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The benefits of debt consolidation | financebis

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Overwhelmed By Loans for Students Consolidation Offers?

To ensure you make a “fresh” start, you need to think and analyze your previous spending habits. What really lead you to go bankrupt? Analyze your expenses, the way you handle your money and of course your lifestyle. Do you have to live a lavish lifestyle? And the major question is can you afford that kind of living? What are your major purchases recently? Asses your situation, and the causes that made you experience bankruptcy.

After that, make a plan on how recover and live without going into a financial difficulty. The primary thing that you have to do is to reestablish your credibility, especially to financial institutions. You must regain a good financial standing status. Start to build up resources. Save your money and put it to good use. Don’t splurge on extravagant items. Keep in mind what drove you to bankruptcy, your too much spending attitude. You have to change the way you regard your expenses.

If you use a credit card, be sure to pay on time, in full. Make sure also that when using credit cards, it’s for emergency purposes and not for luxurious items. Keep only one or two credit cards. A lot of credit cards may lead to temptation. You don’t want to end up into the same situation again. Having a savings account is also a good option because it means less reliance on your credit card purchases. You’ll learn how to set aside cash in your account for large purchases.

Budgeting is also very important because it teaches you on how to manage your money. Stick to your budget!.

Some lenders are willing to offer housing loans to people who have declared bankruptcy. If you find a financial company to hold your home mortgage, make sure you pay them promptly. Prove to them that you’re worth their risk.

Bankruptcy can bring stress to your life, but there is a lesson to be learned. You’ll know now how to deal with your monthly expenditures. Your spending habits will change for the better and you’ll live a life without worries. Keep in mind, it’s fine to have debts as long as you know how to manage your resources and pay your creditors.

College may be fun and exciting, but it’s actually an environment where money-management often becomes an issue. Knowing how to avoid these problems is the key to beating them.

Credit cards and loans are just two tempting sources of money. Loans and any form of credit is never free money. In fact, credit is the most expensive form of money in the world. You’re buying money with interest- that’s what it really is. The point here is that a person can only begin to gain and accumulate wealth when the debts have been repaid. 

Often, students get into debt because of the “credit card trap”. The enticing idea of being able to buy things ahead of the actual cash is very tempting. 

Some even fall into the trap of signing up for many credit cards, maxing out each credit card as they wade through shopping malls and online emporia of mostly useless stuff. Some forget that the bills will still come, and debt is attached permanently to their names even after a Chapter 7 or Chapter 13 bankruptcy. 

For young folks who are not earning money yet, or are only earning enough to feed themselves, a rule of thumb regarding credit should be remembered: if it takes more than three months to pay off the credit, it’s unaffordable. This kind of thinking will save you from being buried in debt.

Some recent college graduates are contemplating bankruptcy today, because of mismanagement of finances. But the battle against debt doesn’t have to end that way at all. You can try student debt consolidation to make repayment of debts easier. 

Student debt consolidation is one way of avoiding serious consequences of prolonged debt. Lenders can offer a lower interest rate. If you are able to repay ahead of time, you will save money. Pay the minimum until you get a higher paying job, then start paying off large chunks of the debt to finish with the debt quickly.

Debt consolidation will not address the causes of your financial troubles. Ask yourself  ”why do you have too much debt”? Entirely unforeseeable circumstances? That’s rarely the whole cause. More often, when you have debt problems, it is because you buy too many things on credit. In other words, if you are looking for a consolidation loan it is probably due to bad financial habits.

The reality of the situation is that when you combine all your debts into one payment, you don’t owe less. You may get a lower interest rate on average, but you still owe all the money. The consolidated debt is just easier to pay. It will be paid with one lower monthly payment stretched out over a longer period. That’s easier, but what else becomes easier as well? Having more debt.

This is exactly what many people do. They get $900 in various payments rolled into a loan with an easier $300 payment, and now they have excess income again. Time to buy some things on credit. Debt consolidation can be a way to postpone reckoning with the real problem – bad financial habits. Unfortunately, when you put off dealing with the real causes of debt, the problem becomes much worse.

Also, don’t forget that debt consolidation is not free! Because of the lower interest rate, it seems like you are saving money with some consolidation loans. This isn’t always true. If you are converting short-term debt into long term or longer-term debt. It takes you more time to pay off the money you owe, and you end up paying more in interest.

