How Much A Debt Consolidation Loan Would Cost You?

Henry Paulson discussing predatory lending
Henry Paulson discussing predatory lending

Debt consolidation was one of the hottest topics of 2008 and will not cool down in 2009 either.  Americans are doing all they can to get out of the trap of debt including seniors.  Seniors especially should be concerned about debt consolidation scams.

How Much A Debt Consolidation Loan Would Cost You?

If you have come to a decision for using the debt consolidation services to handle your finances and debts, you should be extremely cautious in determining the total amount of expenses that you need to pay for the purpose of getting these debt consolidation services. Under a debt consolidation loan, you simply have to pay the single consolidated low interest payment every month. As a whole, the expenses of debt consolidation are dependent on the type of your debts and the type of debt consolidation services you are searching for.

Cost of Debt Consolidation Quote

You should always keep in your mind that the debt consolidation company must offer you the debt consolidation quote without any cost. You should not pay a single penny for that. Debt consolidation companies which ask for a fee to provide a debt consolidation quote are almost certainly deceitful.

Debt Consolidation Cost Might be Included in the Interest Rate

In majority of instances, the debt consolidation expenses are included in the single combined monthly payment. While you are making this low interest single combined monthly payment to the debt consolidation company, the debt consolidation fees are first off deducted by the company and subsequently, the remaining amount is allocated to different creditors according to the new terms and conditions. Payment of these expenses is sensible since on the whole, you are making a much lesser payment than your current overall outstanding debt carrying higher interest rates.

Separate Debt Consolidation Fee

On certain occasions, the debt consolidation company demands a small amount of fee against their services and they do not incorporate it in the single combined low interest monthly payment. In this kind of a situation, you should be somewhat cautious in carrying out your calculations. Figure out the debt consolidation cost and monthly payment. You should only go for a debt consolidation loan program if you observe that the sum of debt consolidation cost and your monthly payment is less than your existing Continue reading How Much A Debt Consolidation Loan Would Cost You?

AARP Attorneys Blindside Reverse Mortgage Blog

If you are in the reverse mortgage industry, here is a word of caution.  Never use the AARP logo on a reverse mortgage site without permission you can easily become the subject of potential litigation.  I removed the logos so fast, it would have made Mohamed Ali proud.

Charles Dennis

Re:     AARP v.

Our File # 49.9

Dear Mr. Dennis:

It has recently come to our attention that your establishment has been misusing the AARP logo to attract senior persons to your business.  Specifically, your company is using the AARP logo on its website A copy of the infringement is attached.  Your use of the AARP name creates the false impression that AARP endorses your services.

AARP owns and has used, since 1958, the AARP trademark and service mark for a number of goods and services including association services and other goods and services directed primarily to retired and senior persons.  AARP has also registered the AARP mark, alone and in combination with other words, with the United States Patent and Trademark Office.  AARP thus demands that you, your company, and any other person or business acting in concert with you:

(1) permanently and immediately cease and desist all use of the mark AARP and any other confusingly similar marks, alone or in combination with any other word(s), term(s), symbol(s) and/or design(s), as well as all false and misleading statements that lead consumers to believe that your company is connected with or endorsed or approved by AARP, or that AARP has endorsed any product or service that you promote;

(2) provide the name of the company that created the website;

(3) provide to us a list of all newspapers, periodicals, and direct mailers in which you have used the AARP mark; and

(4) provide an accounting of the monies that your company has spent on advertising and promotion using the AARP mark.

Because “AARP” is a registered mark of AARP, it may only be used with permission.  For this as well as other reasons, AARP carefully controls and monitors the use of its name.

AARP takes this matter very seriously.  Please respond only in writing to or via facsimile to 434-2339.  Telephone calls will not be accepted or returned.  If you do not provide a written response within five (5) business days from the date of this letter, we may institute litigation against your company without further notice.

We look forward to a prompt and favorable response.


Nxxxxxxx Bxxxxx, Esq.

AARP Office of General Counsel

Credit Cards You Should Avoid

Credit Cards to Avoid
Credit Cards to Avoid

While we usually post articles regarding reverse mortgages, I recently read an article detailing how Americans credit card debt is nearing 1 trillion dollars. In a guest post, you can learn about the credit cards you should avoid at all costs.

Credit Cards That You Should Avoid

There are credit cards that are really helpful and there are credit cards that are harmful or detrimental. Despite the fact that credit cards may offer a number of advantages to the consumers, a few credit cards are not suitable for everyone. Following are some tips on credit cards that you should not go for.

Normally, secured credit cards are not meant for every consumer. If you open a bank account and put some money into it, a secured Credit card would be issued to you where a particular credit limit is set according to the amount of money deposited. For instance, if you deposit $2,000, you can enjoy a credit limit ranging from $1,000-$2,000. Secured credit cards are useful tools for individuals with no or bad credit history, however, they may be costly and unreasonable for individuals with a good credit score and excellent credit history. Continue reading Credit Cards You Should Avoid