Financial disaster can creep into daily living with treacherous and cumulative effects. There are leading indicators that can help determine whether or not you will succumb to debt. Take the Debt Test to find your level of contamination.Answer the following 25 debt-related questions. Total your YES points. Then, find your Debt Range at the bottom to determine the likelihood of succumbing to debt.- A collection agency has contacted me about unpaid bills (10 points)- I have one or more leased vehicles (5 points)- I am making some minimum monthly payments on credit card debt (5 points)- I charge purchases to credit cards that were previously paid for in cash (5 points)- I have elected to not carry health insurance (10 points)- I have elected to not carry vehicle insurance (10 points)- I have elected to not carry homeowners or renters insurance (10 points)- I worry or lose sleep over my financial situation (5 points)- My wages are being garnished or assigned (10 points)- I skip credit card payments in order to pay for food, shelter or utilities (10 points)- I am behind in paying for housing, vehicle or utilities […]
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On July 26th 2008 Congress signed a bill to help homeowners facing foreclosure to save their homes. The 300 billion dollar foreclosure rescue bill is aimed at helping homeowners to avoid foreclosure and rescuing the mortgage giants Fannie Mae and Freddie Mac. The criterion for qualifying is listed below.The homeowners must currently live in the homes. The mortgage was issued between June 2005 and January 2007. The homeowner must be spending at least 31% of their gross monthly income on mortgage payments. The homeowners facing foreclosure can even be current on their mortgage payments, but show they cannot continue making payments. This is a departure from current practice of waiting till you start getting behind on your mortgage p[payments and begging for some relief to save your home from foreclosing.The homeowner must retire any other debt they have on the home such as home equity loan. The homeowner cannot take out another home equity loan for another 5 years on the property. As simple as this sounds, the original lender has to agree to taking a loss on the current mortgage. With all the banks in trouble on the mortgages they handed out with little to no oversight, the mortgage […]
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