Monday Blend
By Brian Williams on Monday, July 16th, 2007 :: 3:42 pmCategory: Online Articles, Financial News
Today there’s a lovely blend of financial advice to satisfy your pecuniary cravings. Smartmoney.com fills us in on so-called “good” credit card debt. Bankrate.com has a tip on how to save on your electric bill AND get a tax credit. In that vein, MSN Moneycentral has tips on saving money by keeping cool without the AC and explains why we should ditch our bank for a credit union.
Smartmoney Blend
Aleksandra Todorova at Smartmoney.com shows in her article “When Credit-Card Debt Is Better Than Home-Equity Debt” that sometimes credit card debt is better for your financial health than traditionally more respectable home-equity loan. She cites the example of a young couple who, unable to refinance their mortgage because of their home-equity loan, transferred their loan to a credit card with a lower interest rate. This makes sense because interest on home-equity loans is increasing, while credit card lenders are constantly lowering their interest rates to attract new clients.
Tadorova advises to watch out for balance transfer fees, which can be as much as 3% to 4% of the transferred balance. Also be prepared to retire the card you’ve transferred your loan to. And be prepared for higher payments; credit-card loans are amortized over a shorter amount of time than home-equity loans, which means you’ll pay more each month over a shorter amount of time.
In essence, this is a type of debt consolidation, about which you can read more on our site.
Related Debt Consolidation Articles
- Eliminate Stress and Hassles with Our Debt Solution
Debt consolidation and our service can ease consumers' stress and financial hassles, but each debt-relief method offers different advantages. - Find Debt Reduction for Multiple Debts
Debt consolidation using a personal loan offers consumers an effective way to eliminate multiple small debts, while consumers who do not want to apply for a loan can enroll in our service. - Debt Relief To Build Your Future
Debt relief for consumers with bad credit is more effective with our services than a debt consolidation loan. - Our Debt Solution Relieves Multiple Debts
You can use debt consolidation or our service to relieve multiple debts and other financial problems. - Advantages of Debt Settlement
Debt consolidation and our service rank among the most effective options for paying off multiple high-interest debts.
