Help!! i need some advice?
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-The Complete Idiot's Guide to Managing Your Money
-鈥淪mart Women Finish Rich鈥?or 鈥淭he Automatic Millionaire鈥? by David Bach
-any Suzy Orman books
Help!! i need some advice?If your bills are high interest and you can get a loan for a lower interest rate, go for it, but please don't fall for some scam lender on the internet. Know who you are dealing with before you sign any papers. If you have decent credit, the first place to look is your own bank or credit union. Sometimes they even give a break on the interest rate if you allow them to withdraw the payments directly from your checking or savings account. Don't borrow more than your bills unless you have a definite need for the extra money.
Help!! i need some advice?Does the lender / finance company allow you to pay lump sum investments? If so, do it.
Do they allow you to pay off more than the minimum monthly payment? If so, do it.
There may be charges for paying off some or all of the loan early, find out what these are before you make any higher payments.
Help!! i need some advice?If you take out a loan of $10,000 to pay $8,000 debt you are getting more in debt. Would you then consider getting a $12,000 loan to pay off the $10,000 loan?
Seriously, unless you can get a much better interest rate than you are now paying, I would try to pay off my debts faster by cutting my spending elsewhere. If your debts are credit cards, which carry rates as high as 20%, you will be ahead if you can get a lower interest loan (say 10%) for $8000 and pay off your credit card debt (then hide your credit cards where you won't be able to find them for several years).
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