Snowball (since it’s winter and all)

Unfortunately, as this is my ‘I’m all grown up now’ blog, I am not talking about a literal snowball, but rather Dave Ramsey’s theory on paying off debt. And let me tell you, it works. It is a realistic, hands-on approach with a surprisingly fast turn-around time in regards to results. A positive attitude can take you far, and for a while that is all I (somewhat) had, but there comes a point when you realize all of your rainbows and butterflies are about to get repossessed.

It is around this point of realization that you begin to accept the fact that a change needs to be made. Making the minimum payment amount each month on an enormous pile of loans, especially when the minimum payment is being applied to interest only, will get you nowhere fast. Excuse me, it will get you somewhere – into more debt. I now understand why Sallie Mae welcomes ‘Interest only’ payment plans with open arms to new graduates as it significantly increases their revenue. Allow me to demonstrate:

I borrowed (in 2007-2008) = $68,545.00
I owe (as of March 2013) = $78,950.18

For those of you without a calculator handy, that’s a $10,405.18 INCREASE of debt in a matter of approximately 5 years.
I have PAID out of pocket (starting in December of 2009 – March of 2013) = $22,510.32
Amount of $22,510.32 that went towards my private loan principal = $0
Amount of $22,501.32 that went to my federal loan principal = $875.85

In summary (5 years):
Sallie Mae gets = $32,039.65
Jessica gets = $875.85

Nauseating.

This seemingly unethical situation is indeed legal and is WAY too common than I care to realize. It looks as if my rainbows and butterflies will not have any friends to play with here soon if people in my similar situation do not make the proper financial adjustments. I created this blog not only as an outlet for myself, but as a publicly visible flashing bright neon warning sign to all parents/students out there to read before entering down the same road I did. Why travel for 20 to 25 years down a bumpy gravel road when you have the option of a shorter, smooth paved one?

I could write pages upon pages on how much I detest the above situation and how many hours of hard work it took and how much I had to sacrifice in order to be able to pay Sallie Mae the bare minimum each month. And I have pretty much done just that in my prior posts, but as I stated in the beginning, maintaining a positive attitude surrounding a situation you loathe can only get you so far. In reality, it is little ole’ you against a beast that gains size and momentum at a daily rate. You shrink smaller and smaller as its monstrous shadow alone expands over you until you eventually shrivel up and freeze to death. Like literally, your mind fast forwards and you visualize yourself as an educated homeless person freezing under an overpass, huddled up in your cardboard box waving a ripped white T-shirt as your surrender flag. Okay, I know that was a tad dramatic, but I would be lying if I said my mind never went there for a split second. I mean, cardboard box/parent’s house, potato/potato :) Only joking mom & dad, but once you calm the hate in your heart and decide you want to survive and fight for the lifestyle you went to school for, what once seemed like an impossible solution, starts to seem possible. A sort of survival instinct kicks in when you take your blinders off and stare your debt in the face.


My baby snowball:
My total monthly expenses: $1,625.00
My total currently in savings: $5,000.00

I should have approximately $600 to put into my savings account every month. In a year, I can save $7,200. This does not include the money I will get from work bonuses or tax returns. Also, my income is somewhat variable as my second job is waitressing so I have more of an earning potential than just the minimum I factor into my monthly income number. That in combination with time and a half for overtime at my day job, I can again increase my monthly income. If I really stay focused and put every dollar I can into savings, I can start to make a dent or two. On the flip side, I will have things happen that will increase my monthly expenses such as doctor appointments, dentist appointments, car trouble, ect.

My rules:

-          I will not let unexpected expenses get me off track as it is not failure on my part for not contributing the entire $600 each month; I can make up for what I lost by saving more than $600 some months.

-          I will never let my savings account fall below $1,000.

-          I will not use my credit cards without paying off the entire balance each month. 

