Church Fund – TAC Lawna http://tac-lawna.org/ Fri, 09 Sep 2022 19:47:53 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://tac-lawna.org/wp-content/uploads/2021/06/icon-11-150x150.png Church Fund – TAC Lawna http://tac-lawna.org/ 32 32 Using a Personal Loan to Pay Off Credit Card Debt https://tac-lawna.org/using-a-personal-loan-to-pay-off-credit-card-debt/ Fri, 09 Sep 2022 19:47:53 +0000 https://tac-lawna.org/using-a-personal-loan-to-pay-off-credit-card-debt/ Credit card debt can quickly become a cycle of endless payments. Luckily, there are several solutions if you want to pay off your debt faster. One option is to apply for a personal loan to effectively shift your debt from your credit card issuer to a personal lender and hopefully snag a lower interest rate […]]]>

Credit card debt can quickly become a cycle of endless payments. Luckily, there are several solutions if you want to pay off your debt faster.

One option is to apply for a personal loan to effectively shift your debt from your credit card issuer to a personal lender and hopefully snag a lower interest rate and better repayment options. That way, you’re more likely to pay less interest in the long run, and you can eventually become debt-free. There are also a few other options worth considering if you want to consolidate debt efficiently and cheaply.

Select below what you need to know about using a personal loan to pay off credit card debt and how to get started.

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Benefits of using a personal loan to pay off credit card debt

Credit card debt has skyrocketed recently as Americans continue to grapple with record high inflation for everyday goods like gasoline and groceries. Unfortunately, such trends can create a slippery slope, as credit cards typically have high interest rates, allowing consumers to run into debt even faster.

If you’ve found yourself in a credit card debt loop, you might want to consider using a personal loan. Here are two reasons why using a personal loan to pay off credit card debt might make sense for your situation.

Personal loans have lower interest rates than credit cards

According to the latest Federal Reserve data, the average credit card interest rate in May 2022 was 15.13%. In the same month, personal loan interest rates averaged 8.73% for a 24-month loan.

Let’s say you have $8,000 in credit card debt that you want to pay off. If you kept the balance on your credit card, you would end up paying $1,326 in interest. If you applied for a personal loan instead and paid it off over two years, you would end up paying $747 in interest — that’s a $579 difference in interest.

And remember, these interest rates are just averages. LightStream, Select’s best overall personal loan choice, offers APRs from as little as 3.99% to 19.99% when you sign up for Autopay, depending on your terms. So your savings can be even greater.

You can reduce the number of your monthly payments

If you happen to have more than one credit card with a revolving statement, it can help to settle on a clear monthly payment with a personal loan. Instead of concentrating your efforts in several places, you have all your debts in one place and can focus your energy on paying them off. The more money you spend on the personal loan, the faster you can pay it back and the less interest you pay overall.

Disadvantages of using a personal loan to pay off credit card debt

However, using personal loans to pay off credit card debt is not without risk. Here are a few cons to consider before applying for one.

Personal loans could lead to more debt

If you decide to go this route, it’s important to use a personal loan as a means to an end. Even if you use one to pay off your debts, you could quickly end up with credit card debt again, along with a personal loan for your past debts, if you’re not careful.

If you take out a personal loan to pay off your credit card debt, make sure you pay off your credit card balances immediately with the cash from the loan. Some lenders, such as Some personal loans, such as Marcus by Goldman Sachs Personal Loans, do this for you automatically when you apply for a loan. Then make a plan to pay off your loan and create a budget so you don’t overspend.

A lower interest rate is not guaranteed

Although there are big differences between the average interest rates on credit cards and personal loans, there is no guarantee that you will end up with a better interest rate. Find out the exact interest rate you are paying on your credit card and do your best to find a better rate with a personal loan. Factors such as your credit rating, loan amount, and term can all affect the APR you qualify for.

Check out Select’s personal loan marketplace to see which loans you are pre-qualified or pre-approved for. It’s free, doesn’t affect your credit score, and allows you to compare interest rates from different lenders.

Personal loans have fees

When researching different lenders, consider any fees you may be charged for the personal loan. This may include application fees, processing fees, prepayment penalties, late payment fees, repayment fees, or payment protection insurance. If the interest rate differential between your credit card and personal loan is small, the fees can wipe out any potential savings.

The best personal loans to pay off credit card debt

If a personal loan sounds like a viable solution to your financial needs, here are some of Select’s most popular lenders to choose from. Select ranked LightStream as the best personal loan lender overall due to its low interest rates and flexible terms, but PenFed is also good for those looking for smaller loans, and Discover for those looking for quick financing. These loans also have no origination or early repayment fees.

LightStream Personal Loan

  • Annual Percentage Rate (APR)

    3.99% to 19.99%* when you sign up for Autopay

  • loan purpose

    Debt Consolidation, Home Improvement, Auto Financing, Medical Expense, Wedding and others

  • loan amounts

  • conditions

  • credit needed

  • incorporation fee

  • Penalty for Early Payout

  • late fee

PenFed Personal Loans

  • Annual Percentage Rate (APR)

  • loan purpose

    Debt Consolidation, Home Improvement, Medical Expense, Auto Financing and more

  • loan amounts

  • conditions

  • credit needed

  • incorporation fee

  • Penalty for Early Payout

  • late fee

Discover personal loans

  • Annual Percentage Rate (APR)

  • loan purpose

    Debt consolidation, home improvement, wedding or vacation

  • loan amounts

  • conditions

  • credit required

  • incorporation fee

  • Penalty for Early Payout

  • late fee

Select’s personal loan marketplace

Check out Select’s personal loan marketplace to see which loans you are pre-qualified or pre-approved for. It’s free, doesn’t affect your credit score, and allows you to compare interest rates from different lenders.

