credit card consolidation PAY DAY LOANS - WHAT IS THE COST? Several sources, including a consumer report by the FTC (Federal Trade Commission) and the CFA (Consumer Federation of America) state that usual the usual APR is between 350 - 650% with some as high as 780%. A loan of $100 ranges in cost between $15 - $30. If the loan is not repaid by the pay date then it can be renewed with another fee due at each renewal. A loan of $100 can cost $60 in fees after 3 renewals. The Saga of a Mortgage Lender When the going gets tough and the tough just keeps on going, mortgage lenders may seem like godsend angels at your doorstep. Due to some unavoidable circumstances, more and more people are getting deeper into debt. As a result, many people are seeking alternatives for dealing with their financial problems, and ways they can minimize and consolidate their expenses. One way to do this is by securing a mortgage. Basically, a mortgage is a legal record or document designed to protect the mortgage lender against delay of payment or the debtor's refusal to pay the debt. A mortgage lender can be any financial institution or even an individual who has the capacity to lend money to the borrower. There are, actually, various types of mortgage lenders. The key in selecting a mortgage is to choose the right one that fits your needs. Look for a mortgage that has the capacity to lend you the right amount of money at a reasonable rate of interest. The most common and well-known mortgage lender is the bank. You can opt to choose the bank as your mortgage lender for reliability, convenience, and nippy approval on loans. Banks generally work faster in processing your loans as compared to other mortgage lenders. Banks are also a one-stop center for all your lending needs. You can also secure a mortgage through a mortgage broker. A mortgage broker is a type of mortgage lender that usually acts as a middleman and finds the appropriate loan that best fits your needs. Finally, you may want to consider credit unions and thrifts as other types of lending institutions where mortgages can be secured. Whatever type of mortgage lender you choose; your credit history will have a definite influence on the placement of a mortgage and availability of money. Whichever form of mortgage you choose, be sure to do your homework before making a final decision. Get recommendations from friends or relatives who know reliable mortgage lenders. As a final step in the process, be sure to check the mortgage lender's credentials so you can be certain that your financial transactions will be secure and dependable. You really have to pay more attention on these things. After all, it's your money that's at stake if things will not go on smoothly. So, it would be better to be sure with your mortgage lender even if it means you're the one who is asking for favor. Federal Debt Consolidation Loans For Students Student Loan Consolidation For American college students, the U.S. Government came up with a plan that can help a student manage their student loan debt. The plan they came up with is called a Federal Direct Consolidation Loan. It does not matter if you are a recent graduate student, well into your career already, still at school, or in your grace period for repayment of a student loan. For any of those student categories, a Federal debt consolidation loan may be applied for. Students successful in their application for a federal debt consolidation loan may reduce the amount they need to repay each month, or increase the time that they have to pay off their current debt. How Does a Federal Debt Consolidation Loan Help a Student Pay Off Their Debt? For a student who has student loans under several different programs, bringing them all together under one direct Federal Debt Consolidation Loan can make your debts easier to manage. By combining all of your loans into one, you're only responsible for making one payment to one lender - the U.S. Government. To help make the option of debt consolidation more attractive, there are four flexible payment plans available, including two that which take income and/or income expectations into account. The Federal Debt Consolidation Loan is Available to Help you Manage your Student Debt. Student loan debt is not something that you want dragging at your feet like a ball and chain. It provides a good opportunity for students to learn to manage their finances. Even if you are still at school, it is a good time to learn to manage your debt. That will hold you in good stead as a consumer long into the future. For example, if you choose to consolidate all your student debts into one before you leave school, you can lock in an interest rate that as much as .6% lower than if you attempt to refinance later, after you have left and are no longer a student. For more how a Federal Direct Consolidation Loan can help lower your repayments, and manage your student debt, you can visit the Department of Education's web site. Once there, you can make use of their online debt calculator at https://loanconsolidation.ed.gov to estimate your projected monthly payment under the various plans. Can a Federal Direct Consolidation Loan help you manage your debt? There could be reasons why debt consolidation is not the best solution for any particular student. If a student is close to the end of their repayment term, for example, it may not be worth the work to consolidate. Prolonging the life of your loan is likely to increase the amount you pay overall. If you can afford the higher monthly payments to pay off the debt sooner, you can ultimately save money by doing so. If, however, you are sure that a Federal Direct Consolidation Loan will be to your benefit, you still need to be eligible for the program. The eligibility guidelines can be found at loanconsolidation.ed.gove/borrower/beligible.html In addition, the list of loans that are eligible for consolidation can be viewed at: loanconsolidation.ed.gov.borrower/bloans.html Which Federal Student Loan Consolidation Plan is the most suitable for you? Here are the 4 debt consolidation loan consolidation plans that are available to choose from: Standard: The standard repayment plan is fixed-rate, and runs for a maximum of 10 years. The minimum monthly payment is $50. Extended Repayment Plan: this is a fixed rate plan, with payments extending over the course of 12-30 years. Payments are a minimum of $50, and the life of the loan is dependent on the total amount of the debt. Graduated Repayment Plan: Under the graduated plan, payments start low and increase, generally every two years. The length of the repayment period can vary from 12 right up to 30 years. Income Contingent Repayment Plan: The monthly payment is based on a borrower's annual adjusted gross income, family size and the total amount of direct loans. If your student loan debt is out of control, or could be better managed, it is worth paying a visit to: https://loanconsolidation.ed.gov to see how the federal government can help you with your student debt consolidation loan for students. ARE YOU AN AVERAGE AMERICAN?If you find yourself drowning in credit card debt, take heart, you are not alone. Americans charge over one trillion dollars per year on Visa, Mastercard, Discover and American Express. All these purchases "on plastic" would be fine if we all paid our balances in full each month -- but that's not the reality. In the year 2000, the average American household with at least one credit card carried a balance of $8,123. Practicing Realistic Spending Get out of debt and stay out of debt, are words to live by for Editor Lisa Laskey and her family. "By the time I met the man who would become my future husband, I was in more debt than I could handle. After a few years together, my husband's thrifty ways and his parent's great financial modeling helped me learn the importance of living within our means and not planning to pay it off "next month." This may sound unexciting and not spontaneous to some, but it has gotten us through many lean years and insures that we will enjoy the extra income of the non-so-lean years."