What is the Perfect Reverse Mortgage Borrower

By Kablamn Vanrock

As a guy who specializes in reverse mortgage lending I obviously get many calls from would-be customers. I listen to their situations, ask questions, and arrive at conclusions.

I certainly don't tell all of them how great the reverse mortgage is for them. It's simply not a great option for all of them.

The reverse mortgage is a poor choice for some, 50/50 for some, good for some, and a great choice for the rest. I wish to tackle the latter group.

Closing costs are expensive for these mortgages. As such I'm very interested to know the time frame a senior plans on residing in the home.

So, this goes to the questions of the "cost of money". In other words how much is it going to cost this person or couple, over time, to get this loan to solve whatever financial issue they want to solve.

The answer I like best from them is "until i die". This is best as the true cost of the mortgage, on an annualized basis, goes down the longer a customer stays in the home.

When getting a reverse mortgage you will receive a disclosure which discusses how the costs reduce as the loan length increases.

It will show various years down the line. You'll notice the further away you get from the day you close the cheaper it is.

Along with a long mortgage period the best reverse mortgage customers are those without the ability to add income to a financial situation which is already under water.

Fixed incomes play an important role in making up the perfect reverse mortgage customer.

I'd say the final attribute of the perfect candidate is that of not having a vital interest in leaving a large inheritance to the kids. This group is thinking about the rest of their own lives rather than the rest of their kids lives.

Some people are dead set on leaving as much as possible to the kids. Reverse mortgages rarely sit well with these folks because the interest is constantly working against the equity in the home.

To conclude we're looking for three things: "they're going to carry me out of the house", non-recoverable financial hardship, and lack of desire to leave inheritance to the kids.

About the Author:

In the great state of Texas, reverse mortgage education can be had by going to this link coveringmany questions. Additionally, tons of good stuff covering the texas reverse mortgage will be obtained by clicking this link.

Investors Be Careful with Reverse Mortgage Proceeds

By Diogie Vanrock

It's no secret that the stock market is down some 30% over the last 12 months. With so many seniors with money in the market I'm starting to get a bunch of calls from a subset of this group.

These folks are attempting to use a reverse mortgage to access their home's equity. There are some excellent reasons to use a reverse mortgage. Then again, there are some excellent reasons not to.

When evaluating whether a reverse mortgage is the proper financial tool for any individual or couple I look at how long the borrower plans on staying in the home. This is important as the cost to obtain the mortgage are costly for short term reverse mortgages.

As the borrower stays in the home for longer periods the less pricy the loan becomes as we determine the cost of money on an annual percentage.

What some of these folks are wanting is to use proceeds to invest either back in the market or into other investments outside the market.

What is catching a portion of their attention is the fact that interest rates are just unbelievably low. It makes the cost of that money very attractive.

As of this week the ARM is just under four percent. In the short run this makes this loan pretty nice. In the longer run it's average is in the six percent range.

I'm in the business of getting people reverse mortgages and feel it is my duty to help my customers make good choices. One thing they should be doing is to make sure their next investment returns more than it costs.

In my conversations with the borrower I always discuss the fact that rates will not continue at their current position indefinately. They will go back up.

It is true that most economists and people in the know (perhaps you've seen them on Fox) feel rates will continue to hang out at a low level for some time.

When rates are high it is difficult for big business to borrow. This is hardly ever good, especially when the economy is in such bad shape as it is now.

I have no doubt rates will be down for some time, but it I have to wonder how much some of these borrowers are thinking through the costs as opposed to the benefits.

Whichever investment the borrowers choose should have very good returns to not only beat the interest rate on the money, but the cost of getting the reverse mortgage in the first place.

About the Author:

Get twenty California reverse mortgage Q&A's most people want to know at this site. And this.... Download a California reverse mortgage guide including five big pitfalls revealed.

Achieving A Healthy Credit Score Is Crucial

By James Read

A good credit score is fundamental in our financially forced order. Paying your bills on time, informs employers and business organizations that you are a good financial risk and will give you a healthy reference mark. You would be amazed to know that this information can be utilized, no matter what place you have in society. From job chances to purchase a home or a motorcar and acquiring a credit card, a individual must have a good standing in their credit history.

