Prioritizing your finances, step-by-step
By Teri Cettina • Bankrate.com If there were such a thing as Financial Attention Deficit Disorder, many Americans would swear they've got it. Should you save for your children's college education or pay off your mortgage early? Max out your retirement savings or pay off maxed-out credit cards? When there are so many priorities constantly competing for your attention, it can seem impossible to focus on your top money goals. That's why many experts suggest focusing on one financial priority at a time. The idea is that you'll feel more organized, and achieve success more quickly, if you tackle just one task until you've completed it. Give yourself a raise! Stretch your paycheck
By Christie Taylor • Bankrate.com Most of us receive our paychecks, pay our bills and spend the rest, not thinking about ways to make our salary go further. More than 63 percent of America's workers are still living paycheck to paycheck, according to a recent survey conducted by the American Payroll Association, and although up-to-date wardrobes and French manicures might provide comfort, so does having enough money to pay bills and save for the future. 
5 money hassles to banish from your life
By Bankrate.com You didn't win the lottery this week, eh? Well, you can still win some money by taking better care of the cash you have. Here are five financial headaches that quickly steal cash from a budget -- and ways to cure them and put the money back where it belongs. Key choices one average American
made to overcome a crushing debt
By Laura Shanahan • Bankrate.com |  "Doug Greenwood is a typical example of the dangers of credit-card debt," says Edward L. Simmons, Greenwood's counselor at American Credit and Debt Management Inc. in Delray Beach, Fla. "We help folks like Doug all the time. Mr. Ordinary is probably our most common client.
"There a lot of simple things that can go wrong. For example, most people don't realize that credit-card interest is compounded daily, not annually like a car payment. It's very easy for even bright, hard-working folks like Doug to get in over their head." |
Pack away your debts with the payment push
By Bankrate.com 
Want to know what the big moneymaker is for credit card companies? Fees (read: your money). Last year, 31 percent of the industry's profits came in the form of late-payment fees, over-limit fees and the like. If you are like the average American family, your total credit card debt is around $8,100. If you were to stop charging altogether and pay only the minimum amount due on this amount, it would take about 30 years to get rid of it. No one wants to hand over cash to the credit card companies, but by paying only the minimums or falling behind a couple of months here and there, you are lining their pockets with profit and limiting your opportunities for enjoying life. Bankrate.com to the rescue. Use the "Payment push plan" to methodically dissolve your debts. Here's how it works. 
Risk of Adjustable Rate Mortgages
An ARM can be riskier than a fixed-rate loan because its rate can rise after the adjustment period begins. If the ARM rate rises enough, the monthly payments can exceed those for a fixed-rate loan of the same amount. In exchange for that risk, the borrower enjoys lower monthly payments for a time. Mortgage Calculator: Calculate your payment and more 
As home prices continue to climb, borrowers increasingly turn to 100-percent financing, and especially home loans that sidestep the need for mortgage insurance. One such loan is known as the 80-20 mortgage. The home buyer takes out two loans -- the first for 80 percent of the purchase price, and the second for 20 percent of the home's price. The borrower is expected to come up with the closing costs. "It allows people to buy without a down payment, or for those people who would prefer not to touch their savings to get into a house," says Anthony Hsieh, president of HomeLoanCenter.com. 
FHA wants to insure zero-down mortgages
Zero-down home loans have gone so mainstream that the federal government wants to get into the act. Borrowers would be able to take out no-money-down mortgages insured by the Federal Housing Administration under a proposal by the housing department. Right now, FHA-insured loans are limited to a maximum of 97 percent of the home's price, meaning that homeowners have to come up with a 3 percent down payment. FHA-insured, zero-down loans won't be available until October at the earliest, because the proposal will be included in the Department of Housing and Urban Development's fiscal 2005 budget proposal. The fiscal year begins Oct. 1. Allowing zero-down, FHA-insured mortgages would require congressional approval. 
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