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Attention Home Owners: Better Loan Solutions For Credit Card Debt Consolidation
In any neighborhood I visit across the country, I continue to find people playing the "credit card balance transfer game." We all know that American like to spend money with credit, and when the rates go up, people seem to think that transferring their credit card balances to new credit card companies will help solve their debt problems. Banks who issue credit cards enjoy offering low intro rates to get your business. Once they have your business, look out, because the honeymoon will probably be a quick one-night stand. The credit card companies tend to increase the interest rates rather quickly. One other problem with the balance transfer game is that once your balance gets large, many companies issuing credit cards wont accept the balance transfer or if they do they will accept it at a higher rate.
If you own a home, then I suggest you considering a debt consolidation loan or second mortgage. Homeowners should take advantage of low mortgage rates. Another great reason to pay off the credit card debt with a secured home equity loan, is the bonus you get with the tax deductions allowed with a home mortgage on a primary residence up to 100% of the homes value. Im not an accountant, but in my experience, credit card interest would not be a tax deduction unless it the debt was converted to a mortgage.
If you do take my advise and get a debt consolidation second mortgage, then request a fixed rate term when you talk to your loan officer. Many people are hot and heavy for the home equity lines of credit, but interest compounds like the credit cards so you could find yourself in the same position you are trying to get away from. Keep it simple and get the fixed rate loan. The fixed rate amortization will allow you to set reasonable financial goals with obtainable time-lines and become debt free.
To learn more go to http://www.secureyourdebt.com/debt_consolidation_loans.html
Joe Prussack has been studying bankruptcy laws and debt consolidation trends for nearly 10 years. Get his Free Debt Consolidation & Debt Relief tips and mortgage news updates at http://www.secureyourdebt.com.
More Useful Resource and Updates on consolidate debt consolidate credit card debt
- Cuomo calls on gas stations to stop surcharges on credit card customers (The Journal News)
ALBANY - Attorney General Andrew Cuomo is warning gas stations across the state not to engage in "bait-and-switch" tactics by posting lower cash-only prices for gas and then charging higher prices for credit card customers.
- Man arrested for using dead grandma's credit card (Deseret Morning News)
Police arrested a man who they say bought gas with a credit card sent to his deceased grandmother's estate.
- QCR Holdings, Inc. Announces Gain From the Sale of Merchant Credit Card Acquiring Business (GlobeNewswire via Yahoo! Finance)
MOLINE, Ill., Aug. 29, 2008 -- QCR Holdings, Inc. announced today that the Company has sold its Merchant Credit Card Acquiring business to Veracity Payment Solutions, Inc. . The transaction will result in an after-tax gain of approximately $3.0 million in the third quarter of 2008.
- Man Sentenced for Stealing Credit Card Numbers 8/29/08 (CBS 7 West Texas)
A 20-year-old Pecos man accused of stealing credit card numbers at three local restaurants was sentenced to two years in prison. Gonzalo Reyna was found guilty of credit card fraud and aggravated identity theft.
- Secured card can help you build credit (Bankrate.com via Yahoo! Finance)
A secured credit card can help rebuild your payment history if you have bad credit, says Dr. Don Taylor.
- Brazen credit card theft leads to conviction (The News)
NEW?GLASGOW ? A 25-year-old woman who stole John Hamm?s credit card from church and worked with her common-law partner to steal a purse from an elderly lady in Stellarton has been sentenced to probation.
- Home Depot gets credit card boost from Citigroup (Atlanta Journal-Constitution)
Home Depot, which has one of the largest consumer credit card portfolios in the country, has penned a new deal with its outside credit vendor, Citigroup Inc., the world's largest card issuer. The deal may seem like inside baseball. But it's a big deal for the country's second-largest retailer, as the cost of maintaining the portfolio under the old agreement was depressing earnings. The new deal ...
- Analysts weigh credit card impact of Biden VP bid (ABS-CBNNEWS.com)
DENVER - Credit card industry analysts are wary of the sector's regulatory outlook if Barack Obama, a harsh critic of their business, becomes U.S. president with their longtime ally Joe Biden as vice president.
- Crime Stoppers offers reward in credit card abuse case (The Atascocita Observer)
On June 4, an unidentified suspect broke into a woman?s vehicle and took her purse, which contained several credit cards. When the victim called to cancel her cards, she was informed that her Visa card had already been used twice.
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