Is Your Savings Account Keeping You Broke? Take This Simple Quiz and Find Out!
(ContentDesk) January 23 2004--Even though low
interest rates are good when you want to get a loan, they are bad for people with savings accounts. In this economy your best investment, the best place to put your money is into paying off debts. Think of it as investing in your debt because that is exactly what you are doing. Answer the following questions: 1. What interest rate does your savings account
pay you per year? 2.
List the interest rates of all your debts.3. Are the interest rates on any of your debts
higher than your savings account?If yes, you are unlikely to get ahead financially by having that savings account. If you put $1,000 into a bank savings account earning 2%, at the end of a year you will have $1,020. If you carry a $1,000 balance on a credit card with a 19% interest rate, and you pay the minimum monthly payments, at the end of one year you will have paid approximately $190 in interest. If you get $1,000 in a tax refund, small inheritance or from somewhere else you now have a choice to make.
You can earn 20 bucks in a savings account or save $190 by paying off that credit card. Keep in mind that your 20 bucks is taxable income so you'll be left with $15 or so after taxes. Do you need a savings account for emergencies? That savings account may be causing those emergencies! Think about it this way... If you are earning money in a savings account at 2% and paying anything over 2% on your debts you are sliding backwards financially and you'll never get ahead. It's basic mathematics.
If you earn 20 bucks for five years in your savings account you'll have $100. If you pay $190 in interest on your $1,000 credit card after five years you will have paid $950 in interest charges. In other words you have wasted, lost, burned or flushed $850 by having a savings account. ($950 - $100 = $850) OUCH! What can you do? Pay off that credit card and use that as your emergency fund. It's not the best way to do it but it's better than earning 2% and paying anything over 2%.
So, while the stock market is on it's roller coaster and the economy is challenged your best investment, bar none, is your debts! Get them paid off!Leo J. Quinn, Jr. is a financial educator from the Albany, NY area. For the last seven years he has been showing people how they can get completely out of debt (including a mortgage) in under 10 years. He has been stunning audiences by showing them that paying off their highest interest rates debts first and/or paying extra on more than one debt is the SLOWEST way to get rid of those debts..
Fixed Mortgage Loans - What You Need To Know
Getting a home loan can be a tricky business - there are so many choices out there, and it's not always easy to know which one is right for you.
Once you cut through all the bells and whistles, though, there are really only 3 main types of home loan to choose from.
Of the three, the most common type of home loan is the fixed mortgage loan.
This mortgage has a fixed time period, say 30 years, for you to repay the loan.
The good thing about this is that over time your loan will decrease, but every time you get a pay rise or some extra bonus money, you can pay a little extra off and often pay out the loan a lot quicker.
You can also choose the time period you want the loan for.
If you're a little strapped for cash and want to get the lowest monthly repayments you can, then look at a 30 year loan.
This is an extremely common time period, and will probably give you the most options to choose from out in the market place.
Mortgage > Fixed Mortgage Loans - What You Need To Know
How You Can Get A Bad Credit Mortgage Refinance!
Recently, my significant other and I decided to refinance our house. We were unaware of the fact that we had bad credit until we sat down with a mortgage lender who told us our credit scores were terrible. He suggested a bad credit mortgage refinance.
Bad credit is caused by a number of things. The primary cause of bad credit is making late payments on a regular basis. It signals to most lenders that you are simply untrustworthy of making your payments on time.
That makes you a high risk customer. The later you are with your payments, the lower your credit score will be. Another primary cause of poor credit is bankruptcy. Typical bankruptcy is an eleventh hour sort of deal for most people. It is the final solution to serious debt problems.
However, a bankruptcy, whether it clears everything or simply reorganizes your debt for you so you can manage it, lasts for seven years on your credit record. It is a major signal...
How You Can Get A Bad Credit Mortgage Refinance!
Mortgage > How You Can Get A Bad Credit Mortgage Refinance!
Is Your Adjustable Rate Mortgage About To Destroy Your Financial Future?
Winder, GA (ContentDesk) June 26, 2006 - With the economy moving strongly forward, inflation is on the rise which also means that home loan rates are on the rise. With over two trillion dollars in Adjustable Rate Mortgage (ARM) loans set to start adjusting in the next two years, many homeowners are going to be shocked when their payment adjusts.Most consumers are unaware of the fact their rate and their payments are getting ready to increase dramatically. And unfortunately, there are also cases where the consumer may be unaware they even have an ARM, let alone that it is getting ready to adjust very soon. Many economists are concerned that when the payments start to increase, it will have a massive impact on consumer spending&which in turn, will impact the US economy as a whole.Homeowners need to be made aware of the facts surrounding these issues as soon as possible, so that they can evaluate their options and make good decisions for their future. This is especially important if they...
