Be Cautious When Using Your Nest Egg as an ATM

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If your home truly is your nest egg, be smart about how use its equity. Make sure that it fits in with your overall financial plan and golas. Otherwise, you could be left without a nest and just the egg!

About five years ago I moved from the ranks of being a renter to that of being a homeowner. Now, not a week goes by that I don’t receive some type of offer through the mail encouraging me to refinance my mortgage, open a home equity line of credit (HELOC), or apply for a home equity loan.

Payoff High Interest Credit Card Debt! Lower Your Monthly Payments! Buy A New Car! Refinance And Get Money Now! scream the slogans splashed across the envelopes.

The promotional letters inside point out how easy it will be for me to “get the extra cash you need NOW!? They promise “no out of pocket costs?with a newly refinanced 30-year loan.

Could I use some extra cash NOW? You bet I could! Who needs high interest credit card debt? Not me, no way, no how! Buy a new car? Hmmm, I like that new Pontiac G6 I’ve seen on tv, maybe in a sleek titanium color with black trim?

For thousands of U.S. households “Home Sweet Home?is rapidly being replaced with a new sentiment – “Home Sweet ATM.? According to the latest Federal Reserve study, 45% of homeowners who have refinanced their mortgages pulled cash out and 74% wound up lengthening their mortgage by about six years. Only 17% shortened their loan term opting to downsize to a 15-year mortgage.

In a period of six years, Americans have more than doubled the amount owed on home equity loans and lines of credit, nearing $766.2 billion, according to the Federal Reserve.

If you’re in your 40’s and you refinance on a new 30-yr. loan, you’ll be in your 70’s by the time your loan ends. Even if you shave off a few years by paying down your principle, you’re still risking not owning your home “free and clear?as you approach retirement age.

What happened to the era when your home was considered your nest egg to be used only for life-threatening or life-changing events like paying for a child’s wedding or for a medical emergency? And worst of all, many new homeowners are using their home’s equity as another source for financing new debts.

Think twice before using home equity to pay off credit card balances. If you’re already overspending on your credit cards now, what makes you think anything will be different after you pay them off with a loan or line of credit? Many people just wind up deeper in debt or facing bankruptcy because they couldn’t resist charging their cards up again.

Keep this in mind before tapping your home’s equity – Your loan or HELOC is secured by your home. Default on the loan and you could lose your house, even if you declare bankruptcy!

The best use for home equity is to make improvements that add value to your home. Remodeling a kitchen or bathroom, adding an extra room or creating a master suite are just a few of the “hot?improvements that can really pay off when it comes time for you to sell.

If your home truly is your nest egg, be smart about how use its equity. Make sure that it fits in with your overall financial plan and golas. Otherwise, you could be left without a nest and just the egg!

Cash Advance Loans – Online Financial Help In A Hurry

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Everybody at some point in their lives gets in a tight spot with money, which is where finding cash advance loans online can become helpful. A cash advance loan can have money in your hand in less then 24 hours, many times even the instant that you are approved.

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Everybody at some point in their lives gets in a tight spot with money, which is where finding cash advance loans online can become helpful. What is a cash advance loan you might be asking and how will one help me?

A cash advance loan is also commonly referred to as a payday loan. When you have applied for a cash advance loan online you will need to have an active checking account or savings account, as this is the method that the loan company will use in order to collect the money that they are owed.

The term of cash advance loans online are normally between one to six weeks and usually no more then two or three months.

How can a cash advance loan help me?

A cash advance loan can have money in your hand in less then 24 hours, many times even the instant that you are approved. This can be very helpful if you have a dire need for money. You don’t need to have stellar credit in order to qualify for a cash advance loan. Most all cash advance companies will only require and active checking (or savings) account and that you have proof of how much money you make in a month. Many companies additionally require that you have been at your current job for at least six months. Cash advance loans can also help you bring your credit score up if the company happens to report to any of the three major credit reporting agencies.

Why would a cash advance loan not be a good idea?

There are large fees associated with getting a cash advance loan. When you get your loan the loan company will be requiring you to pay anywhere from $15 to $50 per hundred dollars that you plan to borrow. If you need to extend a payday loan for whatever reason you will be charged additional fees each time you do so. You can end up paying more in fees then the amount that you wished to borrow in the first place.

