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Posts Tagged ‘Loan’

There’s a cruel irony to navigating your finances amid the ongoing credit crunch.

On the one hand, maintaining a great credit rating is more important than ever – especially if you’re looking for a job or need a loan of any kind. On the other hand, if you mess up royally in the credit department, rest assured that even the worst credit mistakes you can make probably aren’t as bad as you fear.

Here’s a look at a couple of the most severe credit catastrophes you can face – and why none of them is fatal to your financial life.

Bankruptcy

Bankruptcy is often described as the mother of all credit problems, and for good reason. A bankruptcy filing has very serious ramifications for your credit rating and typically stays on your credit files for 10 years.

But that doesn’t mean you’re a financial pariah for a decade. In reality, if you go through a Chapter 7 bankruptcy (where most of your consumer debts are wiped out), you’ll likely be getting credit card offers and other loan solicitations just six to 12 months after your bankruptcy is discharged.

Continue reading Your worst credit problems are not as bad as you think

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Higher education costs in the U.S. are increasing. State funding to aid college students is on the decline. And a growing number of university and college students in America are taking on loans to foot their tuition bills and other expenses. Add it all up and the results are scary: In addition to racking up massive amounts of credit card debt, college students in the U.S. are now graduating with record levels of student loans as well.

Nationwide, the median student loan debt for undergraduates currently stands at close to $20,000. Those who attend graduate school wind up with an additional $32,000 in debt on average, according to Nellie Mae, the nations largest student loan provider. The upside to all this debt is that people with Bachelors or graduate and professional degrees stand to earn substantially greater incomes than those without degrees. In the meantime, though, millions of people like you still need help in managing those enormous student loans.

In this session you’ll learn:

• How student loans impact your credit
• How to bring past-due loans out of default status in 3 months or less
• The ins and outs of loan rehabilitation programs
• Whether you’re eligible for a student loan cancellation and may not even know it
• How to seek and get a deferment on repaying student loans
• When to request forbearance
• How to ease your financial burdens with a graduated repayment program
• How to get your lender to agree to an extended repayment option
• The pros and cons of paying loans based on an income contingent plan
• When to consider student loan consolidation and MORE!

*Note:  Some information in the How to Pay Off Student Loans audio is outdated due to the passage of the Student Loan Reform Bill in 2010 and other changes in the student loan industry. However, the majority of the tips and advice herein will be beneficial to anyone with student loans.

Length – 60 minutes
Format MP3 Audio
Click to download for just $5.99

Related Questions:

• how to pay off enormous student loans

If you’re a cash-strapped homeowner, an offer to modify your mortgage or help you avoid foreclosure no doubt sounds tempting. After all, you may be behind on your home loan. Credit card bills could be past due, as well. And you’re likely struggling just to make ends meet.

But when someone comes along promising to help you save your home, how do you know whom to trust?

Fortunately, there are reputable organizations available to help financially troubled homeowners – as well as some telltale signs that can tip you to a foreclosure rescue scam.

Article continued on AOL Real Estate

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• Brooklyn man convicted in mortgage scam (nydailynews.com)

Q: I am interested in trying to own my own business but don’t want to use loans. What types of grants are out there and how do I get my hands on them?

A: We asked small business expert Melinda Emerson, author of Become Your Own Boss in 12 Months to answer this question:

“It’s a good thing you don’t want to use loans to get your business started because banks do not lend money typically to start-up businesses. You need to be in business for two to three years to qualify for even a line of credit. Unless you win a business plan contest or inventors competition for the most part there’s no such thing as finding a grant to start a business.

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Related Questions:

• how to get my hands on grant money
• i want to start my own business i am subcontracted out but i want to start my own business how do i go about not hurting my boss