When does it make sense to consolidate all your credit cards?
Question by jerry_won3772: When does it make sense to consolidate all your credit cards?
I get some credit cards I would like to pay off as soon as possible. I read that you should pay the card with the higher interest rate first and then pay the minimum payment on the other cards. I like the idea of consolidating all your credit cards and make one payment , as this would make my life easier. Which option would be better, pay off each credit card or consolidate?
Best answer:
Answer by bdancer222
The problem with consolidating those credit cards is that once the cards are paid off, you charge them back up. Then you have the credit card debt and the consolidation loan to pay.
The most effective way to get yourself out of credit card debt is to squeeze every penny out of your budget and put it on the highest interest rate card, while making minimum payments on therest. When the highest is paid off, move to the next till they are all paid off.
Not only will you get out of debt, you will learn better financial management. It will take 2 or 3 years to pay off the credit card debt this way.
Add your own answer in the comments!
Categories: Loan Questions Tags: accounts, Cards, consolidate, Credit, interest, Question, rate, Sense
Why Overnight Cash Advances Are All The Rage
Low and middle class families are usually the ones who experience financial crisis. Such problem could create turbulence within the family. That said, lots of people have online payday loans as their last resort. If they don’t do so, they could be in deeper debt or they will be forced to declare bankruptcy.
Searching for a lender that provides this service is the best way to go about it. You can do this just by going online. All you have to do is pick one that works for you. Use the phrase “payday loan lender” when searching and you will immediately find what you’re looking for. After you have the list of lenders, have the information scanned so you can study it well and decide what suits you.
Overnight cash advances typically have an interest rate of 10-25%. The exact interest rate that will be asked of you will be based on the lender and the method, where they do their business, and the cash advance loan rules and regulations in your state. Some laws could significantly affect how lenders deal with borrowers, particularly the interest rate they give. You will know right away if you’re being swindled or the lender charges fairly just by knowing the cash advance loan regulations for your state of residence. Your credit score could also have something to do with how high your interest rate is going to be.
I hate to state the obvious, but overnight cash advances are finished & confirmed overnight, even sooner, actually. After having your application submitted, they will confirm your details and then the approval is next in line. For the most part, this is a quick process. In just a few minutes or hours, you will get to know if your are approved or rejected. It all depends on the lender. When you are approved, the lender will ascertain that the amount borrowed will be credited into your account the following day. If possible, it will be credit the same night.
Categories: Loan Articles Tags: cash, Cash Advance, interest, overnight cash advance, Payday Loans, rate, state
Will the credit cards that charge no interest for transfers pay off installment notes too?
Question by mydoghatesme: Will the credit cards that charge no interest for transfers pay off installment notes too?
I have an installment loan that I pay. The payment is$ 239/mo. Is there a credit card or another loan I can get with no interest or low interest if I have great credit? My current rate is 10%.
Best answer:
Answer by bdancer222
If you find a credit card offering 0$ or low interest with no transfer fee, you could use it to pay off an installment loan. However, such credit card offers are pretty much non-existent now. If you have stellar credit, you may get an offer for a low interest rate for a limited period (a year or less), but there will probably be a transfer fee of about 3%.
You also have to be very careful with those special offers. Any little slip up will result in a rate increase.
What do you think? Answer below!
Categories: Loan Questions Tags: Cards, charge, Credit, Installment, interest, notes, transfers
What kind of interest can you deduct off taxes??
Question by Melissa R: What kind of interest can you deduct off taxes??
We have our mortgage interest that can be deducted of course. But what other kind of interest payments can a person deduct?
We have a couple smaller installment loans. Two are for loans we got to pay off medical bills, and another is just an installment loan we took out to fix some things around the house.
Is the interest we paid against those loans, deductible on our taxes. Or just our mortgage interest (and student loan interest)??
Best answer:
Answer by Michael R
Usually only the interest on mortgage’s and students loans can be wrote off per say. However state income tax or sales tax is the next biggest thing you can write off (since your itemizing).
Then a gift to charity usually anything under 250 they don’t require proof. Say you donated some to your local police department or bought girl scout cookies. Who knows you might think of something you forgot.
Try medical expenses too. But usually it has to be a huge amount.
Anyway check out the links below one is to the Schedule A&B which is your itemized deducton form to see if you can write off anything else.
Know better? Leave your own answer in the comments!
