Archive for June, 2007
June 26th, 2007 | 
Author: 
answers for people! asked:
I’m creating a debt reduction plan, and one of the questions I have is this: is it better (financially) to eliminate mortgage debt before educational loan debt? I want to pay the least amount of interest so I would think the higher interest rate (mortgage) is what I should pay. However, there are tax advantages to both mortgage debt and school loan debt, and I’m not sure if I would be missing out on better tax advantages by keeping mortgage debt until I have eliminated school loan debt.
I’m creating a debt reduction plan, and one of the questions I have is this: is it better (financially) to eliminate mortgage debt before educational loan debt? I want to pay the least amount of interest so I would think the higher interest rate (mortgage) is what I should pay. However, there are tax advantages to both mortgage debt and school loan debt, and I’m not sure if I would be missing out on better tax advantages by keeping mortgage debt until I have eliminated school loan debt.
Any advice is appreciated.
Augusta Fatheree
susan e asked:
i have over $20,000 in credit card debt. i pay everything on time but the balances don’t seem to be going down.
Minta Gendusa
i have over $20,000 in credit card debt. i pay everything on time but the balances don’t seem to be going down.
Minta Gendusa
*ladybug* asked:
Has anyone heard of Debt Reduction Services, Inc.? Personal experiences would be appreciated!
Thanks in advance!
Alida Vinall
Has anyone heard of Debt Reduction Services, Inc.? Personal experiences would be appreciated!
Thanks in advance!Alida Vinall
Posted in Credit | 
Tags: Debt Reduction Services Inc, Debt Services, Thanks In Advance | 
3 Comments »
boredatwork asked:
http://www.nightingale.com/LandingPages/tpromo_tdiwl7.aspx
There are supposedly forms you can complete that enable you to apply more to the principal (less to the interest) without exceeding your normal monthly payment. I called my mortgage company; they said there are no such forms and that the principal and interest are amortized throughout the 30 years of the loan… That the amoritization schedule could not be altered… That you could only reduce your principal by paying more than your monthly payment (and indicating that the extra should be applied to principal). If that’s so, how could the system possibly work? They (John Cummuta) told me I could pay off my 30 year loan (27 left) in 7 years.
Ivy Hamman
http://www.nightingale.com/LandingPages/tpromo_tdiwl7.aspx
There are supposedly forms you can complete that enable you to apply more to the principal (less to the interest) without exceeding your normal monthly payment. I called my mortgage company; they said there are no such forms and that the principal and interest are amortized throughout the 30 years of the loan… That the amoritization schedule could not be altered… That you could only reduce your principal by paying more than your monthly payment (and indicating that the extra should be applied to principal). If that’s so, how could the system possibly work? They (John Cummuta) told me I could pay off my 30 year loan (27 left) in 7 years.
Ivy Hamman
Belle asked:
I don’t want a debt consolidation or home equity.
Helaine Chow
I don’t want a debt consolidation or home equity.
Helaine Chow
Posted in Personal Finance |
Tags: Debt Consolidation, Debt Program, Debt Reduction Program |
1 Comment »
sarah’s mom asked:
I’m in a “debt resolution plan” and have rec’d written notice from Capital One that they have accepted my participation in this plan. However, they just filed a small claims suit against me. Is this legal?
Kraig Darring
I’m in a “debt resolution plan” and have rec’d written notice from Capital One that they have accepted my participation in this plan. However, they just filed a small claims suit against me. Is this legal?
Kraig Darring
kbelle asked:
I have 3 mortgages that total less than $300k, & owe almost $65K in credit cards and equity line of credit. I have long & great credit history, many paid off & on time, very few credit inquiries. I don’t think I have an excellent credit score, it’s just good. I wonder why I hardly receive those credit card offers in the mail, I do receive a lot of “consolidate your bills” offers. So I am guessing the creditors think I owe too much in revolving. What can I do to get an excellent fico score? I have lots of equity in my properties, but I can’t sell to pay off my $65k debt due to horrible RE market. Refi isnt a good idea either coz I already have excellent terms, like 15yr fix 5.5%. Right now Im only paying about $210 in interest for owing $65k on temp low APR’s. This $65k slowly keeps adding coz some months expenses are unexpected. is my debt2income ratio way too high? current condition i can manage paying all these, just need low interest.
Jonas Branaugh
I have 3 mortgages that total less than $300k, & owe almost $65K in credit cards and equity line of credit. I have long & great credit history, many paid off & on time, very few credit inquiries. I don’t think I have an excellent credit score, it’s just good. I wonder why I hardly receive those credit card offers in the mail, I do receive a lot of “consolidate your bills” offers. So I am guessing the creditors think I owe too much in revolving. What can I do to get an excellent fico score? I have lots of equity in my properties, but I can’t sell to pay off my $65k debt due to horrible RE market. Refi isnt a good idea either coz I already have excellent terms, like 15yr fix 5.5%. Right now Im only paying about $210 in interest for owing $65k on temp low APR’s. This $65k slowly keeps adding coz some months expenses are unexpected. is my debt2income ratio way too high? current condition i can manage paying all these, just need low interest.
Jonas Branaugh