Helping Washington State homeowners learn more about their mortgage options.
Twas the season of spending with American’s splurging over $1100 on gifts this holiday season. Credit card interest rates average around 24% with some department store cards pushing 30%; making it very difficult for some to pay off the debt.
Lendingtree reports that 42% of those who charged holiday gifts regret adding to their debts.
If you’re feeling a bit of a financial hangover from the holidays, you can take some steps to help ease the headache of credit card debts. [Read more…]
If you have student loans that have been on hold for the past three years, your payments are about to resume. Some have replaced the student loan payments they would of had the past few years with new debts, such as car loans, maybe a new home or higher credit card debts. There is no doubt that the “pause” being over may impact many American families. [Read more…]
When Congress resolved the latest debt ceiling with the passing of The Financial Responsibility Act of 2023, both parties agreed to stop the forbearance on student loans payments. Federally backed student loan payments have been paused for the past three years due to the pandemic. Payments on student loans are set to resume following this September and many are not going to be prepared for this. [Read more…]
I have been writing about how high credit card interest rates have climbed with the Fed raising the funds rate. If you’re not paying off your entire credit card bill each month, you are probably owing a bit more due to the high credit card rate. Credit card debt can be an uphill battle. [Read more…]
As a mortgage professional, I get to review detailed financials when someone is looking to buy or refinance a home via their loan application. Sometimes people are using every cent they can or are maxing out their monthly cash flow in order to have a home. I often have people who come to me because they need help restructuring their high-interest credit card debts. And I also help people who are well established. Personally, I would like to see more people on a path to financial security.
Here are a few suggestions for your consideration… not necessarily in this exact order and your plan may vary depending on your financial situation or goals. [Read more…]
I decided to take my own advice that I’ve been dishing out about credit cards and debts. Today I reviewed my credit card accounts to see what my current interest rates are. I’m pretty lucky to have great credit and that I’m able to pay off my debts monthly. [Read more…]
Yesterday I read an interesting article in the Seattle Times about how (and why) to pay off your credit card debt as soon as possible. The article warns of a slowing economy and future rate hikes by the Fed, which will translate to higher interest rates on credit card debt. In addition to the higher rates, the slower economy may cause some people to have reduced income which will be more challenging with the high interest rate debt.
The article encourages readers to have an emergency savings fund and to focus on paying off credit card debt. [Read more…]
If you have been wanting to spruce up your kitchen, bathroom or any part of your home and you don’t want to touch your low interest rate on your existing mortgage, a second mortgage could be an option worth considering. [Read more…]
Rhonda Porter is a Licensed Mortgage Originator MLO121324 living in the greater Seattle area. Rhonda began her career in 1986 in the title and escrow industry and began her mortgage career in 2000. She enjoys helping people understand the mortgage process and started writing The Mortgage Porter in late 2006. Read More…
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