Categories: Loan Questions Tags: deduct, interest, kind, taxes
Q&A: What is Cash Advance Interest on Credit Card?
Question by : What is Cash Advance Interest on Credit Card?
Just noticed I’m paying Cash advance interest on my credit card at 16.99%.
What am I paying for exactly?
Would I be able to call my bank and get that off my credit card or is it something I’m stuck paying because I have a credit card?? thanks
I don’t use my card anymore, just trying to pay it off quickly.
Best answer:
Answer by Angry Bird
Cash Advance interest is always high than regular interest.
Plus there are flat fees, and no grace period.
Your only option is not to use the card until you can pay all this off.
Once you do this, use your card to build up good credit.
Use it for something you need like gas, and pay the amount in full each month.
This avoids interest and develops amazing credit (with time).
Never dare carry balances again. It can cause serious damage to credit scores.
Add your own answer in the comments!
If I make a cash advance with my credit card and pay it off on the same day, will I still get charged interest?
Question by : If I make a cash advance with my credit card and pay it off on the same day, will I still get charged interest?
I bought something from a store and signed up to their 6 months zero interest credit. I need to return the item to the store but they said I can’t return it until I pay off the balance. I can’t use my Visa to pay it because you can’t use credit to pay credit, so would getting a cash advance be a good idea for this? When I pay off the balance with the stores credit, they said I’ll be able to return the item.
Best answer:
Answer by Ginger
You will be charged very little interest for the cash advance if paid off quickly but the ca tran fee can be huge, like 3%. I don’t know why they want you to pay it off first and then get credit for the return! I just hate those 6 month and 12 month zero offers that bite you in the end, or in your case the beginning.
Are you not going through with a substitute? This requirement to pay for it and then get a credit makes absolutely no sense to me.
Give your answer to this question below!
Auto Loan; Find The Best Auto Loan For Your New Car As You Learn About Low Interest Rates, Online Auto Loans, Bad Credit Auto Loans, Loans After Bankruptcy And More!
Auto Loan; Find The Best Auto Loan For Your New Car As You Learn About Low Interest Rates, Online Auto Loans, Bad Credit Auto Loans, Loans After Bankruptcy And More!
Are you ready to buy a new or used car and need to find the best auto loan? Would you like to learn the strategies to find low interest rate loans and negotiate for yourself? Do you want to learn how to calculate your monthly payments and length of payments, so you get an accurate picture of what you’re committing to? As you read this book, Auto Loan, you will learn the answers to these questions and more. Auto Loan teaches you how to take charge of finding auto finance for your new car, so you are prepared ahead of time before going to the car lot. This will empower you to make an educated decision about what car payment you can afford. You will also not automatically take the financing offer of the car lot, which may have higher interest rates and a longer payment plan than you could find elsewhere. By learning about auto and car loans, and the available possibilities, you will save money and end up paying off your new car sooner.
Auto Loan begins by introducing you to the basics of auto loans and the application process. Then it shows you things you need to know before even applying for a loan, so you can find the best interest rate. Furthermore, it explains the different types of auto loans available; for those with bad credit, refinancing auto loans, online auto loans, instant approval auto loans, and how to find loans after bankruptcy. With this book, you will be better equipped when you purchase your new vehicle to get the best loan so you can own your car outright sooner and having paid less interest.
Take a look at the information included in this book! Here is a list of the chapter titles:
Chapter 1: Auto Finance Introduction
Chapter 2: Auto Loan Basics
Chapter 3: Know The Basic Features Of Personal Auto Loans
Chapter 4: Things To Know Before Getting An Auto Loan In The USA
Chapter 5: 5 Things You Should Know Before Applying For Auto Loan
Chapter 6: How To Refinance An Auto Loan
Chapter 7: Automotive Financing – Benefits To Applying Online
Chapter 8: Reach Out To Everyone With The Auto Loans
Chapter 9: Auto Loans: Top 5 Tips For The Best Rate
Chapter 10: Auto Loans For Fast Moving World – Instant Approval Auto Loans
Chapter 11: Take Dream Vehicle At Cheaper Finance Through Instant Auto Loans
Chapter 12: Look Before You Buy – Auto Loan Quotes
Chapter 13: Lets You Drive Your Way – Secured Auto Loan
Chapter 14: What You Should Know Before You Get An Online Auto Loan
Chapter 15: Auto Financing Online
Chapter 16: Comparing Auto Lenders Online
Chapter 17: The Advantages of an Online Auto Loan
Chapter 18: Auto Refinance Secrets: Refinance Your Car Loan And Save Every Month
Chapter 19: Automobile Financing – Know Your Options
Chapter 20: Poor Credit Auto Loans – Working With An Auto Loan Broker
Chapter 21: All You Need To Know About Bad Credit Auto Loans
Chapter 22: Auto Loans After Bankruptcy – Getting Approved With Bad Credit
Chapter 23: Auto Loan After Bankruptcy – Restoring Credit With An Auto Loan
Chapter 24: All You Need To Know About Commercial Vehicle Loan
Chapter 25: Sub Prime Auto Financing – How To Get Approved
Find the best auto loan for your new car today! Take action and instantly download this book to your Kindle so you can make a smart decision about an auto loan.
