A Quote by Paul Laurence Dunbar
Slight was the thing I bought, small was the debt I thought, Poor was the loan at best - God! but the interest!
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First, pay off your high-interest-rate debt. If you have student loan debt - that's low interest rate; that has a tax benefit - you can leave that out. A mortgage can be an OK one. Credit card debt is poison. That needs to be paid off right away.
A consolidation makes sense only if you can lower your overall interest rate. Many people consolidate by taking out a home equity line loan or home equity line of credit (HELOC), refinancing a mortgage, or taking out a personal loan. They then use this cheaper debt to pay off more expensive debt, most frequently credit card loans, but also auto loans, private student loans, or other debt.
With all this consumer debt, business debt, government debt, smaller movements in interest rates have a magnified effect. a small movement can tip the boat.
A small loan makes a debt; a great one an enemy.
If you have credit card debt and credit card companies continue to close down the cards, what are you going to do? What are you going to do if they raise your interest rates to 32 percent? That's five times higher than what your kid is going to pay in interest on a student loan. Get rid of your credit card debt.
Learn how to prioritize all your debt. And did you know student loan debt is the most dangerous debt any of us can have?
I kept auditioning, with no savings and no money, credit card debt gaining interest. I went on unemployment. I bought ramen noodles at dollar stores. I never had to - God forbid - live on the streets.
If you are, consolidating at a lower interest rate can help you pay off your debt faster. But if there's even a small chance that you'll spiral back into debt, it's not for you.
The most important loan to pay is your student loan. It's more important than your mortgage, car and credit card payments. You cannot discharge student loan debt in the majority of cases.
You also need to understand that when you consolidate credit card debt into mortgage debt - like a home equity loan or a HELOC [ home equity line of credit ] - you're taking an unsecured debt and turning it into a secured debt.
I literally went down to my car and thought, 'Oh my God, SAP bought Concur - maybe tomorrow they'll buy Dairy Queen.' It was the best thing that happened to me on the day I was named CEO of Oracle.
Our life is a loan received from death with sleep as the daily interest on this loan.
If you wanted to create jobs in a way that has minimal effect on the deficit but has government action, the two best things you could do are the infrastructure bank and a simple SBA-like loan guarantee for all building retrofits, where the contractor or the energy-service company guarantees the savings. So that allows the bank to loan money to let a school or a college or a hospital or a museum or a commercial building unencumbered by debt to loan it on terms that are longer, so you can pay it back only from your utility savings. You could create a million jobs doing that.
I mean, Dodd-Frank is strangling small community banks. It doesn't make any difference what the interest rate is. They're not - they're not going to loan the money because they can't make any money for one thing plus the cost of compliance.
No loan is free. The costs are in your loan somewhere, maybe rolled into the amount to be refinanced or even coming at a higher interest rate.
If we wanted a program to help the majority of the population, we'd offer loan guarantees to help poor people get access to reliable cars so that they could have a better shot at getting - and keeping - a well-paying job...A small amount of capital could make a much bigger difference in their lives than extra student loan relief for middle-class college kids would.
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