Whatever you do, try hard to make those payments and get rid of that debt sooner. It is important to work as hard on changing your habits as you do on getting the best consolidation loan.

When you make a credit transaction, you are creating a debt that you are legally obligated to pay back. The most common types of credit transaction are loans and credit card purchases.

How do creditors decide whether or not to lend me money?

Creditors make decisions about whether or not to lend you money based, in part, upon a profile of your past credit performance that is kept in files that are maintained by companies known as “Credit Reporting Agencies” (CRA’s) or “Credit Bureaus” (CB’s).

How do credit bureaus work?

Before credit bureaus came into existence, most creditors kept individual records on their relationships with borrowers and did not share that information with anyone else. If you needed credit from a company that had no history of credit dealings with you then you would provide them with a list of companies that you had already done business with and they would write each company to find out how you had performed under your agreement. As credit lending grew, this process became cumbersome and credit bureaus were formed to act as central clearinghouses.

Credit bureaus collect information about your payment history from their member companies. Member companies are creditors who have an agreement with the credit bureau to report their credit experiences with you. The credit bureau accumulates all of this information and stores it in a computer database.

-Never sign a contract or document without thoroughly reading it first. Even if the document directly pertains to another person, you could be affected somehow once you sign your name. If the person giving you the document presses you to quickly write your signature, stand your ground and let him or her know you never sign anything without reading it first.

-Do not be anyone’s co-signer for anything. If that person does not make the obligated payment, you can be liable.

-Always read the labels and instruction manuals for products you buy and closely follow the instructions. It is crucial to completely know how to use the product wisely and prevent harming yourself and others.

-Never pay to find a job directly. If a job advertisement asks you to make an investment to get more information or a job offer, ignore the ad. Do not reply to ads that do not reveal who the employer is or where it is located.

-Be careful about processing or giving up money. Ignore notices that claim you won the lottery while asking you to make a payment or give out your personal information. Ignore notices that ask you to process money that will be sent to you. If someone on the street asks you to contribute a payment while promising you will earn more money than you paid, walk away – this is how my grandfather got conned.

-Avoid taking out loans and mortgages that carry an exorbitant price. America’s housing crisis started as a result of people having mortgages worth several hundred dollars or more without having a realistic chance of being able to pay them off.

-If you are a college student or someone else who does not have adequate income, do not be lured into getting a credit card. Buy things with cash or a debit card.

-Watch everything you say when using the telephone or E-mail. You never know when you are monitored.

-Protect your home and automobile. Buy homeowner’s insurance and auto insurance. Buy an alarm for your home and vehicle. Put an anti-theft device on your steering wheel.

-Be leery when someone unexpectedly comes to your home. If someone you did not call comes to inspect your property and you are suspicious, call the company he claims to be with for verification.

WASHINGTON (AP) — It’s something any bank would demand to know before handing out a loan: Where’s the money going?But after receiving billions in aid from U.S. taxpayers, the nation’s largest banks say they can’t track exactly how they’re spending the money or they simply refuse to discuss it.

“We’ve lent some of it. We’ve not lent some of it. We’ve not given any accounting of, ‘Here’s how we’re doing it,’” said Thomas Kelly, a spokesman for JPMorgan Chase, which received $25 billion in emergency bailout money. “We have not disclosed that to the public. We’re declining to.” 

The Associated Press contacted 21 banks that received at least $1 billion in government money and asked four questions: How much has been spent? What was it spent on? How much is being held in savings, and what’s the plan for the rest?

None of the banks provided specific answers.

“We’re not providing dollar-in, dollar-out tracking,” said Barry Koling, a spokesman for Atlanta, Ga.-based SunTrust Banks Inc., which got $3.5 billion in taxpayer dollars.

Some banks said they simply didn’t know where the money was going.

“We manage our capital in its aggregate,” said Regions Financial Corp. spokesman Tim Deighton, who said the Birmingham, Ala.-based company is not tracking how it is spending the $3.5 billion it received as part of the financial bailout.

The answers highlight the secrecy surrounding the Troubled Assets Relief Program, which earmarked $700 billion — about the size of the Netherlands’ economy — to help rescue the financial industry. The Treasury Department has been using the money to buy stock in U.S. banks, hoping that the sudden inflow of cash will get banks to start lending money.

