| Home equity car loan bad idea
OK, you're probably thinking that sounds outrageous, so let me take it down a bit. How about a 10-year auto loan? If you're financing the purchase of a car with the equity in your home, that is exactly what you could be doing -- paying for a car over 10 or even 30 years. The use of home equity loans, lines of credit and cash-out refinancing to buy an automobile grew in the last decade as interest rates dropped and property values soared. It also has become popular as lenders hyped the fact that interest on a home loan is tax-deductible, unlike on a vehicle loan. In 2006, about 24 percent of homeowners used a home equity line of credit to buy a car or truck, according to Synergistics Research Corp., a financial services consumer market research company based in Atlanta.
BUYER BEWARE Take the pain out of tax filing
A: This is the time of year when most of us start thinking about filing our tax returns. We are bombarded with advertisements on television and radio stations and on the internet, singing the praises of tax preparation services, software and speedy refunds. We naturally have questions about the pros and cons of these options.
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AP Newsbreak: State Web site contains data for ID thieves
BOSTON -- An array of personal information that can be used by identity thieves is freely available on the Web site of Secretary of State William Galvin, who recently criticized Gov. Deval Patrick for failing to protect information about voters on his campaign's site. Social Security numbers, bank account numbers, home addresses and phone numbers can be viewed with a few clicks, and Galvin said Wednesday he doesn't plan to immediately remove the information because he's launching a software program to start the process within weeks. "It's totally unacceptable that they are contemplating leaving it up," said Betty Ostergren, a Virginia-based privacy advocate. "Once they realize it's a veritable treasure trove, identity thieves will flock to it. They need to shut the links down." Galvin refused to do so.
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