Find Out How to Get More Out of Their VA Home Loan Benefits with Jumbo VA Loans, Pre-approved for Amounts as High as $1M Dollars

, Texas, Florida, Colorado, Oklahoma, Alabama, California, Arkansas (PRWEB) March 22, 2012

North Carolina Did you know that Veterans and Active Duty members serving in the US Armed Forces can now purchase a home as high as $1 million dollars by using Jumbo VA Home Loans to finance a mortgage? Well, great news travels fast and VA Loan Experts like Security America Mortgage, Inc. know all the right tricks to getting the word out to eligible military members who qualify for large support provided by the Department of Veteran Affairs.

The BIG Question is:

1. How does an eligible servicemember go about getting approved for increased VA entitlement on home loans to easily? Apparently, all a veteran needs is to obtain a certificate of eligibility. Of course, there are many reasons why choosing a VA Home Loan is favored over a conventional loan or an FHA home loan. Since January 1, 2012, the VA Guaranty loan limit was raised up to $417,000 for most counties within every state located in the US However, in some states; like Virginia, Colorado and California (to name a few) the VA home loan limit starts in the $600k range and goes up to as much as $1 million dollars for some homes being financed using Jumbo VA Loans.

Security America Mortgage, Inc., is namely one mortgage lending company that has been recognized to have everything a military home buyer could need, from home loan services to online tools assisting with relocation and real estate. With the recent opening of the North Carolina VA Home Loan Office, the topic of VA home loans hit the news stand.

VA Home Loans are also referred to as a VA Mortgage, which are loans that are backed by the Department of Veteran Affairs. They have many advantages to them compared to conventional loans and FHA home loans and they can be obtained by any eligible military member or veteran, being: Air Force, Navy, Marines, Army, National Coast Guard, as well as Military Reserve Members. Spouses of eligible members can also qualify for a VA loan starting at $417,000.00.

A VA Home Loan can be obtained in order to…

1. Purchase or build a new home

2. Purchase a residential condominium unit

3. Purchase a residential cooperative housing unit

4. Repair, alter, or improve a residence owned by the veteran and occupied as a home

5. Refinance an existing VA or conventional home loan

6. Buy a manufactured home and/or lot

7. Install a solar heating or cooling system or other energy-efficient improvements

The 2012 VA Loan Limits also make it easier for Security America Mortgage, Inc. provide better VA loan rates as well as enhanced North Carolina Relocation services. The VA loan process is better because is allows mortgages to be pre-approves for VA home loans and VA refinance loans for any military member buying a home as long as they fall into the eligible category. No insurance is required to qualify and there is no need for a down payment since it is not required by the VA standards. No other mortgage option can match the benefits allowed with VA loans.

Super savings can also be achieved when veterans use the VA Refinance options due to the three different refinance loan types available. In North Carolina, these three VA Refinance Loan options are as follows: VA Loan Refinance Option #1 – VA Streamline Refinance- Interest Rate Reduction Loan (IRRL), VA Loan Refinance Option #2 – Cash-Out or Debt Consolidation Refinance, VA Loan Refinance Option #3 – Conventional to VA Refinance Loan.

The first step to finding out how much VA entitlement you can use begins with contacting a VA Loan Expert to process the right forms for you. Fill Out the Get Started VA Loan Forms Today.

For the original version on PRWeb visit: www.prweb.com/releases/prweb2012/3/prweb9249103.htm

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Are y?u tired of debts and want to get rid of it?

Irksome ?nd untimely calls of lenders irritate you ev?r? time?

Dont have time to search f?r some other options?

There is onl? ?n? solution that can solve ?ll th??e problem- Debt consolidation loans online. With online debt consolidation loans ?ou w?ll b? ?bl? t? consolidate ?ll your loans ?nto one manageable loan that ?s easy to repay.

Now, b?ing a borrower ?ou m?? think again ? loan! You ma? b? doubtful whether ?t w?uld b? good f?r y?u or not. In thi? situation, ??u ne?d t? be aware of the benefits ?s w?ll a? drawbacks of debt consolidation loans online.

