Nine Year Mortgage: Top 10 Unwise Debt Choices in 2014
Nine Year Mortgage knows that it is easy to get caught up in all of the financial “options” in this day and age. However, there are some choices that could send you into a financial downward spiral. Here’s a look at what Nine Year Mortgage thinks are the top ten unwise debt choices this year.
Unwise choice #1: Get married without checking your fiance’s credit report.
While it may not be a very romantic topic, Nine Year Mortgage recommends discussing you and your beloved’s credit reports before you say “I do.” Remember you are not just marrying your fiance, you are also marrying their finances. It is good to know what to expect so that you’re not surprised if you can’t get a loan on a home because your spouse has bad credit and mountains of debt.
Unwise choice #2: Purchasing an unneeded and expensive item because interest rates are low.
Nine Year Mortgage knows taking advantage of a low interest rate is smart, but buying something just because it has a low interest rate is NOT so smart. If you happen to have a little extra money try to put it towards retirement, emergency savings or start paying of your debts from last year. It may be hard to discipline yourself to be practical, but it is well worth it in the end!
Unwise choice #3: Enroll into the most expensive college even though you do not know what you will major in or how much money you will make when you have completed school.
Consider taking classes at a lower cost university until you have decided on the career you would like to pursue. Then you can calculate the approximate amount of money you will make in order to pay off student loans. Nine Year Mortgage thinks this is a better choice than racking up tens of thousands of dollars in debt before even deciding a major.
Unwise choice #4: Cannot “afford” to save for emergencies
You simply cannot NOT afford to save for emergencies. If you do not have a savings cushion in place, you are just setting yourself up for more debt. Nine Year Mortgage strongly encourages making your savings a priority- especially because life can be very unpredictable.
Unwise choice #5: Take out a payday loan until your payday next week.
Nine Year Mortgage questions that if you did not have the money to pay for this unexpected expense this week, how will you have the money to pay for it the week after? Payday loans can become a downward spiral that are very difficult to get out of. We advise looking elsewhere to help you through a rough week- like asking a friend or family member or selling an item you no longer need.
Unwise choice #6: Apply for a job without first checking your credit report.
Nine Year Mortgage advises to check your credit report before applying to a job! Otherwise you may be surprised by a question about finances in an interview, or worse not even be considered as a finalist in that interview because of your credit report. At least 25 percent of all credit reports have errors, make sure yours is not one of them.
Unwise choice #7: Buy a car with little or no money down.
It sounds very tempting to do so, but the old myth rings true that a new car loses about 20 percent of its value as soon as it is driven off of the lot. Nine Year Mortgage knows that without a large down payment to compensate for the depreciation, you will be upside down and backwards in your load before you even know it!
Unwise choice #8: Co-sign a loan for a friend or relative to help them out.
This has disaster written all over it. NEVER co-sign on a loan unless you know you can afford to and can make the payments for your friend or relative. Unless of course you do want to sever that relationship…
Unwise choice #9: Plan for your retirement by: winning the lottery, your children caring for you, or working until you die.
The best of these choices would be to win the lottery, but odds are that that will not happen. Do your children really want to take care of you? Or do you REALLY want them to? Most individuals get ill or have other complications and cannot work until they die- then what? Nine Year Mortgage suggests that you look at retirement as a debt you will have to pay in the future. It is a good idea to invest a little time, thought, and money into it.
Unwise choice #10: Declare Chapter 7 or 13 bankruptcy because you cannot afford your student loans.
Nine Year Mortgage knows that No. 1 student loans are nearly impossible to dismiss in Chapter 7 bankruptcy. Furthermore, taking a student loan into a Chapter 13 bankruptcy means the loans don’t go away and they just continue to accumulate hungry interest.
Will The Nine Year Mortgage Plan Work For Me?
To learn more about Nine Year Mortgage, and to find out if you qualify for the Nine Year Mortgage program. Find out how soon you could be completely debt free, including your mortgage, with the Nine Year Mortgage Financial Plan. Find out what thousands of satisfied clients already know about taking control of their finances, and using the power of reverse compounding interest to beat the banks at their own game! Nine Year Mortgage representatives are standing by to answer all of your questions about our program, including how soon you will be debt free, and how much money you will save in interest! For more great money-saving ideas visit 9 Year Mortgage on YouTube or go directly to the 9 Year Mortgage Money Saving Minute. Nine Year Mortgage recently launched their Eliminating Debt with 9 Year Mortgage site , which is also full of valuable, free information.