Another way to consolidate credit card debt

While taking out a personal loan is a solid option for paying off credit card debt, another option is to sign up for a balance transfer credit card that comes with an introductory APR of 0%. This type of card does not earn interest on the balance for a period of time as long as you make the minimum payment each month.

For example, the Wells Fargo Reflect® Card offers an introductory APR of 0% for 18 months from account opening (15.24% – 27.24% variable APR thereafter) on purchases and qualifying balance transfers. (See Rates and Fees.) It’s also possible to extend this 0% APR for up to three more months by making the minimum payments well in advance during the introductory and renewal periods. Balance transfers within the first 120 days also qualify for the introductory rate.

That means you can end up earning up to 21 months of interest-free funding on your current debt as long as you make the minimum payments. For example, if you have $8,000 in credit card debt and can pay $400 a month during the 0% introductory period, you won’t pay a penny in interest.

Note, however, that transferring a credit card balance usually incurs a 3% fee.

If a personal loan doesn’t meet your needs, consider using a 0% intro APR credit card, such as B. one of the below:

Citi® Diamond Preferred® card

  • Reward

  • welcome bonus

  • Annual fee

  • Introduction APR

    0% for 21 months on balance transfers; 0% for 12 months on purchases

  • Regular APR

  • transfer fee

    5% of each balance transfer; At least $5. Balance transfers must be completed within 4 months of account opening.

  • foreign transaction fee

  • credit needed

advantages

  • No annual fee
  • Credit can be transferred within 4 months of opening an account
  • One of the longest introductory periods for balance transfers

Disadvantages

  • 3% foreign transaction fee

Follow Freedom Unlimited®

  • Reward

    Enjoy 5% cashback on trips purchased through Chase Ultimate Rewards®, our premier rewards program that allows you to redeem rewards for cashback, trips, gift cards and more; 3% cashback on drugstore and restaurant dining purchases, including takeout and eligible home delivery, and 1.5% on all other purchases

  • welcome bonus

    Earn an extra 1.5% on everything you buy (up to $20,000 spent in the first year) – worth up to $300 cashback. That’s 6.5% on trips purchased through Chase Ultimate Rewards®, 4.5% on restaurants and drugstores, and 3% on all other purchases.

  • Annual fee

  • Introduction APR

    0% for the first 15 months from account opening on purchases and balance transfers

  • Regular APR

  • transfer fee

    Initiation fee of either $5 or 3% of the amount of each transfer, whichever is greater, for transfers made within 60 days of account opening. After that, either $5 or 5% of the amount of each transfer, whichever is greater.

  • foreign transaction fee

  • credit needed

Wells Fargo Active Cash® card

On Wells Fargo’s secure website

  • Reward

    Unlimited 2% cash rewards on purchases

  • welcome bonus

    Earn a $200 Reward Bonus after spending $1,000 on purchases in the first 3 months

  • Annual fee

  • Introduction APR

    0% introductory APR for 15 months from account opening on purchases and qualifying balance transfers; Balance transfers made within 120 days qualify for the introductory rate

  • Regular APR

    17.24%, 22.24% or 27.24% variable APR on purchases and transfers

  • transfer fee

    Introductory fee of 3% (minimum $5) for 120 days from account opening, thereafter up to 5% (minimum $5)

  • foreign transaction fee

  • credit required

bottom line

Editorial note: Any opinion, analysis, review, or recommendation expressed in this article is solely that of Select’s editors and has not been reviewed, approved, or otherwise endorsed by any third party.

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Debt Consolidation Market 2022: Potential growth, attractive valuation makes it a long-term investment. Know the impact of COVID19 https://tac-lawna.org/debt-consolidation-market-2022-potential-growth-attractive-valuation-makes-it-a-long-term-investment-know-the-impact-of-covid19/ Wed, 07 Sep 2022 10:10:06 +0000 https://tac-lawna.org/debt-consolidation-market-2022-potential-growth-attractive-valuation-makes-it-a-long-term-investment-know-the-impact-of-covid19/ Global Debt Consolidation market report provides an industry overview including definitions, applications, classifications and chain structure. The report offers a comprehensive assessment of the studied market, including key trends, historical data, current market scenario, opportunities, growth drivers, potential roadmap, and strategies employed by market players. The report further includes regional analysis to assess the global […]]]>

Global Debt Consolidation market report provides an industry overview including definitions, applications, classifications and chain structure. The report offers a comprehensive assessment of the studied market, including key trends, historical data, current market scenario, opportunities, growth drivers, potential roadmap, and strategies employed by market players. The report further includes regional analysis to assess the global presence of the Baby Car Seat market.

To simplify the industry analysis and forecast estimation for the Debt Consolidation Market, our research report offers a well-defined market scope and a systematically developed research methodology.

