UnsecuredConsolidationLoans

Get out of debt fast - Follow these 3 easy steps

admin — Fri, 12 Sep 2008 21:37:39 +0000

am often asked a question “Can I really get out of debt? How can I get out fast?”

Answer to this often (actually most often) asked question is “YES”

All you need is a little planning on your side, a lot of discipline and you will find yourself soon living a debt free life. I have seen people doing and have done successfully. Where most people fail is at the start. Yes, the important thing is to start, start somewhere.

1. Don’t even think of “New Debts”

Why am I telling this? Think for a second and it will be obvious to you that assuming a new debt really is counterproductive. You are trying to get out of a hole and do you really want to dig deep and do you think if that is going to help you? If it sounds silly to you, chances are you already got an “A+” for this, but I am talking to others. There were situations which went seriously out of control, just by not following this piece of advice. It’s not doing any good to you, rather worsening the situation. Debt as always snowballs and before you even realize it creates another pain point.

2. Spending habits – “ A Penny Saved is a Penny Earned ”

Saving money really is hard slog and happens a penny at a time. I am not asking your to be stingy or frugal, but just think before spending and take every opportunity to save. Eat well and stay healthy - no compromise on that, but start observing your spending pattern. Soon you will see a lot of unnecessary expenses and you can work on it. Plan, budget and do not over spend. If you have the habit of procrastination, use it to your advantage and push all the unwanted spending for later. (I will write a separate article on Shopping/saving tips.).

Know the difference between wants and needs. They are not the same. Everyone may know this intellectually, but be honest to yourself when it comes to the things you purchase.

When you say “I badly need ______(fill in the blank)”, do you really mean it? Actually the meaning is “I really want _____(fill in the blank)”. So ask yourself the same questions a little differently. Something like this “Will I die if I don’t have ____?” or “Will I lose my job if I don’t have ___?”

Ask “Will I ______(fill in the blank with adverse consequences) if I don’t have (or do) ________(fill in the blank with your wants)?”. If you genuinely answered yes then that is a real need and you have to address it, else you should pass on.

3. Work more, Earn more

Take part time or second job and make more money. Ask for an increase in your salary. Or do anything that will increase your income.

I know a friend of mine, who was about to get rid of a lot of junk he had in his apartment. Someone suggested him to put in on eBay, eventually he got rid of those and even made some money, not to mention that he needs a smaller place to rent from then on. So be creative enough to find other ways to make money.

Conclusion:

Getting out of debt is easier than you think. Follow a plan, spend less, don’t borrow any more until you are paid off and be disciplined to follow the plan. You will soon realize that it’s easier and faster to get out of debt. These tips are just a prerequisite to debt elimination. Once you are on track, tackling the debt will become much easier. Check the other post on unsecured consolidation loans for debt consolidation options.

Don’t stop once you are debt free, follow this advice and create more wealth. The same secret recipes have made many wealthy and the same will make you too.

Technorati Tags: bad credit help, Debt consolidation help, Debt help, Debt Management, debt relief, get-out-of-debt

Unsecured Consolidation Loans - Read this article before you get into

admin — Thu, 11 Sep 2008 18:06:36 +0000

What is unsecured debt consolidation and what are unsecured consolidation loans?

Before we delve into what are unsecured consolidation loans or even what is unsecured debt consolidation, first we need to understand debt consolidation. Properly defined it is, “The act of combining several loans or liabilities into one big loan. Debt consolidation entails taking out a new loan to pay off a number of other debts“.

A perfect example of a secured loan would be your mortgage. The bank loans out money to buy a house - the house becomes the asset backing the loan. The bank or mortgage company can go behind the homeowner and foreclose on the property if they default on it. So, the loan is secured (laugh! Not really with the 2008 CDO crisis) by the real property.

So what are unsecured consolidation loans?

It is this big loan that we end up getting into to pay off all the other loans without having to give any collateral. In other words, it is the new loan that we take to consolidate the existing debt, without having any asset to back the loan up. Unsecured debt consolidation is the exact opposite of secured loan.

