| 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.
Home buyers get yet another jolt from HDFC
MUMBAI: The country's largest housing finance company HDFC has raised lending rates by 75 basis points for new customers, while interest rates for existing customers is up 50 bps. HDFC's rates after the hike are still cheaper than its nearest rival ICICI Bank which announced a rate hike on Saturday. HDFC's floating rate loan for new customers is now pegged at 11.25%, while customers borrowing at a fixed rate will be charged 13.25%. Its prime lending rate (PLR) has now been revised to 14.25%, up from 13.5%. Meanwhile, HDFC Bank and UTI Bank have both raised PLR from 14% to 15% on Monday. Last week, ICICI Bank raised its benchmark advance rate to 15.75%, while Yes Bank raised its PLR to 14.75%. State-owned banks are yet to take a view on their lending rates. A number of banks are considering to raise their lending rates after the Reserve Bank of India (RBI) announced an increase in cash reserve ratio, repo rate and a reduction on interest paid on CRR.
Privacy Advocate Targets Massachusetts Web Site
A privacy advocate Friday threatened to publicly post on her Web site the names of prominent individuals in Massachusetts whose Social Security numbers and other personal data she was able to pull from public records posted on the commonwealth secretary of state's Web site. In addition, Betty "B.J." Ostergren said detailed instructions will be provided on her site telling others how to access the data from the site. Ostergren, a Virginia-based privacy advocate, runs a Web site called The Virginia Watchdog, which she uses to draw attention to -- and put pressure on -- county and state government officials who post unredacted public records online. The threat to publicize the information stems from the continued refusal by Massachusetts Secretary of State William Galvin to break links to the records, despite being told they pose a potential risk to privacy, Ostergren said.
Council doles out cash
ONTARIO - The Ontario City Council voted unanimously Monday night to grant police more evidence space for $8,055, approved a $50,000 business loan and entered into a $70,000 technology agreement with the Ontario School District.One of the places Ontario Police Department stores evidence is inside of a prisoner holding cell, which Ontario Police Department Capt. Mark Alexander said will not help his department become accredited with a police accredition agency.Alexander asked the council Monday night during its regular meeting in city hall to let police use a newly acquired apartment across the street as an evidence room. He also requested the council release $8,055 from the city's general contingency to fund evidence lockers, window barriers and door frames for the new evidence room.Some evidence is worth a lot of money, other evidence is not, and items seized by police range in size from as small as a bullet to as large as a door.Freeing up the holding cell at the police station, Alexander said, would ease the custody situation, because juveniles cannot be put in a cell with adults and women cannot be placed in the same holding tank as men.
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