Daily Investment Tips

Mainstreet magazine asked their readers to share their financial woes, and as expected, most didn’t end up in debt by taking out a bad loan or making one large purchase. It was a series of unfortunate, often small, events that led to the big money troubles.

Cutting off Expenses is the First Step in Getting Out Of Debt

What you learn from the stories is that to get out of debt successfully you need to make sacrifices, deny yourself, change your habits and work extra hard. One of the reader had to cut off all unnecessary expenses phone, TV, internet, didn’t dine out, go to movies.

Taking An Extra Job To Get Out Of Debt Successfully

One common strategy of paying off debt was taking up an extra job. One couple boosted their earning by seeking part-time consulting gigs on weekends. They also took on freelance work after-hours.

Read the tales of debtors, how they got into debt and how they successfully got out of debt at Mainstreet.com article, true tales of getting out of debt.

written by Constantine Njeru \\ tags: Debt Loan, Debtors, Financial Woes, Getting Out Of Debt, Gigs, Job, Money Troubles, Movies, Part Time, Paying Off Debt, Sacrifices, Success Magazine, Success Stories, Tv Internet, Unnecessary Expenses

Advertisement for debt consolidation services are everywhere. Like this one I got in my Inbox.Making the following claims :-

* “DEBT RELIEF IS JUST A CLICK AWAY!”

* “CUT YOUR MINIMUM MONTHLY PAYMENTS BY 50% OR MORE!”

* “SLASH YOUR INTEREST RATES DOWN TO ZERO!”

When this message is bombarded to a desperate borrower it is hard to say NO! But taking a debt consolidation loan can do more harm than.

Two disadvantages or Negatives of using debt consolidation loan company.

1. Service Fee -

This debt consolidation company charge you fees to consolidate the debt.In the end you end up paying more.

2. Higher Interest rates.

In the end the debt consolidation company end up charging you higher interest rates than you’re paying now — as high as 21% or 22%.

Hiring a debt consolidation company is a waste of time and money. What they do is something you can do for yourself. To consolidate you debt you just need to visit your credit union, credit unions charge lower interest. The credit Union will be more than willing to negotiate a debt consolidation plan.

written by Constantine Njeru \\ tags: Advertisement, Consolidate Debt, Consolidation Debt, Consolidation Service, Credit Unions, Debt Consolidation Company, Debt Consolidation Loan, Debt Consolidation Plan, Debt Consolidation Services, Debt Loan, Debt Relief, Debt Services, Inbox, Interest Rates, Loan Companies, Loan Company, Time And Money, Waste Of Time

When you have separate loans, Auto loans, credit card loans and student loans you pay interest for each loan. You can consolidate this loans into one and be able to reduce your monthly payment.

Home Equity Debt Consolidation

One way of reducing the monthly interest paid is to take out a home equity loan.A home equity loan has three advantages

A lower interest rate: Currently the rates for home equity loans are in single digits. Some experts estimate rates on home equity loans and lines can be lower than credit card rates by 7-10%-or more!

Tax savings: Interest payments on home equity loans or lines are potentially tax deductible, but credit card and auto loan interest payments are not. Please consult your tax advisor about the deductibility of interest with a home equity loan or line of credit.

Time savings : Make a single payment to your debt consolidation home equity loan or line rather than multiple payments to many lenders.

written by Constantine Njeru \\ tags: Auto Loan, Auto Loans, Consolidation Loan, Credit Card Loans, Credit Card Rates, Credit Time, Debt Consolidation, Debt Loan, Digits, Home Equity Loan, Home Equity Loans, Interest Payments, Interest Rate, Lenders, Loan Interest, Loan Payments, Loans Auto, Single Payment, Student Loans, Time Savings