Archive for May, 2008
How to Work Out if Debt Consolidation is for me?
Author: adminYou want to keep your home, but with rates on the move, and your personal debt getting out of control it will only get harder from here on.
Debt consolidation or debt refinance may be an option. What this does is that a lender will refinance all your debts with whomever the credit provider is, and will refinance these into your mortgage. What’s the benefit? A couple outcomes –
1- single repayment,
2- you have the chance to reduce your monthly repayments - which means more cash in your pocket!!!
This is not always going to be as easy as walking into your existing mortgage lender and asking for a consolidation. I’m sure they will be willing to help however they will have various rules & limitations which may not fit all your needs or goals. There are lot of funders out there all with different rules to play by. The value of your security or house may well be a factor along with your income type and level. The reason you are in a particular situation may well determine which lender will provide a better option. It may be of assistance in engaging a finance broker to work through the best options for you. This is especially the case if you have been having trouble keeping up with it all and have late payments.
In a lot of cases the refinance and consolidation of all your liabilities like outstanding rates, tax debt, store cards and alike may not be able to be renegotiated in total & therefore other strategies may need to be considered in conjunction with the refinance.
All these approaches should only be considered for an intermediate period. It may take 12-24 months to re-engineer your financial position for the future at which time a new set of strategy’s are determined and adopted to meet your next series of financial goals.
So if you think you can survive better with getting your repayments down before rates continue to go up, give Finance Know How a call or email, or better yet you can talk to Howard online!
Worried About Interest Rates?
Author: adminKate Perry writes on www.news.com.au:
“I’m cutting out the fun stuff, both in my life and my diet,” said one respondent.
But it’s not just fun stuff going by the wayside, other readers reported they had cut back on groceries, extra-curricular activities for their children as well as financial basics such as insurance and emergency savings.
The experience of one homeowner, whose mortgage repayments have risen by $400 a month in the past two years, seemed to sum up the experience of many other cash-strapped respondents.
“I can no longer provide luxuries to my family and shopping is tightly budgeted. My children can’t pursue outside school interests due to us not having the money to pay for it. And worst of all some basic necessicities such as home, motor and health insurance have all been cancelled to ensure the mortgage is paid month in and out.”
For some cutting back on social outings is necessary – if a little embarrassing sometimes.
“I’m not going out as much socially, and I’m making excuses ie not feeling well rather than telling friends it’s out of my budget,” another respondent said.
For others, the situation is already desperate. “There are days I don’t eat so my kids can. My husband is taking on extra work to make payments.”
Read the whole article here:
http://www.news.com.au/business/money/story/0,25479,23771467-5016110,00.html
Does Tax Time = Tax Debt?
Author: adminIt is that time of year again! Tax Time! Are you one of the ones that absolutely dread this time of year! Have you already had thoughts around “If I get a tax bill, I don’t know where I am going to get the money to pay for it?”
So what’s the best way to handle the situation?
Firstly, see your accountant and get an idea of what the $$ maybe. Secondly, if you are not an owner of residential property, your best option will be to contact the ATO and seek out repayment options. However if you are an owner of residential property, there are lenders that will enable you to refinance this debt into your mortgage if you have suitable equity.
Best to be on the front foot however! Contact Howard at Finance Know How about your Tax Debt and discuss your options today! Howard has specialised in the area of refinancing taxation debt for nearly 10 years!
Tax Debt can be overcome! Finance Know How - We Know How!
To Sell or Not to Sell? That is the Question!
Author: adminTo Sell or Not to Sell your family home? More and more Australians are joining the “mortgage stressed out” queue. You aren’t the only one!
www.news.com.au reports
AUSTRALIA’S mortgage crisis is deepening and for the first time threatening to produce “affluent stress” - financial grief among higher income families - as new figures show that more than 700,000 households will come under some mortgage pressure by June.
About 300,000 are expected to fall into the worst “severe stress” category, possibly leading to forced sales and foreclosures, as consumers struggle under the weight of higher interest rates and rising living costs.
So what do you do about it? As soon as you start thinking about it, you should take the next step and ask an expert to assess your financial position. Contact a local Finance Broker to have a look over your current mortgage repayments and other debts that may be weighing you down to see if there is a chance that debt consolidation may be able to reduce your monthly outgoings. Finance Brokers like Finance Know How can also arrange the services of debt mediators who have the ability to reduce the amounts of money you owe to paticular credit providers -ie You may owe $7,000 to a paticular financial institution for a credit card you have - through debt mediation you may be able to reduce this amount quite significantly.
So don’t wait in the ”mortgage stress” line! Talk to Team Know How who can provide you with a free non-obligatory Finance Assessment! What have you got to lose??? Jump the queue and get ahead of the rest!!
Chat Live to Team Know How
Author: adminYou want a straight answer about your finances - But finding it hard to get one? Why don’t you chat to Team Know How live, and get that answer straight up?
Finance Know How will provide you with solutions for all your finance needs - from debt consolidation, to refinancing, to providing you with the answers for your development funding, to financing your cars or equipment - both private and business. Team Know How specialises also Small Business Finance - giving back that cash flow you need to run day to day!
Check to see if Howie is online? If he is - he is a good bloke - just ask him!
You are currently browsing the Brisbane Debt Consolidation Loans, Credit Card Debt Consolidation & Cash Flow Improvement for Small Businesses - Finance Know How knows how! weblog archives for May, 2008.
