How People Are Trapped By Payday Loans

February 7, 2012 – 3:36 am

We recently conducted a survey about borrowing over the last 12months. Below is an infographic to highlight the growing number of people that are turning to payday loans. Payplan Free debt advice and IVA provider.

Tags: Loans, Payday Loans

Debt Consolidation Mortgage Loan – Pros And Cons

February 4, 2012 – 8:02 am

Debt consolidation mortgage loans can help you lower your interest rates and monthly payments. With reduced rates, you can also
pay off your debt sooner. However, reducing your equity could subject you to private mortgage rates. You may also end up spending
more on interest payments by delaying payments.

Saving With Mortgage Interest Rates.

Mortgage interest rates are much lower than credit card or unsecured loan rates. Consolidating
your debt with a refinanced mortgage or home equity will reduce your payments simply by having a lower rate.

By paying the same monthly payments, you can pay off your debt rapidly.

Your interest is also tax deductible with a mortgage or
home equity loan, where your credit card interest isnt. Student loan interest is also tax deductible and shouldnt be
consolidated for a higher rate.

Consolidating with a loan also allows you to reduce your payments by picking longer terms.

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Tags: Cons, Consolidation Mortgage, Consolidation Mortgage Loan, Mortgage Loan

Which? demands action over unauthorised overdraft charges

January 20, 2012 – 11:47 am

Bank charges on unauthorised overdrafts are “too high, too complex and impossible to compare”, according to a report from consumer organisation Which?. It is calling on the financial regulator to put a stop to these “complicated and exorbitant” charges.

Which? asked a group of consumers to work out the cost of an unauthorised overdraft at four different banks by giving them a mock bank statement. Not one got all the calculations right, with the volunteers only managing to get seven out of 48 correct between them. One volunteer, despite currently studying for a PhD in maths, only got two out of the four calculations right.

Which?

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Tags: Charges, Unauthorised Overdraft

How college students can eliminate their credit card debt?

January 19, 2012 – 2:59 pm
Students are frequently using credit cards these days but due to lack of financial discipline they end up incurring insurmountable amount of debt. These young students exhaust their credit cards as they fail to manage their finances properly. The credit card allures the young generation to splurge and entice them to lead a flamboyant life. As the students can’t see the virtual money going out of their pocket so they keep on exhausting the credit limit to purchase their desired object. And mean time when they realize it they find their debt spiraling out of control. If you are in a similar situation then diligently work on paying off the unsecured obligation to get relief from debt.
Here are a few ways to pay off the credit card debt:
  • The credit card companies are targeting the young student so they set up booths on college campuses to bring the applications to the students. T

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Tags: Credit Card Debt

Marc Faber: Global Collapse will Happen Eventually, Monetary Problems Today Can Not Be Solved

January 14, 2012 – 4:47 pm

Editor of Gloom Boom and Doom report and investor, Marc Faber, believes that there is going to be a global collapse eventually. But he is convinced that one day the whole derivative markets will cease to exist. You can postpone the problems with monetary measures for a very long time but you can not solve them.

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Tags: Collapse, Global Collapse, Marc Faber