If you wish to buy a new home or automobile, then your credit history must be in healthy standing. To be able to buy luxury items like holidays on your charge card, you must first fix any credit problems you may have if you desire, long-term fiscal freedom. You can pick up this data without too much trouble and the good news is, it's free.

You can pick up out your credit grade on the world wide web as they are many business concerns that provide this information for free. There are companies that will provide people with their credit score for free on an annual basis. You are able to view your credit grade or any outstanding bills] by answering a few simple questions, which most people would be able to answer. If you pick up that you have a bad credit score which will stop you from buying anything on hire buy, there are a count of things you can do to repair the problem.

One of the first things an person can do to increase their credit score is to clear any old bills. Even if this was for 10 years ago, it will assist in credit individual's credit scoring immensely. Once the bills are entirely wiped clean, an individual can begin obtaining a no credit or bad credit Master Card or Visa. This will be helpful for a individual to begin acquiring a fabulous credit grade and be able to purchase their dream home or vehicle. This can help a individual to increase their credit mark, which will enable them to purchase a new car or their dream house. Paying off any old debts will aid a individual increase their credit grade and assist them to buy luxury items on the credit.

It takes only a a couple of short months to gain terrible credit and it takes a a couple of years to create a better credit marking. A happy way to start would be to purchase a few small items and then almost straightaway pay them off. This method will not only boost a person's credit rating, it will also help in attaining a higher amount on the charge card.

Every individual runs into hard times in their life. Paying your bills for a couple of months may be a problem. All Of A Sudden your credit history starts to fall, this is when many people have problems with debt. You your credit mark once again and there are many methods to do this. Just because you have found a few problems in your life it doesn't mean that you will never be able to purchase items on credit.

About the Author:

To find out exactly how you can get Credit Rating Reports info visit my credit scoring website.

Credit Repair via Credit Counseling

By Rob Kosberg

If you considered repairing your credit yourself, but decided that this was not for you, a credit counseling agency may be your choice. Sometimes you may be feeling so guilty and emotional about your debt and poor money management that you have to get help from someone else.

When you open a newspaper or go online you will find an abundance of agencies with magical sounding claims about fixing your credit immediately if not sooner. You should be able to tell right away that such claims are nonsense. So, while you're surfing the net you notice that there are some claims to offer you a choice of agencies that, after you give them some of your information, will call you with help. They will call, but not right away. Then they will call again and again. Some may even b e nasty with you.

When you first read the claims of some of the agencies, you should be able to tell that the claims are ridiculous, such as: repair credit overnight. While those kinds of claims are fairly obvious, others are not. The internet will have ads for you to have several agencies contact you for help. You provide some information. What you might end up with are some annoying and possible nasty phone calls.

Initially, you want to contact agencies to get an idea of what services are offered, time frames, rates and any other financial help available. Some of the agencies will ask for your financial information before they will provide agency information. Avoid these agencies. The basic information is a must.

Any agency that you contact should be more than willing to explain how they operate, the services they provide, cost structure, any other available help without knowing any of your personal information.

Once you locate agencies that provide you the initial information, you are going to want more questions answered. You will need to hear the effect this process will have on your credit report, the debt management services offered, possible money management workshops or seminars. You must know how the agencies will keep you apprised of their activities.

A very important bit of information that you need to know will be fees for the agency service. There are agencies that ask for big sums of money to initiate the service in addition to a large monthly fee. If you can't pay your debts now, how will you pay exorbitant fees? Beware of becoming involved with a process that is extended over a long time because of fees, even if the agency says it is nonprofit.

Using credit agencies requires effort on your part, but you should be able to find a reputable agency to partner with you, and have your interest at the forefront.

About the Author:

With unprecedented problems in the credit markets it?s more important than ever to have excellent credit. For more information check out Rob Kosbergs' Detailed FREE Guide on Maintaining and Repairing your Credit Score by going to Bad Credit Repair for your FREE information.

Trading And Stock Option

By Walter Fox

The privilege sold by one party to another that will give the buyer the right, but not an obligation to buy or sell a stock at the agreed upon price within a period of time or on a certain date is known as stock option trades. Stock option trades have evolved into one of the busiest markets for the buying and selling of commodities. You can gather more information on how to learn the art of trade options.

Stock and option trades offers to learn to trade options in the stock market education and trading systems, expert trade alerts, stock market education on Trading Stock Option. It is one of the fastest growing companies in the world serving individual investors or corporate people to getting the stock alert from the money mangers through pioneering trade.

