Wednesday, September 10, 2008

If You Make It Don't Waste It

If you are going to go to all the trouble to make money online don't waste it. Don't run up credit cards. Don't spend money just on needless gadgets and what not. Unless you are making a killing, but even then it is boneheaded to live above your means. Why do you all think we are in this so-called "mortgage crisis?" People not knowing, and in many cases, not caring to know their limits.

If for whatever reason you have gotten yourself in over your head and you haven't damaged your credit beyond that of being able to still obtain a loan you might want to consider debt consolidation. With rates still around 6% and in some cases even lower now would be the time. Not only that with the uncertainty of the economy and the market in general having money in savings is absolutely necessary.

Debt consolidation has many variations, from services like debt management, debt settlement, or credit counseling to debt consolidation loans and mortgage refinancing. Typically, you should look at how much you can afford a month and what your credit rating is. If you can afford to make your payments and have equity in your home, then look to consolidate debts with a loan or refinance. If you can afford 2.5% of the face value of your debts, then look to credit counseling. If you have impaired credit and want the lowest payment, then seek debt settlement providers.

The best option really depends on your situation. If you aren't sure you should probably talk with a loan specialist, a debt counseling company, and a debt settlement provider and gather information. Then run your credit, look at your budget and then make an informed decision on which avenue to take. Like I said, now is a great time to start saving yourself money every month and not waste what you have and are being blessed with.

later all and have a profitable and productive blogging day

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