Every website, blogger and book that discusses financial health also talks about reducing your expenses. Many talk about coupons, promo codes, and DIY ways to save money. However, when you look at the expenses of the average American household, the majority of money is spent on: RECURRING EXPENSES These are expenses that you pay each […]
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How to reduce debt payments when your credit is OK (between 580-699)
How to reduce your debt when your credit is ok (580-699)
How to calculate your debt-to-income ratio
How It Works In addition to knowing your approximate credit tier, it is very helpful to know your debt-to-income ratio (often abbreviated as “DTI”) when looking at taking on a new loan or mortgage. Talking about ratios may sound scary, but it is really easy. You can do it. Just write down these numbers: Debt: […]
The Debt Avalance vs the Debt Snowball…which is better?
Four years ago, popular personal finance guru Dave Ramsey popularized the concept of the “Debt Snowball.” His recommendation was simple – rather than pay down the debt with the higher interest rate first, pay down the smallest debt first regardless of the interest. The idea is that you’ll give yourself some small wins in reducing […]
How to lower your credit card monthly payments with debt consolidation
Debt consolidation means taking all outstanding debt you have at various interest rates, and moving it down to a lower interest rate. This saves you money each month. For example, if you had $10,000 in credit card debt at a 27.8% APR rate, you could pay $548 per month and have it paid off in two years. However, that will cost you $3,148 in interest payments. If you were able to move this loan to a 12.0% interest rate, you could save $1,850 in interest payments.
Best loans for borrowers with bad credit
If you’ve had a few late payments, non-payments, or other negative items on your credit report, then you need to find a lender who will approve you, transfer cash quickly, and offer an interest rate you can afford. You need to know exactly what you’re paying, whether it’s origination fees, early termination fees, or monthly payments. Unfortunately, companies who offer loans to people with bad credit are the most likely to hide these fees.
