Thursday, April 30, 2009

If you have student loans and credit card bills each month then it may be time for you to consolidate all of them. There are many reasons you should c

Student Loan and Credit Card Consolidation
By []Mike Blake

If you have student loans and credit card bills each month then it may be time for you to consolidate all of them. There are many reasons you should consider consolidation and many benefits also. It may put you in a better financial situation in the long run.

Credit card bills and student loans both come with interest. No one likes to pay interest on anything because it just seems like money you are throwing in the trash. When you have two different loans and two different interest rates it can be hundreds of dollars each month that is not touching the principle balance of your loans. Consolidating credit cards and student loans gives you the opportunity to only pay interest on one loan. The money you are saving can go toward the principle or to a better lifestyle.

Consolidating student loans and credit cards is an excellent idea because you will have only one payment to worry about each month. Monthly payments are difficult to keep track of, especially if you have many different payments. You may find that your payment falls on the exact same day each month but your paycheck often falls around it, sometimes before or after. This may cause you to pay late on some or even make partial payments so you can make each monthly payment on the different accounts. When you consolidate you have one easy payment on one account. You don't have to worry about figuring out which account you have paid it is one simple payment made every month

When you consolidate student loans and credit cards into one easy monthly payment then it is considered a private loan. You may have government loans for school and personal credit cards that are not government issues. When you consolidate a government loan with any other loan it then becomes a private loan. The only setback to do a private consolidation loan with a government loan is that you lose all of the benefits that the government gives you with their student loan program like if you lose your job or become injured you may qualify for a deferred payment. If you are injured for life they won't make you pay back your loans at all. A private loan will never give you benefits like this.

When you consolidate your credit cards together with your student loans the money savings will be phenomenal. It is usually recommended if you have a high credit card debt and a lot of student loans. For example, if you have two credit cards at $250 each a month and a student loan of $400 a month, that is $900 a month. When you consolidate all three of these accounts into one easy loan and spread it across 30 years you can be looking at a low monthly payment of $200 a month. This will give you a lot of money left over in the long run.

Mike offers in-depth information on []Student Loan Consolidation and the benefits of debt consolidation. Read more about why your should consider a Credit Card Debt Consolidation Loan for more great debt consolidation related articles

Article Source:

Wednesday, April 29, 2009

Bad credit sounds quite decisive and irrefutable when, in effect, it is mostly a transitory and repairable situation. Just to be familiar with bad cre

Bad Credit Money Loans - Need Money Loans But Have Bad Credit?
By []Alberto Hren

Bad credit sounds quite decisive and irrefutable when, in effect, it is mostly a transitory and repairable situation. Just to be familiar with bad credit and what you can do about it, it's imperative to first understand how it came to be marked as Bad.

It typically begins with your score. Agencies use a mathematical rule to contrast the information in your report with the data in millions of others statements. This "magic" number has confirmed to be a very good estimator of what your behavior will be like in the future. Your score may vary somewhat from one agency to another because of the diverse information reported to them and measured.

Your score is significantly affected by your payment history - that is, how punctually you have made the payments on your credit cards, mortgage, auto and other loans. The amount of your current credit limit is also considered, together with the total debt you have against that limit. "Maxed-out" credit cards will, obviously, affect negatively your score.

Scores usually fall between 300 and 850, the larger score representing a better credit risk. It's interesting to note that most borrowers fall almost exactly in the middle. Finding your score is a good first step for a lender who needs to evaluate a potential borrower's behavior. Though, it is not the only factor which influences that lender's decision. The extent of your history and the information on your actual credit activity also take part in.

In the past, before the implementation of scoring, lenders would frequently see one negative factor on a report and reject the loan without looking any further. Nowadays, customers with an imperfect account, even those who are 90 days or more behind on their mortgage payments, can be given access to credit. As a result of their skill to better predict the borrowers' behavior, lenders now offer a diversity of loan products oriented to consumers at varying degrees of risk. Variables include interest rate and duration of the loan.

If your history has been flawed by late or missed payments, bankruptcy, or referral of an account to a collection agency, there are steps you can take to start re-establishing your credit. Bear in mind that it will take some time to do the job, but it can be done.

Get copies of your report from trustworthy agencies. Realize accurately what you owe and to whom. Verify your report for errors and if you discover discrepancies, get in touch with the agency as soon as possible and request that they investigate. (They are obliged to do so by law).

Subsequently, contact your creditors and set up an accurate strategy for repaying the arrears. It's healthier to coordinate small, steady payments than to skip payments because you can't manage to pay for them. Start paying down your debt as much as you can. A free, non-profit, counseling agency can assist negotiate with your creditors and can frequently make arrangements that you, as an individual, cannot. In the meantime, stop using credit! Don't ask for any new credit cards since those applications can interfere with the counseling agency's strategy and can do further damage to your report.

In conclusion, might not be as easy as you would like, but at least you have a good starting point to repair your credit, before obtaining your loan.

Good luck!

Alberto Hren (aka Mcbethar) is an Internet Marketing entrepreneur specializing in Finances, Business, Blogging, Article Marketing and Niche Researching.

To learn much more about the different types of []bad credit loans, visit his site where he provide free information on that and much more, including advice on []bad credit signature loan.

Article Source: