| 6 Million Brits Consolidating Their Loans
The preferred method of debt consolidation in the UK is where unsecured personal loans are combined into one loan with a lower monthly payment. While this is a positive move in the short term, it can be fiscally devastating over the long-term if done in the wrong way. Unsecured personal loans are the preferred method of consolidating loans. The interest rate is normally lower than interest being charged on credit cards and store cards. Research from uSwitch.com revealed that a number of Brits who consolidate their loans continue to use their credit cards and store cards to create further debt. The number of UK consumers who apply for personal loans that are higher than the amount they need to consolidate their loans are using the extra money, not for wealth generating, but to maintain a higher lifestyle.
Realty bite: ICICI ups home loan rate by 1%
MUMBAI: ICICI Bank, India's second largest bank, on Saturday raised the interest rate on its home loans by 1%, a hike that will crush new buyers with a minimum interest rate of 12% on loans. The decision follows the Reserve Bank of India's decision on Friday to increase the rate at which it lends to banks.
This is the fifth increase in ICICI's rates since May last year, when housing loans were going for only 8.5%. The latest hike will increase the equated monthly instalments payable by Rs 60 for every Rs 1-lakh loan taken for a tenure of 15 years. ICICI has also increased the broad floating reference rate that determines other consumer loans like car and personal loans to 12.75%. The benchmark rate at which it will lend to business is also up a percentage point to 15.75%.
Countrywide Home Loans Offers Home Mortgage Ideas That Help Make ...
Consumer Release, Calabasas, CA (PRWeb) March 20, 2007 -- Home loan interest rates at historically low levels and a variety of affordable mortgage loan options have created conditions that favor first-time home buyers. Some prospective buyers may still feel overwhelmed by the prospect of a first home purchase given the recent news coverage about falling home prices and the lack of affordability in some areas of the country. Experts at Countrywide Home Loans, Inc., a member of the Countrywide (NYSE: CFC) family and America's #1 home loan lender*, have suggestions that can make the home buying process a rewarding experience, if consumers explore all available home mortgage options and plan carefully. For your own personalized, no obligation home loan consultation, homeowners can call 1-800-768-9462 or apply on-line.
Is debt killing you? Banks begin to offer a helpline
MUMBAI: Anand Sharma (name changed) was in complete mess after having spent around Rs 1.5 lakh on expensive restaurants, pubs and branded clothes. Lured by easy finance, he had borrowed heavily from different banks through credit cards and personal loans. But, as he discovered later, borrowing was the easier part. On a salary of Rs 10,000 per month, it was next to impossible for him to repay the loan. His wife Malini (name changed) didnt have a clue to what was happening. She was busy mothering their three-year-old kid and managing the house. But the day she discovered her husband fretting about his bills and excess debt, she decided enough was enough. Malini had heard from a friend about a debt counselling centre by the name of Abhay and decided to go there for help.
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