Many Students Graduating With More Than $20,000 in Debt

A recent article discussed the overall state of student loan debt in the U.S. According to the article, the average student graduates with about $21,000 in debt and it may be getting more difficult for many borrowers to repay their student loans.

Full article: Student loan debt — how to get relief

The article discussed relief options that may be available to those who are having trouble repaying student loans. In addition, the article touched on the differences between private student loans and federal student loans and how the repayment of these two types of student loans can differ.

Understanding student loans can be a difficult task, but there is an abundance of information out there that can serve to answer a lot of the questions that arise along the way. See the list of top resources below.

Student Loan Resources

FAFSA - Free Application for Federal Student Aid
Find out what information you’ll need to apply, fill out the application and view your results online.

NSLDS.gov - National Student Loan Data System for Students
Provides a centralized place where students can access and inquire about their loans and/or grant data.

Student Aid on the Web - Federal Student Aid on the Web
Information, from the U.S. Department of Education, about preparing for and funding edcuation.

In addition to the above student loan resources, you can also find more helpful information, advice, tips and tools right here on e-wisdom.com. Our student loan calculators and student loan advice center can both help you make your next student loan decision a knowledgeable one.

Posted in News, Loans, Personal Finance | Permalink

What does the lowering of interest rates mean for borrowers?

The Federal Reserve lowered interest rates once again on March 18, 2008. This marked the sixth time since September 2007 that interest rates have been lowered by the Fed. So, what does this mean for borrowers?

According to a Wall Street Journal Online article, the new, lower interest rates will only help with certain kinds of borrowing. According to the article, rates on many auto loans, credit card accounts and home equity lines of credit and adjustable rate mortgages have fallen. But borrowers looking for a new mortgage or looking to refinance a current mortgage may not see the benefits.

See full article: Why Only Some See Benefit From Fed’s Cuts

The article goes into great detail about different perspectives and strategies for homeowners who are either seeking a new mortgage loan or are looking to refine their current home loan situation. There are a lot of factors to consider before making any major financial decision right now, and understanding how the current interest rates affect your specific situation can be beneficial in many different ways.

Make your next financial decision a knowledgeable one. Learn more about any of our financial topics at our knowledge center and be sure to utilize our financial calculators to assess your current situation before deciding on your next move.

Posted in News, Credit Cards, Loans, Insurance, Personal Finance | Permalink

Facts for Consumers - Fair Credit Billing Act

How you ever been on the wrong end of a billing error? If so, keep in mind that these types of errors can be corrected if the proper steps are taken. The Fair Credit Billing Act (FCBA) provides guidance in the area of dispute settlement procedures.

The FCBA applies to “open end” credit accounts, such as credit cards. It also applies to revolving charge accounts, such as department store accounts. It does not apply to installment contracts, such as auto loans or appliance repayment contracts.

Read more about the Fair Credit Billing Act now:
- Learn about your rights with credit card billing errors
- Find out types of disputes are covered
- View a sample letter written to a creditor
- Find answers to common questions that may arise
- Learn about other rights and options that you may have

You can find more information about various finance topics in our tips and advice center. You can also find financial calculators and other helpful credit-related resources in our knowledge center.

Posted in Credit Cards, Miscellaneous, Small Business, Personal Finance | Permalink

Find out how much money you can save by increasing your monthly auto loan payment

Have you ever wondered how much money on interest you could save if you added an additional $20 or $50 per month to your auto loan payment? Our auto loan early payoff calculator makes it very easy to find this answer.

Simply enter:
- The loan term (in months)
- Number of months remaining
- Total loan amount
- Loan interest rate
- The additional monthly payment that you wish to make

With this information, the calculator will then let you know how much you can expect to save in overall interest payments by making these addtional payments.

The early auto loan payoff calculator is only one of five total auto loan calculators available on e-wisdom.com. In all, there are more than 20 total financial calculators available to help you assess your financial situation. Also, be sure to browse our tips and advice centers for help finding answers to common questions that may arise in the decsion-making process.

