« Previous—
If you are retired, or you are on a disability pension of some kind, you may be on a fixed income and think it will be difficult getting approved for even a modest personal loan. This is not true – in fact most lenders see that you have a fixed income which is guaranteed to always be coming in each month as long as you are living. Of course they will give you a loan, as long as you are not already over-extended debt wise.
This is a common misconception, but this does not mean it’s all bowls of juicy cherries. Since you have a fixed income, you can’t likely afford a big loan, and you can’t dig yourself out of debt as easily as someone who has the ability to dig themselves out of debt by taking an extra job or starting some kind of sideline business.
So the trick to borrowing on a fixed income is to watch your debt load closely and don’t overspend – ever. You need to protect your credit rating at all costs, and usually that is no problem if you are retired. Your kids have left the house and you don’t have many surprises anymore as far as surprise costs incurred during the months, weeks, and years.
Other Entries That Might Interest You:Retirement – More On Residual Income--->To touch a little more on residual income, I want to stress the power of this type of income stream. I'm not taking about Amway (although that has worked in the past) but I'm talking about any product or service....
Income Tax – Consider A Deductible IRA--->A deductible IRA is pretty well a no-brainer as you can save considerable money over time. All your IRA contributions are will result in a portion becoming 100% tax deductible (hope that makes sense....or should I say cents), and if....
Bank Rate National Averages For September 1, 2006--->National Mortgage Rates
30 yr fixed mtg 5.94%
30 yr fixed jumbo mtg 6.22%
30 yr FHA mtg 6.44%
20 yr fixed mtg 5.84%
15 yr fixed mtg 5.65%
15 yr fixed jumbo mtg 5.87%
10 yr fixed mtg 5.60%
3/1 ARM 5.54%
3/1 ARM (interest only) 5.58%
5/1 ARM....
Average National Interest Rates – October 3, 2006--->Mortgages
30 yr fixed mtg 5.81%
30 yr fixed jumbo mtg 6.12%
30 yr FHA mtg 6.36%
20 yr fixed mtg 5.75%
15 yr fixed mtg 5.51%
15 yr fixed jumbo mtg 5.78%
10 yr fixed mtg 5.47%
3/1 ARM 5.38%
3/1 ARM (interest only) 5.44%
5/1 ARM 5.52%
5/1 ARM....
Bank Rates December 3, 2006--->Mortgages
30 yr fixed mtg 5.65%
30 yr fixed jumbo mtg 5.99%
30 yr FHA mtg 6.36%
20 yr fixed mtg 5.61%
15 yr fixed mtg 5.42%
15 yr fixed jumbo mtg 5.71%
10 yr fixed mtg 5.37%
3/1 ARM 5.34%
3/1 ARM (interest only) 5.41%
5/1 ARM 5.47%
5/1....
Posting your comment.
Leave a Reply
You must be logged in to post a comment.