Access the sample report – marketreports.info/sample/64611/Debt-Consolidation

Global Debt Consolidation Market: Segment Analysis

Each segment of the studied market is comprehensively assessed in the research study. The segmentation analysis discussed in the report reveals the key market opportunities through leading segments. The following are the segments discussed in the report:

Regional Analysis:

The global Debt Consolidation Market is segmented as follows: The regional segmentation of the market includes North America (United States and Canada), Europe (Germany, United Kingdom, France, Italy, Spain, Russia and Rest of Europe), Asia Pacific (China , India, Japan, South Korea, Indonesia, Taiwan, Australia, New Zealand and Rest of Asia Pacific), Latin America (Brazil, Mexico and Rest of Latin America), Middle East and Africa (GCC, North Africa, South Africa and Rest of Middle East and Africa) .

The following are the key features of the Global Debt Consolidation Market Report:

  • Market Overview, Industry Development, Market Maturity, PESTLE Analysis, Value Chain Analysis
  • Growth drivers and barriers, market trends and market opportunities
  • Porter’s Five Forces Analysis & Trading Analysis
  • Market Forecast Analysis for 2022-2030
  • Market segments by regions and countries
  • Trend and forecast of the market segment
  • Market analysis and recommendations
  • price analysis
  • Important market driving factors
  • Debt Consolidation Market Company Analysis: market share and company market positioning, company profiling, latest industry developments, etc.

Key Characters:

This section of the report provides an in-depth analysis of the major players with Company Profile, Market Value, and SWOT Analysis. The report also includes manufacturing cost analysis, raw material analysis, key suppliers of the product, merger and acquisition, expansion, etc. The following companies are reviewed in the report:

Goldman Sachs, OneMain Financial, Discover Personal Loans, Lending Club, Payoff, Freedom Debt Relief, National Debt Relief, Rescue One Financial, ClearOne Advantage, New Era Debt Solutions, Pacific Debt, Accredited Debt Relief, CuraDebt Systems, Guardian Debt Relief, Debt Negotiation Services, Premier Debt Help, Oak View Law Group

Segment by Type – Credit Card Debt – Student Loan Debt – Medical Bill – Apartment Rentals – Other Segment by Application – Corporate – Personal

Look for instant discount marketreports.info/discount/64611/debt consolidation

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About us:

Market Reports offers a comprehensive database of syndicated research studies, custom reports and consulting services. These reports are created to make smart, instant and important decisions based on comprehensive and detailed quantitative information backed by extensive analysis and industry insights.

Our dedicated in-house team ensures that the reports meet the client’s requirements. Our goal is to provide our customers with a value-added service. Our reports are backed by extensive industry coverage and prioritize the specific needs of our clients. The main idea is to enable our customers to make an informed decision by keeping them and us up to date with the latest market trends.

Contact us:

Carl Allison (Head of Business Development)

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Website: www.marktberichte.info

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Better Business Bureau Tips: Beware of Debt Consolidation Offers https://tac-lawna.org/better-business-bureau-tips-beware-of-debt-consolidation-offers/ Sun, 04 Sep 2022 09:28:26 +0000 https://tac-lawna.org/better-business-bureau-tips-beware-of-debt-consolidation-offers/ As the impact of COVID-19 on daily life has greatly diminished, student loan borrowers whose repayments have been suspended due to the pandemic may consider their options to resume making payments on this life-changing debt. This may prompt some borrowers to look into debt consolidation — but it’s important to carefully evaluate these options and […]]]>

As the impact of COVID-19 on daily life has greatly diminished, student loan borrowers whose repayments have been suspended due to the pandemic may consider their options to resume making payments on this life-changing debt.

This may prompt some borrowers to look into debt consolidation — but it’s important to carefully evaluate these options and not give in to the temptation to seek a quick fix that could turn out to be a scam.

Federal student loan payments will remain interest-free through Dec. 31 under the latest action by the Biden administration. Additionally, borrowers earning less than $125,000 per year are eligible for up to $10,000 in loan forgiveness, while borrowers who also received Pell Grants are eligible for up to $20,000 in forgiveness. Consumers should be wary of scammers taking advantage of the news by offering bogus means of asking for credit forgiveness.

Better Business Bureau Scam Tracker received more than 500 reports of debt relief and credit repair scams in North America in 2021. These scams cost consumers more than $283,000 in total, with the average consumer losing $600. The most common of these reported scams involved direct debit payments.

Upfront payments, including fees for completing a repayment plan, are a common thread in debt relief scams. These advance payments are illegal. Loan repayment assistance — including loan deferral, forbearance, repayment, and forgiveness or release programs — is available directly through the Department of Education and loan servicers, and these programs are always free to apply for.

Some scam companies ask consumers to sign a financial decision power of attorney, use it to pay off the consumer’s loans – a way to temporarily stop or reduce payments while the loans continue to earn interest – and ask the consumer to make payments directly to them and not to the credit servicer. In reality, the company keeps the payments to itself and the deferral eventually expires with no progress in repayment.

Borrowers looking for student loan relief should consider the following tips:

• Research the company and the options available to you. BBB business profiles on debt consolidation and other businesses are available at BBB.org or by calling 888-996-3887. This includes customer complaints and how they are handled, customer ratings and a rating from A+ to F.

• Don’t prepay debt-repayment companies. If a charity asks for money before helping you, report it to BBB.

• Think twice before signing a power of attorney or giving a company your bank account information or login information for the Federal Student Aid website. These actions allow a company to make potentially devastating financial decisions for you.

• Don’t agree to any long-term forbearance or procrastination plan without doing your homework. These should only be viewed as temporary solutions.

