Finance: Is Consolidating Loans Right For You?

Is Consolidating Loans Right For You?

Written by Gary Gresham

Continued from page 1
Home Equity Loan or Line Of Credit A home equity loan offers you a fixed interest rate for a fixed period of time. A home equity line of credit is a pre-approved credit limit where you can have money available as you need it. An equity line has variable interest rates that usually start lower than repparttar

equity loan fixed rates. Many lenders offer no or low closing costs for home equity loans and credit lines. Closing costs or loan costs are an important consideration to keep in mind if you use this for consolidating loans. The interest on these loans is usually tax-deductible if you itemize but you should get a tax accountants advice for your situation. Make sure you understand repparttar 141638

total cost of refinancing when consolidating mortgage loans. You want to end up with a lower monthly payment than you have now but calculate repparttar 141639

cost of

interest to see if this is a good option for consolidating loans in your case. Whatever method you choose, don't just lower your monthly payments and get deeper in debt. Many lenders make their money by moving repparttar 141641

loan costs to repparttar 141642

end of

loan making you pay interest for years on repparttar 141644

costs. Make it your goal to pay off your debt in three to five years or as soon as you can. So if you're still asking yourself why should I consolidate my bills? You can easily answer that by looking to see if you can save money by any of these methods. Consolidating loans allows you to eliminate repparttar 141645

high interest costs of your debts and pay them off much quicker.

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10 Dirty Tricks Credit Card Companies Play

Written by Jeremy Zongker

Continued from page 1

We are getting now to repparttar last 5 of repparttar 141637 dirty tricks credit card companies play to their clients. The sixth trick is designed to work on repparttar 141638 psychological plan: repparttar 141639 company is increasing your credit limit. You didn’t ask for a limit increase of your credit but repparttar 141640 company gave you repparttar 141641 possibility to spend more money. This is a psychological trick to make you spend more money on your credit card trick. Another bad surprise is to come back from your vacation and find out that you have been charged more for repparttar 141642 amounts spent during your foreign trip. The commission charged for repparttar 141643 amount spent outside repparttar 141644 country is much higher than usual.

One of repparttar 141645 new scams that have appeared in repparttar 141646 last years is repparttar 141647 card cancellation fee. This fee was adopted because a large number of repparttar 141648 clients of a certain bank discovered repparttar 141649 extra charges and they rushed all to cancel their accounts. The bank responded immediately by adopting a policy of charging a fee for closing an account. This practice was also adopted by other companies. There are also other scams like penalization for having a big balance or charging credit insurance fees. It is important to know these procedures so you don't get taken advantage of and you can help put an end to these tricks by giving your business to companies who do not employ them.

This article has been provided courtesy of Creditor Web. Creditor Web offers great credit card articles available for reprint and other tools to help you search and compare credit card offers.

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