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lloyds tsb credit card services
Smart Ways to Consolidate Debt : Home Equity Loans Can Help Lower Monthly Credit Card Payments
All debt is bad debt right? Wrong! Although it may sound counter-intuitive, there is such a thing as good debt. Good debt is investment debt that creates value; for example student loans, real estate loans, home mortgages, second mortgage loans, and business loans, says Eric Gelb, CEO of Gateway Financial Advisors and author of Getting Started in Asset Allocation, in a recent article on Bankrate.
Bad debt, on the other hand, is debt incurred for items that decrease in value, such as cars, clothes, plasma TVs. Credit cards are typically the culprit behind creating bad debt. Interest rates on credit cards are usually very high, and if your balance isnt paid in full each month, you end up paying more for items that are continually decreasing in value.
By refinancing your high interest credit card debt into a home equity loan, you can turn that bad debt into good debt and heres the best part save money each month! If you take a home equity loan because you have a 17 percent credit card, and you go with a 6 percent loan thats tax-deductible, thats good debt, says Robert D. Manning, a professor of finance at the Rochester Institute of Technology, in a recent article on Bankrate. The lower interest rate of a home equity loan may even allow you to pay off the balance quicker than if you were making minimum payments on several different credit cards each month.
Lets not forget that debt consolidation isnt just for those with bad debt. In some cases, your good debt can be made even better by refinancing your mortgage. Combining a first and second mortgage through refinancing can lower your mortgage payment, and therefore save you money each month. Refinancing your adjustable rate mortgage into a fixed rate mortgage or switching your interest only loan into a more traditional mortgage may also allow you a little more disposable income.
There are many equity loan options out there when it comes to debt consolidation. As with any financial decision, you should do your homework and find out what will work best for you and your family. Remember that, ultimately, the goal is to turn that bad debt into good debt and let that good debt keep growing in value.
Jennifer is a famous web editor and writer who has published many home mortgage and real estate related articles for Equity Loans & Second Mortgages & Fixed Rate Home Equity Loans. If you need more information regarding debt consolidation or current home interest rates, please visit the Second Mortgage Consolidation.
More Useful Resource and Updates on lloyds tsb credit card services
- Choosing a new credit card (The State)
Low interest rates may offer a good time to apply for a new, or even first, credit card. Several considerations, such as interest rate and fees, should come into play, however, before a consumer signs on to a new credit card. Several good Web sites provide useful information related to credit card selection and use. Here are a few: ? Bankrate.com ( www.bankrate.com ): Contains 13 tips for ...
- Credit scores hit by card limits (El Paso Times)
NEW YORK?Just as Americans grow more reliant on credit cards to help pay monthly bills, they're being hit with a one-two punch: Card companies are reducing borrowing limits for tens of thousands of consumers, which then can lead to lower credit scores.
- 'Credit card charges too hefty' (The New Straits Times)
IPOH: Ten days after the announcement of talks to resolve the issue of credit card charges, petrol station operators are still waiting for the good news.
- Citibank allows credit card purchases through text (GMA News)
MANILA, Philippines - Citibank, the largest credit card issuer in the country, plans to boost market share by pushing prospective cardholders to make purchases using mobile phones.
- Web sites to help you pick a credit card (Fort Worth Star-Telegram)
Low interest rates may make this a good time to apply for a credit card. Considerations such as interest rates and fees should come into play, however, before a consumer signs on with a new card.
- Citibank tests mobile phone-linked credit card service in RP (Manila Standard Today)
The world?s largest credit card issuer, Citibank, yesterday launched CitiMobile that will allow credit card holders to order food and flowers for delivery using their mobile phones for the transaction.
- Credit Card Overhauls Seem Likely (NYTimes.com via Yahoo! Finance)
Proposed regulations changes are strongly opposed by the credit card industry, which has long beat back any regulatory constraints.
- Portage man facing charges in credit-card spree (The Tribune-Democrat)
EBENSBURG ? A Portage man is accused of racking up more than $5,000 on a company credit card during a weekend binge when he was angry at his boss.
- Local resident warns of credit card scam (Register-Star)
HUDSON ? A local woman nearly became the victim of a scam artist recently. The Hudson resident, who wishes to remain anonymous, said she received a phone call from a ?fast talking man? who claimed the resident had a $6,000 balance on one of her credit cards.
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