• Don’t be fooled by promises of quick relief. The loan forgiveness and forgiveness options offered by the Department of Education still require years of payments, and these loans cannot be redeemed through bankruptcy.

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Why You Shouldn’t View Debt Consolidation as a Last Resort https://tac-lawna.org/why-you-shouldnt-view-debt-consolidation-as-a-last-resort/ Thu, 01 Sep 2022 12:42:46 +0000 https://tac-lawna.org/why-you-shouldnt-view-debt-consolidation-as-a-last-resort/ Households appear to be more reliant on credit to get them through the cost-of-living crisis. If you’re a homeowner with multiple loan commitments, a debt consolidation loan through a secured loan could help. According to the Bank of England’s latest money and credit statistics, borrowing is increasing, and at a rapid pace. It showed that […]]]>

Households appear to be more reliant on credit to get them through the cost-of-living crisis. If you’re a homeowner with multiple loan commitments, a debt consolidation loan through a secured loan could help.

According to the Bank of England’s latest money and credit statistics, borrowing is increasing, and at a rapid pace. It showed that Brits net borrowed a further £1.8bn in June, double the £900m recorded the previous month.

As more and more people appear to be relying on credit amid the deepening cost-of-living crisis, borrowers may find themselves paying off multiple credit cards, store cards, personal loans, and overdrafts at once.

Managing multiple loan approvals at once can be challenging, not to mention the high monthly interest rates on some loans.

But if you’re a homeowner with good equity and a good credit score, you might consider a second debt mortgage — also known as a homeowner loan — which is financing secured against your property.

Home equity loan for debt consolidation

Homeowner loans are often taken out to reorganize personal finances, allowing borrowers to consolidate existing debt into easy-to-manage monthly payments.

While debt consolidation can be seen as a negative when it comes to managing outstanding balances — and often as a last resort — it can be a sound financial decision in the right circumstances.

If your total balance is less than £20,000 it may be worth considering an unsecured debt consolidation loan or a credit card that offers 0% on balance transfers rather than a secured loan as these won’t put your property at risk if you can. t meet your repayments.

However, if you owe more than £20,000, a secured loan is probably a suitable option for you. You can also borrow a lot more money than you can with a personal loan or credit card.

A consolidation loan not only offers customers a fixed payment each month over an agreed period of time, but can also reduce the interest they pay each month by bringing all of your existing debt to a lower interest rate. It also becomes easier to keep track of pending balances in one place.

Another welcome feature is that your credit score can increase. An initial application for a consolidation loan may affect your credit score, but over time, reducing your credit card balance can have a positive impact on your credit score, as a near credit limit could be considered “over-indebted” by some lenders.

Note, however, that you can extend the total payment period, which may result in more interest being paid overall over the period.

And because the consolidation loan is secured with your home, it can be repossessed if you default on a mortgage or other debt secured by it.

Home equity loan from Pepper Money

The average interest rate on secured loans is 6.1% by Pepper Money, while interest rates on unsecured loans vary depending on the loan amount. Borrowers under £3,000 can see interest rates from 5.9%, while loans over £5,000 get cheaper from 3.7%.

But for larger loans in the region of £25,000 to £35,000, the top interest rate is 5.9% per annum, borrowed between four and five years, according to MoneySavingExpert data.

With Pepper Money, you can borrow up to 100% of the value of your property – i.e. the equity after taking your existing mortgage into account – which is particularly advantageous in view of rising house prices.

The minimum property value is £75,000 and homeowners can borrow between £5,000 and £1 million. The offered term is between three and 30 years, subject to individual circumstances and credit checks.

With a Pepper Money secured debt consolidation loan, we take care of paying off your existing loan, credit card, and debit card balances when you’re done, so you don’t have to organize it yourself.

And don’t forget that if you want to clear your balance faster, you can overpay without being penalized.

The first step is to get a clear picture of your existing borrowing and financial obligations. Review your current credit card, loan and overdraft balances, interest rates, and monthly repayments. You can then calculate the total value of the consolidation loan you will need to cover this existing debt on your application.

But before proceeding with debt consolidation, it is important to consider the total interest paid as this may be more than your existing arrangement. Check out Pepper Money’s Homeowner Loan Calculator to find out what your repayments might look like each month and how much you might end up paying when you apply.

To apply for a home loan with Pepper Money visit our home loan page or call us on 0808 239 1496. Our fully qualified mortgage advisors will determine if a consolidation loan is the best option for you and can guide you through the application process.

Our home equity loans are also available through select brokers.

The Average Starting Rate highlighted is the median starting rate offered on offers for Near Prime, Prime and High LTV products for clients who buy through a broker and have arisen directly.

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Should You Use a Home Equity Loan to Consolidate Your Debt? https://tac-lawna.org/should-you-use-a-home-equity-loan-to-consolidate-your-debt/ Sat, 27 Aug 2022 20:16:03 +0000 https://tac-lawna.org/should-you-use-a-home-equity-loan-to-consolidate-your-debt/ A convenient way to increase the value of your home and access cash at a low interest rate is with a home equity loan. Taking out a home equity loan means you are borrowing against the mortgage Equity you have built up in your home (The more mortgage payments you make, the more equity you […]]]>

A convenient way to increase the value of your home and access cash at a low interest rate is with a home equity loan. Taking out a home equity loan means you are borrowing against the mortgage Equity you have built up in your home (The more mortgage payments you make, the more equity you eventually have). The value of your home secures the loan, so a bank or lender will feel comfortable giving you a large line of credit.