Offering innovative approaches to the stock market trading through its refined trading system is one of the things that Stock and Option Trades offers. Some of the other things that are offered are Market Educational Newsletter and an Interactive Blog, Trade Alerts, and Trade Updates. These quality services have been used to produce dependable winners. They have also used them to learn how to produce unbelievable trading outcomes.

Many universities and individual experienced trade people use many different types of teaching and learning methods. Many marketing research companies provide courses that teach the stock option trading system. Advanced stock option trading courses can be taught through power options.

There are many benefits of stock options and one of them is that of making a profit on any type of market. Whether prices are up or down, making a profit is what is important. This is achieved by using options to your benefit even in a volatile market when prices are on a roller coaster market. Many times that typical person is good at swiftly turning a small investment into an immense reward, without having to worry about the market trends.

The learning of trade options has changed how the average investor gets involved with their own stocks. Company information has become wildly available and easy to get hands on, this makes researching and finding stocks to trade is as easy as turning on your computer.

The buying and selling of the same kind of option agreement is known as an option spread trading strategy. Call strategies entail the trading of calls and to put strategy on going long or short on multiple contracts. The market must be rising for the trade position to be gainful and moving onward.

There are many online option trading companies that are making information available. This information is about the existing market strategies and makes it possible the get all the market information that we feel comfortable with. By being able to get this kind of information online allows us to get a single platform for multiple exchanges and makes it convenient to look at whenever we can all in one place. Vertical, Horizontal, free lines and trend are just come of the studies that are offered.

About the Author:

TheScienceOfTrading.com provides 90 free minutes of videos on stock option investing and provides a complete and detailed option trading course for beginners to experts.

Is there Good Debt?

By Michael Geoffrey

Some people think that all debt is bad. But that is not the case. There is some debt that is actually good. Below are some instances where debt would be considered a good thing.

Obtaining a mortgage to purchase your home would be an instance where making a debt would be a good thing. Investing in a home is smart because your home will appreciate so even though you are taking on a debt you are in a position to earn money in the long run.

* Student loans - Getting a college education is a good investment as well. By earning a degree, you put yourself in a position to earn more money over your lifetime.

* Debt associated with starting a business - Starting your own business can be a risky proposition, but it's done with the intention of earning money. However, some of the assets you purchase will depreciate rather than appreciating. But for practical purposes, you can consider this a good debt.

More often we talk about debt that is not so good. Some examples of this are:

Financing a car ? unlike a home your car depreciates rapidly. That means you are not investing your money with the potential for a greater return in the long run. The money you spend is gone.

* Credit card debt - Although credit cards can feasibly be used to purchase things that appreciate, they are in general considered bad debt because of the types of things that are usually bought with them. The overwhelming majority of credit card purchases are things that lose value.

Another bad debt is borrowing money for personal use such as to purchase higher priced items or maybe to fund a much needed vacation. These are at times necessary but will not earn you money in the long run. Since they are not an investment this is not good debt.

Good debt does not mean that it can not be harmful to us if we are not careful. Taking on good debt should be thought out carefully. The lender should not be the only one crunching the numbers to see if the debt is within our ability to pay. We have to take personal responsibility for counting the cost and being sure we will be able to make the monthly payments.

Also, bad debt is not always something to be avoided. To have a reasonable amount of what is considered bad debt is fine. We just want to keep it at a moderate level and not allow it to get out of control. Just like good debt we want to be sure we can handle the payments and only take on bad debt when necessary.

About the Author:

Are you tired of buying financial guides that promise the world but just don't deliver on those promises? We offer unbiased reviews of many different products in the debt, credit, investing and real estate markets, to name a few. Visit http://www.financeproductevaluations.com to check out our latest reviews, such as our current top pick Debt Free In 3.

Why I should buy San Antonio Home

By Jin Kim

Most people when they considering either selling or buying a new home they will wait until spring arrives to do so. But if you want to get a great deal on a home whether it is in San Antonio or any other city then you should look at buying it before the end of the year. There are plenty of reasons for you to consider buying a San Antonio home before the end of the year.

Below we take a look at a few of the benefits that you can get if you choose to buy a San Antonio home at the end of the year rather than at the beginning.