My car and credit cards are paid off, and I rent my house so I aimed at the lowest dollar amount private loan (debt) to tackle first - $12,400.00. In order to get my monthly payment on that loan down a little, and to avoid having what is a mountain of money (to me) just sitting in my savings account, I plan to put money down on the loan in increments of $4,000. It will be a tight rope, but little by little I should be able to get my debt down to somewhat level with my income. I made this plan in March.

It is now December 30^th and I am happy to report I have paid off my $12,400.00 loan in a shorter time span than expected! I did have dentist, doctor and car bills pop up, but I picked up extra shifts at work and stayed late some nights at my day job in order to get overtime pay. My best friend moved out of state in May so that helped cut out dinner, movie & going out expenses. It took 9 months, and was very painful to watch chucks of 4 grand be handed over to Sallie Mae; but I knew if I didn't start this now, it would hurt much more in the long run. I will continue to practice this method as it is the only thing I have done thus far that has produced actual results.

1 down, 5 to go. 

Rapid Car Loans for Bad Credit Car Buyers – Complete your Auto Buying at Great Rates

If you have been trying to buy your favorite vehicle for a long time, your search is over. Get better rates on auto financing despite bad credit history. Rapid Car Loans provides specialized sub-prime financing to people with credit troubles. To get access to company’s low rate auto loans program, simply Submit your Auto Loan Application Form on the secure website.

Bad credit car buyers are often troubled by lenders. Most auto financing companies make down payment and co-signer compulsory for them. But, this is not the case with Rapid Car Loans. The company ensures stress-free financing program to bad credit people. Down payment and co-signer are not mandatory for getting no obligation auto loan quotes. Also, there is no application fee for submitting your loan request. So, Apply Now without any tension of higher rates. Affordable loan options are waiting for you.

Disability Does Not Diminish Your Eligibility For Personal Loans!

Your physical disability has restricted you to engage in a good employment and you are compelled to live on benefits issued by the department of social security.

It is a reality that the benefits you get from government are inadequate to meet all your essential expenses.
In order to maintain the quality of life, you have to find additional fund from elsewhere. Practically it is not so easy to get financial support from external sources due to your weak financial background.

Now, the situation has changed a lot and lenders have come forward with special loan schemes with intention to cater to the needs of disabled persons.

They offer personal loans to such people on simple terms for short period. The loan scheme is designed in such a way that anyone can avail it without going through tough procedures.

They offer the loan regardless of your credit history or property status. Your tenancy position or adverse credit ratings like arrears, bankruptcy, defaults etc. does not exclude you from gaining the loan.

Only thing is that you should be in a position to repay the amount you receive within the stipulated time.

Lenders examine only whether you will be able to pay back the amount as per the schedule and if they are satisfied in your ability, certainly they give assent to your loan request.

You need to give the required details regarding your identity and fiscal position duly filled in the online application. This is the only thing you have to do with regard to the availing of the loan.

You need not even visit the lender's office at least once ahead of loan approval. Online facility enables the borrowers to file their application according to their convenience from any place at any time. You get the loan approval within hours of your application.

The amount you get is related to your repaying ability and current need. Loan tenure changes according to one’s paying back capacity.

You can gain personal loans at low interest charges. You can examine the veracity of the rate by comparing it with various loan schemes and arrive at a reasonable one.

Avail Disability Loan Within 24 Hours For Treatment Purposes?

Getting a loan as a disabled person living on DSS benefits is very difficult. You might have a lot of running around to do and if your disability does not quite support this, then you are in trouble.

Also is it easy to get money because you live on DSS benefits and not really steady income. The answer to this is obviously no, but you no longer need to lose hope. Lenders now offer easy loans for people on DSS benefits within 24 hours as long as you supply details in an online application.

This is present on the lenders website and you can access it from home or an internet café even. Earlier loan applications would be approved if and only if your credit score was good. At loans for people on DSS benefits, people having all kinf of credit tags are eligible to apply. A credit check is not done, so it gets really easy for the lender to instantly approve you.

