Debt Reduction Service

Debt Consolidation To free yourself from the rising debt

Written on November 29, 2011 – 6:33 pm | by David Jones

Are you trapped in a vicious cycle of debt? Well, you are not alone, because many people around finding themselves in the same sinking financial ship. But there is help in sight, and its called debt consolidation. With debt consolidation, you are able to free yourself from debt, and in the process walk out with a clear conscious. Imagine the relief of knowing that your finances are sorted out.

But what is debt consolidation and how can it help you with your financial crisis? With a debt consolidation loan you can combine all your normal monthly/weekly payments into one fixed payment.

A major factor in the debt cycle is the use of credit cards. Many people use their credit cards way too often, without realising the financial implications it has. Sure, credit cards offer a temporary solution, but what about in the long run? This is how many people find themselves in a financial rut.

Should you opt for a debt consolidation loan, you have two options secured and unsecured.

A Secured Debt Consolidation is the easier of the two to get, provvided you are a homeowner with equit. This means that should you default on your payments, the lender has the right to claim that collateral.

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Tags: Debt, Rising Debt

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Diary of a student: the high life isn’t low cost

Written on November 26, 2011 – 5:55 am | by Antony Clark

Week six at Warwick was reading week – or rather, recovery week. A time to catch up on some sleep, maybe go home for a few days, party like crazy and, of course, if time permits read a little …

The weekend before, I decided to make my first visit back to London, which I used to call home. I thought I’d done well purchasing a single train ticket for £19.50 – until I discovered my friend had acquired a return ticket, at the same time as me, for only £12.50. How did that work? Of course – a student railcard. I then remembered how despite my annoyance at discovering NatWest had stopped offering a railcard as a bank account perk, I had totally forgotten to buy one.

Reading week has so far been the best week at university (yes, even surpassing Freshers’ week). I managed to leave the Warwick bubble and explore the night life of Leamington, Coventry and Birmingham. Smack on Tuesday, followed by Kasbah on Thursday and Gatecrasher on Friday. What a fantastic week! However,

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Are borrowers of auto loans shopping around enough for great deals?

Written on November 23, 2011 – 10:06 am | by David Jones

 

Equifax, one of the big-three credit bureaus, last week published new research that suggested finance companies are responsible for an increasing proportion of auto loans, a trend that is at the expense of banks and credit unions. For many borrowers, that may not be a good thing.

Auto loans and shopping around

Unfortunately, the Equifax National Credit Trends Report doesn’t differentiate between finance company loans that are arranged through dealers and those found online by borrowers themselves. And that can make a big difference to how good a deal a car buyer ultimately gets.

As the Center for Responsible Lending (CRL) warns, many dealers find out the interest rate that a customer qualifies for, and then jack it up, keeping the difference for themselves as extra profit. The CRL calculates that, as a result of this practice: “Consumers who financed cars through a dealership will pay over $25.8 billion in interest rate markups over the lives of their loans.”

Get multiple quotes for auto loans

Shocked? You shouldn’t be.

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Tags: Auto Loans, Loans

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Consumers more satisfied with credit cards these days

Written on November 19, 2011 – 10:10 am | by Antony Clark

Though many consumers may have had issues dealing with their credit card debt in the past, thats not as much the case these days, and the vast majority are now satisfied with their lender.

Consumers are generally pleased with their credit card accounts these days, as just 12 percent reported that they feel as though a lender has treated them unfairly, according to the latest annual study from the Consumer Reports National Research Center. Thats down from 14 percent last year and 22 percent in 2009.

In addition, lenders are now more willing to extend credit to prospective borrowers, the report said. This year, only 14 percent of those surveyed were denied a credit card, down from 24 percent last year.

However, 35 percent also noted that they have seen a new annual fee, higher interest rate, lower credit limit or restrictions on either redeeming or accruing rewards placed on their cards this year, the report said.

Changes such as these may make it difficult for consumers to reduce debt, particularly if they have a habit of carrying some of the balance they accrued over from one month to the next. Read more…

Tags: Days

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More on Moneyball: Interview with an expert

Written on November 16, 2011 – 11:31 pm | by David Jones

In our last post, we pulled some some relevant financial advice from the new movie Moneyball. 
We did a pretty good job. But then we interviewed our old friend, economist and professor Nancy Jianakoplos, Ph. D. She is currently teaching a sports economics capstone, and needless to say, she did much better. 
Below is the interview. 
In the film, Billy Beane invests in players he considered undervalued. Can this method be seen used in other areas besides baseball?
An economist’s take on Moneyball is that baseball players were getting paid more for hitting home runs than for getting on base.  However, statistically, getting on base contributes more to winning.  By filling his team with relatively low-cost players who contributed more to winning (the on-base hitters), Billy Beane was able to build a winning team on a lower budget than managers who paid too much for “glamour” players.

 I think investors can use this approach when it comes to picking investments.  Firs Read more…

Tags: Moneyball, Moneyball Interview

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