Should you respond to Saxton Associates or Credit 9 and trust them with your debt consolidation process?
If you have been thinking about it and you just received a “too good to be true” loan offer in the mail from Saxton Associates or Credit 9 – follow your instincts. Do you really think you qualify for a 3.99% interest rate? Do you really think that reservation code is especially for you?
Credit card consolidation can help you in a number of ways to eventually pay off your entire debt. It can provide you with many benefits, such as reduced overall interest rate, lower monthly payments and simplified payments.
Credit card consolidation combines all of your credit card balances into one grand total. Thus, you have to make one payment each month rather than multiple payments. The right credit card consolidation option payment entails smaller interest expenses, which, in turn, makes debt repayment much easier.
Here are the 5 best credit card consolidation options that you can consider to pay off your credit card balances:
Working with a non-profit credit counseling firm is one of the best means of credit card consolidation. These firms first analyze your unique financial scenario and then suggest a plan that will help you to overcome your financial problems. Non-profit credit counseling firms can serve you in a number of ways. They can help you with budgeting, spending habits, debt management and money management.
However, before committing yourself to any credit counseling firm, you must do your research to ensure that it is a reputable organization.
The credit counseling firm will negotiate with your creditors so that you gain concessions to help you pay off debt. All of your credit card balances will be combined into a single amount so that you have to make a single monthly payment. You will make the payment to the credit counseling firm, which will then pay your creditors. Credit counseling firms negotiate with creditors to lower your interest rate, reduce the debt amount, waive fees or gain any other concession.
You may have to pay fees for some credit counseling services. You may also have to agree to certain terms, such as not applying for a new line of credit or using the credit cards that you currently hold.
Personal Loan for Credit Card Consolidation
Personal loans are another means of credit card consolidation. You can take out a personal loan to pay off all your credit card balances. When all your credit card balances are settled, you will need to make only one monthly payment to the creditor that extended the personal loan. This will simplify payments and save you time and effort. A good choice of personal loan may also imply a reduced interest rate.
If you have good credit, your chances of getting lower interest rates on a personal loan may increase. The advantage of personal loans is that many different kinds are available to borrowers. Each one of them has their specific terms and conditions. You can select a personal loan with terms and conditions that can help you with debt management. There are also lenders that submit funds directly to credit card companies to minimize the chance that the loan amount will be used for any other purpose. A prequalification option is also available with many lenders. You can take advantage of this to search for options without bringing down your credit score. This might be a good credit card consolidation option for you.
The biggest drawback to personal loans is that you will have to meet the lender’s criteria in order to qualify. If you have a low credit score, then you may not be able to get an interest rate that is substantially lower than your credit cards. You will also have to watch out for origination fees, which add to the cost of paying back debt. You may have to pay hundreds of dollars as origination fees with some lenders.
Balance Transfer Credit Card for Credit Card Consolidation
With the help of a balance transfer credit card, you can transfer all of your credit card balances into your new account. Most balance transfer credit cards carry a zero percent introductory APR that extends into several months. This zero APR time frame can give you the opportunity to pay back your credit card debt without incurring any interest. Debt payment will be much easier without accumulating interest, making this a viable credit card consolidation option.
However, to take full advantage of balance transfer credit cards, you must pay back the entire debt within the zero APR time period. Otherwise, you will have to pay interest on the balance transfers and the plan will backfire.
One key point to look out for is the balance transfer fee. Some cards impose balance transfer fees that increase the burden of debt payment. You cannot transfer an amount greater than your credit limit.
Take Help from Friends and Family for Credit Card Consolidation
You can also think about getting money from your friends or family members if that is possible. However, before obtaining funds this way, make sure that you work out the details of repayment terms so that there is no dispute later on about payments.
The biggest advantage of this credit card consolidation method is that you do not have to meet the eligibility criteria to qualify, as is the case with financial firms. The interest rate may also be likely lower.
One major drawback is that it can possibly strain your relationship if you fail to pay back on time.
Home Equity Loan for Credit Card Consolidation
Before going any further into the details, you should know that this is the riskiest method since you can possibly lose your home. Thus, you should think about it only if you have exhausted all options and are certain that you have the means of paying back the loan in time.
You can take out a home equity loan with your home as collateral. That is, your home equity serves as a security for the loan. There are two advantages to this. First, you are putting your home equity to use. Second, since this is a secured loan, the interest rate may be lower than your credit cards, which are unsecured loans. The lower interest rate may be a big boon for debt repayment.
The major disadvantage of this credit card consolidation method is that if you are not responsible enough, then you could end up losing your home. Defaulting on repayments will give your creditor the right to press for a foreclosure on your home to regain the amount that you owe.
What to Consider Before Buying a Compact Tractor for Your Country Property
While some people dream of buying a home in a city or suburb, others dream of purchasing a home on a rural lot with acreage, a drilled well, and fruit trees.
Rural living isn’t everyone’s cup of tea, but there are some advantages to packing up and moving to the country. The air is cleaner, wildlife is abundant, and the population density is low. But leaving the conveniences of the cities or suburbs for a rural homestead means you’ll have a lot more on your daily to-do list than you ever thought possible.
One piece of equipment you’ll want is a tractor. A compact or sub-compact tractor will meet the needs of most landowners. Whether for mowing the lawn, tilling the garden, moving logs, or doing other things, a tractor can be a godsend when you relocate to the country.
Consider your use cases for a tractor to get the right one. While budgeting is vital, opt for quality over saving a few bucks. The right equipment will serve you and yours well for many years. Remember to buy from a tractor dealer selling top brands to get the product and service you need.
When looking for the right tractor for your homestead, here are some things to consider.
Horsepower is one of the things to consider before buying a tractor. When you visit a tractor dealership, tell the salesperson your use cases for a tractor. They’ll be able to recommend the horsepower range you need for a suitable compact or sub-compact tractor. Horsepower can go from the 20s to the 50s for a compact tractor or in the mid-20s for a sub-compact tractor. It doesn’t hurt to get more horsepower than you need now to meet potential future needs.
You’ll also want to look at power take-off (PTO) horsepower. PTO horsepower describes the amount of power available to operate the tractor’s implements and attachments, while the engine horsepower describes the power the engine produces. You’ll want enough PTO horsepower to operate a tiller, snowblower, log splitter, or other attachments and implements.
Consider Implements and Attachments
While tractors are helpful, attachments and implements can make them more useful. Box blades, loaders, pellet forks, backhoes, plows, snowblowers, and rototillers are worth considering.
Without the correct implements and attachments, country living can be a chore. Before buying a tractor, ensure it can operate the attachments and implements.
Consider the Size of the Property and Terrain
Consider the size of your property and the landscape conditions before buying a tractor. For instance, if you need to mow 10 acres, get a tractor with enough horsepower to keep up with your mowing needs. Getting the right compact or sub-compact tractor will allow you to use the implements and attachments required on your land.
Consider the Tires
Another consideration is the type of tires you put on your tractor. You’ll want appropriate tires whether you have a hilly, rocky, or flat terrain. The salespeople at whatever tractor dealership you patronize will be able to get you the right tires for your land. If you live in an area that gets a lot of snow in the winter, you might want to invest in multiple sets of tires.
Living in the country is an adventure unto itself. But chances are you won’t look back after taking the leap and leaving the city or the suburb behind. You shouldn’t, however, overlook the importance of getting the right equipment for your homestead. You won’t regret getting a tractor. But you should know what to look for in a tractor to get the right one for your rural property.
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