save 3 to 5 hundred dollars a month
Question: I recently consolidated all my bills with a home equity loan. they took all my monthly bills made them into a single payment and then put the loan out over a long period of time. I went from paying 486 dollars a month on all my bills to paying one bill of 176 dollars. There was no prepayment penalties at all, so when we get on our feet again, we can double up our payments or whatever, it is a good way to give yourself some breathing room if you need it. P.S. If you have bad credit (like me) there is a place that will still help you out anyway; gotta own a house though…..:)
Answer: Oh, and one more thing. The topic says ’save 3 to 5 hundred dollars a month.’ NOPE. A complete fiction. You’re not saving anything. Don’t kid yourself.
Debt is not an expense, it’s an obligation, and all you can ethically do is shift the time at which it is expected to be repaid. A debt consolidation loan converts short term debt payments, with high principal repayment, into long term debt payments, with low principal repayment. You aren’t ’saving’ Filed under: Home Equity LoanRelated Posts
Leave a Comment
XHTML: You can use these tags: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>
TrackBack URL | RSS feed for comments on this post.