Comments for Finance Tips, Information, and Inside Scoops

Comment on Is it recommended to use debt consolidation for credit card debt? by huh h

huh h — Thu, 08 Apr 2010 17:42:19 +0000

Credit Card Debt Consolidation Loan

When using the credit card, people ignore the consequences of using the card too often. Frequent use of credit card causes bills to be accumulated and worsens your credit score. Besides lowering ……

Comment on Is it recommended to use debt consolidation for credit card debt? by S K

S K — Thu, 08 Apr 2010 04:51:48 +0000

Debt consolidation is looked upon by creditors as being worst than bankruptcy. Since I deal with this quite often when I look at credit reports, it shows that you can’t manage your debt on your own and you need to pay someone to help you. If you were a bank would you trust that person who can’t seem to manage their finances with a loan, probably not, or if you do you would give them a very high interest rate. The reason is they don’t believe you will be able to manage the loan they are going to give you so they rather not deal with you. Be careful, weigh the pros and cons.

Comment on Is it recommended to use debt consolidation for credit card debt? by Gillian G

Gillian G — Mon, 05 Apr 2010 02:37:13 +0000

Debt consolidation can be an answer, but as everyone else has said, it will only work to clear your debt if you get rid of your credit cards.

In my case I went to my bank and I was amazed that they agreed to give me a loan to repay my cards. I cut up all but one of my cards which I use only for essential expenditure.

If I pay back the bank loan at the repayment rate they want I will end up paying quite a lot of money, but I am paying it back faster so they won’t get as much out of me as they think! So I recommend you go to your bank first.

This website’s got a lot of information about your options. It will really benefit you to do your own research.

Good luck!

Comment on What personal finance lesson do you wish you had been taught by your parents or in school? by Archie B

Archie B — Sat, 03 Apr 2010 13:05:35 +0000

There is only one priciple I wish I had learned at a much younger age, which is the principle of compound interest. Using compound interest and starting early with a relatively small investment, re-investing interest earned in a safe but regularly profitable mutual fund, CD, diversified stock portfolio or other fund returning a decent interest rate/ROI, and adding to the amount invested at a very modest rate (like, say, what you make at Wendy’s flipping burgers every week), by the time you’re 35 you can be a millionaire or close. Compound Interest is the whisper of God Himself in the ear of young people, but few adequately listen. Buy into mutual funds young. Add to them regularly, investing each paycheck, reinvesting dividends and all returns on investment. Continue this throughout life until you have enough to really take a shot at something and, when you are in your early thirties, you will be shocked how much better off you are than the average person.

Comment on Is it recommended to use debt consolidation for credit card debt? by Jeff

Jeff — Sat, 03 Apr 2010 03:07:30 +0000

If you use an agency, you need to make sure that you never use credit cards again, or get a mortgage or car loan for the next 10 years.

Your credit will be torpedoed, as if you had gone Chapter 13, and it stays for 10 years.

You’ve heard of grade school’s “permenant record”?
Well, it does exist, but it refers to credit.

Comment on Is it recommended to use debt consolidation for credit card debt? by terunaz

terunaz — Fri, 02 Apr 2010 03:46:31 +0000

well, you got SOME replies but here’s some great reading, might take you a while though:
if you get any luck please don’t forget about me lol, hope it helped you!

Comment on What personal finance lesson do you wish you had been taught by your parents or in school? by Brett

Brett — Thu, 01 Apr 2010 14:04:09 +0000

Compound Interest! It is hard to save when your young, but it is amazing how fast your savings grow if you have a decsent interest rate. Here is a link to an interest calculator:

Comment on Credit card debt consolidation companies, Anyone know of a good one? by James E

James E — Wed, 31 Mar 2010 21:35:50 +0000

123debtsolutions are a good firm, I know 1 or 2 people that are happy with their services.
Any they are reasonable, i.e. wont try to squeeze you

Free debt info

Comment on What personal finance lesson do you wish you had been taught by your parents or in school? by 95% will see no tax increase

95% will see no tax increase — Tue, 30 Mar 2010 23:23:33 +0000

credit cards are the devil

Comment on Credit card debt consolidation companies, Anyone know of a good one? by clepto

clepto — Tue, 30 Mar 2010 11:44:01 +0000

when you go to these scammy companies you end up losing even more, reason is because whatever the consolidated you’ll have to claim on your taxes, so say you owed $30,000, Company consolidated it to $5000, your going to have to claim that 25,000 when you do your taxes. Its like you made $25,000 that year,

Be Weary Weary Careful