Lenders typically want to see that you have at least 15% to 20% equity in your home before they approve you for a home equity loan. Once approved, you can either receive the money as a lump sum that you pay back at a fixed rate with payments remaining the same, or when You use a home equity line of creditor HELOC, you can keep a revolving line of credit open for years and withdraw from it at will, but your Interest rate will rise and fall over time.

Currently, home equity rates are just under 7%, meaning they’re a cheaper option than other forms of financing like credit cards or personal loans (which currently average 10.7%, according to CNET’s sister site, Bankrate).

Read on to learn more about the Pros and cons of using a home equity loan (commonly referred to as a second mortgage) for debt consolidation, as well as alternative ways to reduce debt and get your finances back on track.

Should You Use Home Equity to Consolidate Debt?

Some of the reasons to borrow against your home equity loan to consolidate debt is to pay off higher-interest consumer debt, such as credit cards or student loans. Basically, you can use the money for whatever you want – so it’s important to make sure you can manage your money responsibly, such a large line of credit over a period of time. If you are tempted to use your home loan B. for vacations or non-essential life events, instead of paying off your debt – and keeping it low – this may not be the right solution for you.

Benefits of using equity for debt consolidation

Home Loans & HELOCs allow you to use home ownership by releasing the equity of your property as cash. They can also give you quick access to the money within a month or two.

Low interest rate

Home equity loans typically have low interest rates, which saves you money over the life of your loan. For example, if you have a 21% APR on your credit card, you can pay it off with a 7% HELOC, saving you thousands of dollars in interest over the life of your loan.

A lower monthly payment

Combining all of your debt into one monthly payment makes paying off your debt a more manageable and efficient process, and should reduce the amount you pay each month.

Tax deduction for home renovations

If you use your home equity loan to renovate or repair your home, you can deduct it on your taxes.

Disadvantages of using equity for debt consolidation

Make sure you are ready for the responsibility of managing a large sum of cash over a period of years. If you use your equity loan or HELOC Pay off credit card debt, but don’t change your behavior and financial habits, you’ll end up in debt right back and your house will be at stake – not just yours credit-worthiness. Because of this, it’s important to be thoughtful and sensible about when and why you take out a loan against the value of your home.

You can lose your home

The most obvious downside to a home equity loan is that if for some reason you don’t make payments or default on your loan, your bank or lender can repossess your property.

A home equity loan can increase your debt

If you don’t manage your credit and other debt properly in the future, you can end up in even more debt. As in, if you pay off credit card debt but don’t change your spending habits, you will face credit card payments in addition to your home equity payments, which negates the reason for taking out the loan in the first place.

loan limits

if you have one low or less than excellent credit historyor you already have a lot of debt, you may not have access to a very large amount of credit, and the interest rate that a lender will charge you will also likely be higher.

Alternative ways to debt consolidation

Before committing to a home equity loan, or HELOC, and risking your home, consider the other types of financing available to you. Instead of taking out a second mortgage, you can consider options like a Credit card with 0% interest or a personal loan that doesn’t come with the risk of losing your home – although they may come with higher interest rates as they are unsecured loans.

Balance transfer credit cards

Such Fund Transfer Credit Cards typically offer a 0% interest rate for an introductory period that can range from six to 21 months. After that, your interest rate goes up and you pay a higher APR.

Personal Loans

You can apply for a personal loan from a bank or other financial institution. You may pay a higher interest rate, but you don’t have to put your home up as collateral the loan.

Total Debt Management

Another possibility is enter credit counseling. You can work with a nonprofit agency that charges little to no fees and your credit score won’t be negatively impacted. Advisory services can negotiate lower balances and interest rates with your creditors on your behalf and create a plan that will keep you out of debt. Beware of debt consolidation scams and make sure you are working with a reputable organization if you are going down this route.

How to apply for a home loan for debt consolidation

To qualify for a home equity loan, you must be approved by a bank or lender. Lenders usually want to see that you have at least 15% to 20% built up in your home. If you have enough equity, lenders then want proof that you are creditworthy and able to repay the loan. Lenders usually charge a minimum credit-worthiness of 620 (the higher your score, the better your chances of loan approval and at a lower interest rate), a debt-to-income ratio of 43% or less, and proof of income, among other types of financial documents. You may also need to pay for a new home appraisal to get an accurate and up-to-date appraisal current market value of your home.

The final result

A home equity loan can help you consolidate and pay off debt at a lower interest rate, but you must weigh the pros and cons of using your home as collateral for a loan. As long as you make payments on time and keep paying off your debt, home equity loans can be an inexpensive way to increase the value of your home.

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Budgeting tips to help you get out of debt https://tac-lawna.org/budgeting-tips-to-help-you-get-out-of-debt/ Fri, 26 Aug 2022 20:11:05 +0000 https://tac-lawna.org/budgeting-tips-to-help-you-get-out-of-debt/ You had it with your debt. It’s a constant concern and you strive to get rid of it. You’ve tried tackling it, but you don’t feel like you’re making much progress. That’s understandable, but think about it: how long did it take you to get into your situation? Getting out of this will take persistence, […]]]>

You had it with your debt. It’s a constant concern and you strive to get rid of it. You’ve tried tackling it, but you don’t feel like you’re making much progress.