Benefits of Debt consolidation loans:

* One payment in?t?ad of vari?u? payments- thi? is th? main benefit of debt consolidation loans online. With debt consolidation loan online, ??u can reduce the burden of ?our all debts and consolidate all int? ?ne th?t ?s m?re convenient t? repay.

* Debt consolidation loan online ?? ?l?o cost-effective as ?t reduces th? ?ver?ll interest rate b??ng paid ?n th? existing payments.

* Low monthly repayment: As, th? interest rate ?? low, s? monthly repayment ?s significantly low too.

* Dealing w?th single creditor r?th?r th?n d?ffer?nt creditors ?s m?r? convenient. And th?s will assure ?ou t? get freedom for all harassing call fr?m lenders.

* Easy availability ?? also ?n added benefit with debt consolidation loan online. Many lenders n?w offer online debt consolidation loans. With a single click, you c?n easily find out the var?ou? sites ?f debt consolidation loan. These sites will not ?nl? provide y?u the information, b?side? ??u ??n apply directly ov?r the?? sites. Its l??s time consuming and minimum paper works.

Seeming lucrative- i?nt it? But d?nt get enticed. Check its drawback as well. There i? ? possibility t? get into debt again. If you fail to repay the loan amount, then inste?d ?f coming out ?f debt-burden, you will get ?nt? it on?? again. So fir?t check your repayment capacity and th?n th?nk ?bout debt consolidation loan online.

Debt Consolidation Loan Online is ?v??lable in two forms- secured and unsecured. For secured debt consolidation loan, ?ou need t? u?e ??ur property ?? collateral. So in case of failing t? repay, ??ur property w?ll be seized by the lender. Even, lenders m?? tak? legal step a? well.

At last, ?t can b? ?aid that debt consolidation loan online ?s not for ?ver? one. So, bef?r? availing th? loan, rationally th?nk ?bout it. Look ?t its pros ?nd cons and decide wheth?r ?ou are suitable f?r ?t or not. A realistic decision will help ?ou t? get th? benefits of debt consolidation loans online.

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Independence, Ohio (PRWEB) March 12, 2012

Nations Lending Corporation (http://www.nlcmortgageloans.com, NMLS ID # 32416) spurred by an expanding staff of mortgage bankers and administrative staff, outgrew their former corporate headquarters at 7029 Pearl Rd # 300, Middleburg Heights, Ohio 44130 in 2011. Nations Lending Corporation has announced that the companys growth as a national mortgage lender has inspired the firm to move into larger office space at 4 Summit Park Drive, Suite 200, Independence, Ohio 44131. As a rapidly growing direct lender, the mortgage banking company now funds over half a billion dollars annually in mortgage refinancing loans, home equity loans and home purchase loans.

Nations Lending Corp. is a national residential mortgage lender and mortgage banker serving the wide ranging mortgage needs of homeowners across the 35 plus states where they are currently licensed. Nations Lending offers FNMA, FHLMC, FHA, VA as well as other niche mortgage products. The new corporate headquarters are now centrally located in Independence, Ohio, just south of Cleveland, Ohio. Nations Lending, is a highly recommend member of the Mortgage Bankers Association. Nations Lending is an approved HUD Direct Endorsed Lender and an Automatic VA Lender that controls all aspects of the mortgage loan origination process. NLC provides on-site mortgage processing, closing and funding.

Secured mortgage loan programs and services offered include conventional fixed rate mortgage loans (30, 25, 20, 15 and 10 year), conventional adjustable rate mortgage loans (10/1 ARM, 10/1 Interest Only, 7/1 ARM, 5/1 ARM and 3/1 ARM), VA Interest Rate Reduction Refinancing Loans (IRRRL), FHA mortgage loans for first-time homebuyers and existing homeowners, VA loans, Fannie Mae DU Refi Plus loans, Fannie Mae Refi Plus loans, HARP Mortgage 2.0 Refinance loans, home equity loans, jumbo mortgage loans, debt consolidation loans, reverse mortgage loans and USDA loans.

