If marriage is the most beautiful relationship between soulmates, divorce must be the ugliest. Even an amicable split can leave the finances of both parties in ruin. No longer is there another income to pay half the bills. More often than not, the credit rating of each spouse falls to shambles.
The good news is that getting through the divorce was the hardest part. While I would not define it as easy, rebuilding your credit after divorce isn’t so bad compared to what you’ve just been through. If you can live through that, you can do anything. So put your chin up and get to work. Here’s how you’re going to rebuild your credit and get on with your life.\
Get a Copy of Your Credit Report
You can’t get where you are going if you don’t know where you are. By requesting a copy of your credit report, you can know how far you have to go before you reach your goal. The government has set up a website where anyone can get a free copy of his or her credit report: AnnualCreditReport.com. Don’t mistak
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Long after the holidays have passed, you may find yourself paying off credit card debt. The problem with credit card debt is its high expense and making minimum payments can take years to eliminate your credit card balances. Worse, if you lose your job or become ill, it can become impossible to make any payments. It takes very little time for an unplanned event to trash your finances and ruin your credit.
Credit card debt: Finance charges, account terms hinder debt reduction
Fine print, volumes of paper and busy lifestyles contribute to not knowing credit card terms and costs. A good starting point for a debt management plan is to make a list of all credit card accounts, their balances and the annual percentage rate (APR) for each account. The APR includes interest and penalty fees for your account; the APR can change according to the interest rate and status of your account. Some credit card companies assess penalty fees or raise interest rates if you make late payments. The higher your APR, the more money you’re throwing away. I
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The Wall Street Journal reported that New York Representative Maurice Hinchey (D) has introduced a bill that would limit the maximum interest rate charged on credit cards to 15 percent. Citing abysmally low rates for savings accounts and certificates of deposit (CDs), Hinchey seeks to even the scales between what credit card issuers can charge customers and the interest rates financial institutions pay on deposit accounts. It’s not uncommon to find credit card rates over 15 percent and retail credit cards that charge interest rates over 25 percent.
“A spiral of debt” plaguing American consumers
Citing current economic conditions, increased bankruptcies and consumers struggling to make ends meet, Rep. Hinchey asserts that regulating finance charges on credit cards would contribute to a healthy economy. Hinchey says it’s time to end “legalized loan sharking,” but it’s unlikely that his bill will pass due to the split in power between the Republican majority in the House of Representatives and the Democratic majority in the Senate. Citing recent s Read more…
With the economy as it is and the job market in a bit of a slump, people are doing whatever they can to save a few dollars or make a few extra. Ebay, Craigslist, and similar sites are doing very well as people try to sell their belongings and long-kept valuables that are now antiques or collectibles. Hard times usually bring about creative means to make ends meet or to supplement regular incomes. One avenue explored by many homeowners is renting a room in their home; either to a friend or oftentimes a stranger. This can be beneficial to both parties or it could be a disaster for either or both parties.
There are many things to be considered for both the homeowner and the renter in this situation. The renter is taking a chance that the homeowner is able and willing to compromise a bit of his privacy and accommodate another person living there. The homeowner is taking a chance that the renter is willing to adjust his personal actions and behavior to adapt to the homeowner’s rules and way of life. Personalities are an integral part of the mix and strong examination of that element needs to be considered. Read more…
You are in debt and cannot seem to get out. What should you do now? Should you enroll in a debt management program? Should you contact a credit counselor? How do you know who to trust? These are the questions that plague the millions of Americans in debt today. Fortunately, choosing a debt management program does not have to be difficult. By analyzing your debt, researching debt management companies, and taking steps toward financial freedom, debt can be not only lessened, but eliminated.
The first step is to analyze the debt that you have. Make a list of all of your debts, then call your creditors to see if they would be willing to work with you on interest rates or payment schedules. Consider the size and interest rates of your debts, and make efforts towards paying the smallest debt off first. This results in a “snowball effect.” Once the first debt is paid off, it is no longer accruing interest, and you have more money per month to put toward the next smallest debt.
Don’t have money? Just go to payday loans website and get it!
Secondly, carefully research debt management companies should you choose to use one. Read more…
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A simple interest loan assesses fees based only on a flat percentage. The principal amount is multiplied by an interest rate, and the resulting sum is the only interest charged on the loan. This amount is divided among the payment terms. A borrower will pay a portion of the principal and a flat interest fee each month or payment term. When the loan is paid off, the principal and interest are completely returned to the borrower. There is no compounding of interest, and there is no ballooning of fees. A simple interest loan is usually the most affordable option.
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