Debt Consolidation -- Choose Your Credit Counselor CarefullyWritten by Charles Essmeier
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*Watch out for firms that want excessive fees up front. Be particularly wary of nonprofit agencies that ask for fees or “voluntary contributions” or nonprofit agencies that tell you that they cannot help you if you do not pay a fee upfront.
*Beware of firms that ask for a sizeable fee to obtain a copy of your credit report. Such agencies should be able to obtain your report at no charge, and you are entitled to one report per year for free. *Sometimes, bankruptcy is unavoidable. Watch out if agency doesn’t mention bankruptcy at all, or if they change subject if you bring up topic. Debt consoldators cannot make any money on bankruptcy cases, but sometimes, that’s your only option.
*Shop around. Talk to several different agencies and compare what they tell you. Any agency that differs dramatically from what other agencies are telling you should probably be avoided.
*Check with your local Better Business Bureau, and ask if they’ve had any complaints about agency.
*Watch out for firms that offer quick solutions to your problems. You didn’t get into financial trouble overnight, and you won’t get out of financial trouble overnight. Any competent debt or credit counselor will know this and will undoubtedly tell you that working your way out of debt takes time.
*See if agency belongs to National Foundation for Credit Counseling or Association of Independent Consumer Credit Counseling Agencies. Many do.
By taking a few simple precautions before agreeing to work with a credit counselor, you may save yourself a lot of grief and a lot of money later.
©Copyright 2005 by Retro Marketing. Charles Essmeier is the owner of Retro Marketing, a firm devoted to informational Websites, including http://www.End-Your-Debt.com/ and http://www.HomeEquityHelp.net/
| | Bridging Finance BasicsWritten by Darren Yates
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The lender does not need to worry too much about default because borrower is required to put up collateral to secure loan. This can be in form of another piece of property, business machinery or inventory on hand. But rest assured lender will still thoroughly review credit history of applicant, business and any partners or others with an ownership interest to assess level of risk it is undertaking. The interest rate assigned to bridge loan is based on several factors: anticipated risk associated with bridge loan, prevailing interest rates and a premium added by lender. Since bridge loans are short-term, generally not longer than two years, lender has only a short time to make money on deal. The profit is derived from interest rate. Expect to pay a higher rate of interest for a bridge loan. And remember, monthly payments on a bridge loan generally will be for interest only. Expect to pay off bridge loan in full, usually as a one time balloon payment, as soon as property is sold. In event that property is not sold before bridge loan matures, it can usually be converted to a conventional loan without paying a penalty. But it’s always a good idea to double check this before assuming.
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