Your Questions About Save Loan Crisis

Donna asks…

Does Washington think there is time to spare regarding the Financial Crisis?Why aren’t they concerned?

Do you believe that every week of inaction is surely going to add up to months more of recession?Do you think that they are content because they saved the UAW so everything is OK?

John answers:

This thing is just like high gas prices, no one knows what the heck is going on, and if they do they sure ain’t telling us. Remember in August, Bush said the economy was just fine, in Sept him and Paulson said if they did not get this 700 billion dollar bailout package, the economy was going into complete meltdown and the great depression would look like good times. Now they say the economy is in a lot worse shape than they thoought, HUH!?!?, how is that possible!?
Pretty much just a bunch of guys BSing us out of tax payers money, we can only pick the person we trust the most and hope for the best, I an sure not confidant, but we have a lot better chance of getting out of this with our shirts with this new bunch coming in than the bunch of crooks leaving.
A far as the auto thing, I think it was just the old shell game, they were diverting our attention and making a huge deal out of holding these auto execs accountable over this 25 billion dollars, while they were letting these wall street loan shark banks get away with hundreds of billions!!

Susan asks…

Can I use a student loan to get a apartment. I will be going to college in orlando next year.?

I have independent status on my financial aid,means that I can request more financial aid money if I want to. I already have money save up to pay 3 months rent and any deposit that I have to pay also.

John answers:

Hello my dear do not full prey to those hoodlums at they that call them self money lender all their want is you money and you well not hear from them again they have done it to me twice before I met Mr. Brown Wilson the most interesting part of it is that my loan was transfer to me within 2days so I well advice you to contact Mr. Brown if you are interested in getting loan and you are sure you can pay him back on time you can contact him via email
They offer all kind of categories of loan they
Short term loan (5_10years)
Long term loan (20_40)

Media term loan(10_20)
They offer loan like
Home loan!!!!!!!!!!!
Business loan!!!!!!!!

Debt loan !!!!!!!!
Student loan!!!!!!!!

Business start up loan

Business loan
Company loan<<<<<<<<<>>>>>>>>>

Sandra asks…

Chances of preapproval for a home loan with no down payment?

My husband and I make about $90,000 together annually and have good credit. We were working toward getting credit cards and student loans paid for and have little saved for a down payment. Is getting preapproval unlikely?

John answers:

Do they still offer conventional loans? I’m not sure, but before the crisis, they did. A conventional loan is essentially 2 separate mortgage loans. The primary covers 80% of the mortgage, while the secondary covers the remaining 20%. The 20% is actually a loan for your down payment, usually from 2 separate mortgage lenders. Of course the 20% loan’s rate would be much higher.

Another option in the future (hopefully) would be the USDA mortgage loan. No down payment required, but it would have to be in a rural area. Unfortunately, there are no funds right now for these types of loans. Gov is working on acquiring more funds.

Carol asks…

Can somebody tell me how to get through a financial crisis?

To start off, I ask that you please don’t be mean! I desperately need advice. Anyway, long story short, I got into a financial crisis because of payday loans. In the process of getting all of that straightened out, some other bills fell behind. One creditor charged my account off. I did not mean for that to happen. And I don’t want to get involved in another high-interest payday loan! Does anybody know if there is any place I can go to get an interest-free loan or apply for some kind of crisis grant? Are there any organizations that would give loans and counseling to somebody in my situation? I would also like to get back on good terms with my creditors. Please help!
I have never gambled in my life; so my situation is not due to anything like that.

John answers:

Sadly, the only way out of this is to dig yourself out; there is no magic fairy company who can deal with the creditors or who can make your debt go away, so don’t fall for their bulls&it.

Have you made a budget? Have you geared it towards paying down your debts aggressively?

10% of your income should be going to long-term (retirement) savings. You can lower this number if it means paying off your debt faster, but then once the debt is gone, a minimum of 10%.

15% of your income goes to debt repayment; any money that you can pull from the other categories to help get the debt down is good.

35% of your income goes to housing (rent, mortgage, bills, utilities, car payment). IF YOU ARE SPENDING MORE THAN 35%, then you are pulling the money from somewhere, probably debt repayment, and you need to consider your options; can you move in with a friend for a few months and not pay rent, or pay ridiculously low rent? Move back home? The debt is a top priority, not having a house.

15% of your income goes to transportation (gas, insurance, repairs, bus); learn to love walking so that you can put this money towards debt.

25% of your income goes towards life (food, entertainment, clothing, gifts, travel, medical, wants, other). If you are tempted to spend on these things, then you need to keep yourself tightly in line by making savings/debt repayment/housing things that you leave the money in the checking account, and by dealing with your transportation/life in cash; withdraw the money at the start of the week that you’re letting yourself spend on these things, and then that’s it; you don’t TOUCH the checking account until the next week. Track every place you spend money on in a notebook and keep all of your receipts; if you want to use a jar system, even more helpful.

MANAGE your money, don’t watch it slip through your fingers. Also, call the credit companies and explain your situation; be persistent, and if you’re not getting through to someone, keep asking for their manager or someone else to talk to; eventually they will give in and lower your interest rates to save you more money.

George asks…

how long will it take the subprime credit crisis to stop?

hope this makes sense…the stock market is hurting because of a weaker dollar and the credit crisis…what will it take for the dollar to strengthen? and does the weakening dollar to result of the credit promblems people are having?
is the weak dollar a result of the credit crisis***?

John answers:

How long will it take for the credit crisis to end? It’s taken at least a decade to get in the shape we’re in. If we immediately started saving more and spent money more wisely, it would be probably another decade.

American currency weakens because the people who trade currency thinks that the economy supporting the currency isn’t healthy.

What constitutes a “healthy” economy?

-Exports. (not necessarily balanced imports/exports but lots of trading with other nations)

-Savings. Americans don’t save money, so we have little/nothing to invest in the economy and borrow from others to support our standard of living. Now, not enough borrowers can pay all of the money we borrowed for sub-prime loans. Thus the huge losses and devaluation of our currency.

-Good government finance policies. The government doesn’t save money or operate with a balanced budget. Currency traders know this is irresponsible and it drives our currency value down.

-Good government investment decisions. For example, is going to war a better use of government resources than, say, making trade more efficient? Bad decisions drive the value of our currency down.

Address the above-mentioned factors and the currency should strengthen again. But the political will of individuals to get off the easy credit crack pipe is not there.

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