6 Comments

  • allencathy719@gmail.com'

    Cathy Allen

    Well, now I know more about loans than I thought was possible. I just know that I’m not a real winner when it comes to savvy loans and credit agreements. I made a pact with myself – if that’s possible – that I will never again use a loan or credit to do anything. I’d rather be poor, own next to nothing, and have no debts. Thank you for sharing all this! If only you’d been my advisor long ago…

    Reply
    • Daddy Poorbucks

      You’ve succeeded and you have a balance you are happy with. That’s great.

      Reply
  • devarasmuffintopbellyfix@gmail.com'

    Devara Garrison

    This is very helpful information! My fiance has two daughters, one of them is in college now and the other will be soon.
    I will share this information with him.
    I’ve always heard about fixed and variable interest loans but didn’t really understand the difference.
    I have a fixed-rate credit card and love it! A whopping 4.9% interest rate, forever! When most credit cards are 18% and up.

    But in the case of getting a student loan, I can see the benefits of having a variable rate. Definitely worth looking into.

    Thanks for sharing this!

    Best wishes,
    Devara

    Reply
    • Daddy Poorbucks

      Thanks for your comments, Devara Glad the Student loan information is helpful… and hold onto that low interest credit card!

      For the kids in school with loans now, definitely let them know they have options, usually about a year into their payments. They should be careful if they have federal student loans as those come with perks that they may not want to forfeit if refinancing the loan.

      For the ones applying for loans soon, they should definitely look into federal loans and see if the rates are similar to private loans. If so, the federal loans are a good place to start given options for loan forgiveness and income-driven payment plans.

      Please let us know if we can ever assist.

      Reply
  • devarasmuffintopbellyfix@gmail.com'

    Devara Garrison

    I really appreciate this information! It will help us a great deal when we start looking for student loans.

    Yes! I cherish my low-interest rate credit card dearly. It’s very rare to find them with interest rates that low.

    As the time approaches, we will check into getting a federal loan and see what the rates are in comparison to other loans. I know these things can get tricky and have learned to read the fine print that they hope you don’t see.

    Thanks so much for your help with this! I’ll bookmark this page so that I can reference it in the future and find you if I need more guidance.

    Best wishes,
    Devara

    Reply

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