Nations Lending Corporation provides mortgage loans to borrowers who want to purchase or refinance the following types of houses and dwellings; single-family residences, multifamily (multi-family) residences of 2-4 units, condominiums, manufactured homes, town homes and single family properties. Nations Lending Mortgage (NLC) mortgage refinance customers want to lower my mortgage rate and payment. Nations Lending Corporation can minimize their loan payments and reduce their monthly mortgage loan payments by lowering their mortgage rate.

The expanding team of licensed mortgage loan originators service homeowners and home buyers across the United States. Their knowledgeable, responsive, and helpful mortgage loan originators work with borrowers to provide timely funding for mortgage loan refinancing and the purchase of a residential property. At Nations Lending Corporation, service doesnt end at the time of closing. The staff is available to customers at any time in order to make their refinancing as pleasant and efficient as possible. Attention to detail and follow through separates NLC from their competition. The specialized financial institution delivers industry leading mortgage interest rates to borrowers who are buying a home.

The expanding mortgage banking company provides mortgage loan quotes after reviewing a mortgage loan applicants property type, debt-income ratios, down payment amounts, personal tax returns, the appraised value of the property, the loan purpose, income, credit reports and credit scores. Competitive mortgage interest rate quotes are frequently based on a 30 day mortgage interest rate lock assumption. Mortgage interest rate quotes assume that taxes and insurance will be included in the total monthly house payment.

Nations Lending Corporation mails Mortgage Reduction Notifications to creditworthy borrowers and qualified home loan applicants. A prescreening process takes into consideration, several factors that prequalify homeowners to get a mortgage loan quote. Customers choose NLC to take advantage of lower interest rates and lower mortgage payments.

NLC mortgage loan customers value their exceptional customer service, low fees and efficiency in delivering fast underwriting (UW) approvals and turn times (turn-times). NLC approves home mortgage loan applications quickly. The NLC administrative staff efficiently collects signed loan documents such as Truth-in-Lending and settlement statements, deeds or mortgages and promissory notes. During the important final mortgage closing paperwork process, proof of required insurance and inspections are also obtained from residential mortgage loan customers.

NLC provides business opportunities to independent originators and mortgage bankers that are considering partnering with a national lender to strengthen and improve the financial products they currently offer to their borrowers. Services provided include lead generation, mortgage processing, underwriting services, loan origination software (LOS) and a wide range of financial products.

NLCs company profile describes the firm as a highly rated, stable, knowledgeable and growing lending institution represented by a team committed to the highest level of integrity and professionalism. Nations Lending Corporation (Corp.), a Cleveland, Ohio mortgage lender and mortgage broker, receives outstanding business reviews and few complaints from their customers. Nations Lending Corporation (NLC) works diligently to formulate business practices that produce positive business reviews and ratings. Borrowers that qualified for home loans from Nations Lending Corporation used Zillow.com in 2010 and 2011 to report their reviews and ratings of Nations Lending Corporations business practices and customer service.

NLC is consistently hiring and offers career opportunities to mortgage loan officers, mortgage loan processors and mortgage loan underwriters.

Media Contact:

Craig Montgomery

Vice President of Business Development

Phone: 877-816-1220, Extension 2228

Email: craig(dot)montgomery(at)mynlcorp(dot)com

4 Summit Park Drive, Suite 200, Independence, Ohio

Web Site: https://www.nlcmortgageloans.com

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Many people consider taking out a debt consolidation loan when debt and payments begin to feel overwhelming. The loan application process can be frustrating and disappointing if someone is turned down. Below, American Financial Solutions offers tips to help consumers prepare and manage their credit before and after the loan application.

Seattle, WA (PRWEB) March 07, 2012

When faced with the inability to pay their debts, many people turn to a debt consolidation loan. According to American Financial Solutions (AFS), the idea of having one monthly payment, being able to catch up on debts and owing only one debt is very inviting. In addition, the interest rate paid on debts may be less on this type of loan.

