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i have received mail from equity bank of nigeria limeted inlagos telling me that i won 400000$ from australia?
telling me that i win 400000$ from australian lottery signed by mr. allexander ... |
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I am in my 30s and work full time so please don't suggest I live with my mum or have my mum buy me things, I want to save money, not lose my independance!... |
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Please no mowing laws,raking leaves,lemonade stand,or websites. Thank you.[:
I need to raise $129.
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No paper routes please.... |
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 Can any1 give me £150000 to pay my mortgage off? |
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 How much are you in debt ? |
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Deborah, it`s hardly a personal question as Nobody knows who you are.. if it were then you could say that every question on here is "personal".... |
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 How Do I become a Millionare? |
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if thats all you had in the car at the drive-up?
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the drive up atm doesnt have tellers.... |
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fandu f | My mom evertime takes one loan to pay other loan.Is it risky? |
Is there a catch in this.My Mom i know for my entire life did this way.Takes loan from one company and then pays that loan by taking loan from another company |
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Dustin
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it would eventually hurt your credit to have all those loans showing, and if your credit is hurt, eventually you won't be able to take out any more loans to pay them off. In the long run, these loans need to be paid off with your own money, not borrowed. Better to do it by choice than by force.
you would also have to make sure that the second loan always completely covers the first or else you will then have two loans to pay off. Every time you take out a loan that doesn't cover the first one, that's one more, and they will build up. As your credit worsens, the loans that you are allowed to take out will become smaller and smaller, and you will have to take out more and more, until they won't give you any more loans.
The best thing to do would be to make a budget each month. For an entire month, write down everything you spend money on and how much you spend on it, including groceries, eating out, rent, phone, and other bills, including credit cards. (note below). After this, try to cut spending of these things to what you absolutely need and make a monthly budget of how much you'll allow yourself to spend in each area. Make sure this number is below your income!
If you call your credit card and loan companies and tell them that you are having problems paying your bills, they will usually work with you to find a plan that agrees with your income. Some plans may grant you a forbearance, which will give you some time to get your finances organized before you have to pay them back.
Good luck |
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fudge
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THAT BAD |
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L1LVN
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Depending on how discipline she is. At one point, I was taking balance transfering from one credit card to another. The money to be paid to the bank is deposited in a high interest account. The interest that I get from it paid for some of my very expensive holidays.
If she is doing it just to survive and get by, it's dangerous. I know people that did that and now in deep trouble when they lose control. They are risking losing their home, marriage breakup and even their friends.
Hope she got everything under control or maybe you should have a word with her? |
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Erol Alici
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Paying off debt by debt is not always risky or wrong.
What i do recommend however is that if your mom has multiple loans, it makes sense to consolidate them into one big loan.
This usually gives you a better deal as the higher the loan amount is the lower its interest rate. Since you be paying less interest the loan term is reduced as well.
Having bigger loans also often allows for longer terms which may cut down the monthly loan payment which in turn helps in balancing your monthly expenses.
If your mom plans following my advice on this then I have another tip for her.
Save the money you spared by taking a longer term and consolidated loan to make a lump sum payment to the loan yearly.
Good luck |
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Charlie
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She is digging a hole for herself that she one day will not have the means to get out of. |
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Rich S
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Yes its qa bit silly |
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marcoarea
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Check out www.buildequityplus.com. It will help your Mom to pay down her debt without changing her lifestyle. Hope this helps. |
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me and you today
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VERY RISKY!!!
she gotta be careful with that because shes getting herself into serious and riddiculous debt. Talk about that to her and shell probably think about stopping that. Talk to her about making more money via a mni business, doing jobs for people and or a company or something to now pay off these debts! |
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craftgirl_2005
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If she does it for lower % rates-it a good idea, for instant, in credit cards I always get the0% for a year, if I don`t pay it off, before the year is up- I switch to another card- 0%if balance is low or no transverse fees.So it` hard to answer, Does she pay her bills on time? If she does, this is good logic-if she`s carrying high balances, not good idea,those transferring fees can get really high. |
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deniseandreu
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Not a good idea however she is just one of millions that are living pay check to pay check. I gonna guess the Dad is not in the picture and she is the sole source of income. I'm also gonna guess you are concerned because you realize all of the above. Talk to your Mom and explain you are concerned then tell her to investigate financial planners. There is help with learning how to become debt free.Try not to worry...all you can do is deal with it. You'll both be happier when you do. Good luck. |
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manfromcrete@verizon.net
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is wrong but is some benefit to that if you know 0f what you doing,bu again; you some how will be stock at the end, |
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PAUL C
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the phrase is called juggling your finances and trust me it's a risky game you play |
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lisa425lisa
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If she uses a loan with a lower interest rate, to pay off a loan with a high interest rate, she is saving money and is making a wise choice. |
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mick w
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it sudnt be that bad if she didnt borrow any more than she needs to pay off the other loan other wise she cud be going deeper n deeper in debt and not knowing she is doing this cos the loan companys will give the money out no probs and lend more n more |
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athenajalee
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It can be risky or smart. If she continues to get a better interest rate then it is a smart way to go to save a lot of money. If she does one to pay off another with the same interest rate that is not good because that means that she is taking out larger amounts with a higher payment. It depends on what she is doing. |
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Sorabh
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YEAH! IT IS RISKY !!!!! |
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Scooby C
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yh because ur still left wi dept there isnt much point unless u aint got time and theyre comming around ur house |
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