Pay Off Bad Debt

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Bad debt can feel like a heavy weight on your shoulders. High-interest credit cards, payday loans, or personal loans often come with big monthly payments that barely touch the balance. But there’s good news, you can pay it off faster with a plan.

Start by listing your debts, including the balance, interest rate, and minimum payment. Once you see it all in one place, focus on one at a time. Many people start with the smallest balance (the snowball method) or the highest interest rate (the avalanche method). Pick what works for you and stick to it.

Here’s an example: Lisa had three debts, a $500 credit card at 18% interest, a $2,000 personal loan at 12%, and a $10,000 car loan at 5%. She decided to tackle the $500 credit card first, paying extra every month while keeping up with the minimums on her other debts. Once the credit card was gone, she used the freed-up money to attack the personal loan.

It’s about building momentum. Each win helps you stay motivated. With a plan, bad debt doesn’t have to hold you back. You can take control and start working toward financial freedom!

Contact Us Today! 

Do you have “good debt” or “bad debt” in your life? Contact us today to find out more! 

Free Tools For You! 

We also have free tools available! Accelerate Debt Payments Calculator to see which option is best for you! 

Learn more!

Visit our YouTube channel to learn more about using debt instead of letting debt use you!

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Save Money with a Home Equity Loan

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Today we will explore how you can save money with a home equity loan. A home equity loan can be a smart way to save money while reaching your financial goals. Think of it like borrowing against the value of your home, but at a lower interest rate than many other loans or credit cards.

Example:

Here’s an example. Let’s say you’ve been dreaming of renovating your kitchen, but the cost is holding you back. Instead of putting the $30,000 project on a high-interest credit card, a home equity loan could help. With rates often lower than credit cards, you save big on interest, keeping more money in your pocket.

Another use:

Another way to use a home equity loan is to pay off higher-interest debt. Imagine you have $20,000 in credit card debt with a 20% interest rate. By replacing it with a home equity loan at, say, 7%, you could save thousands in interest over time. That’s money you could invest, save, or use to enjoy life.

Be careful:

But be careful! Borrowing against your home means your house is on the line if you don’t pay it back. Always run the numbers and have a plan before jumping in.

A home equity loan can unlock financial opportunities. Whether it’s funding a project or cutting down expensive debt, it’s a tool that could work for you.

Contact Us Today! 

Do you want to find out more about saving money with a home equity loan? Contact us today to learn some tips that can help you to achieve your goal quickly and easily!  

Free Tools For You! 

We also have free tools available! Accelerate Debt Payments Calculator to see which debt option is best for you! 

Learn more!

Visit our YouTube channel to learn more about using debt instead of letting debt use you! 

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Which is Best: Points or No Points?

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When getting a loan, you often hear about “points.” But what are they, and how do you know if they’re worth it? Which is best for you, points or no points? Let’s break it down.

What are they?

Points are upfront fees you pay to lower your loan’s interest rate. For example, let’s say you’re getting a $200,000 loan, and one point costs 1% of the loan—or $2,000. Paying that $2,000 could reduce your monthly payments because of the lower rate.

Be careful!

But here’s the catch: You need to stay in the loan long enough for the savings to make up for the cost. For instance, if paying points saves you $50 a month, it’ll take 40 months to break even ($2,000 ÷ $50). If you sell or refinance before then, you might lose money.

No points? That’s simpler. You’ll pay less upfront but may have a higher monthly payment. This can be a good option if you plan to move soon or want to keep your cash for other investments.

Which is best?

So, what’s best? It depends on your goals. Do you want to save now, or over the life of the loan? Knowing your plans can help you decide.

This choice might feel tricky, but with the right math and planning, you’ll find what works best for you!

Contact Us Today! 

Not sure which loan is best for you and your needs? Contact us today to find out more about how to turn your debt into your friend instead of your enemy! 

Free Tools For You! 

We also have free tools available! Accelerate Debt Payments Calculator to see which debt option is best for you! 

Learn more!

Visit our YouTube channel to learn more about using debt instead of letting debt use you!

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Finding the Best HELOC Rate in Today’s Market

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In today’s market, finding the best HELOC rate in today’s market can feel like searching for a needle in a haystack. Rates are all over the place, and lenders offer different deals depending on your credit, equity, and location. But don’t worry, there’s a simple way to cut through the noise and find the best option for you.

HELOC Rates:

Start by knowing what makes a HELOC rate competitive. It’s not just the lowest rate you see advertised. Some lenders offer teaser rates that jump up after a few months. Instead, look for a rate that stays steady and fits your long-term goals.

For example, imagine two lenders: Lender A offers a 4.5% rate that increases after six months, while Lender B offers 5% fixed for three years. Even though Lender A sounds cheaper at first, Lender B might save you more over time.

Shop Around:

Shopping around is key. Check with local banks, credit unions, and online lenders. Ask about closing costs, annual fees, and rate adjustments. A few questions now could save you thousands later.

Finally, think about timing. If rates are rising, locking in a deal today might be your best bet. But if they’re dropping, a variable-rate HELOC could save you money.

Finding the right HELOC doesn’t have to be stressful. With a little research and the right questions, you’ll uncover the best rate for your needs.

Contact Us Today! 

How can you get started in finding the best HELOC rate in today’s market? Contact us today to find out more about a home equity line of credit, as well as other ways to use debt to your advantage.

Free Tools For You! 

We also have free tools available! HELOC Shopping Scorecard to see which option is best for you! 

Learn more!

Visit our YouTube channel to learn more about using debt instead of letting debt use you! 

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Qualifying for a HELOC: How will your credit affect you?

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Your credit score plays a big role in qualifying for a HELOC (Home Equity Line of Credit). Lenders use your credit score to see how responsible you are with debt. A higher score can open doors to better rates and higher credit limits. On the other hand, a lower score could result in higher costs or even disqualification.

Here’s an example: Imagine two homeowners, Sarah and Jake. Sarah has a credit score of 750, while Jake’s is 620. Sarah’s strong credit lets her qualify for a HELOC with a 6% interest rate. Jake, with his lower score, gets approved but at 10%. This is a big difference in monthly payments!

Lenders also look at more than just the score. They’ll also review your payment history, total debts, as well as how much of your credit you’re already using. So, even if your score isn’t perfect, improving a few habits, like paying bills on time, can make a difference.

Understanding your credit is the first step to qualifying for a HELOC. With a little effort, you can position yourself for better rates and terms. It’s all about knowing where you stand and making smart choices.

Contact Us Today! 

Do you need to boost your credit score? Contact us today to learn some tips that can help you level up quickly and easily! 

Free Tools For You! 

We also have free tools available! Accelerate Debt Payments Calculator to see which debt option is best for you! 

Learn more!

Visit our YouTube channel to learn more about using debt instead of letting debt use you! 

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