debt Archives

Dec42022 by Paul LinusNo Comments

Tips to avoid debt and divorce in recession

General

In these tough economic times, how do you get your finances on track and save your personal relationships? When couples enter into a relationship, many don’t discuss finances, how to budget or have a savings plan. Elena Jara is the education coordinator at Credit Canada, a non-profit organization that provides money and credit counselling to people who are in financial difficulty. “Many of our clients have come in to our offices and due to financial strain are considering separation or divorce.” One of the biggest problems, says Jara, is that more often than not you are dealing with two different personalities. “It’s very important that you sit down with your partner and figure out a style of money management.” Jara recommends that couples follow these four steps to avoid h...

Sep32022 by Paul LinusNo Comments

Debtbuster tips: Creating personal debt management program

Finance

Whether suffering from long-term debt problems, or simply looking to reduce personal debts after an expensive season such as Christmas, the creation of a personal debt management program is always a good idea to improve long-term financial health. Creating a Debt Management Program: Income and Expenditure In the first case, one should consider that the key to good financial health relies upon a healthy balance of income and expenditure. Debt can only ever be managed effectively where total income exceeds total expenditure on a regular basis. Start the process by making a list of all the sources of income for the household on one side of a page and a list of all the sources of expenditure on the other. If the total expenditure of the household is greater than the total income, then...

Feb202021 by Paul LinusNo Comments

How to save money, reduce summer expenses, reduce debt

Finance

Reducing household and other expenses during the hot summer months can save a lot of money. A regular review of the following hints may prove to be valuable! Power Bills Electricity bills often soar during summer – especially in houses with air-conditioning. If you have air-con, then use it sensibly. Keeping your house cool by keeping blinds and curtains closed, especially early on hot days when homes can rapidly heat up. If your house has upper floors, you may be able to cool most of the house by cooling the upper floors and letting the cool air fall through the rest of the house. (And warm your house during winter by heating the bottom story with hot air rising.) Also, check the seals on your refrigerator. A fridge working extra hard to keep cool can chew up a lot of additio...

Nov172020 by Paul LinusNo Comments

How to get very good remortgage deals

Finance

For most people a mortgage is their biggest financial commitment and it makes sense to reduce that cost wherever possible. At present mortgage interest rates are at an all time low, even the standard variable rate (SVR), which most mortgages revert to after the initial discounted offer are at very low levels. Compare Remortgage Quotes For first time buyers it’s a particularly tough time to get a good mortgage deal but for those who already have a mortgage and have an excellent credit score, it’s definitely a good time to compare some remortgage quotes from an independent mortgage broker. Despite the current low levels of interest it may still be possible to save money on a new remortgage deal. For those who are still using an endowment insurance policy to repay their mortgage it ...

Jul182020 by Paul LinusNo Comments

How to clear college student loan debt

Finance

The golden rule of college student loan debt is to never default. Although an unsecured debt, it is notoriously difficult to write off and defaulting on a student loan will leave fewer options. Income based repayment plans, forbearance and deferring repayment will no longer be possible. Repaying student loans at an affordable rate is the best option when disposable income is limited. It isn't in anyone's interest to see the borrower default so a number of different forms of assistance and guidance are now available. Income Based College Student Loan Debt Repayment Since the 1 July 2009, it is possible to cap each monthly student loan repayment at a more affordable rate. Hard-up college graduates are now able to pay just 15% of the amount of income they make that exceeds the federal p...

May262018 by David KollerNo Comments

How Long Old Debt Fall Off My Credit Report?

Finance

Debt is a burden that can be hard to get rid of if not paid timely. There are timelines attached to every debt. The same applies to loans taken a long time ago. Unpaid loans do not vanish on their own accord. They need to be paid to continue with a new line of credit. Old debts that haven’t been paid may result in a bad credit score. If you apply for short term Or long term loans, your financial background and account would be checked against a credit score. This score determines whether you have sufficient credibility to repay the short term loans or long- term loans are taken from the borrower. Fortunately, debt collections won’t reflect on your credit report all your life! After a period of 7 years, it would be wiped off from your credit r...