manoftruth explains worst case scenario on mortgage Crisis
http://thegreatcurve.com Worst Case: validity of 33 million mortgage loans???
An Internet loan scam that prosecutors say defrauded more than 2000 victims has led to federal charges against 33 people in the U.S. and Canada. Internet Loan Scam Leads to Charges Against 33
Most consumers that have excessive credit card debt are making minimum payments. And that puts a huge grin on the face of the credit card companies! Why? So they can keep you in debt for life!
Your creditors structure their offers of credit in such a way that entices you to only make the minimum monthly payment. They will do everything in their power to get you to continue making For example, your monthly statements don't say "maximum payment due", but rather "minimum payment due". They take advantage of the fact that most people live paycheck to paycheck and it's much easier for them by making minimum payments.
Also, as long as you're making your payments on time, the creditors are quick to bombard you with offers of higher credit limits. They could care less if you got laid-off and have a stack of bills to pay! All they want is to bury you further and further in debt.
Why would they want you making minimum payments? Because about 98% of the payment is applied to the interest, not the principal! This is why your balance seems to never decrease.
Consequently, if you have $ 30,000 of unsecured debt, and you are making minimum payments, and your average interest rate is 18%, it will take you about 33 years to pay-off your debt! But your creditors won't disclose this information on your monthly statements.
If you took-out an auto loan and the loan officer told you that the term for the $ 30,000 car was 33 years, what would you think?
To prove this, see creditcards.com. Click on "credit card calculator", then "minimum payment calculator", and input the required information to determine the pay-off duration.
I cannot find any reason whatsoever to continue making minimum payments. If you are overloaded with credit card, or other types of unsecured debt (e.g. medical bills, collection accounts), there are other options and strategies that are available.
To name a couple, Debt Management assists debtors by negotiating with creditors to lower the interest rate. Also, for debtors that are behind on their payments, the debt management counselor will also attempt to get unpaid interest, penalties, and late fees waived.
You may also consider debt settlement. This program helps debtors by negotiating with their creditors to significantly reduce the principal amount of debt that the debtor owes. By lowering the balances, a debtor will be enabled to pay-off debts much faster than making minimum payments.
By not making minimum payments, nothing positive can happen. There are various methods of debt elimination. You need to find the best option for you. Find More Making Minimum Payments Is Like Taking Out An Auto Loan For 33 Years! Topics
Question by little monkey: I would like to go back to school at 33, what are my options as to student loans? I am going to be a single mother of a 5 month old that will receive a decent amount of child support. I would like to go back to school full time and have about 2.5 years left to complete my degree. What kind of loans can I get? I would like to get enough so I can cover most everything so I can work very minimal. I have pretty decent credit 680+.... will that be a good enough score? Best answer for I would like to go back to school at 33, what are my options as to student loans?:
Answer by Guida G
http://inall.needz.it you can get much information in this website, If you will check anyone blue link in website.
Answer by Christopher
The people at the financial aid office will give you all the information you need to apply for any loans, although Suze Orman suggest not getting any type of privatized student loan b/c they can hike the interest rate up to anything that they want at any time without any prior notice and you have to pay it back. So try and get a Stafford Student Loan which is through the government so the interest rate (if any) will be lower and fixed.
Answer by Found-1
It is doubtful you will get enough aid to cover both your tuition and fees and all your living expenses unless you have very minimal expenses. (Like living with your parents rent free for example...) You will prob be eligible for Stafford loans, you do not need to pass a credit check or have a cosigner for Stafford loans. To apply go to http://fafsa.ed.gov
Answer by minaco
before trying to apply for a loan have you tried to apply for financial aid? it's money that doesn't have to be repaid. the website is www.fafsa.ed.gov. i suggest you fill out the application right away as it is also one of the things you need to do if you are really looking into getting a stafford loan. but with your situation, you might be eligible for a pell grant. it doesn't hurt to try. ALSO: before you apply for FAFSA go ahead and apply for a pin www.pin.ed.gov
Answer by wedy320@verizon.net
I'm 30 year old and i went bag to school 4 month ago i did because i have 6 children and i want to give a better life to my children's you can go to any school the offer financial aid and ask for the information of course they going to offer you the loans first but ask about the grants that they have then if the grant don't cover all you can take it a student loan because they don't check you credit most of the time they go by you income in you taxes..good luck because if i di it you can do it too.Good luck..
Answer by csi_blondie
Congrats on wanting to finish your degree! Well, the first thing I would suggest would be to fill out a FAFSA (fafsa.ed.gov). Once you do that, you'll have a better idea of whether or not you'll need to take out a private loan to cover tuition and/or living expenses. Federal financial aid (Stafford/Perkins Loans and Pell/FSEOG Grants) go by need and aren't based on credit. The only loans that go by your credit rating are private loans...and with the number you gave I'm sure your FICO score is high enough to qualify for a private loan should you need one. But filling out the FAFSA needs to be your first step. Once you fill that out it'll show you an EFC (Expected Family Contribution) number. This is the dollar amount they think you should be able to come up with out-of-pocket for school...so of course the lower the better. You'll need your tax return from this past year if you're planning on starting school before June 2009. And the FAFSA takes approximately 6 weeks to process (sometimes faster, sometimes a little longer), so give yourself plenty of time to get it in. Hope that helps! Good luck!!
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