Lenders have now come forward with instant financial assistance for you through these loans. Not only that you also get an opportunity to improve your credit score and that can be achieved via timely repayment. The amount that can be sanctioned for you via these loans will depend on how much you need for your treatment. Lenders will of course want to weigh your repayment capacity alongside to ensure that you do not find repayment burdensome.

The lender is also not going to make any demand for you to pledge acceptable security first. There is another important factor that you should consider here and that is the fact that these loans carry a high interest rate. That stems from the fact that they are unsecured and lenders are in need to protect their interests a bit.
The other benefits that can be leveraged via these loans include no paperwork. You will not even have to send fax copies of your documents or worry about lengthy documentation.

What is also really good about loans for people on DSS benefits is that there will be no personal visits to the lender’s office to make.

Instant Cash Help to Fulfill Unavoidable Needs

Are you willing to fulfill all your cash need and necessities with a single medium? Then, personal loans are the most excellent loans obtainable for you in the financial market.  You can meet all of your cash needs with the instant cash support from personal loans. Different loan lenders offer these loans to loan borrower so that they can easily meet their different immediate cash needs which can’t be neglected in any case.

People can find personal loans in secured and unsecured loans.  Those people who are ready to put some collateral against the loan amount and need larger cash aid with low interest charges can opt for the secured personal loans. 

All those people who are unable to place any collateral against the loans and need small fiscal aid can apply for unsecured personal loans which offer a small sum of money to loan applicants with high interest charges devoid of late fines.

The good thing about these loans is that people can access these loans in spite of their damaged credit profiles since the loan is exclusive of credit checks.  Bad creditors must pay back the loan amount with interest charges at the right time to avoid late fines.

Getting personal loans is an easy work as there is no hassle of extensive paperwork and loan processing fees on these loans and the whole procedure of this fiscal aid is completed online which is available for you 24*7/365 days. Propel your online request for these loans to the opted online lender to access these loans within 24 hours after loan application.

Quick Cash Assistance For Disabled!

People who are blessed with the perfectly with special talents are considered as lucky whereas some may suffer from mental or physical disability. Any kind of disability does not let you earn enough money to survive. If you are one of them and find difficulty in meeting your regular financial expenditures and desires, you can take the assistance of disability loans.

If you are disabled and your life comes to halt, you can check out the disability loans for the better financial solution. These loans have been designed for the special people who are incapable. You can grab quick money by applying with this loan to pay off your financial expenditures at ease.

Disability loans are suitable loan option for disabled that can be issued in basic two forms i.e. secured and unsecured form. Applicant can choose the loan type according to his financial requirement and repayment ability. Secured form offers huge loan amount for long term duration demanding a security to pledge. On the other hand, unsecured loans do not ask for any collateral and offer small finance.

To apply with disability loans, you can choose the easy and fast online application procedure. A quick application form is needed to be filled out with few personal details. Once you are approved, lender will transfer the borrowed money in your bank account without the wastage of time.

Plus, your bad credit scores will not affect the loan approval of disability loans as there is no credit check procedure. To quickly pay off your financial emergency being a disabled, this could be the effective financial option for all. Apply to get an instant financial support without any issues!

1 Simple Rule to eliminate all your Bad Credit Auto Loan Troubles

Market research and expert analysis can be quite confusing. One day you come across news that says bad credit auto loans are riskier for lenders. The very next day you will hear how deep sub-prime lending is on the rise. Don’t get overwhelmed by the constant news bombing about bad credit scores. Remember that a car is and will remain a necessity for Americans. People need it to drive to their jobs. Recession or boom – cars are here to stay.

Also, the auto lenders will remain attracted to the sub-prime market. This is because a large population of America has bad credit score. So, don’t worry about news reports that say bad credit auto loans are getting difficult. Just start working on getting an affordable car loan with this auto financing guide.

1st may not be THE BEST

Remember that good things come to those who work hard for it. Opting for the very first sub-prime credit car loan quote will be a bad decision. Take your time in doing research. Ascertain your financial situation before taking any decision. Calculate your car budget carefully. Remember! Your auto loan has the potential of improving your credit ratings as well as the power of ruining it. So, choose an affordable vehicle that will ensure easy payments.