That’s understandable, but think about it: how long did it take you to get into your situation? Getting out of this will take persistence, forbearance, and maybe multiple approaches. With that in mind, here are household tips to help you get out of debt.

Find ways to cut spending

Let’s get this straight: It doesn’t matter what financial strategy you use if you don’t control what got you into trouble in the first place – overspending.

That means tracking your spending to see how much you’re spending and what you’re spending it on.

Once you’ve done that, you can find ways to save money (perhaps that daily commute latte?) that you can use towards your commitments. Those small purchases add up, and budgeting can get you anywhere.

Embrace a debt-repayment approach

Two popular debt settlement strategies are the debt avalanche and the debt snowball. With the former, you take on your debt with the highest interest while making minimal payments on your other obligations.

After paying off that debt, move on to the next higher installment. Rinse and repeat until your debt balance is zero.

Debt Snowball works best for those who need a little motivation to keep the “ball” going. After you’ve paid off your smallest debt—and celebrated it properly—work on the next smallest until you’re debt-free.

As with the debt avalanche strategy, be sure to continue making minimum payments on all of your other debts.

Use automatic transfers

Use automation to your advantage. You can have your bank make automatic payments on your plastic and use automatic reminders to keep track of payment due dates.

There are also online tools that you can use to see how your debt reduction is progressing. Yay, technology!

Consolidate

If you have a lot of bills and are struggling to keep track of all the different payments and due dates, debt consolidation may be the strategy for you.

It means turning your debt into a single fixed payment due on the same date each month. If your credit rating is good, you can save money on top of that.

If you’re eligible, you can purchase one of these 0% interest balance transfer credit cards that you can roll your high-interest debt onto and then pay off before the introductory rate skyrockets again in a year or more.

Or you can get a consolidation loan that will combine your debt into a new loan, hopefully at a better interest rate than what you’re paying now.

For example, in the state of Lone Star, consolidation and debt settlement are currently popular when it comes to Texas debt relief.

After all, many residents there are increasingly relying on credit cards to make ends meet during this time of inflation. Such high occupancy rates are a sign of impending financial trouble.

Get a gig or side hustle

In addition to saving where you can, you may need to find more income to pay off your debt. Do you have a hobby that you enjoy?

Maybe there is a way to monetize it. Or you can take up a side hustle like babysitting, dog walking, or web design. There are endless ways you can withdraw more cash.

Consider a cash-out mortgage refinance

If you are a homeowner with a lot of equity and are eligible for a mortgage refinance at a lower interest rate, consider a payout refinance option.

With this approach, you can take some money out of your home’s equity and put it on your debt. The catch here, though – and it’s a big one – is that you could very well lose your home if you miss payments.

All in all, if you follow any number of these tips to get out of debt, you can once again enjoy true financial freedom.

That is, if you cut spending. If your situation is worse, consider debt settlement with Freedom Debt Relief.

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Debt consolidation service provider ordered to pay more than $2 million in penalties and restitution https://tac-lawna.org/debt-consolidation-service-provider-ordered-to-pay-more-than-2-million-in-penalties-and-restitution/ Wed, 24 Aug 2022 13:00:00 +0000 https://tac-lawna.org/debt-consolidation-service-provider-ordered-to-pay-more-than-2-million-in-penalties-and-restitution/ BALTIMORE, MD (August 22, 2022) – Maryland Attorney General Brian E. Frosh announced today that his Consumer Protection Division has filed a Last order against Marcia L. Bailey and Arthur Wittenberg along with their companies, Marcia Bailey Inc. doing business as Signature Accounting and the Wittenberg Family Trust, for violating consumer protection statutes by collecting […]]]>

BALTIMORE, MD (August 22, 2022) – Maryland Attorney General Brian E. Frosh announced today that his Consumer Protection Division has filed a Last order against Marcia L. Bailey and Arthur Wittenberg along with their companies, Marcia Bailey Inc. doing business as Signature Accounting and the Wittenberg Family Trust, for violating consumer protection statutes by collecting hundreds of thousands of dollars from consumers to help them with consolidation and payout help outstanding consumer debt, but has not delivered the promised services.

From their offices in Baltimore, Bailey and Wittenberg hunted victims living in Maryland and other states. In June 2021, Attorney General Frosh obtained an injunction in the Circuit Court for Baltimore County preventing Bailey, Wittenberg, and its business from offering or selling Maryland debt consolidation services. The final injunction, issued this week by the Consumer Protection Department, includes a permanent injunction barring Bailey, Wittenberg and their companies from further harming consumers and an order requiring them to pay a $1,246,000 penalty. Dollars to pay and repay all monies collected from consumers who did not receive promised services. Taken together, total payments are expected to exceed $2 million.

“Marcia Bailey and Arthur Wittenberg have deceived and defrauded consumers with promises that the Wittenberg Family Trust’s Private Banking Debt Liquidation Program would ultimately save consumers hundreds of thousands of dollars and pay off consumers’ outstanding debts in a shorter timeframe than the original loan terms , and improve consumer creditworthiness,” said Attorney General Frosh. “Instead, they took the money for themselves while consumers had their cars confiscated and their homes threatened with foreclosure.”