If a debt consolidation loan seems like an option to help manage bills there are steps to take before and after applying for the loan. Below, AFS offers tips on the application process and what to do afterwards

Before tackling the application process, there is one rule people must consider when paying off debt. If the debt consolidation loan is used to eliminate credit card debts, those accounts should be closed. According to Becky House, Education Manager at American Financial Solutions, “people will pay off their credit cards, but fail to close them. Eventually the cards are used again and the person ends up with even more debt – the loan and the reused credit cards.”

Successful loan application process tips

[1] Complete a budget. Know how much money you have to put towards your loan payment as well as the rest of your expenses.

[2] Check your credit reports. Any lender will check your credit report before offering you a loan. You need to know what they will see. If there are any negative items, be prepared to explain them. You may also try to correct any errors in the report. This will take more than two or three days, but can mean the difference between a debt consolidation loan denial and approval. You can receive a free copy of your credit report by visiting http://www.annualcreditreport.com

[3]Gather all of your bills together and make a list of the ones you want to include in the consolidation loan. Include account numbers, balances and payment addresses. In general, home loans and auto loans are not included in debt consolidation loans.

[4] Search for lenders. You do not need to apply to different lenders. Instead, look for the lenders offering the best interest rates on consolidation loans.

[5] Apply to the lender you select. Remember that applications to different lenders can negatively impact your credit, so avoid multiple requests.

[6] Approved – pay off debts included in the consolidation loan and close open credit card accounts. Closing the accounts will not remove them from your history or your credit score. Positive credit accounts can remain on your credit report as long as the creditor continues to report them.

[7] Denied – if your application is denied the creditor will provide you with the name and contact information for the credit bureau used to pull your credit report. You should also ask them lender for an explanation as it may have been that they were concerned about the amount of loan you requested.

In addition to speaking with the lender, you may consider contacting a non-profit, certified credit counseling agency to discuss other options for repaying debt. Rather than providing a loan, credit counseling agencies can help you review several methods for managing money and bills.

One option a counselor may discuss is similar to a debt consolidation loan. It is called a debt management plan. A debt management plan (DMP) provides one monthly payment and creditors may reduce interest and fees on some accounts, because you are working with the credit counseling agency. Unlike a consolidation, a DMP is not a loan. To learn more about the pros and cons for this type of loan, debt management plans and other debt repayment options visit http://www.myfinancialgoals.org.

American Financial Solutions (AFS) is a non-profit 501(c)3 financial education and credit counseling agency that helps people find solutions for managing their money and improving their financial lives. Since 1999, AFS has helped individuals across the United States through one-on-one counseling, classes and the use of debt management plans. AFS is a member of the National Foundation for Credit Counseling (NFCC) as well as the Association for Independent Consumer Credit Counseling Agencies (AICCCA). AFS is also accredited by the Council on Accreditation (COA) and has an A+ rating by the Better Business Bureau. Find us and add us on Facebook, Twitter and Google+.

For the original version on PRWeb visit: http://www.prweb.com/releases/prweb2012/3/prweb9257474.htm

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Debt can feel overwhelming. We accumulat it at various points throughout our lives. We see it rise from our credit cards, student loans, cars, medical bills, mortgages and even second mortgages. It never feels like we are making progress.

For many, debt consolidation can be even scarier: Where do I turn? What do all these rates mean? Can I trust this organization to keep my best interest in mind?

Tips on Debt Consolidation Loans

If you need to reduce your monthly cash commitment and the amount of interest preventing you from making headway on your loans, consolidation loans speak to the idea that “the whole is greater than the sum of its parts.” Here are a few tips that will help you make an informed decision about your debt consolidation loan.

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In the debt relief industry transparency is difficult to come by, CareOne Debt Relief Services leads the Category with a new Innovative Marketing Effort

Columbia, MD (PRWEB) March 21, 2012

CareOne Debt Relief Services believes responsible providers of debt relief should embrace the transparency required to have a presence on social media channels. CareOne’s well established Community of over 1 million users provides that transparency by connecting customers and consumers, providing a place to share stories, ask for advice, have their questions answered, and even complain in an open forum. In addition to providing transparency, the goal of the community is to connect consumers struggling with similar financial situations, and also provide help in an industry where issues often go unaddressed. If a customer is unhappy with their debt consolidation service or would like to see things change, CareOne provides them with the platform to be heard.