Is Your Adjustable Rate Mortgage About To Destroy Your Financial Future?
Mortgage > Is Your Adjustable Rate Mortgage About To Destroy Your Financial Future?
Scotsman Guide Unveils Complete Set of Online Wholesale-Lender Search Engines
(ContentDesk) March 27, 2006 -- Scotsman Guide, the leading resource for mortgage originators, has announced the release of its complete line of free online wholesale-lender search engines at scotsmanguide.com.All matrixes from Scotsman Guide's residential and commercial magazines are now searchable online. Mortgage brokers can search residential wholesale lenders in seven categories: Prime, Alt-A, Nonprime, High CLTV, Construction, Hard Money and Warehouse Lines. For commercial lenders, brokers can search four categories: Commercial, Multifamily, Hard Money and Construction.These search engines are just another way that Scotsman Guide helps mortgage brokers connect with wholesale lenders and fund their loans. With just a few simple steps, Scotsman Guide's fast and free online search engines allow brokers to find lenders that fit their specified criteria. When viewing their search results, brokers can...
Scotsman Guide Unveils Complete Set of Online Wholesale-Lender Search Engines
Mortgage > Scotsman Guide Unveils Complete Set of Online Wholesale-Lender Search Engines
SOA Consulting Services Announced by XWebServices, Inc.
May 31, 2005 -- Today, more and more companies understand the need for a Service Oriented Architecture. Drawn primarily by the promise of interoperability in an increasingly global and heterogeneous business world, Service Oriented Architectures (SOAs) allow firms to better align their business needs and IT infrastructure, lower development costs, encourage sharing of services, complete integration faster and build industry best practices.A service-oriented approach enables rapid assembly, shortens deployment time and reduces risk of failure so you can keep your organization more agile and profitable. SOA is the latest evolution in distributed computing.SOA Consulting Services GroupWhether a company is migrating application design practices and tools toward a style that creates shared, reusable and distributed services or building new SOA applications and solutions in an enterprise, XWebServices, Inc.'s SOA Consulting Services Group assists companies achieve their SOA goals.SOA Architect...
SOA Consulting Services Announced by XWebServices, Inc.
Mortgage > SOA Consulting Services Announced by XWebServices, Inc.
How To Tell if a Property is Overvalued
In the wake of the incredible house price boom witnessed in most of the developed world over the past decade, a lot of ideas have sprung up as to how to value a house 'fairly'. The reason for this is that traditional methods, such as working out house prices as a multiple of salaries, or perhaps mortgage affordability as a percentage of income, seem to have 'stopped working' recently.There can be no doubt that house prices are .. ahem! .. at the top end of their range compared to traditional valuation methods, but don't let anyone fool you that this is now the 'norm', or that a 'new paradigm' is in place. Such talk rightly marks the climax of an asset bubble, as witness the dotcom bust as the millenium rolled over.
Many things can change as technology and societies develop, but basic human nature isn't one of them, and the twin drivers of any asset bubble, fear and greed, are rather depressingly evident in this bubble too.So if you live in an area where houses are trading at,...
How To Tell if a Property is Overvalued
Mortgage > How To Tell if a Property is Overvalued
Briana Kriebel Banner Named Branch Manager for National City Bank in Sewickley
SEWICKLEY (ContentDesk) November 14, 2005 -- Gary Flasco, vice president, district sales executive for National City has announced that Briana Kriebel Banner has been named branch manager of the National City bank branch at 400 Broad Street in Sewickley.Previously, Banner served as office manager for National Citys bank branch in Oakmont. She joined the bank in 2003 in the Retail Management Development Program.
Flasco said, We are fortunate to have an outstanding individual such as Briana to lead the initiatives for our Sewickley bank branch. Her exceptional interpersonal skills, professionalism, and dedication to the community will serve us well as we continue our commitment to provide the highest quality retail, commercial and investment products to individuals, families and businesses in the Sewickley area. We welcome her to our bank and invite everyone to visit the branch to meet Briana and her team.
Their number one priority is to do everything possible to simplify...
Briana Kriebel Banner Named Branch Manager for National City Bank in Sewickley
Mortgage > Briana Kriebel Banner Named Branch Manager for National City Bank in Sewickley
Mortgage
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