Consolidate to Save Money on Student Loans
July 12, 2008
If you have taken out federal student loans and are now crippled by debt, starting this July is the best time in years to consolidate your federal loans.
If you have taken out multiple subsidized or unsubsidized Direct or Stafford Loans from the federal government, or if you’ve taken out Federal Perkins Loans, Nursing Student Loans, PLUS Loans for graduate students, or pretty much any government-sponsored loan for your education–consolidate now. If you consolidate now, you’ll only have to make one lump payment every month that will apply for all of these loans. Ordinarily, this would save you money because these consolidated loans tend to offer lower interest rates. However, starting July 1st, 2008, this will save you even more money: the interest rates on consolidated federal student loans will decrease by 3 percentage points. [Read more]
US Bonds Doing Well in Wake of Economic Troubles
July 12, 2008
US Treasury bonds are going up in price, even as high oil prices wreak havoc on the US economy, and even as that economy experiences rising levels of unemployment.
As of earlier this afternoon, the 10-year US Treasury note yields an interest of 3.92% of its value. Yesterday, the 10-year treasury note yielded an interest rate of 4.04%. It has gained 31/32, such that its value is now 99 21/32. [Read more]
Higher Incomes Hits By Credit Card Debt
July 8, 2008
The economy’s been suffering, and in the wake of the credit crisis that began last year, more and more people are in debt, for greater and greater amounts of money. Experian, one of the three big US credit bureaus, reports that the average credit car user owes $6,900 specifically in credit card debt. This average reflects the fact that although many households are still free of debt, a given proportion of the population is in debt by more than $5,000 or even $10,000. [Read more]
What Should You Do With Your Income Tax Refund?
July 6, 2008
Due to 2008’s economic stimulus package, more Americans expect a sizable income tax refund than ever before. While that may seem like free money, remember: it’s actually just money that you’ve already earned and given to the federal government in excess of the current tax laws. This year, the government is giving additional refunds to compensate for the recent economic crisis, but it’s still essentially your money. Take care to spend it wisely.
What are some of the smartest ways to spend your income tax refund? [Read more]
Dealing With Third Party Debt Collectors
July 3, 2008
Currently, the American penal system doesn’t feature debtors’ prisons. We’re not living in Victorian times. Nowadays, the law encourages timely payment of debt while protecting the people who do owe money from having their lives ruined. Laws exist at the state and at the national level to protect individuals from invasive debt collection practices. These include statutes of limitations, which say that people cannot be prosecuted for failing to pay a debt after a certain amount of time passes. [Read more]
Budgeting - An Overlooked Key To Financial Success
July 2, 2008
This fact seems intuitive: one needs money to make money. Those who are young , and don’t yet have much money, might be discouraged by such a rule of thumb. Obviously, however, it is not impossible to increase the amount of money one has. Having budget is an overlooked prerequisite to making money. That is, to make money it is important to first keep track of the money one already has. [Read more]
Taxing Misconceptions: Lies About Taxes
July 1, 2008
Every American has to file income tax, but many are ignorant of basic aspects of the US tax law. Consequently, they lose large amounts of money by believing commonly held lies, instead of investigating the reality of the law for themselves. There are at least five commonly held beliefs about taxes that hold an inexplicable grip over the American consciousness, to the detriment of most tax-paying Americans. [Read more]
