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>Home Equity Loans-How To Zero Out Credit Card Debt
Posted by nick_niesen on October 29th Cheap MLB Jerseys Online , 2010
Millions of Americans are up to their ears in debt. They struggle every month just to meet the minimum payment which just prolongs the debt. Credit cards have high finance fees. Hence, it is difficult to pay down balances. In most cases, the minimum payment barely covers the finance charges. This makes it difficult to reduce the credit card balance.
One approach for eliminating or reducing debts involves acquiring a debt consolidation loan. Although debt consolidation loans will not miraculously eliminate your debts, these loans make is possible to reduce your debts faster.
In 2005 the value of home equity across the US was $11.3 trillion. The percentage of home ownership in 2005 was 69% down slightly from the record 69.2 % in 2004. Almost 124 million Americans own their own home. There is plenty of money available to lend.
If you obtain a debt consolidation loan Cheap MLB Jerseys From China , all your credit balances are lumped into one loan. Furthermore, debt consolidation loans have reasonable interest rates. This enables you to become debt free within a few years.
There are various ways to obtain a debt consolidation loan. Individuals with good credit may qualify for a personal debt consolidation loan. If you own a home, it may be possible to get approved for a home equity loan. Home equity loans are ideal because the rates are low and the terms fixed. Usually, homeowners are able to repay the money in five to seven years ? sometimes less.
Just beware that home equity does not automatically go up every month like some would have you believe. Several factors far beyond your control determine the value of your home. Just within the last six months or so the value of homes in some parts of the country dropped by 10% in a month.
Before you get a home equity loan you should know these facts.
? They are secured by a second deed of trust on your house.
? If your financial situation changes your home could be at risk of foreclosure.
? Having to make two payments on your home can be a lot of financial strain.
? A lot of unscrupulous lenders could care less.
? Keep your eyes open to what the local housing market is doing. Just recently many areas experienced a 10% decline in values in one month causing many homeowners to owe more than their home was worth.
It is essential to use the funds wisely and borrow only what you can afford to payback. Most Americans who use their home equity to pay off their credit card debt refuse to change their habits and lifestyles Cheap MLB Jerseys China , and actually see their zero-balance cards as an invitation to go shopping - perpetuating the cycle.
Before you put your home at risk with a second mortgage understand the risks. Explore all the possibilities. Just because a home equity loan for debt consolidation seems so easy to do and easy to get, doesn't make it the right choice for you. Don't press the EASY button.
Did you hire a "life coach" to help you sort out your complicated existence? The coach is a growing occupational choice for folks who feel the call to lead others who may feel overwhelmed or wish for personal fulfillment but don't know where to begin.
As someone who belongs to entrepreneur networks, I've come across quite a few life coaches. Some seem like truly wonderful people... but others... hmmm, well I'm not so sure.
Before I raise the five warning flags Cheap MLB Jerseys , let's talk about two short but very important words: Your Life. It's YOURS and nobody else's. So although you may feel confused for the time being and have summoned the services of a coach, it's still YOUR LIFE and you have the right to live it any way you see fit.
A good and benevolent life coach will respect the fact that your life belongs to you. She will guide and support, she will uncover options you may not have seen before, and she will unleash your potential and help you feel confident... but she will NOT dictate how to live YOUR LIFE Cheap Jerseys Wholesale , nor will she mold you into thinking a certain way.
That said, it's incredibly important to choose your life coach carefully. If you find one who is loving and inspirational, kind and supportive, who lets you find your own way and doesn't speak to you as though you're beneath her... hang onto her for as long as you have to because you struck gold. On the other hand Cheap Jerseys Online , if your life coach makes you feel uncomfortable in any way, do not hesitate to discontinue your work together. Remember that this is YOUR LIFE.
Here are 5 examples of things your coach might say to manipulate you.
SCENARIO ONE
Coach: This seminar I attended was a life-changing experience! Why don't you sign up? It's only $300.
You: Thanks for the offer, but I'm trying to save my money right
[It's not your coach's business what you do with your money, even if she is your "coach." If she continues to push you into making purchases you're not comfortable with, politely tell her that you're no longer interested in using her services.]
SCENARIO TWO
Coach: We must erase all negative statements and focus on the positive. Now, let me point out where you made a mistake...
[If your coach were truly a positive individual Cheap Jerseys China , she would NEVER utter the words 'you made a mistake.' This is a mind control tactic, and an attempt to make you feel 'in the wrong' when actually you have done nothing wrong. If your coach EVER says things like this to you, thank her for her kind advice and then cancel her services.]
SCENARIO THREE
Your coach leads the discussion to a topic of her choice, waits for you to politely acknowledge the topic Cheap Jerseys , confuses you with a few ambiguous fluff statements, and then turns the tables and insinua. Cheap Jerseys China Wholesale Cheap Jerseys Free Shipping Wholesale Jerseys Online Wholesale College Jerseys From China Wholesale NFL Jerseys Wholesale College Youth Jerseys Wholesale Soccer Jerseys Cheap Wholesale Adidas NHL Jerseys From China Wholesale Nike NBA Jerseys From China Cheap MLB Jerseys |
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