Browsing Tag

Debt

How To Manage Your Expenses And Still Be Fashionable

The fashion world today is moving so fast that not everyone can keep up with its pace. We often see celebs changing their wardrobe every season and we get envious of their lifestyle. There is no problem with that if you have enough money to pay off your credit card bills when they arrive. What if you are on a budget? Budgeting doesn’t mean that you have to sacrifice your love for fashion, you just have to balance things out. Here’s how.

Credit Limit

There is no doubt that shopping with your credit card is pleasurable. But when the bill arrives, do you enjoy it too? Or have you exceeded your limit? Knowing what your credit limit is will help you avoid exceeding it. You should always stay below it by at least 20%. Doing this will give you good points on your credit report. There’ll also be less worrying about credit debt and balances.

The Basics

When it comes to fashion, there are basic pieces that never go out of style; and there are statement pieces that easily become so-last-season. If you want to keep your expenses on a low down, opt for the basic pieces so that you won’t have to change your wardrobe all the time. You will save a lot of money in the long run.

June 27, 2012

Debt

What You Need To Know About The Total Debt Service Ratio

What is a Total Debt Service Ratio?

Total Debt Servicing Ratio, or TDSR for short, is a measurement that tells you the percentage of gross annual income required to cover the annual costs associated with housing and all other debts you may have such as loans, lines of credit, credit cards, etc.

Why is TDSR Important?

This is how a lending institution will determine how much they can lend you when you apply for a mortgage or other type of credit product such as a home equity loan. The lending institution wants to ensure that you will be able to afford to repay them if they lend you money. TDSR is a way of showing your credibility, so to speak.

June 25, 2012

Debt

Learn More About Payday Loans – They Are Simpler Than You Think

A payday loan is a loan given to the borrower by the lender with the next paycheck of the borrower as collateral. They are short term loans and the most widely used time span is 2 weeks. They can be rolled over as well if the borrower cannot pay the money on time.

Why do people use payday loans?

Most people use payday loans to meet an immediate monetary crisis. If someone needs cash at hand instantly, say for medical expenses or some unforeseen expense that he or she has to meet, then a payday loan can be useful Payday loans are available in all parts of the United States and the normal interest charged is $ 15 to $ 20 on every $100 lent.

May 25, 2012

Debt

How To Get Out Of Debt In Canada

Living a life burdened by debt can be a daily challenge. If you are living with a heavy financial burden, you know how challenging each and every day can be. You may make daily decisions about whether to pay a credit card payment or buy groceries for your family. You may be getting letters from collections agencies, or perhaps you have been turned down for a loan request recently because your credit rating is poor. As challenging as living with financial issues can be, it can be even more challenging to get out of debt. If you have tried to pay off your account balances on your own without success, there are a few different options that you can consider.

Debt Settlement

Debt settlement is one option to consider to get out of debt. Through this process, you will work with a professional financial negotiator. The negotiator will contact each of your creditors on your behalf to negotiate a reduction in your outstanding balances. In some cases, the reduction can be significant. In addition to reducing account balances, this process often results in restructuring of payment terms. The interest rate may be reduced, and additional loan fees may be waived or avoided. Typically, creditors will only agree to reduce your account balances if they receive a lump sum payment immediately. Because of this, many debtors need to either obtain an equity loan on their home or save money for a period of time before they can settle their balances. Because account balances are reduced or settled without paying the money back in full, this process can result in a negative event on a credit report. However, despite this, it is an ideal financial solution for those who are struggling financial and want to avoid bankruptcy.

April 24, 2012

Debt

Solutions For Fixing Credit And Getting Out Of Debt

Getting out of debt can seem like an impossible feat to those who are facing financial difficulties and hardships. There are tons of different reasons for getting into debt and only a handful of solutions for getting back out. Losing a job, for example, makes it impossible to pay the monthly bills. Throw the cost of education on top of that for students who have recently graduated; and it can seem hopeless to try and keep your head above water. If you live in the Montreal area, you do have a few options that can help you start to pull yourself up out of the muck and mire of debt.

February 20, 2012

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