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Alice in Credit Card Land
Your credit card is stolen. You place a phone call to the number provided in your tourist guide or in the local daily press. You provide your details and you cancel your card. You block it. In a few minutes, it should be transferred to the stop-list...
Alternatives to Credit Cards
Are you one of those people who only ever got a credit card for
the convenience of being able to pay without cash, or because
you weren't aware of any other easy way to borrow money?
Millions of us are, thanks to the unavoidable advertising of...
Bad Credit Debt Consolidation Loans
Are you looking to consolidate credit card or other debt? Do you have bad credit history? There are many options available online nowadays to help you consolidate your debt. Whether you are wanting to consolidate credit card debt or other kinds of...
Balancing The Benefits Of Reward Programs Against Credit Card Costs
0 APR credit card APR, cash back and optional rewards etc. are
several reasons for any one to opt for a good credit card. They
are also a useful and a smart way to meet ones financial needs.
Most of the credit card companies offer most attractive...
Know How To Get The Best Credit Card Deal
Getting your own credit card is not as easy as you may think.
Applying for a credit card account needs a lot of thinking.
Before marching down to your credit card agent, ask yourself
some questions like do you want to pay for the credit...
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Total Cost Of Credit vs Monthly Payments
I read a press release the other day which points to the fact we need
to be very careful with our finances. The subject of the release was
home mortgages. A company was announcing the availability of
40 year mortgages for its customers. The stated purpose was to
lower the monthly payments to make buying a home more affordable.
Whenever I hear the phrase “more affordable”, I put my hand on my
wallet because the attempt to empty it will begin any moment. Almost
never is that phrase used in relation to the total cost of financing. It is
always used in reference to the size of the monthly payment, as in this
example.
Let’s see what it really means. I did the math. A mortgage for a
$100,000 home at 6% for 30 years would have a monthly payment
of about $600 for principal and interest. You would pay about
$216,000 over the life of the loan of which $116,000 would be
interest..
A mortgage on that same home for 40 years would be at 6.25%,
with a monthly payment of $565. The payments over the life of
the loan would total about $271,200 and $171,200 of the total
would be interest.
The forty year mortgage has a higher interest rate (usually
between.25 and .50 percent) because the lender has his
money at risk for a longer time (Lenders are well aware that
time is money. You should be as aware).
This higher rate coupled with the extra ten years of the loan, has
the borrower paying 47% more interest, or $55,000 more over the
life of the loan. Even with a lower payment that supposedly makes
it more affordable to purchase that home. Sounds like a pretty
good deal for the lender.
Another problem the borrower faces is building equity much
more slowly in the beginning of the loan. The extra interest
expense paid for the extended length of the loan prevents equity
from building up quickly. All of this for a monthly payment that
is only $35 less.
You need to think in terms of overall cost and not just monthly
payments. The total cost is what you will give back to your
creditors. The focus on the monthly payment takes attention
away from the total amount to be repaid. You need to look at
this with any indebtedness, car payments, personal loans, credit
cards: figure the total cost, not just what you pay each month.
You'll begin to hear more about these loans I'm sure. Think long
and hard before you lengthen your indebtedness. The goal is to
become debt free and to do it as fast as possible. Advise your
families and friends to do the same.
About the Author
David Wilding has, for the past ten years, been trying to help people rid their lives of debt. Through changing their attitudes toward, and their acceptance of, debt in their lives, he has help many to reach the goal : living debt free. Visit his website http://www.debtattack.com.
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| Credit Reports - Credit Cards - Car Loans - Home Loans - Credit.com |
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| The FTC's web site on Credit |
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| AnnualCreditReport |
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| Experian: Free Credit Report and Credit Score, Credit Check ... |
| Credit referencing and consumer targeting for the USA and other countries. |
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| National Credit Union Administration - Home Page |
| An independent federal agency that supervises and insures 7152 federal credit unions and insures 4240 state-chartered credit unions. |
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| Credit - Wikipedia, the free encyclopedia |
| Debits and Credits, a type of bookkeeping entry; Credit (creative arts), acknowledging the ideas or ... Retrieved from "http://en.wikipedia.org/wiki/Credit" ... |
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| Credit (finance) - Wikipedia, the free encyclopedia |
| Any movement of financial capital is normally quite dependent on credit, ... Sometimes if a person has financial instability or difficulty, credit is not ... |
| en.wikipedia.org |
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| The National Foundation for Credit Counseling |
| DebtAdvice.org is a service provided by the Members of the National Foundation for Credit Counseling (NFCC), most of them known as Consumer Credit ... |
| www.nfcc.org |
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| FreeCreditReport.com | Free Credit Report and Credit Score Online ... |
| FreeCreditReport.com: Free credit reports and credit scores from Experian. Get your free credit report and credit score now. It's free, fast, and easy! |
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| The Credit Card Prank |
| In my lifetime, I have made nearly 15000 credit card transactions. ... Credit card signatures are a useless mechanism designed to make you feel safe, ... |
| www.zug.com |
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| Credit magazine, corporate bonds, derivatives, structured credit ... |
| Credit magazine provides information on the international credit markets for credit investors, issuers and market professionals. |
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| CUNA: The Credit Union National Association |
| News and resource directory about credit unions. |
| www.cuna.org |
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| Credit/Debt Management - Tools and Advice for Managing Credit and Debt |
| Drowning in debt? Trying to improve your credit score? This is the place for you. Get real world information and tips, as well as the legal low down, ... |
| credit.about.com |
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