Master Your Debt: Slash Your Monthly Payments and Become Debt Free
Format: PDF / Kindle (mobi) / ePub
Strategies and tools to live debt free
The world of borrowing and debt management has changed dramatically, leaving people confused about how best to secure their financial future. This book is the only guide with detailed advice to help you become debt free or master the debt you have, based on the latest laws and new government programs and policies implemented under the Obama administration.
Is the information and advice on debt management different than in years past? Definitely. In this savvy, engaging guide, bestselling financial expert Jordan Goodman will tell you how to
- Win the mortgage game: avoid foreclosure, obtain the best refi, and modify your mortgage even if it is "under water"
- Clean up your credit report and dramatically boost your credit score
- Negotiate new terms and payments for burdensome medical bills, student loans, and credit cards
- Protect yourself from the devastation of identity theft
- Master the new credit card rules, and avoid the rate and fee traps
- Learn a revolutionary strategy that will help you become mortgage free in 5 to 7 years, change the way you pay all your bills, and save hundreds of thousands of dollars
Master Your Debt recommends many pioneering strategies as it lays out an innovative plan for achieving the elusive goal of financial success. The book is filled with helpful web sites, toll free numbers, associations and government agencies, and vetted companies and services to help you implement this advice. In today's volatile economy, getting out of debt is the key to surviving and thriving, and author Jordan Goodman provides you with the strategies and tools to live debt free.
another credit card or inquired about a car loan. That’s outrageous, though the banks defend the practice, saying they have to protect themselves from customers who are becoming more risky. The new rules: The 2010 rules won’t prohibit interest rate hikes based on these criteria, but it forces bankers to use the practice only on new balances, and only after the same 45-day notice that applies to other rate increases. Winner’s strategy: Try the usual rate-increase tactics. Call and ask that the
road to debt mastery. CHAPTER 1 How Did We Get Here? And Where Are We? We haven’t ever been here before. The debt landscape has changed dramatically and irrevocably, and the ways in which we borrowed, spent, and repaid debts before are relics of the past. The cash-back credit card offers that used to crowd our mailboxes have dried up. There’s no such thing as a “No down payment? No problem!” mortgage. Those tempting teaser rates are long gone, replaced by “gotcha” interest costs so high
because they are struggling with student loans. The advocacy organization Project on Student Debt has collected some of their stories. There are folks like Kevin, who owes $66,000 between undergraduate and graduate school and faces $500-a-month payments for the next 20 years. Or Lisa, who is unemployed and married to a teacher. She and her husband owe $127,000! They will be trying to scrape together cash for their kids’ college funds before they finish paying for their own. So, minimize those
sometimes stretch your payback period for as long as 25 years, greatly lowering your monthly payment (but increasing the total amount of interest you will pay). With a consolidation loan, you can also get a graduated repayment plan, so that you make bigger payments in later years, when you presumably have a bigger salary. You may also be able to get an income-contingent repayment plan (from the Department of Education) or income-sensitive repayment plan (from private lenders), which adjusts your
Student Loan Troubles There are special provisions for people who can’t afford to pay off their government-backed student loans. It’s important to contact your lender before you stop paying your bills; many of the student loan solutions are available only if you are not already in default on the loan. Here are some of your options:• You may be able to get your loan deferred; your lender may agree to temporarily delay assessing interest or sending bills if you’re back in school, unable to find