- Sudden Wind Fall?
- How many times have you received an unexpected financial windfall? Often, it might be a rebate check you had not
even known was coming, or still, it could be an inheritance from a great who we had feared as kids because of her insistence
that squirrels spoke to her. Either way, a check in the mail that you had not counted on can work magic for you, long after it's
spent. How, you ask?
Let's say you have an additional one thousand dollars. You have a few ways of spending or investing it. One way, of course, is a
much-needed weekend away from life, work and maybe even the little ones. Sounds great, yes? But what if one strategic move allows
you to realistically put more than a few weekend getaways in your future? By taking that money and applying it to balances on credit
cards or other debt, it will allow you to reap benefits and keep that money working for you. It can set the wheels in motion for lowering
future interest rates you might face when you go to refinance your home or purchase a new car.
Anytime you can improve your credit rating, you improve your lifestyle and the amount of money you pay each month on expenses.
And if you think one quarter of a percent won't amount to much, think again. If the interest rate on your mortgage is 7.25% today and
you refinance it at 7%, guess how much you'll save just in interest charges over the course of twenty years on a $100,000 loan?
Nearly $3,700.
But how does that one thousand dollars translate into nearly four thousand? By ensuring your credit report is accurate and details a
timely payment history, as well as keeping credit card balances low (which, of course, means paying as much as you can each month
and certainly any unexpected funds you receive towards those balances), you have a far better chance at lower interest rates when
you visit the bank with the hopes of refinancing your home.
It's those little efforts we make anytime we can to make our lives better financially that allow us to look forward to those great
weekends that include a beach and massages but that don't include BlackBerries, laptops or even stoves that we must stand in front
of on a Saturday night.
Your first step is to request a copy of your credit report. See my article here for more information on obtaining your report. From
there, closely examine it and then decide where you'll spend that nice little inheritance from dear great Aunt Addie. You'll reap the
rewards for years to come and will be thanking her...and her squirrels.
Credit Article by Linda Adams - The Clean Credit Queen
Good Day and Good Credit
- Linda Adams is an innovative and seasoned facilitator/educator with more than 20 years experience designing and implementing
programs for audiences of all ages. She is dedicated to helping others realize how important their credit is to every facet of their lives.
| Helping Real Estate Investors, Small Business Owners, and Regular Consumers Find Solutions to Credit Challenges |
| Linda Adams - The Clean Credit Queen™ |
 |  |  |  |  |  |  |  |
| 2008 Copyright © LDRA Performance Consultants Inc. All Rights Reserved. |
Linda Adams, The Clean Credit Queen is not a registered investment advisor and the information provided on this website should be considered educational in nature, but it is not a substitute for legal or professional financial advice. If you believe you need the help of a Certified Financial Planner or other investment counselor, please seek a qualified professional. |
| Home |
| Got Credit Problems? Credit Education Works. Get Your Credit Out of the Red and Into the Green! |