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Providing
plans and advice for managing your debt, building a good credit
score, designing a personal budget and spending plan, and lowering
your monthly bills. Use our simple bullet-point guide to review
the credit and debt management guides.
Simply start with our quick credit
check up that summarizes the credit reporting process. It
references our credit
management guide. Review our credit guides on building
your credit history, maintaining
good credit, and repairing
your credit. Do you have debt? Your next step is to view our
debt management guide. Use this guide to reduce and manage credit
card debt, reduce and manage personal loan debt, and manage your
mortgage loan debt.
Here is a sample of what you can find when navigating our credit
center:
Credit Management
Our credit management center reviews the important features of
credit. It offers a simple review of credit management tools such
as building credit, sustaining good credit, repairing your credit,
preventing ID theft, and guidelines for consolidating and reducing
credit card debt.
- all
about credit: an introduction to credit and credit
processing. Review the different types of credit and steps to
manage your credit.
- building
your credit: guides on establishing your credit
for the first time, maintaining and sustaining good credit,
repairing your credit, and improving your credit financing score.
- maintaining
your credit: guides on maintaining a good credit
report. Learn what you need to keep your credit strong for lower
financing costs.
- repairing
your credit: guides on repairing your credit when
circumstances lower your credit rating.
- applying
for credit: guides on what is needed to apply for
credit. Review lender requirements, credit score, debt ratios,
and other criteria to receive the best credit terms.
Debt Management
You will find debt management guides for debt recovery, debt
relief, and other debt management tips and techniques for managing
credit cards, personal loans and mortgage loans.
- all
about debt: guides on handling your debt. Includes
basic debt management rules, costs to avoid on debt obligations,
methods of bill payment, and managing your debt billing disputes
- reducing
credit card debt: guides on managing and reducing
your credit card debt.
- debt recovery: guides on debt recovery and debt relief from personal loans
and other debt.
- manage
mortgage loan debt: guides on how to manage your
mortgage loan debt to increase your home ownership percentage.
Budget and Money Management
Learn to build a personal family budget and spending plan. Manage
your money to meet both short- and long-term financial goals.
Review tips on lowering your monthly costs in housing, food, health
care, transportation, and other.
- all
about budgeting: an introduction to to a personal
and family budget. Learn budgeting techniques and spending plans
to meet your financial goals and objectives
- budget
worksheet: develop your personal budget plan by
working through our online budgeting worksheet. Includes free
downloads to budgeting plans and tips.
- electronic
budgeting: our alliance with myvelopes.com allows
you to electronically automate your family budget process.
Online Credit Report
Our online credit report center includes an entire section on
credit reports and credit scoring. Get your free credit report
to review your credit score and credit history. Use your online
credit report to fix errors, make some adjustments to improve
your credit score, and monitor your report from abusive practices
such as error reporting and ID theft.
- about
your credit report: guides on what you will find
inside your credit report. Learn what is reported and how to
read and correct credit report errors.
- online
credit report: get your free credit report to review
your credit score and credit history. Use your online credit
report to correct errors and monitor your credit report from
abusive practices.
- ID theft: guides on what to expect when some one steals your identity
and preventions tips from ID theft.
This
Credit-Debt-Budget Center has other great tools that include
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| Credit Management Tip |
Consumers with no credit or those whose credit has been pummeled over the past few years know that it is virtually impossible for them to land a new credit card. With credit being the tightest anyone has seen in years, your chances of securing new credit has been greatly reduced unless you agree to unfavorable financing terms including a high interest rate and annual fee.
What You Should Do
PREPAID CREDIT IS ONE SOLUTION -- the convenience of having a credit card means not having to carry cash around. Prepaid VISA and MasterCard are universally accepted, with millions of merchants around the world accepting them.
Get More Information:
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| Bank Management Article |
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Becoming Your Own Banker
Have you ever thought of yourself as being a banker? No, I don’t mean that you work for a bank, but your financial savvy puts you up there with the best money managers around. Wouldn’t it be nice to have a stash of cash you could tap to finance various projects you have planned? Well, you already do if you are a homeowner who has built up equity in your home. Let’s take a look at a novel way you can pay for important projects through your home equity line of credit account.
