teaser rate

One of the debates that goes on in the personal finance world revolves around the concept of whether or not some debt can be good. It is true that some debt (like a home mortgage) is viewed more favorably on your credit report than other debt (like a car loan). But, in practice, you are [...]

I have discussed using balance transfer credit cards to help you reduce debt more quickly. As such, I think it’s prudent to go over how to transfer credit card balances so that you can avoid traps and pitfalls. This way you don’t end up paying more fees and finance charges than you should.

Photo by Classyshot [...]

This year, President Obama introduced the Making Home Affordable program to help homeowners to keep their homes by making mortgage payments affordable. The plan affects about 7 to 9 million people, and you can use the self-assessment tools to see if you’re eligible. When you visit the tool, you’ll notice that there are two options: [...]

The other day, I wrote about getting cash through reverse mortgages.  Today, I want to explore refinancing to access money locked up in your home equity. I think it’s a good idea to learn about these options in face of the economic crisis and record high unemployment rate.  You never know when your home equity [...]

Now that we know Obama is the next president, we can evaluate his proposal regarding 401k plan more closely.  If you recall from my last article, I didn’t like his proposal that would allow people to early withdraw from their retirement funds — i.e., 401k and IRA — without penalty (McCain’s plan was even worse). [...]

Recently, Passive Dad asked me about free creative ideas to help friends facing foreclosure.  This is a timely topic since one factor that contributes to the current economic crisis is the rise in foreclosures. Basically, the teaser rate on many adjustable rate mortgages end, and homeowners found themselves unable to afford the new higher mortgage [...]