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Here are the 5 financial tips for the 4th week of November 2012

Tip no 1: In case you default on your payments, speak to the lender immediately.

Inform the lender that you're not able to make mortgage payments as soon as possible. Request the lender to give you some time for making the payments. Explain the reason of default clearly and truthfully. Remember that your mortgage lender is in the industry for several years. So, it'll be a mistake to hide the truth.

If you have been a good borrower in the past, then the mortgage lender may consider your case. He may postpone the payment date by several days. You can accumulate the payment amount by that time from various sources. This will help you save your credit.

Tip no 2: Buy credit cards from a genuine company so that the interest rate may not increase suddenly.

One of the reasons behind the escalating credit card debt level in the country is that consumers don't shop for credit cards wisely. Consumers are only too happy to get credit. They don't do any research on the credit card company in the initial phase. They wake up from their dreams when the credit card company hikes the interest rate.

Remember that not all the credit card companies follow the FTC rules and regulations properly. So, always take out credit cards from a company which has earned good reputation amongst the consumers. Speak to existing customers and find out if they’re happy with the credit card company. Make your decision accordingly.

Tip no 3: Look for different programs and scholarships to avoid the student debt burden.

Educational scholarships empower students to fight with the rising cost of higher education. These are special financial aids which help students to complete their graduation without incurring debt.

A popular misconception is that scholarships are only available for students having good academic record. This is not true. There are different types of scholarships in the country. Scholarships are available for athletics, minorities, women, creative and disabled students.

There is a very hard competition for scholarships. So, if you want to take advantage of scholarships, then do check out the educational websites for the latest updates. Find out the eligibility criteria. Prepare yourself accordingly.

Tip no 4: While buying home, compare the price of other homes in your area.

It is the dream of every American to buy a home at some stage in his life. Like any other person, you'd also like to buy your own home. If you have saved sufficient amount in your checking account already, then start shopping for homes. Don’t buy a home suddenly. Find out the price of all the homes in your locality. This way you’ll be able to know if the seller is charging a higher price for the home. Once you compare the price of all the homes, you can make a proper financial decision. You can buy a house which is in a good condition and offered at a reasonable price.

Tip no 5: Keep track of your federal student loans online through the NSLDS.

You can get detailed information on federal student loans from the National Student Loan Data System. NSLDS gets information from federal loan servicers and U.S. Department of Education programs. You can get information from the day you apply for a loan to the day when the repayment plan is completed.

You can visit Student Access website of NSLDS 24*7. You need to provide some information to access the information. You’ll have to give your Social Security Number, your PIN, birth date, initial 2 letters of your surname. You can know about the loan amount, outstanding balance, status of the loan, etc. from the website.

With proper help you can
  • Lower your monthly payments
  • Reduce credit card interest rates
  • Waive late fees
  • Reduce collection calls
  • Avoid bankruptcy
  • Have only one monthly payment
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