Participating in social channels has given CareOne both a listening ear and alternative mediums in which to communicate with consumers. “We believe that removing the stigma around being in debt and providing customers with a platform to connect with others who have been in their shoes is an important part of providing superior service to our customers. CareOne has a well-defined social presence and has invested in social media by adding an entire team dedicated to the opportunity,” says Ali Landow, Community Creator and Senior Director of Marketing. Ali explained that “As service providers, we believe we have a responsibility to be present where our customers are talking, and today that means social media. We are committed to providing the best customer experience, so being present for those conversations is essential to fulfilling that commitment.”

As social networking becomes a key part of everyone’s daily life and a more common way of communicating with the world, CareOne has responded by giving the consumer the ability to do so in a way that is convenient and practical.

Find CareOne on Twitter @CareOneWorks for the latest in debt relief news and CareOne customer and employee stories, @AskCareOne for the answers to debt related questions, and @SuzanneCramer1 for the straight talk on debt.

CareOne launched their CareOne Debt Relief Services Facebook page last year as an extension of the community to provide another channel for customer stories, advice from financial experts, questions and customer issues. CareOne may also be found on Linked In, Google+, YouTube and Pinterest.

CareOne’s founder, Bernie Dancel was an early adopter of social media and has embraced social networks to share his message, that he understands how hard it is to get out of debt because he’s been there, he’s been in their shoes. Dancel says, “I know social networks are important to many of our customers and I want to be able to communicate with them through the channels that they are using.” Find Dancel on Twitter @BernieDancel, tweeting everything from debt relief industry news to football.

CareOne Debt Relief Services is the nation’s largest provider of debt relief services with over 5 million people helped to date. CareOne was created by Bernie Dancel, who was once in debt himself, and supported by many employees who have had their own struggles with debt and found a successful way out. It is this foundation of shared experience that sets CareOne apart from the rest of the debt relief industry. CareOne knows what being in debt feels like, and more importantly, what it takes to get out. Visit CareOne at http://www.CareOneCredit.com for more information about the company and services.

For the original version on PRWeb visit: http://www.prweb.com/releases/prweb2012/3/prweb9283006.htm

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The popular bad credit online resource BadCreditx.com has announced their recommended debt consolidation service designed to help consumers eliminate credit card debt, stop collection calls and lower monthly bills through refinance.

(PRWEB) March 17, 2012

People being hounded by debt collectors and struggling with high interest credit card bills have a new resource to turn to for help. The trusted online resource, BadCreditx.com, has recommended a new loan consolidation company that can help refinance and eliminate high interest debts crushing American families.

Visitors to the site can now get approved for a bill reduction refinance loan. The approval process can be completed in less than 5 minutes and can reduce bill payments by as much as 60% for qualified applicants.

“People want help, finding it can make all the difference,” said Tanya Caliban, debt expert with the site.

Consumer debt levels have nearly doubled since 2000 according to the US census bureau, and refinancing can provide an alternative solution to people looking to avoid bankruptcy.

Visitors to the site can learn how to stop collection calls and are encouraged to take the following steps:

STEP 1: Visit and review the debt refinance information provided, prepare a list of what balances are owed and at what interest rates and to which companies.

STEP 2: Select the appropriate resource and fill out the simple application that will require some basic information about what you owe and who you are. The process takes less than 5 minutes.

STEP 3: Get approved and receive the details for your prospective debt consolidation loans. Compare the savings and decide to proceed or not based on your situation and needs.

STEP 4: Use your monthly savings to further pay down your balances and eliminate debt for good.

