Epolicy Network

If you can’t pay your bills on time, tell your creditors and try to work out a new repayment schedule. When you use credit, the lender reports it to a credit agency which keeps a record of whether you paid as agreed. Other lenders decide whether to give you credit based on your payment record. A negative report stays in your file for seven years. [Read more →]

Insurance. The word makes me cringe. To say the least, I’m not a big fan, but I would never live without it. Auto insurance is one of the most important types since most of us own a vehicle. However, there are risks to owning that vehicle: accidents, theft, vandalism and natural disasters. Another thing to consider is that without auto insurance you are putting your assets and future earnings at risk. Therefore, auto insurance provides protection against those risks. Also, many states require a minimum insurance coverage such as my home state, Colorado. Other options are posting a bond, but check with your local motor vehicle registration office first. [Read more →]

Usually, a credit score is rated on a scale from around 400 to 900 – the higher the score, the better. Commonly used scoring systems view it this way …
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Debt consolidation is another popular approach to managing a burdensome debt load. When most people use the term “debt consolidation,” they mean one thing. But most of the services out there that offer debt consolidation mean something entirely different. [Read more →]

The third variation on “debt consolidation” is not really consolidation at all in the true sense of the word, as described above. Instead, you are enrolled into a Consumer Credit Counseling program. You meet with a counselor who analyzes your monthly budget. The counselor then makes contact with your creditors and attempts to get them to lower the interest rate temporarily. You make one monthly payment to the counseling agency, which then disburses the funds to your various creditors. [Read more →]

Say you owe $25,000 in credit card debts. Remember that it will take you up to 25 years to pay off those debts with minimum payments, depending on how the bank handles the interest calculations.
If you go to a finance company instead, and borrow $25,000 at 12% interest, with a $400 minimum monthly payment, you’ll have the loan paid off less than 9 years using a lower monthly payment. Sounds better, right?
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Another variation on “debt consolidation” is based on your ownership of real estate. If your home is worth more than you paid for it, you have equity, and many banks will gladly lend you money against it (assuming your credit report looks good enough). There is little risk to the lender, because if you default, they can force a foreclosure on your property to recover their money. [Read more →]

Many consumers think that by having a pleasant conversation with a bill collector on the telephone, and disclosing the nature of their financial problem, that the bank will somehow be sympathetic to their situation. Wrong! If you’re having trouble making payments on your debts, it’simportant that you understand one thing: [Read more →]

The list of questions below will help you decide whether or not you should consider debt negotiation. [Read more →]

When you start shopping for the home you want, it is helpful to know how much of a loan you can really qualify for. Getting PreApproved gives you power to look at homes and negotiate for the home you want with an increased sense of confidence, instead of insecurity, benefit in negotiations and in dealing with any realtor you might be using. This is the most important reason to get PreApproved. [Read more →]