Price:
Q&A: Can personal loan interest be tax deductible if you use the loan to buy property?
Question by gabyrig: Can personal loan interest be tax deductible if you use the loan to buy property?
If you get a conventional mortgage, your interest is tax deductible. If I take out a personal loan to buy my primary residence, can I deduct interest from that personal loan when I file my taxes?
Thanks.
Best answer:
Answer by bostonianinmo
No, you cannot deduct it, at least not for a personal residence. To be deductible the property must secure the payment of the loan. A personal loan fails that test as there is no security other than your signature on a personal loan.
Now, if you’re buying the property for investment purposes the rules change. You are allowed to deduct interest on a loan for an investment, limited to the profit that you make on the investment. If it’s a buy and hold purchase, you may deduct the interest paid when you sell the property fora profit, limited to the profit that you made. This is one of those cases in the Tax Code where an expense is carried to future years as opposed to being used in the year that the expense was incurred.
Give your answer to this question below!
Categories: Loan Questions Tags: deductible, interest, loan, Personal, property
If I consolidate my student loan with a personal loan can I still write off the interest?
Question by MLE: If I consolidate my student loan with a personal loan can I still write off the interest?
I had a federal student loan which I consolidated about 8 years ago to someone who eventually sold that loan to Citibank. I pay about 8.35% in interest. I am considering paying off that student loan with a personal loan where I can get a better interest rate. If I do this will I still be able to write off the interest I pay on my taxes?
Best answer:
Answer by bostonianinmo
Nope. It will no longer be a student loan then. You may be able to consolidate several student loans into another student loan at a better rate, but if you pay it off with a personal loan you’ll be left with a non-deductible personal loan.
Know better? Leave your own answer in the comments!
Categories: Loan Questions Tags: consolidate, interest, loan, Personal, still, Student, Write
Personal Bank Loans – Tips on Getting Any Loan
Having financial difficulties can be a real burden. This is especially the case if you find yourself in a bind and you’re not sure how to get out of it. One of the only ways it seems that you are able to end the cycle is to apply for one of the personal bank loans that are available. As long as you meet the requirements, you may be able to get some money in your pocket in a relative hurry. This can help you in a number of different ways. Let’s take a look at some of the requirements in order to see if you meet them.
The first thing that you’re going to need to do whenever you apply for a personal bank loan is make sure that your credit is in order. Many people are not even aware of what their credit score is it all. If you want to know, you are entitled to a copy of your credit report and you can order one for free. It may take a little bit of time to actually get it, however if you are in a real bind you might just go ahead and apply for the loan.
One thing is certain about banks, they’re going to be a little bit pickier about whom they lend to than some of the other financial institutions. For some of these places, the only thing that you have to do is go in and sign a piece of paper and provide proof that you have a checking account in employment and you walk out with the cash in hand. Bank loans are a little bit different as they have a different set of requirements altogether. Especially with the lending industry being a little bit tighter with their lending practices, you may have a difficult time getting the loan to go through.
As they say, however, the only way that you are going to know is by trying. If you need to get a personal loan, a bank may be able to help you in a number of different ways. Typically, they have some attractive loans that are available which may save you a lot in the way of interest. Talk it over with the loan officer and see what they have to offer. You may be surprised with what they can do for you, regardless of your personal credit situation.
You can find out more about Personal Bank Loans as well as much more information on all types of personal loans at http://www.PersonalLoansA-Z.com
Categories: Loan Articles Tags: bank, interest, loan, loans