Contact:

Tanya Caliban, Debt Expert

http://www.badcreditx.com

For the original version on PRWeb visit: http://www.prweb.com/releases/prweb2012/3/prweb9293250.htm

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Top Articles to Help You Lead A Debt-Free Life

• Debt Consolidation: “Debt Consolidation” is one of the most commonly misunderstood and misinterpreted personal finance strategies that consumers inquire about all the time. While some view it as a method of taking on new loans, others see it as a debt relief alternative. It is more important than ever for inquisitive consumers to have a very strong understanding of exactly what debt consolidation entails, and the impacts it can have on personal finances.
• Debt Relief: Debt relief is defined as a partial or total forgiveness of debt. When the term is used by the government, it usually refers to the forgiveness of debt to underdeveloped countries. Recently, it has begun to refer to the millions of consumers who are overwhelmed with debt seeking financial relief from their unsecured debt.
• Credit Card Debt: Credit card debt is an example of unsecured consumer debt, accessed through credit cards. Debt results when a client of a credit card company purchases an item or service through the card system. Debt accumulates and increases via interest and penalties when the consumer does not pay the company for the money he or she has spent.
• Debt Settlement: Debt settlement programs use a third party to negotiate lower balances and interest rates on unsecured debt. This type of debt management plan helps provide consumers an alternative to bankruptcy while reducing your outstanding debt.
• Credit Counseling: There are a numerous options for consumers who want to start getting their finances under control after accumulating large amounts of debt, which could inevitably lead to credit problems further down the road. Consumers who are in control of most aspects of their finances, but still feel like they could use additional help managing their debt burden, could certainly benefit from the assistance of a consumer credit counseling service.
• How Do I Get Out of Debt?: Now that the national economy is beginning to recover and people are having a better time dealing with their personal finances, many consumers who found themselves sunk deep in debt over the last few years may be asking themselves the question, “How do I get out of debt?” Fortunately, there are a number of avenues consumers can take to get out of debt, each with benefits and drawbacks depending on how quickly people need to fix their financial problems.
• 10 Tips to Avoid the Debt Trap: Have you ever thought about why so many of the people you know are struggling with debt? Do you ever wonder why banks keep lending to certain individuals, even when they are falling behind on their payments? Did you know that debt problems are a leading cause of major societal problems, such as stress, divorce and alcoholism?
• Credit Management: Many consumers are finding themselves buried under a pile of mounting debt. With interest accumulating month after month in addition to late fees being charged, many consumers are finding it difficult to make just the minimum payments on their credit cards. Although this may seem like an endless battle, with a strict budget and some discipline there are credit management strategies and solutions that will allow consumers to reduce or even eliminate their debt.
• Credit Card Debt Reduction: In recent months, many Americans have made a greater effort to seek credit card debt reduction and reduce the balances they owe, but some may not know where to start. Fortunately, there are several options available for consumers thathave a financial goal to achieve credit card debt reduction.
• Credit problems: Paying down high levels of debt is one of the best ways to improve credit problems and increase one’s credit standing. But many people cannot do that so quickly, especially in this economy. About one-third of a credit score is based off of a credit utilization ratio, which is the total creditbalances divided by the total credit limits. A great target is to use no more than 30% of one’s available credit.

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Jonathan Newman admits to being a big spender, but after amassing debt he is keen to work on changing his money habits. The 28-year-old, who works in process development for a finance company on a salary of £28,500 a year in Bournemouth, owes around £8,700, made up of personal loan, overdraft, and credit card debt.

My financial goals are very simple, as once Ive cleared the debt Ive built up over the last five years – all of which was squandered and is regrettable – I simply plan to not get into debt ever again, he says.

This might be unrealistic, but being someone that has lived in debt for a period of time, the thought of being completely debt -free, and that result is not too far away, is just too much of an incentive.

He pays £244 a month for a personal loan with Tesco at 6 per cent, with £3,000 left to clear.

This was originally taken out over five years to consolidate a Lloyds loan and to pay for a holiday, he says. He also pays around £87 a month for a personal loan with Lloyds.

It was taken out about a year ago to fund moving house and pay for the deposit. It was originally £1,000 and the rate is 9 per cent – theres only around £220 left to pay, he explains.

