What is Credit Counselling?Written by John Mussi
Ever wondered what is Credit Counselling? There are occasions when you might encounter a financial situation that is beyond your scope which is when a session with a credit counsellor could be beneficial. If you're not disciplined enough to create a workable budget and stick to it, can't work out a repayment plan with your creditors, or can't keep track of mounting bills, consider contacting a credit counselling organisation. Many credit counselling organisations are non-profit and work with you to solve your financial problems. But be aware that, just because an organisation says it's "non-profit," there's no guarantee that its services are free, affordable, or even legitimate. In fact, some credit counselling organisations charge high fees, which may be hidden, or urge consumers to make "voluntary" contributions that can cause more debt. Most credit counsellors offer services through local offices, Internet, or on telephone. If possible, find an organisation that offers person to-person counselling. If you are not sure of how to contact a counselling service, check with your financial institution, local consumer protection agency, friends or family as they may be a good source of information and referral.
| | Refinance Benefits - Refinancing Could Save You MoneyWritten by Bwalya Mwaba
Refinance Benefits - Refinancing Could Save You Money The most common reason most people refinance is to save money, but many people refinance for various other reasons. 1. Refinancing to Lower Your Monthly Payment for an Existing Loan. You can refinance your existing loan at a lower interest rate thus reducing your monthly loan payments. With interest rates at their lowest for years, you can find some excellent rates - sometimes far much lower than what you're paying for your current loan or mortgage. Refinancing your mortgage or loan when rates are down could save you hundreds of pounds every month and thousands over life of your loan. 2. Refinancing to Consolidate Debts. You may choose to refinance in order to consolidate debts and replace high-interest loans with a low-rate loan. The loans being consolidated may include higher purchase loans, student loans and credit cards. You can clear all your existing credit cards, loans and other debts and replace them all with one low cost cheaper monthly payment. On a £12,000 loan some homeowners can save in excess of £250 a month which is a considerable saving. A debt consolidation loan is a smart solution for anyone who has many outgoing monthly payments. A Refinance loan allows you to repay existing loans from proceeds of a new loan - loan is usually secured on property or your home. 3. Refinancing to Reduce Term of Loan. Reducing term of your loan can help you save money over life of loan. For example, refinancing from a 7-year loan to a 3-year loan might result in higher monthly payments, but total of payments (or total cost of loan) made during life of loan can be reduced significantly. You’ll also be able to build up your equity faster. Use this free loan calculator to see how total cost of loan reduces when repayment period is shortened. A refinance loan can save you thousands in interest charges over life of your loan.
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