Instead of using your checking account to receive and pay out funds, you can use your home equity line of credit account for all income deposits and expense pay outs.
Your Home Value Means You Have Home Equity
Once you have established an equity line of credit account through your bank, credit union, or other financial institution you can take the following three steps:
Step One: Pay off consumer debt using your banker home equity line of credit account. Credit card debt, auto loans, and other consumer debt can be wiped away thanks to your home value equity.
Step Two: Next, deposit all of your income into your banker home equity line of credit account. You will take all of your income sources and deposit them into your equity line account instead of your checking account. These deposits include: all salary income, capital gains, personal savings, and spare change.
Step Three: Finally, use your banker home equity account to pay expenses including everyday budgeted and planned expenses such as: your monthly bills, food and clothing, mortgage payment, budgeted card charges, and other living expenses.
Please view our demonstration for more information.
Pay Off Your Debts Faster With Your Discretionary Income
Your discretionary income – income minus expense – stays in the banker equity line credit account to reduce the balance of your debt. By using this method of tackling debt, you can pay off what you owe twice as fast or use the funds to finance additional expenses including home improvement, your daughter’s wedding, college costs, and more.
One final point: In most cases a home equity line of credit is tax deductible, just like a mortgage loan. Therefore, additional savings can be realized when you take your government approved tax deduction. Consult with a financial advisor to learn how an home equity line of credit account can work for you.
Are you your own banker?
Please check out our 10 Step Plan For Success to manage money the smart way.
Resources
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| Debt Management Article |
Tapping Your Home Equity to Manage Debt
Your personal debt level can be having an adverse impact on the way that you live. Credit cards, student loans, auto loans and department store debt can quickly add up -- factor in interest rates of 10, 12, even 20 percent or more and the burden on consumers can be tremendous. If you are a homeowner, a readily available way to handle your debt load can ease the burden for you. Yes, tapping the equity in your home is one way for you to consolidate debt.
Residential Debt Consolidation
The longer you live in your residence, the more likely you have built up a decent amount of equity in your home. As you pay down your mortgage and enjoy the rising value of your home, the difference between your mortgage's pay off amount and its current value is what lenders consider to be the equity in your home.
Let me give to you an example: You bought your home just over four years ago for $185,000, taking out a mortgage loan for $165,000. At that point your equity (or piece of the pie) is $20,000. Between making fifty payments to the mortgage company and kicking in an additional $50 whenever you had it, your outstanding balance has been reduced to $152,000. What's more, your home's value has increased nicely, thanks to a robust housing market.
An appraisal of your house reveals that it is now worth $219,000. The difference between $219,000 and the $152,000 outstanding balance on the mortgage loan is now $67,000. That latter amount represents your, a portion of the amount you can use for debt consolidation.
Home Equity Lending
Lenders will look at your home's value ($219,000) and allow you to borrow as much as 80% of that amount ($175,200) minus the amount you owe on your mortgage ($152,000). Therefore, you could borrow as much as $23,200 ($175,000 - $152,000) to cover debt, living expenses, and even take a vacation. Of course if your debt level is much smaller than that, you may simply want to borrow enough money to pay off your debt and then allow 5-10 years to pay off your low, fixed-rate home equity loan.
Home Equity Loans -- Tax Advantages
Most homeowners are able to take advantage of tax deductions for their home mortgage. However, those deductions do not extend to cover most personal debt. On the other hand, a home equity loan is usually tax deductible even if the monies were used to pay off personal debt. In other words, you can let the government reward you for paying off high interest rate credit cards and other loans by giving you an extra deduction come tax time.
Worth Your Consideration
Of course, whether it is personal debt or a home equity loan, you will have to pay off what you owe. A financial calculator can help you compare your outstanding debt with a home equity loan to help you develop a plan that is affordable, tax deductible, and much lest burdensome then the high interest rate personal debt you are presently battling.
Resources
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