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smart debt

Debt

4 Ways To Pay Your Mortgage Off Quickly

If you want to reduce your interest costs, a great way is to concentrate on paying down your mortgage more quickly. Above and beyond making your regular mortgage payments, here are some things you can do to pay down your mortgage quickly:

Double up your payments. Most lenders offer the option to double up your mortgage payments as often as you like. That way if you have some extra cash, you can pop it onto your mortgage. Your lender may even give you flexibility with this option, allowing you to add an extra $100 to your payments from time to time as you see fit. I like this option better than permanently increasing your payment because then the ball is in your court – you can pay more when you can afford to.

February 28, 2014

Debt

Is Your Debt Overwhelming You?

Many people have some debt to deal with, and that is pretty much the norm these days. But for others, their debts are way too much for them to handle. If you are one of these people who is overwhelmed by your debt load, you may want to consider some of these tips:

1) Look into IVAs – An IVA stands for an “Individual Voluntary Arrangement”, and it’s a legally binding agreement between you and your creditors. If you opt for an IVA, you will most likely enter into an arrangement that lasts five years. You will be expected to pay what you can afford, so this option will provide some peace of mind and you won’t have to be overwhelmed anymore. To learn more and discover what other people say about IVAs, check out IVA reviews.

February 24, 2014

Debt

Different Types Of Student Loans Available For College Bound Teens

If you are looking at colleges to attend – filling out applications, writing admission essays and scheduling campus tours – there is a good chance that you are also looking for a loan. You may hear nightmare stories about college loans taking over and destroying people’s lives, but the truth is that if you find the loan that works best for you, you won’t have to worry about it hitting you on the head later. The secret also lies in going to college for something you absolutely love doing. If there is passion and motivation – you will mostly likely find a career with which you can use to pay back your loans. Here are some different types of student loans available for college bound teens.

December 31, 2013

Debt

Pay Off Your Student Loans Ahead Of Schedule With These Money Earning Ideas

When most students finish their college education, they graduate with a hefty amount of student loan debt. Investing in education is a wise investment since many of today’s top jobs require a college level education. However, paying off student loans can be a huge problem in your family’s financial plan.

If you are able to bring in more money, you can make extra student loan payments. However, most people do not have the time to work a second job when they already have a full-time job. If your regular job is already keeping you busy, it is time to think outside the box when it comes to making extra income.

If you want your loan balance to disappear quickly, it is important to apply your extra funds to the principal of the loan. Once you start making extra payments every month, you will be thrilled at how quickly your balance decreases. The following ideas can all help you make extra money that can be applied to student loan payments.

Sell Unwanted Items

We all have things in our homes that we do not need and will never use again. Instead of having those items clutter up your home, start selling them for cash! eBay and Amazon charge a commission from every sale, but there are plenty of ways to sell your items without paying a fee.

Craigslist allows an unlimited number of free listings, and the site allows you to focus on buyers in your area. Pictures are king on Craigslist, so be sure to include attractive pictures of your items with each listing. To avoid scammers, accept only cash for your items.

If yard sales are popular in your area, consider committing one weekend to hosting a yard or garage sale. You can make your sale a family effort by encouraging all of your family members to get rid of unwanted items. At the end of your sale, offer the items for 50 percent off to ensure that you do not have to put them back in your garage.

October 27, 2013

Debt

Do You Want To Be A Slave?

Did you know that when you borrow money from a bank or from another person, you actually become a sort of “slave”? Yes, it’s true. And the more you borrow from someone, the longer it will take for you to be freed of that slavery. That’s why it’s really important that you take debt very seriously.

In our world today, people don’t think twice about buying big ticket items on their credit cards. But do they realize how much interest they will be paying to the credit card companies? The people who do this are slaves to the credit card companies for many weeks, months, and possibly even years, just for a single item they purchased in ignorance.

Credit cards are not the only forms of debt that can make you into a slave however. When you buy a home and get a mortgage, this can cause you to be enslaved if you end up buying a home that is too big for your budget.

One thing I want to make clear is that debt itself isn’t the culprit. It’s the people’s lack of knowledge that causes the biggest problem. Let me explain:

Although you will find blogs on the internet that talk about all debt being bad, I don’t believe that is the case. Why? Because most people that I know would never be able to buy a home if they had to pay for it with cash. Also, if I wanted to go make a big furniture purchase, I would far prefer to use my credit card rather than risk carrying large wads of cash with me.

October 16, 2013

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