Benefit 1 - If you find that you are in a position to close the sale on a home by the 31st December this will help when filing the following year's income tax return. You will be able to deduct from your income tax return any mortgage interest payments, property taxes and points relating to the loan from it. Also buying a house at this time provides you with the opportunity to deduct off the interest costs from the home equity loan you have taken out. This will mean that during the first years of the loan the amount of interest you are repaying to the lender is far less.

Benefit 2 - People who have been trying to sell their homes will be more motivated to try and get the sale completed before year end as they will also benefit from tax savings. You may find that such people are going to be more willing to negotiate on the sale price with you in order to get their property sold. Currently because of the financial climate this is a buyer's market and you mind find getting your dream home has become somewhat easier.

Benefit 3 - If you are intending to buy a new home then the chances are in order for the builder to get rid of it they offer potential buyers incentives to do so. Often the construction company who built the property will provide a number of extras in order that they can get the property sold by year end.

As we have shown in this article there are plenty of reasons why it is worth considering purchasing a San Antonio home or any home for that matter elsewhere before the end of the year. Certainly with the way the real estate market currently stands you may find yourself getting your dream home a lot more quickly and easily.

About the Author:

When thinking about buying San Antonio Home, find tips at San Antonio Home, and San Antonio Home

Tips on selling Pittsburgh Home

By Won Kim

It is important in order to find the best real estate agent you do some research beforehand whether you are going to be buying or selling a property. Certainly when it comes to selling say a Pittsburgh home you need to know everything you can about the selling process. Just what kind of marketing strategy does the agent use, what type of advertising is done and how much knowledge do they have about the market.

You should never go with a particular real estate agent because they say that they can sell your home for a better price than their competitors. In all likelihood any potential buyers for your home will not be willing to pay more than they feel the property is actually worth. In fact with today's current financial climate buyers are becoming more selective in their choices and carrying out plenty of research before making an offer. One thing they will do is look to see just what other houses similar to your own have recently sold for.

So it is important that you just like any person who may consider buying your Pittsburgh home you do your homework first. It is crucial you do some research into the various agents in your area and create a shortlist of those you are thinking of using. When you want to look more closely at them there are certain questions you should be asking and below we look at what these should be.

1. Find out just how many homes that they have listed and how many they have sold in the previous six months. It is best that you choose those agents who have homes similar to yours on their books. If they are unable to provide you with details of the properties that they have sold then move on to the next one on the list you have made.

2. Enquire about how long it is taking them to sell Pittsburgh homes. Although they may be selling properties quickly it does not mean the market is buoyant. The fact is that one agent may sell homes more quickly than another because they are being sold for under the market price quoted. Again you need to spend time looking at what price the agent originally put the property on the market for and what price it finally sold at. Remember you want a real estate agent who can sell your home quickly but a fair price (close to the market value).

3. Find out how long they have been in business for and what if any organizations they belong to. Although an agent may have held a license for several years you may discover that they have only been running their business on a part time basis. These agents tend not to put your Pittsburgh home high on their list of priorities. Instead although an agent may have been running his business full time for 2 years they will ensure that the effort is put into selling your home at close to the price you are asking.

About the Author:

For best advice on selling Pittsburgh Home, please review Pittsburgh Home, and Pittsburgh Home

Selling Tucson Home

By Won Kim

The current financial crisis is impacting greatly on all aspects of our lives and especially when it comes to selling property. Today there has been a substantial increase in the number of home foreclosures, as people are simply finding it too difficult to keep up the remortgage payments on their homes. If you find yourself in a situation where you need to sell your Tucson home or Pittsburgh home then below we offer some tips to help you sell at a fair price.

Tip 1 - Before you even put the house on the market you need to decide how much time is going to be allowed in which he has to be sold. If you can set up a time frame for the sale of your home you will then be in a better position to price the property accordingly so that you can meet it.

Tip 2 - It is important that you work out exactly the price at which you want to sell your home for. Putting a price on your home that is too high will simply price you out of the market. Spend time looking at what other similar properties in your area are currently on the market for, how long they have been on for and also what ones have recently sold for. Use these as a base line for the price that you want to place yours on the market for.

Tip 3 - You should work very closely with the agent who is trying to sell your house especially in the volatile markets of today. Be prepared to listen to their advice and allow them to promote it in the way that they feel is most appropriate. Make sure that they select the advertising that is going to be most effective. Along with advertising it in local newspapers make sure that if they have a website they also place it details on theirs.