Bailey, Wittenberg and their companies charged consumers between $11,000 and $118,000 up front for services, followed by charging additional amounts to be used to pay off consumers’ outstanding debt. Instead of delivering the services consumers purchased, Bailey and Wittenberg unduly converted most of the consumers’ payments for their own personal use. The department found that the eight consumers who testified at the hearing were owed at least $772,939 in payments to Bailey, Wittenberg, and their companies for services not rendered. Instead of helping consumers consolidate and eliminate debt, Bailey and Wittenberg were just helping themselves.

In Maryland, individuals providing certain types of debt consolidation services must be licensed by the Office of the Commissioner of Financial Regulation in the Maryland Department of Labor.

Before entering into contracts for such services, consumers should check a provider’s license status at https://www.dllr.state.md.us/finance/industry/licsearch.shtml.

In addition, persons providing mortgage assistance, credit, money transfer, and debt management services are generally prohibited from collecting prepayments from consumers and are required to obtain a bond and provide certain disclosures to consumers in addition to other requirements. Notices and other information about consumer rights.

For more information, consumers can call the Consumer Protection Hotline at 410-528-8662 or toll-free at 888-743-0023.


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Kiplinger’s Personal: Getting a Grip on Your Credit Card Debt | business news https://tac-lawna.org/kiplingers-personal-getting-a-grip-on-your-credit-card-debt-business-news/ Sun, 21 Aug 2022 02:30:00 +0000 https://tac-lawna.org/kiplingers-personal-getting-a-grip-on-your-credit-card-debt-business-news/ Revolving credit, which includes credit cards, rose 21.4% in March, according to the Federal Reserve. But at the same time that credit card debt is growing, rising interest rates have made holding a balance more expensive. If you have credit card debt, consider these strategies to eliminate or reduce your debt. Take stock of your […]]]>

Revolving credit, which includes credit cards, rose 21.4% in March, according to the Federal Reserve. But at the same time that credit card debt is growing, rising interest rates have made holding a balance more expensive.

If you have credit card debt, consider these strategies to eliminate or reduce your debt.

Take stock of your debt. If you have balances on multiple credit cards, make a list showing how much you owe on each card, the interest rate, and the minimum monthly payment for each card. A spreadsheet is a handy way to update your progress, but pen and paper work just as well.

If you have good credit, a balance transfer can help you get out of debt.

Many banks offer credit transfer cards for new customers that come with an introductory interest rate of 0% per year for a limited time – between 12 and 21 months, depending on the card. To avoid interest, pay off the balance before the introductory price expires.

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This strategy only works if you resist the temptation to use the credit transfer card for new purchases, says Beverly Harzog, author of “Confessions of a Credit Junkie.” They want to use the card to get out of debt and not add debt, she said.

If your credit score isn’t high enough to meet the criteria for a 0% introductory rate on a balance transfer card, you can qualify for a card with an introductory APR that’s lower than your current card’s rate, Harzog said.

Another option is a debt consolidation loan from a bank or credit union with an interest rate that is lower than the rate you pay on your high-yield credit cards.

Implement payout strategies. If you have balances on multiple credit cards, there are three approaches you can take to address the debt.

The first is the “avalanche” approach. Start with your cards with the highest interest rates and highest balances. Make the minimum payments on the lower-interest cards while using the rest of your available cash on the higher-interest cards.

While the avalanche approach makes the most mathematical sense, some people opt for the “snowball” approach, which works by paying off low-level debt first. Paying off your low-balance cards can give you the motivation you need to pay off all your debt, even if it costs you more in interest.

Finally, there’s the “blizzard” approach, where you start with the snowball and progress to the avalanche. Start by paying off a low balance card so you get a hit and then move on to those with higher rates.

When you cash out your balance, it becomes difficult to save. But try to put enough in an emergency fund to cover three months’ expenses.

Once you’ve paid off your debt, you can increase your savings so you’re prepared for unexpected expenses, reducing the risk of going back into debt.

Emma Patch is a contributing editor at Kiplinger’s Personal Finance magazine. Visit Kiplinger.com for more information on this and related money topics.

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Debt Relief Measure for Over-Indebted Consumers – South Coast Herald https://tac-lawna.org/debt-relief-measure-for-over-indebted-consumers-south-coast-herald/ Wed, 17 Aug 2022 10:00:00 +0000 https://tac-lawna.org/debt-relief-measure-for-over-indebted-consumers-south-coast-herald/ Debt counseling was introduced by the National Credit Act as a voluntary debt relief measure to help over-indebted consumers. A consumer is over-indebted when their income is insufficient to cover all living expenses and debt repayments. Various circumstances such as job loss, reduced income, illness, death, rising cost of living (gasoline increases, food price increases, […]]]>

Debt counseling was introduced by the National Credit Act as a voluntary debt relief measure to help over-indebted consumers.

A consumer is over-indebted when their income is insufficient to cover all living expenses and debt repayments. Various circumstances such as job loss, reduced income, illness, death, rising cost of living (gasoline increases, food price increases, electricity etc.) and others are often the main causes of consumer over-indebtedness.

Consumers facing financial distress should not ignore their debt obligations, they must contact lenders and share their financial situation and negotiate appropriate repayment options.

If that attempt fails, consumers are encouraged to consider debt counseling and contact a registered debt counselor who will negotiate reasonable repayment terms on their behalf, based on the loan providers the consumer can afford, Advocate Kedilatile said Legodi, Manager: Debt Counseling at the National Credit Commission (NCR).

Legodi said the concept of debt counseling is often misunderstood by many, causing consumers to miss out on the benefits and protections that debt counseling offers.