So what would an exact opposite mean? The bank or the lending institution loans you the money without having any kind of real, valuable, or tangible asset to back the money that is loaned, and it can’t reposes any of your assets if you were to default. So, it’s basically your choice now, to either pay one big monthly payment or multiple small bundles that, when added together, would equal the big payment.

Now you are thinking, hmmm….there should be some catch in it, why would someone give an unsecured loan and run the risk of not getting paid.

On the face of it, one payment sounds easy. And to some extent that is true. Personally, I would like to make one payment and be done, and not have to worry about a few other deadlines, their corresponding minimum payments and other administrative issues. But when you do consolidate, even though the monthly contributions are smaller when compared to all the small amounts combined, you end up paying more in the long term. When you go with an unsecured loan, this is the real trap to watch. It is something for you to think about.

There can be other issues that you might have to deal with when considering an unsecured loan. There are situations where the total to be paid back in dollar amount is lesser with debt consolidation loan plan, but still takes a much longer time to payback. You may also find that the consolidation is really hurting your credit score. (How it hurts your credit score is for a different post.)

But this will not always be the case, which is why you need to go with a good consolidation service. A professional debt management company should help (Check here for more Debt Help) you explain the pit falls that you might come across, the pros and cons of assuming an unsecured debt consolidation loan and steer you clear of a bad situation. If you have a poor credit and would like to consolidate you need to be extra careful and review couple of more times before getting in to bad credit consolidation loans.

Conclusion:
Unsecured loans for debt consolidation might be useful since the borrowers need not pay anything at the time of taking the loan. Unsecured debt consolidation loan is a helpful handy tool because the borrowers don’t need any asset to collateralize to get the money while assuming an unsecured consolidation loan.
Having said that, choosing the right debt consolidation loan, and the debt counseling or debt management service should be handled with care. Always seek for a professional help before consolidation. There are brokers who specialize with debt consolidation and unsecured consolidation loans. They might get you the best possible deal from the most appropriate lenders. Of course when lenders compete, you win.

Technorati Tags: bad credit consolidation loan, consolidation, Debt consolidation, Unsecured consolidation loans, unsecured debt

What exactly happens to your credit if you do debt consolidation?

admin — Sun, 14 Sep 2008 02:06:28 +0000

I have $7,000 in debt and I have heard about debt consolidation. Does this negatively affect your credit rating? Do you get to choose how much you pay monthly or is there a set amount they make you pay? I live in Canada, if that matters.

I went online to look up your question, and here's what I found….I hope that it helps you out….Best of luck to you!!

Does anyone have any info on debt consolidation loans?

admin — Sat, 13 Sep 2008 03:39:46 +0000

To make a long story short in exactly 1 year my husband and I went into $11,000 in credit card debt. I make every payment on time but sometimes can only make the min. payments and we have 6 credit cards. Does anyone have any info on debt consolidation loans? Or anything? Thanks

They are out there, hard to find, even if you google it, you get more junk sites then anything else. 2 sites that MIGHT be able to help are
www.credit.com
or
www.lendingtree.com

If you are making monthly payments, even minimum payments, your credit wont hurt that much, if you can, hold off on the loan at all costs, and maybe something will happen in the future…better job, raise whg knows, but if you must then get the loan…..

Is it futile to search for lenders that do "true" Debt Consolidation LOANS??

admin — Sat, 13 Sep 2008 03:39:44 +0000

I have been searching for almost two months to no avail. Are there no legitimate lenders that perform Debt Consolidation Loans? I am not looking for a Home Equity Loan, I mean a loan to "replace" my high interest loans and credit cards with one affordable monthly payment?

If you've dealt with the spending problem that got you in the mess and been able to reduce your expense to the point at which you are already reducing your debt then you should start looking at debt consolidation.

You really should ask your bank and see what they can provide, a personal loan or home equity loan (if you've got a home) might end up being a better solution than the high interest loans and credit cards that you've got right now.

Though it's important that you have your spending under control, if you don't then all you'll end up doing if you role your loans into one new loan is opening up more credit for you to then abuse (you can't borrow your way out of debt).

