Category: Debt Management, Relief & Consolidation
Mortgage Life Insurance – and Why You Don’t Need It
When you get a mortgage, you’re usually offered mortgage life insurance; a life insurance policy that pays off your mortgage if you die. It might seem inexpensive, and good protection against life’s unforeseen circumstances. But mortgage life insurance isn’t nearly the good deal it may appear: here’s why you don’t need it, and what you can do instead. MORTGAGE LIFE INSURANCE: THE BASICS (AND WHY YOU DON’T NEED IT) With mortgage life insurance, if you (the mortgage payor) die, your mortgage is paid off in full. For this privilege, you pay a monthly premium along with your mortgage payment. If you decline mortgage life insurance when applying for your mortgage, you often need to sign waiver forms declining it, which might make you think twice about your
Three Reasons I Need to Reconcile my Checking Account Every Day
A disturbing trend has been taking shape in my home. It could have gone on for quite a while without noticing if my daughter hadn’t asked a very simple question just about a week ago. “Dad, we haven’t paid for Netflix for a while, have we?” We had given our two kids each a free month subscription of Netflix for Christmas last year. When we signed up we also got a month free as part of a holiday promotion. We told our kids that after three months were over, they could decide whether they wanted to keep it or not. But if they kept it, they would have to split the monthly $6.95 subscription fee. She was right; I had not collected their payment since the
When Your Financial Information is Stolen
Learn how to protect yourself in the event of a data breach or when your debit card information is stolen.(Read more…)
Keep Your Vacation Budget in Check
Going on vacation doesn’t have to mean going out of control with spending. Here are some tips to save money while having fun.(Read more…)
EMV Chip Card FAQ
Learn how EMV cards, also known as chip cards, can help increase the security of your transactions and protect your financial data.(Read more…)
The Bankruptcy Jargon Study Guide
Bankruptcy trustees and lawyers are specially trained in order to be good at what they do, which means they’ll probably use terms and phrases you might not be familiar with. If you need to file for bankruptcy, your trustee or lawyer will probably use a few of these terms when they speak to you. Here’s what some of their jargon means: Automatic stay – This legally stops any lawsuits, foreclosures, garnishments, and collections from your creditors as soon as the bankruptcy is filed. An automatic stay can be lifted with a motion from your creditors, but that doesn’t usually happen. Bankruptcy estate – The“estate”refers to all of your legal or equitable interests in property. Even if you don’t own the property, if you have legal or financial
Get in the Right Mindset: Master Your Money
“Money is a terrible master but an excellent servant.” –P.T. Barnum Does money seem to have a hold on you? Do you feel defeated and stuck in your less-than-ideal financial situation? You’re not alone. Many people view money as the top dog, the ultimate enemy with an unrelenting ability to ruin just about every aspect of life. There are five simple words to deal with this mind-set: control is in your hands. Some things are easier said than done, but when it comes to money, control really does start with your day-to-day decisions. Not only are there smarter ways to save, there are smarter ways to think about money. Here are some of the best tips to start thinking about
5 Simple Ways to Save Here a Little, There a Little
When financial burdens come your way, it’s easy to become overwhelmed and think that there is no way out. Don’t let yourself get trapped in discouraging thoughts though. Instead, follow these five easy ways to save money and make payments. 1. Switch Your Bank If your bank has pummeled you with an onslaught of overdraft fees, banking fees, or checking fees, it could be time to find a new bank. Banks are not a one-size-fits-all business. You should find a bank that will offer you the best possible interest rate for what you are able to save and charges smaller or no fees for using their services. 2. Ask for a Cred Card Rate Reduction For most people, overuse of credit cards can greatly contribute to
Managing Your Debt: Which Bills to Pay off First
Large amounts of debt can be overwhelming, particularly if you don’t know where to begin to pay it off. Before you decide how you are going to manage your debt, make sure you have the priorities straight and know which bills you need to pay first. Budget the Necessities When deciding on a budget and how much you can put toward paying on your loans, first think about paying for the necessities. Use the appropriate amount of money for groceries and medical expenses. Then put money toward your rent or mortgage payment. After you have paid these expenses, pay your utility bills so you don’t have to worry about going without water or electricity. Remember that you need to take care of yourself and your family, first
Debt: When to Seek Out Professional Help
What with car payments, mortgages, student loans, and an overabundance of credit cards, virtually everyone has debt. While some debt is certainly manageable on your own, some can be completely overwhelming. How do you know when you can handle your debts on your own and when should you seek professional help? How Do You Feel? Seeing professional help comes at different times for everyone. There is no hard line, no dollar amount that tips you over the edge. Some people can handle more debt than others without feeling anxious or stressed. As a general rule, you should consider seeking help when your monthly debt payments exceed 20{7dabfd103aa443fce219eea47f0f346a11a54ce587a1a0cbb74f06b9f7a304ca} of your income (excluding mortgage). However, you don’t have to wait until you reach that “20{7dabfd103aa443fce219eea47f0f346a11a54ce587a1a0cbb74f06b9f7a304ca}” ceiling to
Three Ways to Avoid Bankruptcy
A new start may be just what you need, but bankruptcy cannot be the only option. There are other options that will bring relief, and preserve and rebuild your credit. A bankruptcy trustee can explain the details of the following options and help you select the one that will work best for you. Debt Consolidation Loan What is it? A debt consolidation loan gives you the money to pay off all your debts. In exchange you only have one loan to repay. That’s one monthly payment and your former debts are paid in full! You need to have good credit and assets to secure a debt consolidation loan. Any secured loans (mortgage, auto) are not typically included in a consolidation loan. How it will benefit you You