There has been no accounting of how banks spend that money. Lawmakers summoned bank executives to Capitol Hill last month and implored them to lend the money — not to hoard it or spend it on corporate bonuses, junkets or to buy other banks. But there is no process in place to make sure that’s happening and there are no consequences for banks who don’t comply.

“It is entirely appropriate for the American people to know how their taxpayer dollars are being spent in private industry,” said Elizabeth Warren, the top congressional watchdog overseeing the financial bailout.

But, at least for now, there’s no way for taxpayers to find that out.

Pressured by the Bush administration to approve the money quickly, Congress attached nearly no strings on the $700 billion bailout in October. And the Treasury Department, which doles out the money, never asked banks how it would be spent.

“Those are legitimate questions that should have been asked on Day One,” said Rep. Scott Garrett, R-N.J., a House Financial Services Committee member who opposed the bailout as it was rushed through Congress. “Where is the money going to go to? How is it going to be spent? When are we going to get a record on it?”

Nearly every bank AP questioned — including Citibank and Bank of America, two of the largest recipients of bailout money — responded with generic public relations statements explaining that the money was being used to strengthen balance sheets and continue making loans to ease the credit crisis.

A few banks described company-specific programs, such as JPMorgan Chase’s plan to lend $5 billion to nonprofit and health care companies next year. Richard Becker, senior vice president of Wisconsin-based Marshall & Ilsley Corp., said the $1.75 billion in bailout money allowed the bank to temporarily stop foreclosing on homes.

But no bank provided even the most basic accounting for the federal money.

“We’re choosing not to disclose that,” said Kevin Heine, spokesman for Bank of New York Mellon, which received about $3 billion.

Others said the money couldn’t be tracked. Bob Denham, a spokesman for North Carolina-based BB&T Corp., said the bailout money “doesn’t have its own bucket.” But he said taxpayer money wasn’t used in the bank’s recent purchase of a Florida insurance company. Asked how he could be sure, since the money wasn’t being tracked, Denham said the bank would have made that deal regardless.

Others, such as Morgan Stanley spokeswoman Carissa Ramirez, offered to discuss the matter with reporters on condition of anonymity. When AP refused, Ramirez sent an e-mail saying: “We are going to decline to comment on your story.”

Most banks wouldn’t say why they were keeping the details secret.

“We’re not sharing any other details. We’re just not at this time,” said Wendy Walker, a spokeswoman for Dallas-based Comerica Inc., which received $2.25 billion from the government.

Heine, the New York Mellon Corp. spokesman who said he wouldn’t share spending specifics, added: “I just would prefer if you wouldn’t say that we’re not going to discuss those details.”

The banks which came closest to answering the questions were those, such as U.S. Bancorp and Huntington Bancshares Inc., that only recently received the money and have yet to spend it. But neither provided anything more than a generic summary of how the money would be spent.

Lawmakers say they want to tighten restrictions on the remaining, yet-to-be-released $350 billion block of bailout money before more cash is handed out. Treasury Secretary Henry Paulson said the department is trying to step up its monitoring of bank spending.

“What we’ve been doing here is moving, I think, with lightning speed to put necessary programs in place, to develop them, implement them, and then we need to monitor them while we’re doing this,” Paulson said at a recent forum in New York. “So we’re building this organization as we’re going.”

Warren, the congressional watchdog appointed by Democrats, said her oversight panel will try to force the banks to say where they’ve spent the money.

“It would take a lot of nerve not to give answers,” she said.

But Warren said she’s surprised she even has to ask.

“If the appropriate restrictions were put on the money to begin with, if the appropriate transparency was in place, then we wouldn’t be in a position where you’re trying to call every recipient and get the basic information that should already be in public documents,” she said.

Garrett, the New Jersey congressman, said the nation might never get a clear answer on where hundreds of billions of dollars went.

“A year or two ago, when we talked about spending $100 million for a bridge to nowhere, that was considered a scandal,” he said.

Source : Yahoo!Finance - By Matt Apuzzo, Associated Press Writer

Associated Press writers Stevenson Jacobs in New York and Christopher S. Rugaber and Daniel Wagner in Washington contributed to this report.