Are you finding it difficult to manage your innumerable debts? Are you also struggling with making payments? You may have tried various methods to take care of your debts but failed. However, you need not worry. You can seek help from financial experts. They can help you out. It is when you lose control over your debts that debt management techniques come to your aid.
Of course not everyone can afford to pay transfer and registration costs up front in cash and that’s why ABSA has another solution especially for first-time buyers. This product is called the First-Time Home Loan and it covers 100% the purchase price of your new home and those upfront costs so you also don’t need a deposit. Truly ideal for first-time buyers. If you’re buying on your own you’ll have to earn $6000.00 a month to qualify for this loan, and a joint income of R10 000.00 is required for couples.
Fannie Mae was created by the government in 1938 to help people buy homes during the depression. It continued after the depression to provide mortgages to people who needed help. As with all government programs, it exploded in spending. Due to a lack of funding, it went public in 1968 (making it a GSE – Government Sponsored Enterprise) to get even more money. In 1970 Freddie was created by Nixon to provide competition for Fannie. I won’t even comment on that. They do the same thing. They don’t give mortgages directly to people, they buy Trusted RV Loans from lending institutions. This takes the debt off the banks books enabling them to loan even more money.
For example, say you transfer $5000 at 1.9%. The rate goes up in 6 months unless you charge at least $25 a month by the close of the billing period. Purchases are charged at 11.9%. If you pay $200 a month on the card, it’ll take you 25 months to pay off the transferred balance (ignoring finance charges). Meanwhile, for 25 months you’re charging $25, which grows to a balance of $625 plus interest of 11.9%.
Many people are still having problems financially. A lot of them are still looking for means to address money shortages and meet their needs. In these trying times, banks have not been friendly with people. Banks used to be friendly in the past but because of recession, they have also been concerned on how to protect the welfare of the institution. To protect them from losing money and incurring further debts, banks have become stricter in lending people money. They have taken measures which would ensure borrowers to pay them back. Banks have checked people’s background and history to determine whether or not these borrowers would pay the bank back. Because of this, credit score has been a requirement.
Bankruptcy will be reported on your credit report for up to 10 years. That said you can start right away in establishing your credit. Lenders typically consider your debt to income ratio as well your credit history.
Or else, you can also make use of an Individual Voluntary Arrangements. They are also popularly known as IVA’s. Nowadays, it has been observed that an increasing number of people are choosing to opt for IVA. You can use an IVA (Individual Voluntary Arrangement) as a solution for your debt problems. It is the perfect alternative to bankruptcy. If you are in serious debt and struggling to make payments, this can come in handy. It can help you settle most of your debts in a quick succession of time.