Do thorough and complete research and make yourself well informed about how these types of loans will work. Then you will be able to be absolutely sure that cash advance loans are the best option for you to choose.

Credit Cards For People With Bad Credit- Facts

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Credit cards for bad credit are certainly not going to be the best credit deals, but credit cards for people with bad credit might the only options available.

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Credit cards for bad credit are certainly not going to be the best credit deals, but credit cards for people with bad credit might be your only option available. The interest on credit cards for people with bad credit are usually much higher than on a regular credit card. These types of credit cards are especially designed for people with a bad credit history and don’t qualify for a regular credit card. If you are a young person just starting to build credit, or if you’ve had circumstances that has damaged your credit history, you usually can qualify for credit cards for bad credit.

Bad Credit Deals

Bad credit, credit card deals are readily available online with easy, secure applications. Bad credit deals are often divided into secured credit cards for bad credit that need a deposit and bad credit unsecured credit cards, a bad credit card with much higher fees. These types of bad credit offers people with a poor credit score or no previous credit history a quick and easy way to re-gain a good credit history with bad credit cards. If you keep your credit balance under the limit and make your payments on time, you’ll become eligible for much better deals on your credit card rates and improve your credit score.

Interest

There are many temptations by having credit cards and while using bad credit cards to hold you over in tight situations, remember it is only temporary relief as the interest rates on credit cards for bad credit are extremely high. Shop around and look for credit cards for bad credit with an interest rate that you are absolutely sure you will be able to pay. Probably the single most important part of picking credit cards is the interest rate, especially for people who will be rolling over balances from month to month.

Tips

A person must always keep in mind that credit cards for bad credit are very easy to use so don’t go overboard or you might find yourself in a much worse situation. Check out the interest rates and fees before you start applying for credit cards for bad credit. Don’t apply for every bad credit card there is as this will effect your credit score, only choose two of the best bad credit deals you can find.

Energy Tips To Help Your Pocketbook And America

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According to the Department of Energy, household energy costs have increased a whopping 12 percent from 2004.

Energy Tips To Help Your Pocketbook And America

According to the Department of Energy, household energy costs have increased a whopping 12 percent from 2004. Even more startling is the price of natural gas, which rose by 23 percent.

The good news is that there are many actions Americans can take to lower their energy bills, and at the same time help the nation become more energy independent.

Keep Your Cool This Summer

• Use a microwave oven instead of a conventional oven.

• Use a power strip to control your electricity use. A large number of electrical products-especially home electronics-can’t be switched off completely without being unplugged. These products draw power 24 hours a day. Plugging them into a power strip to shut them off will save you money.

• Lower the thermostat on your hot water heater to 115?and take showers instead of baths.

• Wash only full loads of dishes and laundry.

Landscape For Efficiency

• The shelter from three trees, properly planted around a house, can cut annual heating/cooling costs up to $250.

• Grow vines on trellises to shade windows, the side of a house or AC units.

AC, Appliances And Lighting

• Open windows, when conditions permit, and use fans instead of air-conditioning. Use a fan to maximize and spread the cooled air from air conditioner units.

• Use a programmable thermostat with the AC to adjust the unit at night or when no one is home.

• Keep lamps and TVs away from the thermostat. Heat from appliances and lamps could cause the air conditioner to run longer.

Shade The Windows

• Install white shades, drapes or blinds to reflect heat. Close curtains on southwest-facing windows during the day. Sunny windows can make an air conditioner work three times harder.

• Replace single- and double-paned windows with Energy Star-labeled windows to save energy and money for years to come. Install them before December 31, 2007, and qualify for a tax credit.

Weatherize

• Caulking and weather stripping will help keep out hot outside air, thus keeping indoor air cool. If you see holes in ducts, hire a professional to repair them.

• Add insulation around AC ducts in attics and crawl spaces.

• Consider investing in insulation for the whole house.

Whenever possible, purchase products with the Energy Star label. The label means you are investing in energy efficiency, value, comfort and high performance.

Homeowners can save an estimated 30 percent (about $450) a year on their home energy bill by using Energy Star-qualified products.