Credit Management - Student Loan Consolidation One of the most important elements in managing your credit is managing long term debt such as student loans or a second mortgage on your home. In my own case I have to be upfront, I did a very poor job of managing my student loans post graduation. One of the problems was the multiplicity of loans that took in my last two years of college. This meant that I often missed payments and in case of one loan, managed to completely drop the ball on it completely. I would have certainly benefited from student loan consolidation. This would have given me a single payment and single place to right a check. Consolidation would have also lowered my over all interest rate for the loans I had. The interesting thing of course was that this was well before the internet and before federal student loan consolidation was a common practice. Getting student loans consolidated back then was a time consuming process requiring multiple physical forms. Simply put it was really hard to do. This was too bad since this meant that I damaged my credit and made it harder to purchase my first home in California. By
consolidating my student loan debt I could have saved on the interest rate and my downpayment. As it was I bought my first California home with a 20% down payment.

Had I managed my student loan debt better I would have been able to purchase even earlier and would have enjoyed an even greater appreciation in my home's value. So to manage your credit, you should do the following.

• Consolidate your student loan debt into a single payment
  This will make it easy to track and manage your student loans. Having multiple loans with multiple vendors is the surest way to miss a payment.
  
• Set up an auto pay
  By autopaying the minimums+$1 on your student loan, you don't have to worry about the mail time or other inconvienences. By making the minimums+$1 you will show a payment history of paying more than the minimum and this will help with your credit. Additionally it will mean that you don't have to worry about the fiddle faddle associated with the mail.
  

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Labels: creditcards, debtconsolidation, federalstudentloanconsolidation, homebuying, management, studentloanconsolidation

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Managing Loans and Secured Loans One of the principal reasons reasons people get Secured Loans is either debt consolidation or for temporary one time expenses. Most of the time these loans are small and not worth getting a larger homeowner loan. The essential problem that many people don't face when getting a loan is whether or not the loan is going to add to their overall debt load. Many people get a homeowner loan for debt consolidation but continue the overall spending that caused them to get into debt in the first place (for example paying off credit cards and then running them up again). If you are getting a loan for a one time expense such as home improvement, start with the kitchen. Kitchen home improvements yield the greatest return of any single home improvement. Typically you will see a great return on kitchen improvements

1. Plumbing and electrical - 260% Average Return on Investment: Consider repairing or replacing any defective plumbing or electrical items in your home. Make sure you have the right person for the job by getting several estimates.
   
2. Update kitchen and bath - 168% Average Return on Investment: Update kitchen and baths by resurfacing cabinets or painting with neutral color. Replace toilet seats, dated fixtures and drawer/cabinet handles. Freshly caulk and redo grout in countertops, sinks, tubs and showers.
   
3. Paint interior - 148% Average Return on Investment: Repair any damaged interior walls by patching all chips, holes and cracks; then touch up or repaint interior walls with neutral color.
   
4. Paint exterior - 76% Average Return on Investment: Repaint or resurface the outside walls of house, as needed. Patch and repair any damaged areas.
   

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Labels: debtconsolidation, debthelp, securedloans

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Loose lending standard are a global phenomenon One of the most interesting things about the current credit markets is how global they truly are. Credit is truly global these days and it's interesting to find that easy credit might have been previously only regional in effect are global. For example in the United Kingdom and Scotland mortgages have been just as easy to get as in the United States. As a result, many people bought more home than they could afford and as a result of rising interest rates are now looking remortgage an existing ARM. Just as here in California secured loans against the homeowners residence are often quite popular as one way to consolidate debt.

In the United Kingdom, credit lending standards are already started to tighten up. Recent moves by the Bank of England have signaled markets to tighten up their lending standards. This is perfectly natural in today's environment. What's interesting of course is how the Feds action here in the States seemed to signal to global credit markets that it was time to tighten lending standards.

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Labels: debt, debtconsolidation, homeequitylineofcredit, remortgage, securedloans

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