Lesser Risk – Higher Approval Chances

This is the simple rule that can help you acquire bad credit auto loans. Lenders don’t want to lose their money by approving a risky bad credit application. Your approval chances will rise only when the lender won’t have any tension of his money.

How to reduce the Risk Factor?

A lender sees you as a risk because of your credit history. You need to ensure him that you are capable of assuming a financial burden. Here are ways to help you decrease the risk:

Manifest your Financial Capacity

Lenders are willing to offer auto loan to bad credit borrowers. But, they want regular payments which is only possible with stable income.

1. Recent pay-stubs/IT Statements and Employment Verification Letter can be used as proof of your stable income and employment.

2. Show your bank and financial statements to the lender. It will help him analyze your financial situation.

Lower the Loan Amount

Lenders won’t have trouble in approving a smaller loan amount because it is less risky.

1. Opt for a less expensive used car because it will reduce the loan amount.

2. Pay 10%-20% of the car cost as down payment and lower the loan amount.

3. Trade-ins and rebates can be useful in reducing the car financing amount.

Others

1. Inform the credit bureaus of any error in your credit report. This will improve your score and have a positive impact on the lender.

2. Co-signer can lower the risk because the lender will be assured of regular payments.

Once the lender is sure of your commitment and current financial standing, he will approve your bad credit auto loan. This is because he will understand that bad credit is just your history and nothing else.

So, next time you begin your car financing journey, don’t forget the simple rule of 'Lower Risk – Higher Chances'.

Rapid Car Loans is ideal for every bad credit car buyer. The company guarantees lowest rates and flexible terms to sub-prime credit borrowers. Apply now to get affordable bad credit auto loans program.

A New Financial Hope For The Disabled People

Loans for the disabled people are especially given to disabled people who can't complete their needs and requirements on time. Disabled people are those who aren't able to earn adequate amount of money to complete their critical needs. With the assistance of these loans, they can avail money for any kind of urgent needs. Those who are mentally impeded and physically handicapped can get benefit of these loans without any hassle. 

There are two methods to obtain these types of loans. In first, you have to fill out a simple application form that you can get from the lender's office. In the second method, you have to fill out a quick and easy online application form. Online procedure is better than first scheme especially for the physically disabled people.

Generally, loans for disabled people are planned for achieving borrower's short term needs. The good thing to get these loans is its quick and easy availability. There are certain circumstances that must be fulfilled by borrower before getting these loans are as, you must be 18 years old or more, Resident of US, Holding influential residential proof and Valid bank account with few savings.

The people who are suffering from diverse disabilities such as physical disability, deafness, blindness, people with evaluation and learning disability are also eligible for these loans. If the applicant is suffering from intellectual disorder, then to obtain these loans has become more cumbersome as you are not in state of affairs to work or understand the things clearly. To obtain these loans any kind of credit check and documentation is not required. 

The main difficulty of this loan is that interest rate is comparatively higher than other type of loans because it is a short period loan. They can avail funds from $100 to $1500 for a repayment period of 14 to 31 days.

Is 8 Year Auto Loan Term beneficial for New Car Buyers?

Cars and car loans have become equivalent. If you want to buy a new car, an auto loan has become a complete necessity. With growing need of auto financing and increasing competition in the car loans market, lenders are constantly trying to innovate. Past several years have seen pioneering ideas like no money down auto loans and no co-signer car loans. This year has been no different in terms of innovation because lenders have brought highly unconventional "8 Year Loan Terms".

Auto lenders have become increasingly enthusiastic in offering car loans with unexpectedly longer terms. Experian Automotive March 2013 report divulged information about the average loan terms. The average terms have increased to an all-time high of 65 months. And, now the experts are predicting that 96 month loan term will become popular.

Why are Loan Terms becoming longer?

