Articles About Debt Consolidation

The Principles of Interest

Two basic parts of most types of credit account payments are principal and interest. Principal is the amount borrowed, which can mean the price of an item (like a car or house) or the amount of credit used (as in credit cards and credit lines). Interest is the cost the lender charges the borrower to extend credit, which is where some borrowers get confused or pay more than they bargained for.

Removing a Charge-Off From a Credit Report

Creditors use charge-offs as a last resort when a borrower stops paying a credit card, personal loan, or other debt. At that time, the debt is moved to the creditor’s bad credit ledger and the charge-off is reported as a derogatory remark on the credit file. Although a lender may write off a debt, it doesn’t end there for the borrower. A charge-off does not make the debt disappear. Removing a charge-off from a credit report is possible but there are no shortcuts in the process.

How to Repay a Reverse Mortgage

Reverse mortgages may have the word “mortgage” in the name, but unlike a traditional mortgage, you aren’t required to make any regular payments during the term of the loan. You do have to pay back the lender eventually though. Here are some of the ways you can pay back a reverse mortgage lender.

Reverse Mortgage vs. HELOC: When Each One is Best

Are you trying to decide between a reverse mortgage and HELOC? Here are some things to consider.

When is the Right Time to Take Out a Reverse Mortgage?

Is now the right time to apply for a reverse mortgage? Here is when taking out a reverse mortgage can make the most sense.

Pros and Cons of Reverse Mortgages

Are you considering a reverse mortgage? Here are some of the pros and cons.

3 Best Uses for Reverse Mortgages

Are you thinking about a reverse mortgage? Here are three of the best uses for one.

Private Mortgage Loans: What They Are and How They Work

Getting approved for a conventional mortgage isn’t always easy—especially if you have poor credit or lack confirmable income. Fortunately, private mortgage loans can fill the gap when you don’t meet the criteria of conventional lenders.

Is There a Minimum Credit Score for Renting an Apartment in Canada in 2022?

Most landlords and rental companies check the credit scores of potential tenants as part of their application process. But is there a minimum credit score requirement for renting an apartment in Canada? Here’s what you need to know about credit scores and renting in 2022.

6 Tips to Help You Refinance Your Mortgage for a Better Rate

When you’re dealing with large amounts of money involved in owning a home, even the smallest rate difference can save you a lot. We have put together the tips that can help you save big if you choose to refinance your mortgage to take advantage of the lowest rates.

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