In addition, he has access to a £3,000 overdraft on a Platinum current account with Lloyds.

I dont feel its urgent that I clear this as I never go over my limit so dont get charged – I pay for a packaged account for the interest-free overdraft facility, he says.

He also has £2,500 on a Lloyds Advance credit card, at 11.9 per cent.

I dont pay off the balance every month – I just pay what I can, he says. I want to believe that the salary Im on will be enough to support my sometimes-lavish lifestyle – but I realise I have to start making sacrifices.

Jonathan pays £280 a month for a room in a three-bedroom house, and believes he has little chance of stepping onto the property ladder in the near future.

When debt-free I will look to save for a rainy day to have something set aside, he says.

But I dont believe that in the next five years Ill be able to put aside enough money for my first house purchase. The scary truth is that with the current cost of living, being able to save enough for a deposit just doesnt seem likely.

He doesnt currently contribute towards a pension.

Our company is considering offering a pension but at present there isnt one, he says. The sad thing is that I believe that once debt-free I would much rather live a comfortable life now rather than struggle towards a secure life in the future.

However, he adds: Whether its a generation thing, lack of responsibility, or just fear of falling behind again, I just know that debt is not somewhere I want to be.

The cure

Tackling debt before dealing with other goals is wise financial planning, agree our panel of independent financial advisers (IFAs), and it appears that Jonathan has realised the urgency of this.

While not alone in being saddled with debt, he needs to reassess his approach to his finances to ensure he doesnt burden himself with a further sum in the future.

Dealing with debt

Jonathans key priority is to reduce his debt and the quicker he can do this, the less interest he will pay and the cheaper it will be, says Danny Cox from Hargreaves Lansdown.

He should set himself a target for the amount he will pay off his debts each month – starting with the most expensive, which is the credit card debt. This should be realistic and as much as he can afford.

While Jonathan says he is in no rush to pay off his overdraft, he should check if he is paying interest on this every month – as although he pays no fees, he may be unaware that this is incurred.

Nick Evans from One Life Wealth Planning says: Overdrafts are often seen as comfortable debt, but in reality they are perhaps the most dangerous type, as while loans and credit cards demand minimum payments each month, overdrafts are in danger of racking up.

Drawing up a budget to calculate how much he can afford to set aside is a priority.

This will act in two ways: it will help him to stop frittering – he is far less likely to spend unnecessarily if he has to write it down, and it will help his budgeting, says Mr Cox.

He may also be able to make savings by, say, switching energy suppliers and buying cheaper food.

Christopher Wicks from Bridgewater Financial Services recommends cancelling the overdraft facility so Jonathan isnt tempted to use it, and sticking within his means.

He needs to muster up some discipline to get rid of the debt as quickly as possible, stresses Mr Evans.

Once cleared, he should close down, or at least reduce, the lines of credit open to him to help with this.

One option is debt consolidation.

This gives a clear and definite end to the debt by structuring the loan so it is affordable in one pot – although it doesnt tackle his propensity to rack up debt and Jonathan must be aware of the disadvantages.

Saving for a rainy day

Once his debt has been reduced or wiped out, he can set aside money for an emergency fund for use should he need it.

A cash individual savings account is the sensible option for this, allowing interest to build up tax-free with an annual allowance of £5,640 for the 2012-13 tax year.

If he is disciplined, there is every chance he has the potential to build up a deposit to buy a property later down the line, stress the advisers, as his salary should increase as his career progresses.

Retirement planning

As Jonathan approaches 30, he should consider pension planning.

With a bleak, economic landscape and rising financial pressures to contend with, this should be a priority. People are living longer and enjoying a lengthy retirement – so the earlier he starts, the better.

Jonathan is late in starting to save for his retirement, says Mr Evans. Small amounts now will be easier to manage, and, of course, he will then have a longer period over which his money will be able grow.

I would encourage him to start saving as soon as possible.

