Debt From Student Loans Affects Home Buying, Regardless of Earnings

Even when college graduates are doing everything right, student loan debt is still proving to be a major impediment to achieving financial milestones like home ownership.

Take the case of Roshell Schenck. Schneck, 28, is a 2008 graduate of Lake Erie College of Osteopathic Medicine in Erie, Pa. She has a PhD in pharmacy and earns $125,000 a year. But she also has $110,000 in debt from student loans. And even though she pays her loans on time and can afford a home, she’s unable to qualify for a home mortgage.

“I’d love to buy and can afford to buy,” said Schenck. However, since lenders are scrutinizing debt from college loans more closely than in previous years, she said, “it’s almost impossible for me to get a loan. My debt is crushing my chances of purchasing a home.”

Tighter lending standards in the wake of the recession have been further constricted by almost $1 trillion in outstanding student loan debt. As a result, r

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Feb 22, 2012 No Comments by Erin Donnithorne
Tags: Home Home Buying

Low Interest rates are still with us

As at January 2012 mortgages and interest rates are historically at a very low point, although there have recently been signs of a slight rise in rates. Rates are used not only to ensure a healthy profit for the mortgager provider but also to manage the demand for mortgage lending. The amount of money that is available is limited and it would be hard for lenders to deal with the flood in demand that would be produced by cutting interest rates to say 3.00% on five year fixed term deals.

So there are factors preventing rates from getting too low, but nonetheless it is quite a favourable time for mortgage seekers in terms of rates, provided of course that there is a decent deposit (ideally 25%) available, and that the borrowers finances pass the more stringent tests which are now being applied by lenders. Full article…

Feb 22, 2012 No Comments by Admin
Tags: Low Interest rates

The United States is Experiencing the Longest Stretch of High Unemployment Since the Great Depression

The rate of unemployment in the United States has exceeded 8 percent since February 2009, making the past three years the longest stretch of high unemployment in this country since the Great Depression. CBO projects that the unemployment rate will remain above 8 percent until 2014. The share of unemployed people who have been looking for work for more than six months—referred to as the long-term unemployed—topped 40 percent in December 2009 and has remained above that level ever since.

In a study requested by the Ranking Member of the House Committee on Ways and Means, CBO examines the following questions:

  • What are the consequences of unemployment?
  • What factors have caused high unemployment?
  • What policies would increase demand for workers?
  • What other policies could reduce unemployment?

What Are the Consequences of Unemployment?

Households with unemployed workers are adversely affected by joblessness in many ways. For

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Feb 21, 2012 No Comments by Jamie Zeal
Tags: Great High Unemployment Longest Stretch

Find best financial support for your business

Business always ends up putting you in need of extra financial support for it. No matter how much strong or weak your business is. The scale of your business also does not count; the difficulties of market put you in such situations at times when you need to add extra funds into your business to keep it strong and running with success and ease. In order to find such financial support for your business especially in UK, there are very easy means provided to the banks in UK. The banks in UK design ways to help people economically, which does not only support people but also maximize the strength and income of the bank itself. The reliability and effectiveness of the bank depends on the kind of services view provides to the borrowers. The best loans can be based on long-term services. In such loans heavy amount of money is borrowed from the banks to support huge business investments and developments. Full article…

Feb 17, 2012 No Comments by Admin
Tags: financial support

DRS & BBB Join Forces to present “Scam Smackdown”

National Consumer Protection Week

March 4 10

Debt Reduction Services and the Better Business Bureau are joining forces with federal, state, and local government agencies and national organizations to celebrate the 14th annual National Consumer Protection Week (NCPW). During NCPW, organizations share tips and information that help consumers protect their privacy, manage money and debt, avoid identity theft, and avoid frauds and scams.

Thursday, March 8, 2012, Debt Reduction Services will be hosting a “SCAM SMACKDOWN”.

This entertaining and informational event will be led by Beve Bryant, the Outreach Coordinator for the Better Business Bureau.

She will be presenting a behind the scenes peek on the latest top scams, how a scam artist thinks, and how a con artist can trick seniors out of their life savings.

Come learn tips on how to smackdown the bad guys!

DON’T DELAY First 50 registered participants will receive a free RFID shielded wallet.

Many credit/debit cards and id’s have Radio-frequency identification (RFID) chips in them. RFID ch

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Feb 17, 2012 No Comments by Alice Galvin
Tags: Forces Forces Present

Credit Cards & Debt News

Its Wednesday, and once again were bringing you our favorite posts and article on credit card and debt news. Check out how the debit and credit card swipe fees decrease could impact us all, how you can protect yourself against credit card fraud, what new strategies debt collectors are using, and more.

Feb 16, 2012 No Comments by Alice Galvin
Tags: Debt News News

Auto Finance: Are You Paying Too Much for Your Car Loan?


Jerry Edgerton of CBS MoneyWatch asks, “If you have a mortgage, you have probably considered refinancing it at a lower rate. But what about your car loan?”
Edgerton continues to explain the benefits of auto refinance for those who have financed their car with a dealer since interest rates are often marked up. He also explains the crucial relationship between one’s interest rate and one’s credit score:
“Like original new car financing, refinancing is all about your credit score. Go to annualcreditreport.com, look over your report and take the paid option to get your score. (Avoid sound-alike sites that just want to sell you a monthly credit monitoring service). That will tell you what kind of interest rate you qualify for.”
Edgerton also advocates for services like MoneyAisle.com, “which will refer you to banks or credit unions interested in refinancing loans. Full article…

Feb 13, 2012 No Comments by Jamie Zeal
Tags: Car Loan Loan

Don’t Let Yourself Get Caught In A Debt Trap

The squeeze on finances across the country means that more and more people are sinking into debt and finding it increasingly difficult to know where to turn to escape the cycle of borrowing.

However, while it isn’t possible to make money materialise out of thin air, there are some steps you can take to help gain control of your finances, regardless of how much debt you have.

If you have lots of different creditors it can be difficult to keep track of the repayments and you could be paying out more in interest than if you had one monthly payment. If this is the case, it could be worth considering consolidating your debts.

This involves taking out a new loan and paying off all of your existing commitments, a step which could lower the monthly amount due as well as making it easier to manage. T

Full article…

Feb 13, 2012 No Comments by Erin Donnithorne
Tags: Debt Debt Trap
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