What is the best Private Student Loan Consolidation Program (substantial debt!!)?

admin — Sat, 13 Sep 2008 03:39:37 +0000

Is there anyone who knows of any good PRIVATE Student Loan consolidation program? Most lower your payments but do not lower your interest rate. I am looking for a lower interest rate.

Since these loans are not backed by the government, most private consolidation loans will be credit based, meaning the interest rate will be set based on your credit history, just like the private loans you have now. If you want a lower rate, spend some time getting your credit score as high as possible and/or find a cosigner with good credit. Both can help lower your rate.

where can I find the best deals for private student loan consolidation?

admin — Sat, 13 Sep 2008 03:39:36 +0000

I can find plenty of banks that offer private student loan consolidations loans, but often, many places seem "gimicky." Any help appreciated!

i dont know if any i have listed will help or not, but i'll post it anyway.

i think the first answer was a good post.
———–
try to aim for grants/scholarships more… they are not to be paid back. its confusing sometimes, but just keep applying. Scholarships usually have a 1 or 2 page application, and require an essay. Take your time with the essay, so yours stands out.

every big (and small) company you see (manufacturer, orgs, corps and groups also) all have grants and scholarships they hand out like candy. Walmart, Kmart, Target, Coke, computer companies etc etc etc

here are some links with a HUGE list of what is available. some you will need to copy and paste into a new window. also, fastweb (take the time to fill it in) will search databases and get back to you with a list of scholarships you qualify for.

Also contact all mens, womens associations in your state, they almost always have grants & scholarships. What ever field you are going into, contact the orgs, associations etc for them; Also check with professional organizations related to your career interests, such as the American Bar Association or the American Medical Association. they also always have scholarships. Research and dig, call then write. Its all worth it.

OVER apply; it doesnt hurt to have too many, and the extra funds can help with housing.

YOU WILL NEED ADOBE READER:
(yes, its free)
http://www.adobe.com/products/acrobat/readstep2.html

LIST
http://www.lifebridge.org/gran-list-alph.htm
http://www.angelfire.com/nj4/njcomputerchick/school.html
http://www.chrome.org/scholarshiplist.html

MORE & INFO:
http://www.ftc.gov/bcp/menu-jobs.htm
http://www.finaid.org/scholarships/other.phtml
http://www.finaid.org/otheraid/
http://www.back2college.com/library/scholarships.htm
http://www.collegeconfidential.com/
http://college-scholarships.com/
http://www.statefarm.com/about/part_spos/grants/grants.asp
http://www.gmsp.org
http://www.gmsp.org/gmsp_web/(nb5ctd55gavpfi55bb3a3j45)/scholarships.aspx
http://www.sfa.ufl.edu:16080/scholarshipcafe/
http://www.edsf.org/scholarshipAwards.cfm
http://www.fafsaonline.com/
http://www.fafsa.ed.gov/
http://www.feea.org/
http://12.46.245.173/cfda/cfda.html
http://www.salliemae.com/
http://www.ed.gov/finaid/landing.jhtml
http://www.scholarshipexperts.com/
http://www.educationplanner.com/ss/code/Profile1.asp?level=u®ion=s&mode=EDIT&sponsor=2859&volume=SS&e&h
http://www.studentawards.com/
http://www.collegeanswer.com/index.jsp
http://www.studentscholarshipsearch.com/
http://www.studentscholarshipsearch.com/Detailed/Scholarships/Meta_indexes_and_other_scholarship_directories/Women_s_and_Non-traditional_students_scholarships_meta-directory_126.php

NURSING / CNA
http://www.scholarships-ar-us.org/grants/nursing.htm
http://www.dar.org/natsociety/edout_scholar.cfm
http://nursingworld.org/nursecareer/edfund.htm
http://www.medi-smart.com/finaid.htm
http://www.discovernursing.com/nursing-scholarship-search
http://www.ncaa.org/about/scholarships.html
http://bhpr.hrsa.gov/DSA/nsl.htm
http://www.nsna.org/foundation/
http://www.4cnas.com
http://www.choosenursing.com/
http://www.minoritynurse.com/
http://www.tylenol.com/page.jhtml?id=tylenol/news/subptyschol.inc
http://www.straightforwardmedia.com/nursing/
http://bhpr.hrsa.gov/nursing/scholarship/
http://www.akaeaf.org/programsandinitiatives/

