Q: Will opening a savings account in order to save for a home down payment impair my credit rating by creating an inquiry on my credit report? A: No, any kind of checking account or savings account that you might have is: 1) Not reflected on your credit reports with either Experian, Equifax or TransUnion […]
Will Opening A Checking Or Savings Account Hurt My Credit Rating? Read More »
You may be wondering if it’s in your best interest to consolidate your student loans. Well, experts say that you can benefit from a consolidation—to a greater or lesser extent—only by taking into account the full details of your personal situation. For those of you having serious difficulty making your monthly payments, you definitely should
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In order to qualify for direct consolidation loans, you must have at least one direct loan or Federal Family Education Loan (FFEL) Program loan that is in grace, repayment, deferment, or default status. If you are currently enrolled in school, you can no longer consolidate your loans. This is because your loans will be defined
What Student Loans Are Eligible for Consolidation? Read More »
Question: How does loan consolidation work? Answer: When you consolidate your student loans, your original debts are paid off and you roll the combined balances from your previous loans into one new, larger loan with a fixed interest rate. Question: What are the main benefits of loan consolidation? Answer: It’s easier to make one payment
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The $40 billion a year payday loan industry is booming thanks to high unemployment and a lack of access to traditional bank credit. While most individuals typically think about payday lenders doing business mainly with poor people and minorities, the Wall Street Journal reports that payday loans are also increasingly being used by middle class
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Q: One of my creditors, Bank of America, decided to decrease my credit limit from $4,000 to $500. At the time when they lowered my credit limit, I had a balance of $700. So, that put me $200 above the limit at the time of the change. They didn’t even call me, I called them.
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Q: I am having financial problems and can no longer make ends meet. Can I keep my car if I file bankruptcy? A: With so many consumers filing for bankruptcy protection or thinking about doing so, a lot of people are worried about what assets they can keep and what assets they might have to
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Q: I have a question from someone who wanted to know about essentially the definition of paying yourself first. She wrote me saying, ‘… there’s never been an accurate definition. Does it mean that it that you should pay yourself first the money that’s going into your retirement, into a emergency fund, or should you
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Unlike Chapter 7, which can completely wipe out unsecured personal debts such as credit card bills and medical debt, Chapter 13 is a way to re-organize your finances and pay off some or all of your debts over a period of 3 to 5 years. Chapter 13 is also known as a wage earner’s plan,
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Right before and after the holidays you’ll probably get a lot of bank offers to transfer credit-card balances from one account to another. If you see balance transfers as an opportunity to go on a shopping spree, chances are you haven’t quite learned how to manage credit and debt wisely, and that balance transfer deal
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Chapter 7, also known as “liquidation” or “straight liquidation,” is typically the simplest and fastest form of bankruptcy. Individuals, married couples and businesses can use chapter 7 bankruptcy protection to wipe out all unsecured debts, completing eliminating financial obligations such as: * credit card debt * medical bills * collection accounts * civil judgments * back rent * overdue utilities *
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A 401(k) plan has lots of fees, and savvy investors may be aware of various investment-related charges – such as a management fee to a mutual fund manager’s or the sales commission paid when making a transaction. What most people don’t know, however, is that 401(k) plans also include several other hidden fees that can
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When federal authorities want to keep airline passengers informed about air safety, they use a color-coded system to convey various levels of risk. Red is the highest level – symbolizing a “severe” threat of a terrorist attack. An orange threat level means “high” risk; while green means “low” risk. What if there was a similar
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Q: “I’m going crazy trying to pay my husband’s student loans off. He got three loans in the 1980s at eight percent. He has done several deferments and has acquired thousands in interest. I was behind several times, but I have everything current now. I consolidated the three loans and want to get a lower
How Can I Get a Lower Interest Rate on my Husband’s Student Loans? Read More »
Q: I have a question from a reader who wanted to know what she should do from a loan she received from her job. “I requested and received a loan from my 403(b) plan to payoff credit cards. It was for $12, 800. I was told it would take 90 days to process, but the
Should I Take a Loan From My 403(b) Savings Plan? Read More »