In addition, Legodi says, there are a large number of false and deceptive debt counseling marketing practices that have been identified by the NCR either online, on social media, or over the phone, with the sole intention of exploiting unsuspecting and financially distressed consumers. Some of these marketing practices promise a percentage of debt reduction (even before a financial assessment), savings, or consolidation.

“If it sounds too good to be true, it probably is. Consumers are advised to be aware of false and deceptive practices and not to become victims, especially when approached. Understanding the debt counseling process from start to finish, the implications, the fees incurred, when, where and how to pay those fees, the different steps of the process, the deadlines required, the provisions on how to opt out of debt counseling and others are important elements that the consumer needs to know before signing the dotted line,” said Legodi.

The manager said debt counseling is only provided by an NCR-registered debt counselor, adding that debt counselors are registered as individuals and not as a legal entity/corporation for the purposes of the National Credit Act.

She added that a financially distressed consumer who seeks the services of a debt counselor must ensure that they are aware of all the details of the debt counselor’s offer of assistance. This includes the first and last name of the debt counselor, the location of the practice, and the NCR registration number, which is assigned by the NCR upon registration.

Even if the debt counselor operates under a company/trade name, the consumer has a right to information. Legodi said a consumer is considered to be under debt counseling if they have sought debt counseling in a prescribed manner, as set out in the National Credit Act.

She added that there is a difference between debt counseling and debt consolidation, saying that debt consolidation offers the consumer a loan to pay off any debt.

“This will result in the consumer’s multiple payments being reduced to a single monthly payment to the lender that originated the consolidation loan. If you are approached and offered debt advice, insist on getting clarity from the caller as to their source of information or where they obtained your contact information, and do your homework first before accepting the offer. Debt counseling doesn’t cancel debt, it helps consumers with disposable income make reduced payments without having to borrow more money. Paying smaller amounts through debt counseling may take longer to pay off your debt and it will take you longer to pay off your debt,” she said.

She added that if consumers want to file a complaint against a debt counselor, credit provider, credit bureau or payment distributor, they can send the complaint to them [email protected]

Legodi said: “To obtain a list of registered debt counselors who operate closer to work or residential areas, consumers are advised to visit www.ncr.org.za. In the current economic climate, many consumers will no doubt find it difficult to manage and manage contractual repayments. Please don’t despair, be proactive, don’t pressure yourself, address your financial difficulties by finding out more information about the debt counseling process and gaining thorough understanding because an informed consumer is a protected consumer.”

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9 states with the most credit card debt https://tac-lawna.org/9-states-with-the-most-credit-card-debt/ Mon, 15 Aug 2022 14:05:08 +0000 https://tac-lawna.org/9-states-with-the-most-credit-card-debt/ Pintau Studio / Shutterstock.com For millions of Americans, credit card debt is a fact of life. Although many of us made good progress paying off debt in the early stages of the pandemic, we have returned to spending with a vengeance. In fact, Americans now owe more than $1 trillion in credit card debt, according […]]]>
Pintau Studio / Shutterstock.com

For millions of Americans, credit card debt is a fact of life. Although many of us made good progress paying off debt in the early stages of the pandemic, we have returned to spending with a vengeance.

In fact, Americans now owe more than $1 trillion in credit card debt, according to WalletHub. The website recently compiled numbers from credit reporting firm TransUnion to reveal the states where residents have the most and the least accumulated credit card debt.

To determine which states have the “lowest and most sustainable credit card debt,” WalletHub looked at a state’s median debt, the cost of paying off that debt, and the time it would take to get out of debt. It assumed the debt had an APR of 16.7% and used the state’s average monthly credit card payment to calculate the payback cost and repayment time.

Below is a list of states where credit card borrowers are most likely to struggle to get out of the red.

1.Alaska

Andrea Izzotti / Shutterstock.com

Average credit card debt: $3,206
Amortization costs: $392
Duration of payout: 17 months and 27 days

The Last Frontier ranks first among the states where credit card borrowers are in the deepest trouble.

If you’re having trouble paying your credit card bills, visit the Money Talks News Solutions Center for expert credit card debt help.

2nd District of Colombia

US Capitol
Orhan Cam / Shutterstock.com

Average credit card debt: $2,788
Amortization costs: $328
Duration of payout: 17 months and 3 days

The nation’s capital is notorious as the place where America’s massive debt originates. The citizens of the District of Columbia seem to be following their government’s example when it comes to footing the bill.

Need a little inspiration to tackle your debt? Read “How I Reduced $25,000 in Credit Card Debt to Zero.”

3. Washington State

Marina in Grays Harbor, Washington
Bill Perry / Shutterstock.com

Average credit card debt: $2,471
Amortization costs: $249
Duration of payout: 14 months and 21 days

The other Washington — the Pacific Northwest state — isn’t shy about racking up debt for plastic, either.

Money Talks News founder Stacy Johnson shares some great tips on how to get back in the black and stay there on his podcast How to Destroy Your Debt and 3 Things to Do Next.

The rest of the top 10

Syed Bilal Javaid / Shutterstock.com

Other states that made this nefarious list are:

  • Vermont
  • Wyoming
  • Oregon
  • Montana
  • New Hampshire
  • Massachusetts
  • Colorado

Paying off the median debt in these states will take residents 13 months or more.

Disclosure: The information you read here is always objective. However, we sometimes receive compensation when you click links in our stories.

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