Credit card Q&A: “What is credit card APR?”
If you’ve seen an ad for a credit card lately, or looked at the terms of your existing credit card, you’ve probably stumbled upon the acronym “APR.”
APR stands for Annual Percentage Rate, and is the method most credit card issuers use to express your interest rate.
Most (if not all) issuers calculate your interest charges by using the average daily balance, now that two-cycle billing has been outlawed.
You can get a rough idea as to what you’ll pay in monthly credit card interest (finance charges) by multiplying your APR by your balance, and dividing it by 12.
Example:
So if you carried a steady $2,000 credit card balance, you’d pay roughly $33 a month, or $400 annually.
Of course, this is simple math, and doesn’t take into account compounding interest, your average daily balance, your minimum payment, and so forth, but it should give you a general idea of how credit card APR is calculated.
Credit Card APR Based on Creditworthiness
So how do credit card issuers come up with your APR anyways? Well, like any ot
There are typically two types of second mortgages available to homeowners. One is a home equity loan and the other is referred to as a piggyback mortgage. Understanding the different types of second mortgages and the accompanying terms can assist you in understanding whether either of these options may be suitable for you.
A piggyback mortgage is also referred to as an 80/20 mortgage or an 80/10/10. These extend the financing on the original loan and often make it possible for the borrower to put no money down on their mortgage loan during the closing process. In the case of the 80/10/10 formula, the buyer puts 10% down on the home and carries two separate mortgages, one for 80% and the other for 10%. Piggy back mortgages lower the loan to value ratio of the home and often eliminate the need for private mortgage insurance.
In Massachusetts, marriage between gay men or women is legal. But it’s a state law. There is a contradictory federal law. The Defense of Marriage Act was enacted into law in 1966 and signed into law by President Bill Clinton. It says that the federal government does not acknowledge same sex marriage, notwithstanding what the various state laws say. The usual effect of this law is to have an adverse effect on 1,138 federal laws that relate to marriage, including benefits and taxes, especially estate taxes. President Obama’s administration has decided that the Defense of Marriage Act is unconstitutional and stopped enforcing it in February. Thus the Defense of Marriage Act also has an effect on bankruptcies, and in particular Boston bankruptcy, because a 2003 law allows gay marriage in Massachusetts.
19 Jun
Posted by Ebony Culley as Credit Score Services
If you are currently struggling to handle all debt payments, then you must have realized that you simply cannot pay the bills, the loans and have some cash left for everyday necessities without a debt repayment plan that suits your budget. In order to avoid debt, then you must think ahead before you actually apply for a loan. Even though you might need a large sum of money, you should take your time and think if you are able to return it and whether a loan is your only option.
However, it can happen that you do not have other alternatives and you immediately need a large sum of money that is difficult to repay. For these cases, the most common method people call on is the debt consolidation plan. Nonetheless, the best case scenario is to be able to have more options to choose from. Read full post…
19 Jun
Posted by Ebony Culley as Credit Score Services
If you are currently struggling to handle all debt payments, then you must have realized that you simply cannot pay the bills, the loans and have some cash left for everyday necessities without a debt repayment plan that suits your budget. In order to avoid debt, then you must think ahead before you actually apply for a loan. Even though you might need a large sum of money, you should take your time and think if you are able to return it and whether a loan is your only option.
However, it can happen that you do not have other alternatives and you immediately need a large sum of money that is difficult to repay. For these cases, the most common method people call on is the debt consolidation plan. Nonetheless, the best case scenario is to be able to have more options to choose from. Read full post…
The Real Estate Settlement Procedures Act commonly known as RESPA, and passed into law in 1974, was designed to protect mortgage consumers, i.e. homebuyers and sellers, in the transactions of real estate. Our Boston bankruptcy clients frequently ask about how the foreclosures on their Boston homes could, or should, proceed. Sometimes they report that the foreclosures are being transacted improperly. In two noteworthy cases, one in Florida and one in Pennsylvania, consumers effectively “foreclosed” on their banks, using RESPA rules.
The Florida case took place in Collier County, Florida. A couple bought a house, for cash, from Bank of America, based in North Carolina. The sale was as a result of a foreclosure so the title would have been up to date.