Debt Help Services

Posts Tagged ‘interest’

Question: In Serious Financial Problem…?

OK…the bank account is over $6000 overdrawn, I have other personal debt up to about $5,500….

I am leaving to start school in a week, I will only be able to work part time.

Does anybody know of a company that will give me a loan with payments under 100 dollars a month that I have a loooong time to pay back?

I have not been approved by anyone.

I will be posting on Prosper as well…. I am in a panic.

What should I do, I can’t afford consolidation places. They have all quoted me over 500 a month which I can’t afford.
I have found a few companies that will work with me, mostly ranging from 150-200 a month for the next 3-4 years…expensive but feasible….

Answer: It might be time to postpone school and instead get a full time job until you are back on your feet. How can you even afford school when you have a $6000 overdraft?

Factbox: Key quotes from G20 leaders ahead of the summit

President Barack Obama urged world leaders to follow his lead on regulatory reform on Friday before the G20 summit, while other countries touted their swifter progress in dealing with debt mountains that threaten the global recovery.

Debt quotes

Have you ever wondered how much some of your investments will be worth 10 years from now? How about 20 years? You can easily figure it out without using a financial calculator. Just use the Rule of 72.

Let’s say you invested $10,000 in a fixed annuity earning 6% a year. In 24 years, your assets will be worth about $40,000. How does it work? The Rule of 72: Divide the number 72 by the interest you earn, and it will give you the number of years it will take for your money to double. Using the above example, 72 divided by 6 equals 12 years for doubling. Since there are two doubling periods in 24 years, the original $10,000 would be worth $20,000 in 12 years, and $40,000 in 24 years.

Using this same Rule, an investment earning 8% would double in about 9 years, and a 12% investment would double in 6 years. You need to remember that a 6% interest rate in a Certificate of Deposit would not work as well as a 6% annuity.

A CD earning 6% would leave an investor approximately 4% after taxes. The Rule of 72 would only apply to an after-tax yield. A 6% annuity would be tax-deferred; therefore, the entire 6% would be counted. The Rule of 72 works best with fixed investments, or those with a fairly stable return. Also, it only works if you reinvest your assets. The Rule does not apply if you withdraw any funds. You can even use this Rule in reverse. For example, you are 38 years old, and you’d like to know how much you’d have to invest today to retire a millionaire. Using the same Rule (assuming a retirement age of 65, and an average annual return of 8%), here is how it would work:

Step One: 72 divided by 8% would signify that your money would double every 9 years.

Step 2: At age 65, you want your assets to be worth $1,000,000, so…

Step 3: You work in reverse, going back 9 years for every doubling period. $1,000,000 at age 65 (your goal) $500,000 at age 56 (9 years earlier) $250,000 at age 47, $125,000 at age 38 (lump sum)

If you invest $125,000 at 8% until age 65 (before taxes), you would have about $1,000,000 at retirement. This amount would change, of course, if you invested more than $125,000, or if the interest were higher, or better still, you started investing a little sooner than age 38.

Depending on your goals, and your age, you could retire earlier or later than age 65. You don’t have to invest a lump sum to retire comfortably. Just have a goal, and a systematic investment plan, and your retirement needs will be accomplished.

The calculator king can help

This self-described “treasure trove of finance facts” builds calculators that can help you to improve your financial picture.

Question: Debt Consolidation Loan?

I purchased a manufactured home about 2 years ago and I am making my mortgage and lot rental payments. I have a 15 year mortgage.I have a lot of credit card debt ( I pay about $900 a month in minimum payments). I would like to consolidate this into one payment so I feel like even if I am living pay check to pay check I am doing ok and pay them off and close the account. only want one card with a low credit limit. Plus the interest rates are high. I have good credit (approximate score 685-710 at last check) never made a late payment, or missed a payment no bankruptcy etc. So my question is should I be able to get a consolidation loan without a co-signor and is this the way to go. I would like to also purchase a new car (lease is up and need to get a new one) should I roll this all into together or do seperate loans and will that even be possible. Any guidance would be helpful thanks.

Answer: a few things come into play, biggest is the gap between what you owe on your house and what it's worth as long as you can do it and keep at leat 10% equity meaing if it's worth 150k don't go above 135k I'd go for it any mortgage company that lends on moble homes will be happy to do it, and you should save a bunch of mony on the high intrest credit cards...hope this helps

Fitch Rates Montana Board of Investments' $12MM INTERCAP Bonds 'AA-/F1+'

NEW YORK----Fitch Ratings assigns an 'AA-' long-term and 'F1+' short-term rating to the following bonds of the State of Montana Board of Investments :

Money Management : How Do Savings Interest Rates Work?

Introduction of 2nd Mortgage Loans

A second mortgage speaks about a loan that is taken out on a home that already has a mortgage. The equity built up in the home is used as the collateral needed to back the loan. Many people take second loans when they need to free up some emergency cash quickly, or for other expenses such as home improvements, tuition, debt consolidation etc. The second mortgage loan can be a source of a large amount of cash fast, but always do your homework to make sure it’s the right refinance option for you.

Something about Second mortgage interest rates

In general, interest rates have been at a low for these last few years and second mortgage rates are no exception. Usually, second mortgages carry higher interest rates than the first mortgage on the home, but these rates have become so competitive online and off, that they are beginning to fall. At usloanz.com, we offer the most competitive rates on 2nd mortgage loans anywhere. You will also be given the option for fixed or variable rate loans, with the second mortgage interest rates dependant on your credit, the amount of equity or total loan to value ratio and what’s happening in the market at that time.

2nd Mortgage Quick-Tips

When searching for a 2nd mortgage loan it is important to shop around and take advantage of the free quotes being offered online. This way you can get loads of no obligation estimates and information to help you best decide which option is best for your situation. Always make sure the lender is credible and reputable to protect your interests. Make sure to ask about all the fees associated with closing the second mortgage so that there are no surprises. It may even be possible to negotiate with the lender to have some of these fees waived. Also look for second mortgages that do not come bundled with insurance as this can raise your monthly payments. Find the best interest rates possible for your situation, because it will translate to lower payments over the life of the loan. Usloanz.com guarantees low second mortgage rates and its representatives are always on hand to give you expert advice through each step of the process.

Advantages – Disadvantages of 2nd Mortgage Loans

Second mortgages have many advantages

> It takes less time and effort to get a second mortgage compared to refinance your home mortgage

> Transactions costs on the 2nd mortgage are quite low and could translate into significant savings over other refinance methods

> A lot of money can be accessed quickly in case of emergency

> Consolidate other debts and pay them off to improve your credit rating

Disadvantages

> Using your home as collateral can sometimes be risky if you default

> Interest rates can be higher than those of your primary mortgage loan

> A second mortgage will increase the amount of overall debt you owe, an option to be used only if necessary

Second mortgages are an easy way to get financially stability in the time of financial crises. In Second Mortgage Home Loan, you can use the value of your Home to pay off your debts in easy terms. Usloanz also provides Refinance 2nd Mortgage program

(AFX UK Focus) 2010-01-04 10:04 UPDATE 1-Swiss Dec PMI falls on slower orders growth

By Catherine Bosley

Why Americans are paying ILLEGAL interest rates