| 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.
NREI Club Adds a New Chapter at Walnut Creek, California
Pleasanton, California, Apr 03, 2007 -- /prbuzz/ -- National Real Estate Investment Club (NREI Club) is proud to present its new chapter at the Walnut Creek Marriott, Walnut Creek California. NREI Club meetings for the Walnut Creek chapter will be held on the first Monday of every month at the Walnut Creek Marriott. The prominent speakers on the commencement evening of the new chapter on Monday April 2nd, 2007 – Pritam Sinha and Edwin Yeh will showcase some exciting investment opportunities and the secrets of credit. The addition of this new chapter at Walnut Creek will provide investors in Contra Costa and Solano Counties with a more populated environment for networking and access to the club’s unique blend of educational resources and investment opportunities. This week, Pritam Sinha will teach investors how they can have impeccable credit and have access to hundreds of thousands of dollars in personal and business credit.
Britons 'clueless over credit card cash withdrawals'
Consumers are largely unaware of the true cost of making cash withdrawals via their credit cards, according to new research. One million Britons wrongly believe that using ATMs with credit cards is free, as with debit cards, uSwitch says. The price comparison website claims the confusion arises from the way in which credit rates are determined following legal changes? to the display of interest rates. In May 2005 ? the month the Consumer Credit Act was reformed by the government ? the average APR for cash withdrawals was 20.8 per cent, but today stands at the equivalent of 27.1 per cent. This increase could have added up to 334 million to Britons' credit card bills, uSwitch says. "Consumers could be forgiven for thinking that they are being treated as the banking industry's personal ATM," said Nick White, director of financial services at the website.
Work to keep your interest rate down, your savings rate up
Suze Orman is a financial planner and author best known for her CNBC television program "The Suze Orman Show." She answered reader questions about personal finance on Boston.com last week. Here are excerpts: Q. Hi. I am in my early 30s and own a condo with a hefty mortgage. This does not allow me to contribute to my Roth or 401K anymore. I have $20,000 combined. However my employer contributes 5 percent of my salary automatically. Is this enough for a few years until I get a raise? A. The question should really be: How do you free up more money so that you can have your cake and eat it, too? The best advice I could tell you is the higher your FICO score, the lower your interest rates will be on everything you purchase. The more money you save in interest , the more money you have to eventually put into your retirement account.
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