through the FDIC website. The FDIC will list all banks that are FDIC insured, and any bank that isn’t, is not worth your time or effort. A bank that doesn’t have FDIC insurance is one that isn’t safe enough for you to trust your money, or financial transactions with.

Now from that list look up to see what the interest rates are for each bank. You want to find an agreeable rate, one that you’ll be happy with in the long term. It’s better for your credit to have long term bank accounts, so find one you’ll be comfortable with for a prolonged period of time.

Make sure that the bank you like doesn’t have any account fees or minimum balance requirements, as both of these can cause problems you’d want to avoid. Many banks require a minimum account balance, mostly as an excuse to earn profit by penalizing you. So do your research so you can avoid any of that mess, and keep your money in your account, where it belongs.

Finally, assess the customer service options available to you. Make sure that you’ll be able to make contact with a bank representative quickly should there ever be a problem. That’s extremely important, as you want a bank that’s as easy as possible to deal with. Also look at what sort of sign up bonuses a bank is offering. If you find more than one that you like, may as well go with the bank that gives you the best bonus!

Tags: Bank Accounts, Bank Representative, Banking Institution, Banking Service, Banks, Bonus, Contact, Customer Service Options, Excuse, Fdic Insurance, Financial Transactions, Insurance, Interest Rates, Minimum Account Balance, Minimum Balance Requirements, Money, Online Banking, Period Of Time, Prolonged Period

Filed in Business, Credit Counseling, Home & Family with 0 Comments

09 Oct 09 Be More Likely To Get A Student Loan

If you’re thinking about going to college, chances are you’re going to need a student loan. The most important thing to realize about getting a student loan, is that you’re never too early to apply. If it’s January 1st, and you want to go to college this fall, apply now! That way you ensure you have plenty of options if a few fall through, and your educational options won’t suffer. The second thing you need to do, is make yourself as good a loan candidate as possible.

In becoming a great student loan candidate you’re going to want to fill out the Free Application for Federal Student Aid. This is a requirement for applying for financial aid of any kind, with the purposes of paying for college. The FAFSA form is the only way to start, and is something you should fill out as soon as possible.

A big part of the FAFSA form is estimating your income, and if you are under 25, your parents income as well. This will dictate how much money you can get through a student loan, and the availability of which loans you qualify for. So a good tactic is to make as low an estimate as possible. Don’t lie, as lying is never a good idea on a federal form. But it’s okay to give an estimate that doesn’t factor in a bonus that isn’t guaranteed to you. A slightly lower income estimate could open up more loan options in the long run.

If you have bad credit, don’t worry too much. Your student loan candidacy has almost no bearing on your credit. This is because in most cases, you don’t have much of an established credit rating before heading off to college. So that shouldn’t be a deterrent when applying for any student loan. So don’t be afraid to apply.

Finally, apply for everything. You can always turn down a loan after you’ve been accepted if you find a better option. Compare interest rates, and choose the one that will be easiest to pay off in the long run. Many people end up taking decades to pay off their student loans, so pick the easiest one to deal with. Your student loan will be with you for some time, choose the one with the least hassle.

Tags: Applying For Financial Aid, Bad Credit, Bearing, Candidacy, College Chances, Credit Rating, Decades, Educational Options, Fafsa Form, Federal Student Aid, Free Application For Federal Student Aid, Going To College, How Much Money, Income Estimate, Interest Rates, January 1st, Loan Options, Studen, Student Loan, Tactic

Filed in Credit Counseling with 0 Comments

29 Jan 10 Last Resort Debt Solutions

18 Dec 09 Choosing An Online Bank

09 Oct 09 Be More Likely To Get A Student Loan

Translator

Recent Posts

Blogroll

Categories

Gossimer Press Releases

Gossimer News