6 Ways to End the Living Paycheck-to-Paycheck Lifestyle

According to one survey, 61 percent of employees report that they usually or always live paycheck to paycheck to survive. The number of people stuck in this cycle does not seem to be affected by the economy, as high numbers were reported before the recession as well. If you are living the risky lifestyle of surviving paycheck to paycheck, the good news is there are things you can do to rectify your situation. Additionally, there are some things that you should avoid at all costs so that you do not dig yourself into a deeper hole financially. Here are six…

   

Little Known Advantages of Bankruptcy

A person declares bankruptcy in the case that they are unable to pay off their debts and desires to have a new beginning. Bankruptcy is a solution that you can use in court and in most cases; lasts for one year and then you are able to discharge it, which means that all of the restrictions that are imposed on you will be released. That being said, in some cases bankruptcy restrictions can last as long as fifteen years. It is not too far of a leap to understand why lenders may push for this process. However, it can be…

   

Handling 7 of the Most Awkward Money Situations Between Friends

It is often said that money and friends do not mix well, and this certainly seems to be the case. No matter how close you are, a friendship can be tested when a loan goes unpaid or when an activity does not match everyone’s budgets. It seems as though you and your friends can talk about almost anything, so why does it get awkward when the topic of money is brought up? Here are seven awkward money situations that are common with friends and how to fix them.   1.  Friend Discounts That Go Awry Mixing friends and business can…

   

Modern Day Tipping Guidelines

It seems that wherever you go there is a tip jar asking for a few dollars. Even at take-out joints and fast food restaurants it appears that it is expected to hand over a few dollars. However, with such shifting formalities of expected tipping practices it can be easy to mix up how much money you should tip to reward someone for their good service. It is not just restaurants that you have to tip either, as many service providers expect a reward.   Restaurants Everyone knows that it is customary to tip restaurants in the United States, but not…

   

5 Affordable Home Foreclosure Alternatives

If you do not make your mortgage payments on time, this can readily cause a foreclosure sale. However, all is not lost if you are unable to make your mortgage payments. There are affordable alternatives that allow you to avoid the foreclosure process, or at least delay it. Even if your foreclosure sale is scheduled to happen in the next few days, you can stop the sale from happening. Here are a few affordable alternatives to foreclosure.   Short Sale After your lender files for a foreclosure, but before the auction is settled, if you receive an offer from a…

   

Tips for Covering Your Assets When Using a Collateral Loan

A collateral loan is a type of loan that is secured by an asset under your ownership. You are essentially promising to give up the asset in the case that you are unable to repay the loan during the agreed upon time frame. When you promise your collateral, the bank considers you less of a risk, which makes it easier for you to obtain the loan. However, when weighing this option, it's also important to think about the worst-case scenario, which is that you are unable to repay the loan. In this situation, you must know the best means of…

   

What is an Adjustable Rate Mortgage Loan?

The adjustable-rate mortgage loan is not something to automatically turn away from and is often misunderstood, especially with its misconstruction in the media and its general misuse by the public. Taking advantage of an ARM loan in the right circumstance can indeed save you a substantial amount of money on interest. However, using it improperly can cause a slew of financial issues, including the foreclosure of your home. Here is a quick look at the adjustable-rate mortgage.   Defining the Adjustable-Rate Mortgage As the name indicates, an adjustable-rate mortgage loan is a type of loan that has a rate that…

   

5 Questions to Ask Yourself Before Purchasing Loan Insurance

Loan protection insurance is created to aid policyholders through financial support if they are ever unable to support themselves. The need for a payout must be substantial such as because of unemployment or disability. This type of insurance can come in handy to continue your monthly loan payments and protect you from defaulting on your loans if you are unable to make payments yourself. Before you continue with the purchasing of this type of insurance, you must ask yourself a few things to ensure that it is the right financial decision to make. Here are five questions you should ask…

   

5 Pitfalls of Interest Only Loans

An interest-only loan is a type of loan in which a borrower solely pays the interest on the principal balance for a specific amount of time. That time period is typically 3, 5, or 10 years. The principal payments will then kick in at a higher amount. This loan has many advantages. The monthly interest payments are typically low for the length of the interest-only period. Those particular payments are also tax-deductible. This loan allows a borrower to make a large purchase while retaining the majority of their money for other investments. Essentially, you can buy a more expensive home for a smaller amount…

   

Student Loan Forgiveness Tax Consequences

One benefit that many students take advantage of is student loan forgiveness. However, loan balance forgiveness is not as straightforward as you may initially think. When a lender forgives your student loan, the IRS puts down the forgiven loan as income, which is then taxable in most cases. If your situation qualifies you for Public Service Loan Forgiveness or an alternative Loan Repayment Assistance Program, then you can rest assured knowing that these types of programs are tax-free. Unfortunately, anyone else who attempts to gain forgiveness from a PAYE or IBR will have to deal with his or her forgiveness being…

   

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