Tip 4 - If you can afford to try and make sure that your house is value for money, which doesn't mean you have to sell for less than other similar properties available. Instead offer some little extras over what your competitors are offering and sell to the potential buyer for the same price as them.

Above we have looked at some of the things that can help you to increase the chances of selling your Tucson home when the market is volatile. The more willing you are to make concessions at time such as these the more potential buyers you will have coming to look at it.

About the Author:

Tips on selling Tucson Home, please check out Tucson Home, and Tucson Home

Los Angeles County Home

By J. Kim

Finding the right realtor in order to sell your home in Los Angeles County or anywhere else can prove a problem. There are plenty of realtors who are willing to sell a Los Angeles County home who claim that they can do so much more quickly than anyone else. But what you really need is a realtor who will not only sell your home in a timely fashion, but will do so by meeting your particular requirements.

Therefore you want a realtor who can not only assess your needs with regards to selling your Los Angeles County home, but will also devise a plan that ensures that this occurs. Remember the plan they devise should be the one that meets your particular needs and will ensure that a profitable sale takes place in a timely fashion.

Below we offer a number of guidelines to help you when trying to find a suitable realtor to use when trying to sell your home.

If you contact the realtor by phone or email then see just how long it takes them to respond to this initial contact. Those who immediately contact a person back are going to work all out to try and get you what you want. Whilst those who take time over contacting you could end up costing you money as you fail to get that sale you were after.

Once you have made contact with the realtor arrange an appointment to go over matters and don't be afraid to get them to provide details of their sales records. If they are unwilling to do so this may well be because there is something that they don't want you to know about.

Also when the first meeting takes places arrange them to provide you with references from previous clients. Nothing speaks more to a person regarding a realtor's reputation than these. If they do provide these willing make sure that you can contact some and do so as this will enable to check them out further.

You should at this stage learn more about the ways in which they intend to market your home before you actually agree to them acting on your behalf when trying to sell your Los Angeles County home. Yes advertising it in newspapers is great but it is also ideal for them to have an online presence. Initially when people are searching for a home to buy one of the first places they now look is the internet so the more presence the realtor has online then more chances there are of your property being spotted.

About the Author:

To find the perfect realtor for Los Angeles County Home, please review Los Angeles Home, and Los Angeles County Home

Be Careful With High Risk Personal Loans

By Trinity Flutie

If you are in need of money to help cover expenses for a few weeks or months, a high risk personal loan may be a good option. They will usually have a high interest rate, but because they are only issued for a short time, they arent that costly.

Getting approved for most high risk loans is quite easy. Since the lenders charge interest that is extremely high, they are willing to loan to almost anyone. As long as you have a job, a bank account, and are 18, you can probably get approved for a loan without any difficulty.

An added reason these loans are easy to qualify for is that there is no requirement to offer collateral. The lending source generally isnt concerned with having something to back up the money so you dont have to own something big to be able to qualify.

Getting approved for a high risk personal loan usually only takes an hour or two. As long as you're approved, the lender will direct deposit your funds into your account within 24 hours or so.

If you're considering taking out this type of loan, there are plenty of online sources. Banks generally don't offer this type of loan. If you can qualify for a signature loan from a bank, your interest rate will probably be a lot lower.

Most providers of this type of loan can be found online. Many also have local shops that you may be able to find in your town or city of residence. Some people are more comfortable applying in person and if this is the case for you, go ahead and walk into the lender's place of business.

About the Author:

Trinity helps people to learn the risks of 'private loans for bad credit', especially high risk guaranteed personal loans.

Devise your own Credit Repair Plan

By Rob Kosberg

You have reached the point in your life that you realize that you need to make some drastic changes in how you manage your spending and credit before you reach the point of no return. You do not want to rush into "debt consolidation" or use a home equity loan. You need to have a plan that is worked out very carefully.

First of all, you are going to need to collect all your credit reports, credit card and bill payment records, mortgage and loan information. It is likely that some of your repair activities will be going on simultaneously. Debt worksheets are available online to help you.

Remember that there are 3 major credit reporting bureaus and you need all 3 reports. You must make sure that the reports are accurately reflecting your credit profile. Be like a bulldog and hang on. This will probably take some written communications between you and the agencies.

