"Citizen Kane is perhaps the one American talking picture that seems as fresh now as the day it opened. It may seem even fresher."Pauline Kael
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Home Equity Line Of Credit – Great For Remodeling Projects
Many homeowners are lucky enough to find a house that represents exactly what they want in a home. They buy it, make the payments on it, and live more or less happily ever after. Others are not so fortunate. Some buyers who live in a pricey market may ...
How Can Home Owners Pay Off A Mortgage 10 Years Sooner By, Of All Things,Getting Rid Of Their Checking Account?
New Loan Features Can Save Home Owners Hundreds and Thousands of Dollars Without Spending One Penny In Extra Payments Everyone is always looking to save money one way or another. This is especially true with their biggest bill of all, the house ...
Is Home Mortgage Refinancing Really Worth It?
Is it really worth it? Excellent question... since the refinancing process can take upwards of 2-3 months to complete, plus the expenses and hassles of refinancing may outweigh the benefits. Not everyone should refinance just because rates are lower. The ...
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Studies show that Americans are now saving less than ever before. Along with that, Americans are carrying a heavier debt load than ever. It's easy for a home loan, a car loan and a few credit card bills to get out of hand, and many people are struggling with more debt than they can easily pay. To make matters worse, new bankruptcy legislation will make it harder than ever to file bankruptcy for those who simply cannot pay their bills.
There are a number of solutions available that allow most people to reduce their interest rate on their debt, reduce their total monthly payment, or both:
# Ask for a lower rate on your credit card. If you have been making payments regularly, and you haven't had a history of late payment, you may be able to lower your interest rate on your credit cards simply by calling your credit card company and asking them! It doesn't always work, but the market for credit cards is pretty competitive these days, and many lenders would rather lower your interest rate than lose you as a customer. It's worth asking.
# Get a new credit card. If your lender isn't willing to lower your rate, shop around for a credit card with a better interest rate. There is no reason to be paying 20% or more in credit card interest if you don't have to. The interest on credit cards is not tax deductible, but if you can get a credit card with a lower interest rate and you move balances from other cards to that one, you can save quite a bit.
# Take out a traditional bank loan with collateral. You can probably obtain a simple installment loan from your bank by putting up cash or investments as collateral for the loan. Like credit cards, the interest isn't tax deductible, but the interest rate may be better than credit cards, and if you consolidate several payments into one with a bank loan, you will lower your monthly payment.
# Take out a home equity loan or home equity line of credit. If you have equity in your home, you can borrow up to 80% of your equity in either a lump sum or a revolving line of credit. Interest rates are still quite low on home loans, so this one could be a good way to consolidate your debt. As a bonus, the interest is tax deductible. A minor downside is the fact that these loans usually have application fees and/or closing costs.
Most people can utilize one of the ideas above to help them reduce their debt. If none of these options work for you, you should consider speaking to a credit counselor, who can outline other options that may work for you. Many credit-counseling agencies are non-profit, so it may be worth your while to talk to a credit counselor if nothing else will work.
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HELOC, Car Loan Delinquencies At Record HighsU.S. News & World Report, DC - 6 hours agoIn the latest sign that consumers are under financial stress, indirect auto loan and home equity lines of credit (HELOC) delinquencies reached their highest ... |
The Dutch diseaseMotley Fool - Dec 31, 2008In America's case, it would be HELOC money and dirt-cheap loans from China that did the same thing to us that oil did to the Dutch. ... |
Home DepotExaminer.com - Jan 2, 2009... thing this downturn has taught us: you need liquidity and you can almost always borrow that money back if you need it through a 2nd mortgage or HELOC. ... |
Fed Cuts Rates: Here's What's NextSmartmoney.com - Dec 16, 2008Typically when rates are cut, rates one home equity lines of credit, or HELOCs, fall too. However, this time, the impact on HELOC rates will be much more ... |
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