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) Family Finances: Consolidate debts only as a last resort
There are a number of ways to consolidate debt and possibly lower monthly payments. Our advice: Consider debt consolidation only as a last resort. Generally, it comes with several drawbacks.Among those: Possibly a host of extra fees -- charged either upfront, annually or if you terminate the loan. Plus, you have another very real threat. You could consolidate all your debt and lower monthly payments only to accumulate even more debt if you still can't stop spending.
Nevertheless, if you're strong-willed and if lower monthly payments provide a viable way out of a financial bind, debt consolidation could be worth considering. Here are your loan options:
Home equity loan or home equity credit line. It's possible that interest on some of these loans may serve as an itemized deduction on your income taxes. More>>
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) Mortgage company says allegations are unfair and wrong
OMAHA — An Omaha-based mortgage company plans to fight state allegations of misconduct and will try to keep its state mortgage banking license.Bob Goldberg, president of Advantage Mortgage Service Inc., said the company conducts its business "in an exemplary fashion."On its Web site, Advantage Mortgage says it offers loans "for home purchases, refinancing, home equity allocation, debt consolidation and much more." . More>> - (
) Boss defends home loan 'formula'
Rudco CEO Rudi Visagie believes his "simple" business formula is a winner for consumers and has big banks and financial services brokers running scared. The National Credit Act regulates maximum interest rates and initiation fees, but no minimums, Visagie said in defence of his six percent interest rate on home loans. Visagie said Rudco was complying with the act by offering a maximum initiation fee of R150, plus 10 percent of the agreement in excess of R1 000, but limited to R1 140 (including VAT). A further proviso of the act is that the initiation fee may not exceed 15 percent of the principal debt. Rudco's "management fee" of R750 had been converted to an interest rate of 17 percent, said Visagie. Before June 1, when the act came into force, this was how Rudco calculated a R100 000 "debt consolidation" - what the act refers to as a personal loan: Capital outlay of R100 000 (this was used to repay people's debts, Visagie stressed, and no money was paid directly to clients); 20-year (240 month) repayment period; R750 management fee. More>> - (
) Online Mortgage Portal Receives Spike in Refinance Applications after the Fed Cut Rates
LendingGateway.com receives hundreds of online enquires to get into a fixed rate despite the interest rate drop.San Diego, CA (PRWEB) September 28, 2007 -- Over the last week, after the Federal Reserve cut interest rates by 0.5 percentage points, LendingGateway.com received an increase in online enquires and phone calls about how this will affect the home loan market. Despite the Federal Reserve's intentions of alleviating the "sub-prime" home loan chaos through the rate cut mortgage rates continued to increase.
"The most common thing we see is people that have adjustable rate mortgages worried about their interest rate increasing and affecting their ability to meet their monthly loan payment," explains Scott Olson, COO at LendingGateway.com, "the best advice our loan consultants give is to look into re-financing their existing home loan from an ARM to a safer fixed rate."
In addition to an increase in online mortgage applications, LendingGateway.com, also saw a jump in several debt consolidation enquiries on their online form at https://apply.lendinggateway.com/forms/debt.php
"Although we advise consumers to get into a safer fixed rate not everyone qualifies," says Alexander Capio, Owner and CEO of LendingGateway.com. More>>
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) competing nations, peace, conflicts: rising China, declining West, trade, finance politics
Which nations will lead this century, China, India, or America? How to manage globalized finance, trade, outsourcing, jobs, politics, wealth, democracy and peace? Talk to 3 thinkers Chalmers Johnson, Andre Gunder Frank, George Zhibin Gu. Troublesome globalization, emerging China, India, old world order, new competition, finance, borderless trade and outsourcing: 4 provocative books that can change your mind in 2007 about the geo-politic and geo-economic dynamics going on Interviews by Jorge Nascimento Rodrigues, editor of Gurus online. tv George Zhibin Gu, author of two new books, "China's Global Reach" and "China and the New World Order" Chalmers Johnson, author of "The Sorrows of Empire" Andr� Gunder Frank, author of the forthcoming "ReOrient the Nineteenth Century" (a sequel of his 1998's "ReOrient") FIRST STORY A view from an insider George Zhibin Gu CHINA IS BECOMING A GLOBAL THEATER "A new power balance will emerge gradually and most likely indirectly" INTERVIEW First idea: "Today, most Chinese would prefer to be the one just following the leader. More>> - (
) ADB reposes faith in Rajapaksa government
The Asian Development Bank (ADB), a major source of development funds for Sri Lanka, has expressed faith in the Mahinda Rajapaksa government saying that the latter has the wherewithal to take the island country economically and politically forward."Despite resurgence of the civil conflict, impact of the Asian tsunami, and doubling of oil prices since 2004, the economy grew at its fastest rate since 1978 last year (2006). This strength was fueled by buoyant private activity and expansionary macroeconomic polices though (they had) accelerated inflation," the ADB said in its report entitled "Outlook 2007", which was a review the performance of the economy in 2006 and a peek into the future.
About the future, the report said that among the factors that could potentially lay the foundation for strong economic growth was the existence of a "powerful" President who had succeeded in forging a parliamentary majority with crossovers of MPs from the typically more private sector oriented opposition United National Party (UNP). More>>