How to Save Thousands on Credit Card Interest Payments
Copyright 2006 Andrew Saari
According to cardweb.com, the average American family owes over $8,000 in credit card debt. This can lead to thousands of dollars in interest paid each year to credit card companies.
One strategy for lowering interest payments is to transferring credit card balances to a lower interest rate. If you had $8,000 in credit card debt, and you made a minimum monthly payment of 2% with an 18% APR, it would take you 647 months to pay it off, and you would have paid $22,931 in interest. If you lower the rate to 10% APR on that same balance of $8,000, and make the minimum monthly payment of 2%, you would pay the balance off in 302 months, with total interest paid being $5,506.63, and a total savings of over $17,000. But, if you were to transfer that $8,000 balance to a 0% APR, you would have the balance paid off in only 188 months, and save yourself $22,931! You'd be saving enough for a new car!
Here are a few things to consider when transferring your balances:
* Credit card companies usually offer that introductory 0% APR for a limited time. You'll need to find out for how long, and what the terms are.
* It may be benefical to call your current credit card company, and try to negotiate a lower rate. Credit card companies are very competitive, and will want to keep your business.
* Sometimes there are balance transfer fees. These fees are often between 1 and 2%.
* After you've transferred balances on those cards, you'll want to close those accounts. You don't want to accumulate a balance with a high interest rate again.
Department store credit cards need to be considered, too. It may be enticing to get that extra discount on your purchase for starting an account with the store, but you may be in for a rude awakening when you get your bill! Chances are you're paying 18 and 22% on those balances. Some can even be as high as 30%! If you have department store credit cards, you'll want to pay these off as quickly as possible, or transfer those balances to a major charge card with a lower rate. And, don't forget, you'll want to close out those accounts, too.
Checking your credit report yearly is a good idea, as well. Inaccurate information about your credit history can make or break your financial future. It's your report, and you should know what lenders know about your financial history. You'll want to examine your report for accounts that aren't yours, or old accounts that have not been in use, and need to be closed. If you're not paying attention, who will?
Credit card companies are extremely competitive. With little effort on your part, you can reduce or even eliminate your interest payments. The money you're going to save may even be enough to purchase a new car, or your dream vacation. Or, you may consider adding to a savings account with your new found wealth.
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Andrew Saari is a website owner specializing in saving consumers money. For more articles on credit cards, credit card debt, and some of the best credit card offers available on the internet today, visit
http://www.ascreditonline.com
Selling Millionaires homes without anyone knowing a big secret dilemma
Copyright 2006 Nicholas Marr
Selling a millionaire home is hugely different than selling any other type of real estate. Many owners quite rightly do not want luxury home window shoppers trampling over their marble floors. Millionaire home owners by their very nature can be newsworthy individuals. So opening your doors to just anybody is simply not on.
Proud of what they have achieved
Owning a home that makes us mere mortals slip off into a dream-like state is a huge achievement. So the first question a buyer wants to ask is why you are selling. Have you hit hard times? Is your business about to collapse? Are you going through a divorce? Have you got an expensive legal case to pay for? The millionaire home owner does not want the world to know about any negative side to their financial situation. These types of questions are not only a source of embarrassment but could actually affect an individual's business.
I want to have a peek at how they live!
Well I admit it I want to have a look at that stunning luxury home. We are all curious and when it comes to luxury homes, we would all like to marvel at the tennis courts, swimming pool, helicopter landing pad, and designer bedrooms. So to sell a home you must not only be able to understand the seller but also the average buyer. This will help reduce unnecessary intrusion into the lives of Millionaire home owners selling a luxury home.
Some home truths for Millionaire dollar home owners
To sell a home it unfortunately requires marketing. The Luxury home buyer is a rare breed and they need to see pictures and learn intimate details about your home. But most of all they need to find your million dollar home for sale. The more expensive a home the more likely that the buyer will be from out of state or even from overseas. Marketing your luxury home on the internet will be essential. Find a property web site that represents similar homes and is not hard to find. You will need a web site that is found easily in the search engines. For example go to the world's busiest search engine google.com and type a typical search term that a luxury home buyer may use.
For example
Millionaire homes,
Millionaire houses,
Million dollar homes,
Luxury homes.
Choose an agent or property web site that makes your home easy to find. The trick is getting a genuine buyer who has the means and intention to buy a luxury home. Our experience shows that genuine buyers will not mind being subject to a few searching questions. This is especially the case if they are really keen about buying your millionaire home.
Your secret is safe
This special part of the housing market requires people that can show empathy for both buyers and sellers. Getting into the mind of a luxury home owner and understanding the mindset of millionaire home owners is not only professional but is essential.
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Nicholas Marr property investor is clearly an observer of life and front row spectator of the events in the overseas property market.His company markets homes world wide from a network of web sites including http://www.homesgofast.com .
Mortgage Refinance – Should You Take Out All Your Equity?
As more lenders offer the option to borrow 100percent of the value of property, homeowners are finding themselves faced with the question of how much they should borrow. This is especially true if you've established some equity in your home and are now looking toward a mortgage refinance. So should you take out a loan that equals 100 percent (or more) of the value of your home? Weigh your options before you make this decision.
The fist thing to consider is why you would want to refinance at 100 percent. Do you have a good use for the money or would it just be nice to have it? If you're looking at buying something or paying off something, that home equity could be put to good use and the mortgage refinance at 100 percent of the value of your home could be a great idea. For example, if you have accrued significant credit card debt, you're probably paying several hundreds of dollars each month in fees and interest. Paying the minimum monthly payments will hardly even make a dent in the amount owed and you're likely going to pay thousands over the course of the debt. Instead of plodding along with those monthly credit card payments, a mortgage refinance could give you the money you need to pay the debt off completely. As a rule, you'll be paying a much lower interest rate on your mortgage refinance than on the credit card debts.
Don't forget to consider the amount of closing costs associated with your mortgage refinance, and also keep in mind that you're going to be making a larger monthly house payment or making those payments for a longer period of time. Be sure you can meet those requirements.
You may also find that the equity can be put to good use for college tuition, buying a new car or even financing something you've been unable to afford any other way – a vacation or a down payment on a vacation home. You've worked hard to accrue that home equity and some people feel that they should put that asset to work. A mortgage refinance will allow you to do just that.
There's no doubt that your home equity is an asset. There's also no doubt that many people simply accept the fact that they'll make a mortgage payment for their entire lives. However, keep sight of the fact that you may not always have to make those mortgage payments if you put your efforts toward paying down the loan. Instead of a mortgage refinance, it may be time to focus on making some extra payments.
At the end of the day, only you can decide which course of action is best for you. If you do decide to refinance your mortgage, be sure that you have all the information you need to take this step wisely.
Dave is the owner of http://mortgage-refinance-information.info and http://current-mortgage-interest-rates.info websites that provide information on mortgage refinancing.