Getting phone calls from collectors are no doubt annoying, but can be illegal if collectors do not follow the rules of the Fair Debt Collections Practice Act (FDCPA). Many financial institutions and collection agencies now use automated robo calls to contact the debtor and they may call frequently each day. If you answer, the system acknowledges receipt of the phone call and switches to a live representative.
Even if they are conscious of the rules, mistakes can happen. One case involved a woman who lost her job and fell behind on her monthly gym bill. After three months, she managed to pay them the money that was due and was able to zero ...
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Three Effective Debt Consolidation Strategies
Debt consolidation is not about making all your debts disappear completely. The process involves restructuring the loans in such a way that it either extends the loan period, reduces the rate on loans, or both.
After consolidation of the debts, you will have an easier time making loan installment payments. Even if the loan consolidation does not involve extension of the maturity period or decrease in the rate, it will help in giving you greater peace of mind, as it is far easier to make a single installment payment as compared to making payments for multiple loans.
Given this, consolidation of the loan can be a smart move in majority ...
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Determining an Annual Mortgage Payment that You Can Afford
Are you thinking about buying a house? If so, you will likely have to shop around for a mortgage loan. Lenders offer mortgage loans at different terms of agreements. These loans are secured loans that mean that the lender can seize your property in case of a default. That is why it is important to consider carefully when selecting a mortgage loan.
Before applying for a mortgage loan, you must make certain that you can afford the mortgage payments. As such, it's important to find out how to calculate the monthly mortgage payment, which is a topic that we will cover here.
Calculating Mortgage Payments
A number of factors determine the ...
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Can Debt Consolidation Help Reduce Debt Burden?
Most people have multiple debts of one kind or another. The loan can be in the form of a auto, student or mortgage loans, credit card debt, payday loan and others. These loans are taken out by responsible people to pay for essential expenses that a parson can't afford to pay on one's own. However, having multiple loans greatly increases the debt burden and if not managed properly or if an unexpected financial crisis materialized, the debtor can fall into a situation where they owe more money than than can afford to pay each month.
Apart from interest rates, loans entail different fees and charges that when added up can turn into a ...
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How the Subprime Mortgage Crisis Began
The subprime mortgage crisis that shook the financial industry in the US in 2008 was triggered by the burst of the housing bubble. It resulted in a large number of foreclosures and delinquencies, and caused reverberations in other sectors including manufacturing, financial, automotive, hotel, retail, and others.
In this article we will look at how the mortgage crises had started, and what were its consequences on the economy in the US.
How the Subprime Mortgage Crisis Began?
A number of factors can be linked to the subprime mortgage crises, with experts assigning blame to regulators, credit agencies, financial institutions, and ...
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Common Types of Interest Rates that Bank Use
Financial companies offer loans at that offer a variety of terms and conditions. In this article we will take a look at some of the most common types of interest rates that banks and other financial organizations use.
Let’s begin by understanding a common term called Compounding.
What is Compounding Interest?
Compounding simply means that the specified interest on a loan will be added to the interested that has already accumulated.
Annual Percentage Rate (APR)
Annual percentage rate (APR) is a financial term that is quoted by many financial firms that offer loans. It is simply an interest rate charged for the whole year. APR ...
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How to Avoid Telephone Scams
No doubt you have received a call from someone you don’t know who would tell you that you have just won a contest for a free Caribbean cruise or a call that they are from the IRS (or some other government agency) and that money is owed to you. Let us state right from the start that most of these calls are fraudulent. (Regarding the IRS, they will never call you on the phone).
Scammers can call either your home phone or your cell phone and there are many variations of these schemes . The following video below illustrates one of them*.
Let's break down the components of these calls, so that you can easily identify their tactics:
They ...
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Types of Loans Available for Mortgages
Before you venture into home buying, you should review the types of mortgage loans that are available, as there are quite a variety . Please use the information below as a guideline to help you determine which would be the best mortgage loan for you.
A study conducted by Consumer Financial Protection Bureau estimates that half of mortgage borrowers do not shop around, while 47 percent do not even compare lenders.
There are a wide range of options available in the market for the types of loans to choose from. Your decision to choose types of loan can make or break you as a loan seeker (borrower). Basic knowledge of loans available for ...
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What is HARP?
Unlike HAMP, which provides loans for people who are behind on their mortgage, HARP (Home Affordable Refinance Plan) provides assistance for those who are current on their mortgage payments (or have limited delinquencies over the 12 months prior to refinancing) and their loan to value ratio is over 80%, or their home is worth less than the amount of the mortgage loan. In addition, the loan must be owned by Freddie Mac or Fannie Mae.
Initiated in March 2009, HARP offers borrowers who have little or no equity in their homes the ability to refinance their mortgage into more affordable loans without new or additional mortgage insurance. HARP has ...
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Tips for Maintaining Good Credit
There are many ways you can maintain a good credit score. One of the key points is to always be aware of your credit usage, credit score and your financial spending. Following these guidelines will help you maintain good credit and allow you to continue living a financially helpful lifestyle.
Control Your Spending!
This does not apply just to credit cards, but for everything you do. The temptations are always there.to overspend on that new pearl neckless or a new car, because it has options your current car doesn’t have. Be smart and money-wise. You never know when an unexpected financial emergency might happen that could change your entire ...
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