Mortgage holders ’saving rather than paying off debts’

Millions of mortgage holders are saving up any spare cash they have, instead of using it to pay off their mortgages early.

This was the finding of a survey by First Direct, which revealed 42 per cent of mortgage holders are saving regularly, while just 21 per cent are paying extra off their home loans.

And the study showed a quarter of homeowners are not aware of whether or not they can make overpayments on their mortgage, while 42 per cent do not know what the limit is that they can overpay by.

Some may be paying more debt interest than is necessary as a result, while earning low sums on their savings due to the current record low base rate.

Overpayments may help some consumers who could find they are ahead and therefore have more leeway when seeking help from their lender if they run into financial trouble, such as redundancy.

A recent study by Moneysupermarket.com found11 per cent of Britons are worried about their ability to pay off their debts at present. 

Jan 31, 2012 No Comments by Erin Donnithorne
Tags: Holders Mortgage Holders

Update on Interest-Only Mortgages

In the recent economic boom, more and more home owners were turning to the idea of interest-only mortgages in the hope of saving money. With an interest-only mortgage, borrowers pay off the interest on their mortgage directly to their providers whilst saving for the amount of the capital in a separate manner, usually with a high-interest savings account. The capital was to be paid back at the end of the mortgage term.

However, during the time of swiftly rising house prices many home owners gambled on the rising prices to help towards paying off their mortgages. The idea was that the owner would resell the house at a profit, and use the money to repay the mortgage.

For many people who got the timing right, this did prove to be a good way of saving on mortgage costs, even though it does force you to move house. However, many people whose mortgages are yet to be paid off have now been trapped as house prices begin to falter. Full article…

Jan 29, 2012 No Comments by Admin
Tags: Interestonly Mortgages Mortgages

Warren Buffet: US Billionaire Sings A Happy Chinese New Year

U.S. billionaire and philanthropist Warren Buffett sang and played the ukulele as he appeared in a video broadcast on Chinas state-run television Sunday to mark the Chinese Lunar New Year. He showed on Chinese television, CCTV, and wished the people of China a happy new year. The Lunar New Year of the Dragon begins at midnight on Sunday. Your country has accomplished amazing things, and the best is yet to come, Buffett told the broadcaster.

Full article…

Jan 18, 2012 No Comments by Erin Donnithorne
Tags: New Year Warren Buffet Year

Why You Should Consider Buying A Used Car Now

Planning to buy a used car? Kelley Blue Book says you may want to do it before the end of the year. Used car prices are expected to increase by four to six percent in early 2012 which means you’ll get more bang for your buck if you shop for a car while you shop for Christmas gifts. Used vehicle prices dropped 2.6 percent in October which was the fifth month in a row for declines. New vehicle inventories are dropping to normal levels and fuel prices are falling which means the car market is ready for a rebound.

Historically demand for used cars drops in December which makes it a good time to score a great deal. “

Full article…

Jan 11, 2012 No Comments by Erin Donnithorne
Tags: Car Used Car

Preparing for your credit card statement.

A recent study by Visa found that one in five of us plan to fund this Christmas on credit cards, meaning many will be expecting the bill to drop of their door step any day now.

If you are one of those people, then we are urging you not to panic and follow these simples steps to make sure it doesnt get the better of you.

Jan 07, 2012 No Comments by Erin Donnithorne
Tags: Card Credit Card

Squeeze on incomes ‘making some chase more money’

People who are struggling with financial constraints such as credit card debt could ease the pressure by seeking to supplement their income.

According to research commissioned by the Bank of England (BoE), many of those who are suffering from an “income squeeze” at the moment are looking to boost their financial position by getting a new job.

The study, which was undertaken by NMG Consulting, also showed that some are choosing to put in more hours at their current place of employment.

“Most households have experienced an income squeeze over the past year,” the BoE commented.

“And around half [have] been affected by – and had responded to – the fiscal consolidation.”

However, the BoE noted that its policy of keeping interest rates at a record low of 0.5 per cent has helped to mitigate the spread of the problem.

This comes after the Office for National Statistics revealed that total pay including bonuses rose by two per cent in the three months to October, compared with 2.3 per cent in the three months to September.

 

Dec 30, 2011 No Comments by Erin Donnithorne

Gerald Celente About Losing His Life-Savings Because of Jon Corzine

Gerald Celente was interviewed by the Mike Broomhead show regarding the latest case of Jon Corzine and the bankruptcy of MF Global. Celente is one of the many investors whose life-savings were recently wiped out. I knew what to expect before the show began. And that is all it was: it was a show, says Celente when asked about his reaction towards the news of MF Global filing for Chapter 11 bankruptcy.

Listen to the whole interview below:

Dec 15, 2011 No Comments by Erin Donnithorne
Tags: Corzine Gerald Celente Jon Corzine

How Can A Loan Help You Out Of Debt?

Most of us do not want to find ourselves in a position where our debt is getting out of hand. Fortunately, there are a variety of loans on offer which you can use to consolidate your debt.

The biggest advantage of these loans is that you will only have one payment per month instead of several payments to various creditors. It will give you control over your finances and help you to plan better for the future.

If you opt for consolidation loans, your creditors could freeze charges and interest on your outstanding debt because they know that they will now get a definite and regular payment from you.

If any of your creditors considered legal action, this might convince them to stop. Legal action is the last thing you want because you don’t know how this will affect your credit rating.

Peace of mind and restful nights – that is what you will have if you are not constantly contacted by your creditors. The

Full article…

Dec 05, 2011 No Comments by Erin Donnithorne
Tags: Debt
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