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Credit Cards - Free Money for your Business (short term)
This money generating method was recently passed on to me by a member of my mailing list, it is important to stress that this method involves the use of credit cards and takes advantage of the options that they offer you. It is no way illegal and I...
Establishing Credit, the Great Task
"How do I establish credit, when I don't have a credit history"?
This is probably the most commonly asked question by most
consumers looking to open a credit account. Not having credit
can be just as difficult as having bad credit unless you...
Genuineness of credit card processing
According to buyerzone,consumers increasingly are turning to
plastic over paper when they open their wallets. Yet many small
businesses still don't accept credit cards. If you're one of the
laggards, the entire transaction may retain the...
Home Equity Line of Credit Pro and Cons
Home equity line of credit pro and cons are important if you decide to tap your equity in your home. Whether you are choosing a home equity loan vs equity line of credit, each loan is considered a second loan and is secured by your home.
Here...
How To Find The Perfect Bad Credit Mortgage Loan And Bad Credit Mortgage Company?
When you have bad credit and are trying to get a mortgage loan,
there are some important aspects that can make the process
hassle free. Today's consumer is now empowered to get the best
type of loan for their financial situation because of...
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Credit Card Debt And The Interest Only Loan
Here is an example of the system gone wrong: a mortgage loan
that encourages paying off one debt, in order to over extend
yourself with another debt. This is what happens with the
interest only loan and credit card debt. As a borrowing nation,
I believe we've reached new depths.
It would seem that in this century we've managed to take every
form of credit possible, extend it to the limit for some of the
public, and then look at them as if to say, "You mean you can't
pay?" What do these loan and credit card companies think they're
going to be facing, when the amount of credit and mortgage
they're willing to extend, reaches beyond the acceptable debt to
income ratios? Why do they think these were established in the
first place? More consumers than ever before owe credit card
debt. It's the way to go, many college campus' are overrun with
representatives from the major credit card companies, eager to
extend credit to the young fresh hands of the college student.
Are they as ready to work with them when they've over extended
themselves?
No. What about the rest of the spending public? How
do they handle their credit card debt? Well, thanks to the
interest only loan, we can now pay off credit card debt we can't
afford, with a mortgage we can't afford. Now, that's progressive
thinking. The interest only loan is now a tool for replacing
non-deductible over extended debt, with tax deductible over
extended debt, and the consumer continues to be the one to pay.
This is not a wise option, if you're already spending more than
your budget will allow. How about cutting back? Did that ever
occur to the mortgage company? No, because they don't make any
money off of the fact that you spend less. As a fellow
consumer, each of us should take the time to question our
spending. Is it wise? Is it necessary? If the answer to either
question is no, then don't spend. You don't want to have to make
the decision between over the limit spending, and a nice, warm
bed.
About the author:
John Williams writes about interest only mortgages
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