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debt tips

Debt

Getting A Loan

laon options when you need moneyAre you in need of a personal loan? If so, you may have more options than you realize to get that loan. Whether you have perfect credit or not so great credit, lets take a look at some options that you have available to you to get that loan.

Ask a Local Bank or Credit Union for Money

When you go to a local bank or credit union, you have a few different loan products that you can choose from. You can apply for a credit card, apply for a personal loan or apply for a home equity loan or line of credit. The credit card and home equity loan are generally reserved for those who have good credit. However, you can usually get a personal loan regardless of your credit score.

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April 10, 2014
Investing

Make Sure Your Money Is Working Hard For You

It is important to make sure that your money is working hard and not just sitting idle in a low interest deposit account.  With the exception of keeping a few months worth of living expenses tucked away in a savings account as an emergency fund, I would advise that you make the rest of your money work much harder.

For example, right now we have an open variable rate mortgage at an interest rate of 2.5%.  Rather than keeping all of our money in a savings account that pays less than 1%, we decided to put $5000 extra towards our mortgage principal to decrease the amount of interest we pay.   Although 2.5% is a fairly low interest rate, our mortgage is our only debt right now; otherwise we would have paid off higher interest debt.

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July 5, 2010