The report also disclosed the rise in new car loan amount. The average new auto loan amount for Q4 2012 has increased by $272. This shows that car prices are rising steadily which makes it difficult to buy a new car. But, if the new car sales dip, it would affect the automobile industry. So, lenders have started offering longer terms to help Americans fulfill their new car dream.

Also, there is a growing appetite of consumers for car loans. The current economic period is better compared to the recessionary years. Credit borrowers have performed exceptionally well in making regular payments. This allows the lenders to have faith in car buyers.

Benefits of Longer Car Loan Terms

Buying your Dream Car

It is not possible for everyone to buy a new car because of high monthly payments. But, longer terms ensure affordability. This gives you the opportunity of buying any car you want.

Lower Payments

If you opt for shorter term, you have to deal with high payments. But, longer loan terms allow you to lower your monthly payments. This means you will experience considerable ease in making payments. An example will make things clear. If you buy a car for $35,000 at 4% for 4 years, monthly payments will be $790.27. And, if you extend the term to 8 years, payments will be approximately $426.62.

Regular Payments can improve your Credit Score

A 7-8 year loan term is a big responsibility. If you are able to make regular payments, your credit score will definitely increase. It will also show other lenders of your commitment and financial capacity.

Problems with Extended Loan Terms

Pay More towards Interest

Longer loan terms give you flexibility by offering affordable payments. But, you have to pay a price for it. Over the entire term, your total interest amount will be on the higher side. Let's use the same example of $35,000 car at 4% for 4 years and calculate your total payment towards interest. It will be $2,932.81. And, if you opt for 8 year loan term, it will be $5,955.97. This means you will have to pay $3023.16 more.

Higher Chances of Upside Down

A car is a negative asset because its value decreases over the period of time. The depreciation rate of a new car is phenomenal which means there are higher chances of an upside loan. If such a car is stolen or is involved in an accident, the insurance amount won't cover your loan amount. This will be detrimental to your financial condition.

Maintaining your Car

If your car has warranty, your maintenance cost will be low. But, when you opt for 8 year term, your car will not have any warranty in the last few years. This is because most new automobiles come with warranty of 3-5 years.So, your maintenance cost will increase in the future.

Every innovation has its pros and cons. And, its importance is going to be different for every individual. So, think through and decide whether "8 Year Loan Term" is a stunning opportunity for you.

Best of luck in choosing the best auto loan term!!!

Rapid Car Loans is the perfect auto financing partner for every new car buyer. Get highly customized new car loans option and get an opportunity of making highly affordable payments. Apply now and enjoy no obligation free loan quotes.

The Most Preferable Way To Obtain Instant Cash

Cropping up of unexpected monetary emergencies is a common factor. Things will turn out to be bad, if at such circumstances your bank account as well as your pocket is empty. Instead of wondering for funds, apply for same day loans. Through these loans you can effortlessly get enough money to meet such unexpected emergencies.

These are short term loans and typically unsecured in nature and to apply for it the borrowers do not require placing any collateral.

The best thing about these loans is that they get approved within a very same day or within 24 hours. No credit check is done by the lender for the endorsement of the loans. Least time wasting formalities and paperwork makes the process more hassle free. Thus, the whole loan process becomes swift and convenient. These are the main features that have made these loans so trendy.

The amount that can be acquired through these loans may range from $100 to $1000. The pay back term for these loan ranges from 2 weeks to 4 weeks. The amount may extend up to $1500 depending on the borrowers monthly revenue and requirements.

These loans are basically meant for timely unexpected needs and desires. The loaned sum can be utilized to meet expenses such as medical bills, wedding, electricity bills, vital travel expenses, tuition fee and credit card repayment.

The borrowers who earn more than $1000 are only eligible to apply for same day loans. Along with that he should also have a valid checking account and residential evidence.

For obtaining same day loans, online mode is known to be the most beneficial alternative. There are several online lenders who will offer these loans with sensible interest rates. By getting free quotes the borrower can evaluate them and obtain the one that best suits his requirement.

These loans are quite beneficial as they can be obtained within a single day. The amount availed through these loan is enough to meet your unexpected pecuniary requirements.