| The costs of bad credit
As with any other personal loan, the interest rate you get largely depends on your personal circumstances. However, with this particular type of loan, the single most important factor in determining the rate you get is your credit history. A poor credit rating means that the interest rate you will pay will be markedly higher than with other unsecured personal loans. As most bad credit loans are likely to be variable rate deals, you should be aware that your loan repayments will change in line with interest rates. Click here for more on fixed and variable rates. If you intend to pay your bad credit loan off early then make sure that you know what the early redemption penalties (if any) are. Remember: if you want to repair your credit rating over time then you need to make every payment on any loan you are given.
Less-expensive term insurance the way to go
Dear Bruce: I read your column every week, and I am impressed by your knowledge. That is why I would like to get your feedback on universal life insurance. I met with representatives from a financial institution, and they were pitching this type of insurance policy for $600 a month. The $500,000 policy has investment options, I can withdraw money without getting taxed until my death and my family gets the insurance money plus whatever value on the investments (tax-free). I am 46 years old -- is this a good investment for me? Or should I get a term-life policy for $500,000 with premiums of $50 a month, and invest the $550 ($600 minus $50) in my 401(k) or annuities? I was thinking of refinancing my current fixed-loan mortgage to an interest-only loan and withdrawing some cash to buy another house.
Sierra Leone: A Tribute to Musa Khalil Suma (1942 - 2007)
On behalf of my family and myself, I would like to extend to Mrs. Ramatu Suma, nee Hassan, the children and grandchildren, Ms. Yeabu Suma, Mr. Momodu Janneh, Jesmed Suma and the rest of the entire family and friends of the late Alhaji Musa Khalil Suma, our heartfelt sympathy upon their grave personal loss. It is one of the certainties of life on earth that every man or woman who comes into this world must exit it, sooner or later. Yet, no man or woman can know the exact date and time of his or her own exit. .
Banking : the Budget 2007 effect
Bank credit grew by 30.2% as on January 5, 2007 as against 29.7% a year ago. Non-food credit grew by 31.2%, at the same rate as the previous year. Credit growth has been largely broad-based. About 34% of the incremental non-food credit was absorbed by industry, 12% by agriculture, 29% by personal loans and 25% by other loans. Growth in aggregate deposits accelerated to 21.1% as on January 5, 2007, from 16.2% in the previous year. Demand deposits grew by 19.2% vis-a-vis 28.7% a year ago. However, accretion to time deposits was significantly higher at 22.9% from 15.0% in the previous year. High growth in time deposits, apart from the acceleration in economic activity, can be attributed to higher deposit rates and tax benefits under Section 80C for deposits with a maturity of 5 years and above.
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