Should I Know How Much Debt I Have?
There are two types of people in this world: those who cumulate all of their debts to see how much they have to pay, and those who separate their loans to keep themselves in the continuous state of denial – believing that they don’t have such a big debt to pay. Do you even want to know how much you owe? Well, you should. Why Should I Care? Be true to yourself For instance, let’s say that someone has $20,000 in personal loans, $10,000 in car loans and $5,000 in credit card debt. In their minds, it sounds better than […]
Paying off Debt vs. Saving for Retirement
This is one of those financial questions that always seem to arise at some point in life: should I pay off my debts or should I start saving for retirement? Under very happy circumstances, we should be able to do both; however, unless we’re billionaires, we may have to borrow the money needed for any of the situations above. So how do we choose between the two, under these circumstances? Well, here are some thoughts. Figuring Out the Interest Rates Take a spreadsheet and start writing down the interest rates, going from highest to lowest. You should include everything from […]
Is it Smart to Choose Bad Credit Loans While in Debt?
We’ve all been there – some more than others. We already have debts, and we are not entirely sure whether or not we should add even more to it. It’s like borrowing money from a friend, not giving it back and then asking for some more. What guarantee do you (or they) have that you’ll repay this new debt now if you didn’t repay them previously? Should you add more to the debt by opting for bad credit loans? Getting a Loan When You Have Bad Credit Many lenders do not really want to give money to people who have […]
Debt Consolidation Loans and Misunderstandings
Research points that the majority of brokers are acquainted with the purpose of debt consolidation loans and what they imply. Nonetheless, there is a significant number of requests sent to lenders for debt consolidation loans, which don’t fulfill the lender’s guidelines. What determines these general misunderstandings regarding this aspect? The source of misunderstandings Before explaining serviceability, there is a common misconception concerning debt consolidation loans. Professionals working in this field indicate that there is quite a fixed generalization according to which debt can be refinanced. The truth is that this assumption is entirely wrong. The source of this assumption is […]