http://www.schoolsoup.com/
http://www.blackexcel.org/link4.htm
http://www.jackierobinson.org/
http://www.wilsonfund.org/scholarships/scholarships.shtml
http://www.siemens-foundation.org/TeacherScholarship/
http://www.childcareservices.org/ps/teach.html
http://www.act.org/goldwater/yybull.html
http://www.uncf.org/

http://www.socxfbi.org/login.asp?reason=denied_empty&script_name=/cgi-alumni/adir2.dll&path_info=/search&sitename=FBI&scroll=10&p=1&S=scholarships&x=0&y=0
http://www.finaid.org/
http://studentaid.ed.gov/PORTALSWebApp/students/english/index.jsp
http://www.actstudent.org/finaid/scholarshipscams.html
http://www.act.org/recognition/clients.html
http://www.act.org/kfcscholars/index.html
http://www.kfcscholars.org/
http://www.rhodesscholar.org/
http://www.collegedata.com/
http://www.fastweb.com/
http://www.getreadyforcollege.org/gPg.cfm?pageID=139
http://www.policylink.org/EDTK/AH101/Financing.html#4
http://www.hud.gov/grants/index.cfm

BECOMING A TEACHER
http://www.aft.org/teachers/jft/becoming.htm
http://www.fseog.com/

CHILDREN OF MILITARY
http://www.militaryscholar.org/about/about.shtml
http://www.mcsf.com/site/c.ivKVLaMTIuG/b.1677655/k.BEA8/Home.htm
http://www.vfw.org/index.cfm <-do search for ‘scholarships’
http://www.milspouse.org/Educ/Fund/MilFScholar/
http://www.aerhq.org/education_dependentchildren.asp

INTERNSHIPS,
http://www.fasttrackinternships.com/
http://www.internprograms.com/
http://www.brillstreet.com/
http://ceri.msu.edu/

DEPENDENCY or NOT
http://www.salliemae.com/get_student_loan/apply_student_loan/understanding/financial_aid/dependency/

LOAN FORGIVENESS
http://www.pheaa.org/loanforgiveness/healthier_futures.shtml
http://www.aft.org/teachers/jft/loanforgiveness.htm
http://studentaid.ed.gov/PORTALSWebApp/students/english/cancelstaff.jsp?tab=repaying
http://www.finaid.org/loans/forgiveness.phtml
http://www.aessuccess.org/manage/cant_make_payment/Federal_Teacher_Loan_Forgiveness.shtml
http://www.staffordloan.com/repayment/forgiveness.shtml
http://www.educationplanner.com/ss/code/Profile1.asp?level=u®ion=s&mode=EDIT&sponsor=2859&volume=SS&e&h

STATUS OF LOAN OR AID
http://www.nslds.ed.gov/nslds_SA/

IF YOU DON’T HAVE YOUR PIN yet (for your loan / aid status) apply for one:
http://www.pin.ed.gov/PINWebApp/pinindex.jsp

ESSAY HELP
http://www.scholarshiphelp.org/
http://www.gradesaver.com/resources/scholarship.html
http://www.collegeadmissionsessays.com/
http://www.nataviguides.com/broke_essay.html
http://www.princetonreview.com/college/apply/articles/process/essayjump.asp
http://www.scholarshipessay.us/
http://www.freschinfo.com/tips-brainstorming.php
http://www.freschinfo.com/tips-topic.php
http://essayedge.com/
http://www.korepetycje.com/Essays_Articles/scholarshipessay.html

GRANT SCHOLARSHIP SCAM LIST
(if you find a scam report it here too)
http://www.ftc.gov/ftc/consumer/media_psas_classads.html

LOANS
http://www.acteducationloans.com/
http://www.finaid.org/loans/educationlenders.phtml
http://www.financialaid.com/plus/index.cfm?id=plusloans
http://www.alternativestudentloan.com/
http://www.parentplusloan.com/
http://www.financialaidpodcast.com/about/
http://www.myspace.com/financialaidpodcast
http://www.FinancialAidPodcast.com

