A Quote by Aaron Patzer
Mint's business model became, 'We'll go for free, and then we'll find these savings opportunities for you.' You know, better interest rate on your credit cards, when should you consolidate your student loans, when does it mathematically make sense to refinance your mortgage, and Mint figures all that stuff out for you.
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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.
Because Mint has access to all of your bank accounts and credit cards, we can detect fraud or unusual spending patterns faster than your bank, then send an email or text message alert to users.
Your credit score affects the interest rates you're offered on credit cards and loans, can be used to vet your job application, and in some states may influence your insurance premiums.
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.
Student debt is crushing the lives of millions of Americans. How does it happen that we can get a home mortgage or purchase a car with interest rates half of that being paid for student loans? We must make higher education affordable for all. We must substantially lower interest rates on student loans. This must be a national priority.
If you're one of the millions of people who have student debt right now, I'll help you refinance your loans at better rates.
Homeowners refinance their loans when interest rates go down. Businesses refinance their loans.
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.
HAPA was like mint. You could rip it up, and six months later, it was back, healthier than ever. Mint smelled better, though, and you could make juleps out of it. I don’t know what I could make out of HAPA. Compost, maybe.
Simply calling your credit card issuer and asking them to lower your interest rate may yield immediate savings.
When SoFi launched in 2011, it focused squarely on the burgeoning student loan market - a market that, unlike housing, had no viable option to refinance both federal and private student loans from higher interest-rate eras.
If you fail to pay your minimums for any debt on time, your credit score will take a major hit and you run the risk of seeing the interest rate on all of your cards go up. An easy way to remind yourself to pay, is to sign up to receive your statements via e-mail.
After building most of Mint.com's prototype by myself, I talked to anyone and everyone I knew about Mint. It's counter-intuitive, because you might fear someone will steal your idea, but it's the only way to make connections, be sure you're on the right track, and provide a solution for an audience broader than yourself.
The yard was full of tomato plants about to ripen, and mint, mint, everything smelling of mint, and one fine old tree that I loved to sit under on those cool perfect starry California October nights unmatched anywhere in the world.
Refinancing your mortgage usually makes sense if you can lower your interest rate by at least two points. But the most important question to ask yourself is, how long will it take you to break even?
Yes, your kids should go to school. No, you shouldn't bankroll their degree whatever the cost. You've spent your life creating a sound financial plan; don't upend it by suspending your retirement savings or taking out a home equity line of credit to pay for a pricey college.
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