Posted in Loans, Personal Finance | Permalink

Alternative credit scores being used to to evaluate
the credit-worthiness of potential borrowers

A recent article discussed in detail how many lenders are now looking beyond what some consider to be the “traditional” credit score in order to determine the credit-worthiness of a posssible borrower. These lenders are instead looking at alternative credit scoring methods to evaluate the risk involved with certain individuals.

Some lenders are now looking beyond total debt amounts and payment histories, and are instead looking at other factors, such as rent and utility payments.

Credit scorers find creative new ways to judge you

Whether or not this is good news depends on your specific financial situation as well as the details of your credit history (or lack thereof). One thing that is certain, though, is that some lenders are looking beyond the traditional methods when determining the risk involved in extending credit to potential borrowers.

One time each year, consumers can request a free copy of their credit report. Read Can I get a free credit report? for more information about this guaranteed right. There are also a number of companies that offer credit score services and a variety of credit monitoring services.

Staying on top of your credit can really pay off when the time comes to apply for your next loan or financial product.

Posted in News, Credit Cards, Loans, Miscellaneous, Personal Finance | Permalink

Buying a cell phone with new service

Shopping for a cell phone and wireless plan online can be a confusing experience. There is a ton of information to sort through, including countless cell phones, wireless carriers and calling plans to choose from. There are carriers, authorized dealers, manufacturers and more.

Yes, it can definitely be a confusing experience. But it doesn’t have to be. For starters, you can find answers to some of the most frequently asked questions in our buying a cell phone FAQ.

Topics include:
- Explanation of “authorized dealers”
- Keeping your existing phone number
- Payment and billing information
- Shipment tracking information

Make your next cell phone purchase a knowledgeable one. Compare the lastest cell phone deals, get answers to common questions in our buying a cell phone FAQ and find more resources, tools, tips and advice in our knowledge center.

Posted in Cell Phones | Permalink

Long Distance Plans - Save Hundreds of Dollars Each Year

How much are you paying monthly for your land-line long distance phone service? So many people use it each and every month and yet so many still overpay for it. Is it possible that you are unknowingly in this “overpaying” group?

If you’re paying more than five cents per minute for your long distance calls, it is a good bet that you are, in fact, overpaying for your long distance phone service. In fact, it is not uncommon to find long distance plans that charge less than three cents per minute in many states across the U.S. And many long distance plans now have no minimum requirements (required minute usage, etc.) and very low, if any, monthly fees.

A cheaper long distance rate can really add up to big savings over time - to the tune of up to hundreds of dollars per year. It is not uncommon to save $200-$300 per year. And it is realistic to save up to $40 per month, or almost $500 per year.

Switching your long distance plan to a more affordable alternative is one of the easiest ways to put extra money back in your wallet. You can easily compare long distance plans side-by-side or visit our long distance tips and advice center to find answers to any questions about long distance phone service that may arise along the way.

Make your next long distance phone service decision a knowledgeable one and kick start your savings in the process.

Posted in Long Distance, Small Business | Permalink

Old Credit Cards - Cancel or Keep?

This question arises quite often. When you open a new credit card account, is it best to close your old credit card account(s) or leave it(them) active? The answer, of course, varies from person to person and depends on a variety of factors.

In order to come up with an answer, it is best to ask yourself a series of questions.
- Will I possibly need this card in the future?
- Should I keep the card for emergencies only?
- Does this card have a valuable rewards program that I don’t want to lose?
- Have I had this card long enough that I don’t want to lose the positive history associated with it?

In many cases, it can be wise to keep your old credit card accounts active and not close them right away. Closing old accounts can immediately reduce the length of your credit history and can also immediately reduce the ratio of credit-used-to-credit-available. Both of these factors are involved in the formulating an individual’s credit score.

Read Keep them or cancel them? for more information. In this section, you can also find more advice and tips about various topics relating to credit cards.

Make your next credit decision a knowledgeable one. Visit our knowledge center for more helpful resources and tools, and always consult a financial expert with specific and complex questions about your individual situation.

Posted in Credit Cards, Personal Finance | Permalink