GRAD LOANS & SCHOLARSHIP
http://www.gradloans.com/graduate-plus-loan/
http://www.gfoa.org/services/scholarships.shtml

DEFAULTED STUDENT LOANS
http://www.ed.gov/offices/OSFAP/DCS/index.html

CONSOLIDATE LOANS
http://www.plusloanconsolidator.com/
http://www.salliemae.com/after_graduation/manage_your_loans/consolidate_student_loans/student_loan_consolidation.htm
http://www.salliemae.com/content/privateconsolidation/index.html
http://loanconsolidation.ed.gov/

RATE MY PROFESSORS
http://www.ratemyprofessors.com/index.jsp

INTERNATIONAL STUDENTS
http://www.iefa.org/
http://www.iefa.org/resources/
http://educationusa.state.gov/
http://college-scholarships.com/
http://www.studyabroad.com/forum/financial_aid.html
http://www.internationalstudent.com/
http://www.internationalscholarships.com/
http://www.internationalstudentloan.com/
http://www.globalslc.com/
http://www.edupass.org/finaid/loans.phtml
http://www.abroadplanet.com/student-loans/the-global-student-loan-corporation/
http://www.salliemae.com/international/

HISPANIC SCHOLARSHIPS
http://www.hsf.net/
http://www.scholarshipsforhispanics.org/
http://www.statefarm.com/about/part_spos/grants/hispanic.asp
http://www.hsfi.org/
http://scholarships.hispanicfund.org/applications/
http://www.chci.org/chciyouth/scholarship/scholarship.htm

Consolidation loans for bad credit?

admin — Sat, 13 Sep 2008 03:39:28 +0000

Ok heres the situation, I have bad credit, I make a steady paycheck, but my bills seem to add up so much I'm left with nothing to live off of, I cant get a payday loan because I'm military. I need a consolidation loan I pay about 1400 a month in bills right now, I need about a 14,000 loan thats it, and I can make high monthly payments like 500, 600, 700 maybe even more but it would be a huge help from 1400 a month because I just cant live off of what I have left is there anything I can do I'm stuck!
To add on to this I am military so since that wonderful new bill passed I cannot get a payday loan no matter what. I have also checked out several debt consolidation people you know the ones who don't give loans but try and work with the people you owe and that wont work either because no one wants to budge on the payments we're making to them now, and as far as the loans I have found to get no one is willing to give me anything that would even be worth my time I would be trading in maybe one debt I owe for another debt I need something that will pay all my debt and give me one lump sum to pay off every month

There are nation wide debt consolidation services that are available to all people that are in the armed services and whom are also experiencing financial problems, even if it's management of funds, or perhaps finding a way of over coming a financial dilemma that you may be in currently. If you are in a position where it could be possible to make your minimum monthly payments, a debt consolidation program for military personnel can be the answer to your problems and save you from high interest rates, late fees, and other related loan fees.

Just visit - http://www.ezconsolidation.com/military_debt_consolidation.php
Hope it will be helpful to you.

Where can one apply for a consolidation loan with bad credit.?

admin — Sat, 13 Sep 2008 03:39:28 +0000

A family member is desperate and need to apply for a consolidation loan, but have very bad credit. Can someone suggest loan companies that work with bad credit?

I did some research on the web to see if there were any unbiased ratings, comparisons or reviews on debt consolidators a.k.a.consumer credit counselors. I did find one here: http://www.lendersrated.com/index.htm…

I hope this helps.
Leafgreen

Is a consolidation loan for both secured and unsecured debts a wise move if you have no other choices?

admin — Sat, 13 Sep 2008 03:39:21 +0000

My financial situation has decreased greatly recently and I owe more each month than I am making. This year I couldn't even afford Christmas presents for my children. I've already refinanced my home a few months ago and therefore have no equity built up since then. Please let me know what my best recourse should be. Thank you

A consolidation loan is the worst thing you can do. I take it you already have a job, so If I were you, I would get a part time job and use that money to payback your debts. This may take a while but atleast you know that the money is going directly to the company and not in somebody else's pocket.