ALL of your financial obligations must be recorded in writing. This will be important for the money management part of the plan. All credit cards can be listed according to highest to lowest interest rate. Write down the minimum monthly payment on each card.

Now need to know your DISPOSABLE AND DISCRETIONARY INCOME. These "d" words are significant for your plan. Disposable income is the amount of money that comes out of your salary to cover necessary obligations like mortgage, food, utilities, insurance, car, credit cards. Subtract total disposable income from salary, you have discretionary income, the amount to be applied to debt.

Next, decide which loans and credit cards you can pay down in the order you can do so. When tackling the first pay as much as you can, and pay minimum on the others. When number one is finished, apply that amount to the next and so on. This is "tough love" money management style and will be needed for quite awhile.

To immerse yourself in this change of pattern of handling money, you need commitment and will not feel comfortable for awhile. Lifestyle changes are needed. You will need to cease unnecessary spending, buy only essentials, avoid travel, eat at home, pay bills on time and stop charging.

This situation didn't happen overnight and it won't improve overnight. Is it worth it? This is your financial life. You are the one who has to save it.

About the Author:

With never before seen challenges in the credit markets it?s more important than ever to have excellent credit. For more information check out Rob Kosbergs' Detailed FREE Guide on Maintaining and Repairing your Credit Score by going to Bad Credit Repair for your FREE information.

A Mortgage Refinance Primer

By Ned Dagostino

There are two common situations which lead people to consider refinancing their mortgage. One is to save money by taking advantage of lower interest rates. The other is to manage an unwieldy debt repayment situation. If you are currently looking out to refinance your existing mortgage here are some important points you should consider very carefully.

Debt management is a prime reason for refinancing. If you find yourself wrestling around with the same repayment issues every month, then it may be a good idea to get a loan on your mortgage by refinancing it. Use the loan to pay off all your smaller debts. This leaves you with just a single loan repayment every month. Do choose a repayment scheme which you know you can handle easily.

If you're keen on saving money by reducing the interest burden of your current mortgage, then getting a fresh financing scheme may help you save a sizable sum of money. This works if your current mortgage is linked with the variable market rate, the current interest rate is very high and the market trend shows no inclination of climbing down. You can save a lot of money by opting out of your current mortgage and getting it refinanced. The secret is to get a fixed-rate loan with a reasonable interest rate.

Don't get carried away with the idea that refinancing is advisable for all situations, or that it will benefit you at all. There are many situations when refinancing can cost you heavily.

Refinancing is not as sweet as it looks. There are a number of fees that have to be paid for refinancing the mortgage which are not disclosed to you. It's only after you have gone too far into the deal to turn back that you are made aware of these hidden charges. Be persistent in finding out all the nitty-gritty details about these hidden fees from people who have already taken a refinance. Deduct these fees from the total savings you expect to make. If the money saved is reduced to an insignificant amount, you might as well stay with your current plan.

Refinancing your mortgage is a serious financial decision. Therefore you should perform a due diligence market survey before taking up a refinance option. Find out the various plans and schemes offered by various companies in your locality and online. Carefully weigh the pros and cons of these schemes and tabulate your results for easy analysis.

You may not know it, but refinancing may impose certain penalties on you. The previous financier holding your mortgage may impose a penalty to release the mortgage. This could be heavy if you have not anticipated it. The mortgage broker can exact a fee called origination fees or simply as 'points', which could severely affect your savings. Take all these penalties and payments into consideration when computing your expected savings.

Total up all the upfront costs that the refinancing company will take to initiate the refinance. Balance these against the savings you expect to make over the duration of the refinance plan. If the savings is negligible it will be advisable to shelve the refinancing for the present. Consider also the chances of your having to move within the next couple of years. If so, then the refinance will be a waste of money.

Refinancing your mortgage can be very helpful indeed. It can save you quite a bit. You should survey the refinance market very carefully and minutely. Find out all the options available to you. Find out all the fees and charges that will be taken upfront. Compute the savings you expect to make and then deduct the upfront fees to determine whether taking the refinance is a good idea. A wrong decision here, a single point overlooked, can mean ending up losing money with the refinance. Remember, refinancing is a very serious financial decision. The benefits differ from situation to situation, and sometimes even within the same situation.

