You still remember how easy it was to acquire a student loan. Don’t you? It’s not at all astonishing to learn that you weren’t aware of what you were throwing yourself into. How old were you when your loan was disbursed to you? 18, 19, or 20? It’s obvious that you didn’t comprehend then, what it is like to be laden with debts. You were too careless along with those freaky words like structured loans, subsidized loans, federal loans, etc. I understand that this unawareness caused you to be a favorite prey of institutions granting student loans. However, you have spent many years with this lack of knowledge and it’s high time that you understand what the real consequences of not repaying the loan are. Didn’t you enjoy spending their money? You did, right? I hope not repaying this [...]

I’ve been one of the lucky few people of this planet to have managed to steer myself clear of the bad economic times without a dime of debt on my name. But I’m amazed to see my friends, mostly people with sound financial cushioning and stable careers succumbing to the pressures of the recession and now burdened with heavy debts. If you are one of them, here are some things that you should do, without fail, to relieve yourself of the crisis soon. Don’t Get Psyched First of all don’t be embarrassed because you are not alone. Professional debt collectors say that these days there are a large number of middle class and rich people under huge debt. They are first timers and don’t have adequate strategies to cope with the situation. Being first timers they are dismayed and are not focused [...]

Bankruptcy may happen to anyone. Inefficient money management and sometimes even outside economic conditions may be responsible for personal bankruptcy. Here are certain lesser known facts about bankruptcy that you should be aware of. Even The Rich Get Bankrupt: Though commonly, it’s believed that it’s only the poor who get bankrupt, even the rich might get bankrupt. The recent economical upheaval has brought in a lot of monetary loss for business investors. Many of them have gone bankrupt. The rate of personal bankruptcy this year is seen to be 35 % approximately. Job losses and real estate business slump were seen to be the major reasons for personal bankruptcy in the present times. Also the rate of bankruptcy is expected to rise with the progress in economic recovery. Bankruptcy Penalties [...]

My teenaged son is in college and now it seems he’ll be getting credit cards in college. Like most parents I’m apprehensive of how he’s going to use it. As you know many of the college students seem to be in huge credit debts and some are misusing them too. According to a student credit card debt survey done by Nellie Mae in 2007, graduate students averaged an incredible $ 8,216 on credit. Gail Cunningham, VP business relations, consumer Credit Counseling Service, Greater Dallas, "Graduate students are apparently doing what the rest of the nation is doing: using credit cards to sustain their lifestyle. “ This was the reason most college dropout incidents in that year took place because of credit card debts. Usually you might expect poor academics or anti-social orientation to make students [...]

Raising a big loan is a major issue and there are different ways in which you can do it. You might want to bank on your credit card company or take bank loans, but you know very well the complications that you might risk getting into with these options. Your credit card company will ask you to satisfy a number of clauses whereas banks will have endless evaluations which might delay the delivery of money when you need it the most. If you remember before the credit card concept came into the market, we used to simply call up a lender and would get money in a single step by mortgaging an asset. Otherwise you wouldn’t have had to mortgage. You’d simply show some asset for credibility on which you could loan money. This was a simple transaction and was by far the fastest and most convenient. [...]