Despite no access to an employer scheme, he may wish to contribute to a low-cost, personal pension rather than wait for auto-enrolment. This will be phased in from October, and companies with the largest number of employees will be first. The employee will pay 4 per cent of their salary and the employer 3 per cent, in addition contributions will attract 1 per cent tax relief.

While the details are still emerging, Mr Evans said we know that by the end of 2016 Jonathan should be able to join a company pension scheme – but he may not want to wait that long.

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TORONTO, March 14, 2012 /PRNewswire via COMTEX/ –
Despite continuing market and global
uncertainty, the 2012 investment season is showing strong growth in
RRSPs and TFSAs, as well as renewed growth of non-registered
investments, according to a review by RBC Branch Investments. RBC has
seen investment growth double year-over-year and has surpassed one
million pre-authorized contributions for investment accounts.

“In an uncertain economy, our clients have made more diversified
investing a priority,” said Michael Walker, vice-president and head,
Branch Investments, RBC. “What’s interesting is their move from one
specific investment type like mutual funds to a diversified investment
mix across longer term mutual funds, GICs and investment savings.”

While Canadian investors continue to choose longer term mutual funds,
guaranteed investment certificates (GICs) were also popular. This
renewed focus on guaranteed investments is likely due to a combination
of factors: global uncertainty, the desire for higher yields available
in longer term GICs and interest rates remaining unchanged for the near
term, explained Walker.

More and more, the traditional two-month RRSP season has been expanding
into the longer winter investment season, with a broader focus on the
overall importance of RRSPs, TFSAs and non-registered investing. “We’ve
seen many clients going back to the basics, recognizing that investing
and saving is not just for what traditionally has been thought of as
RRSP season, with good growth in regular contributions throughout the
year,” said Walker.

According to the 22nd Annual RBC RRSP Poll, regular RRSP contribution plans gained in
popularity among Canadian RRSP holders (35 per cent), with almost half
(48 per cent) of younger RRSP owners (age 18-34) using regular
contribution plans.

“While we understand that it’s not easy juggling many financial
priorities especially during challenging economic times, it is
promising to see that regular RRSP contribution plans are gaining in
popularity among Canadians,” added Walker. “One of the most effective
ways to save for retirement is to have an automatic savings plan. Many
people find that they don’t even miss the money they contribute,
because they never see it.”

About RBC’s financial planning advice, resources and interactive tools
The RBC Advice Centre offers free online advice, resources and tools
regarding RRSPs – including the RSP-Matic® Savings Calculator and updates on the federal government’s RRSP First Time Home Buyers’ Plan. Whether Canadians want to save and invest, buy their first home, get more from their day to day banking, protect what’s important, or
take care of their businesses, the RBC Advice Centre can help answer their questions. Interactive tools and calculators
provide customized information covering many facets of personal
finance, including the Debt Reduction Plan and the Debt Consolidation Calculator. With the guidance of RBC advisors who are available to chat live,
Canadians have access to free, no-obligation professional advice about
RBC products and services and personalized one-on-one service. Further
information is available at rbcadvicecentre.com. In addition, RBC’s myFinanceTracker, a comprehensive online financial management tool, offers all personal
RBC online banking clients the ability, at no cost, to create a budget and track their
spending habitsas well as access the new myTax Centre, to help manage and plan their taxes, usingthe Tax Estimator
Calculator todetermine if there isa refundorabalance owing on the
returnandthe RRSP Tax Calculator to see the tax implications of making an RRSP contribution.

About the 22nd Annual RBC RRSP Poll
This survey was conducted by Ipsos Reid between October 24 and November
15, 2011 via a random sample of 1,224 adults in the general population
(aged 18 and over). The results are based on samples where quota
sampling and weighting are employed to balance demographics and ensure
that the sample’s composition reflects that of the actual population
according to Census data. Quota samples with weighting from the Ipsos
online panel provide results that are intended to approximate a
probability sample. A weighted probability sample of 1,224 Canadian
respondents, with 100 per cent response rate, would have an estimated
margin of error of ±3 per cent, 19 times out of 20.

SOURCE RBC

Copyright (C) 2012 PR Newswire. All rights reserved

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