About the Author:

There are many other refinancing choices available to you in addition to a simple house refinance. You can refinance almost any loan including your vehicle, trailer, or even a manufactured home refinance can put extra money in your wallet. Visit www.Home-Mortgate-Refinancing-Loan.com to learn more.

Advanta Credit Card Scam

By John Monderine

I sit at my desk completely frustrated with Advanta. I opened up a business credit card with them 3 years ago and made a purchase of $6500 to help build my business credit for Rapid Recovery Solution, my Collection Agency. I have paid more then the minimum every month, on time. November 2008 I noticed that my interest rate seemed a little high. No where on my statement did it say the actual interest rate so I called the company. After 10 min or so I get a live rep on the line and they tell me it is 36.1%. Are they kidding, this must be a mistake. I have over a 750 score and never missed a payment. They said they sent me a notice in Aug that they are doing this due to a change in there lending methods. It turns out this is the second time this year they did this. I went from 8.99% in Jan 08 to 18.99 in Feb 08 to 36.1% in Aug 08.

Now, being in the industry for over 10 years I know that I need to watch my credit. I look for charges I didn't make and it is tough to scam me. I have seen it all but this takes the cake. They told me I am now at a high risk for default so that is why they raised my interest rate? That doesn't make any sense. They should lower my rate if they think I will default on my credit card. How will an increase in what you are charging me keep me from defaulting. Luckily, I have the ability to pay off this card today but I want everyone to realize that these companies have you by the short-n-curly's. Watch your statements and lookout for this scam.

FYI, In NY, the maximum interest rate is 30%. They are charging me more then the maximum allowed in my state. I will send a letter to the BBB, the NY Attorney General, the UT Attorney General and the Department of Consumer Affairs.

As a nation we are in deep trouble. If a credit card company can just raise my rate because they feel like it I am positive that 99% of their customers are also paying 36.1%. How many other credit card companies are doing this to innocent people? We need to fight back. I am going to tell as many people as I can.

Unfortunately, there is nothing we can do except payoff the card. I was told I am a high credit risk. I paid the bill in full after I realized the rate was so high and the next month I received another bill for more finance charges for about $255. I paid that bill in full. I just received another bill in the mail for $5.65 and my rate was changed to 37.99%. Another point higher.

I had a few minutes so I called again to see why the rate went up again and they said "Sir, you have been classified as a very high credit risk and as a company we can't risk you not paying your bill with us." I said "I just paid my bill in full with your company, I have never had a late payment with your company in three years, I have one mortgage on my house for $290K, 25 years left at a fixed rate of 5.375% and it is worth over $500k and almost zero credit card debt personally. I am in the fastest growing industry right now, CNBC expects the debt collection industry to grow at 25% a year for the next decade. What else would I have to do to receive a better rate?" The extremely rude lady said "Sir, you would need to send a letter to Santa Clause and maybe he can help you out."

The Government should put a maximum rate in place for the next year or so on all credit card debt. If the credit card companies are truly worried about consumers defaulting on their obligations, wouldn't it make more sense to lower the rate so we can continue to make the payments? By raising the rate, it only makes it harder to pay and more likely that a consumer will default. The credit card companies are preying on the weak right now hoping you don't pay so they can pound you with the highest interest rate. When you do default, they now have a higher balance to sell to a collection agency. In my eyes, this is a crime.

The Government doesn't care either. Instead of giving the banks 350 billion dollars, They could have sent $1151.98 to each US citizen to pay towards credit card debt. The banks still get the money but we the people get a little break on our bill. The average family of four would receive $4607.92 to pay off a credit card. They reason that the banks need the money so they can lend money again to us? Are they crazy? All the banks did was raise the interest rates on our cards and pocket the money without ever having to say what the money went towards. No accountability!

Now the geniuses in Washington are considering giving billions to the auto industry so they can produce more shit cars that we can't afford. How about giving the money to everybody with a current auto loan so we can pay for the car we already have. The money would still flow to the banks and auto makers via we the people.

Good luck America, your gonna need a miracle.

I feel better now. I was very upset prior to writing this blog. I hope everybody reading this realizes that if it can happen to me it can happen to anybody.

John Monderine Rapid Recovery Solution, Inc.

About the Author:

John Monderine is the President of Rapid Recovery Solution, Inc. a Debt Collection Agency. If you need help getting your past due accounts paid go to his Collection Agency website for a free quote.