According to a report released by the Federal Reserve Bank of New York, American household debt delinquency rates declined last quarter—for the first time in about four years. Here’s a look at some of the specifics in the report and what they might mean about the economy.
According to the report, delinquency rates had increased steadily since the first quarter of 2006, when they hovered at slightly less than five percent of household debt. It
Tenant loans are designed for individuals who are seeking a loan but do not own any property, home or other forms of real estate that can be used for collateral. In many ways, tenant loans are similar to credit cards where individuals can get an unsecured loan do whatever they want. However, tenant loans should not be confused with credit cards as the loan amount is not revolving and they must be repaid in their totality within a specific period as determined by the creditor.
When applying for a tenant loan, there are some important points that must be understood so that the debtor can know exactly what they are getting into. These include:
In the eyes of many financial institutions, tenant loans are considered as high risk. This is because applicants are most likely renting their present abode and are thus classified as not have a permanent address.In addition, many applicants of tenant loans suffer from bad credit and are forced to utilize this service as a last resort. Considering the risks involved, financial institutions attach comparatively high interest rates to recoup any potential losses.
Although some institutions may enquire about the purpose of the tenant loan, in general most are more concerned about its repayment than how it is spent. As a result, tenant loan debtors are allowed to use their tenant loan for whatever purpose they see fit. Many tenant loan recipients use these loans to pay for school, medical procedures, vacation or start a business.
The amount of money that is made available to an individual in the form of a tenant loan depends on the individual’s available income. This proves to the creditor that you will be able to meet your financial obligation. In general, tenant loans range from $7,500 to $500,000.
Depending on the loan amount, recipients of tenant loans can get extended periods in which to repay their tenant loan. Records show some institutions allowing up to ten years for full repayment.
Each client must negotiate the terms of their tenant loan. This will entail amount of monthly payment, interest rate, life cycle of the e loan and conditions for late payment and default.
Early payments are welcomed on tenant loans. Tenant loan creditors have no restriction or fines for individuals who choose to settle their debt early. Actually, what most institutions will do is calculate the outstanding balance and adjust your interest rate accordingly.
While most institutions may offer this benefit by default, it is important to discuss this with your creditor. This option provides peace of mind to many tenant loan recipients as their credit will not be affected if they should fall ill, lose their job or experience some accident.
Applicants of tenant loans can rest assure that their application will be kept in the strictest confidentiality. There will be no contact with their employers, bank or other third party without your approval.
I was privileged to attend an insider’s breakfast briefing with guest speaker Congressman Ed Royce of the 40th District a couple weeks ago. This event was hosted by the Fullerton Chamber of Commerce. When Congressman Royce spoke about the impact of economic reform and healthcare, as it relates to small business here in California, he mentioned that businesses were hoarding capital and not spending because of the uncertainty in Washington. We all know that the economic recovery is primarily dependent upon spending, but most Americans are still working on paying down their debt. Add
Homestead protection in bankruptcy gets complicated when there are non-resident co-owners of the debtor’s homestead. An example is when parents help an adult child buy a home and insist on placing their names as co-owners of their child’s house.
A caller from south Florida asked me how a Chapter 7 bankruptcy would affect his homestead owned jointly with his parents free and clear. His parents purchased a house in Florida for their son. The house was titled jointly in the names of the son, who lives there, and the two parents. All three family members have credit card problems and are considering bankruptcy. The son asked me whether his Chapter 7 bankruptcy would affect is parents’ interest in his house. The ho
There’s been a fair amount of discussion lately about the ups and down of credit card balance transfers and whether they’re effective debt-elimination tools, particularly in light of some of the changes taking place thanks to the Credit CARD Act. Here’s a look at the basics of understanding balance transfers and determining whether one might work for you.
Actually, it’s pretty much what it sounds like: when you transfer the balance you owe on one credit card to another card. In othe