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) Family Finances: Consolidate debts only as a last resort
There are a number of ways to consolidate debt and possibly lower monthly payments. Our advice: Consider debt consolidation only as a last resort. Generally, it comes with several drawbacks.Among those: Possibly a host of extra fees -- charged either upfront, annually or if you terminate the loan. Plus, you have another very real threat. You could consolidate all your debt and lower monthly payments only to accumulate even more debt if you still can't stop spending.
Nevertheless, if you're strong-willed and if lower monthly payments provide a viable way out of a financial bind, debt consolidation could be worth considering. Here are your loan options:
Home equity loan or home equity credit line. It's possible that interest on some of these loans may serve as an itemized deduction on your income taxes. More>>
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) Mortgage company says allegations are unfair and wrong
OMAHA — An Omaha-based mortgage company plans to fight state allegations of misconduct and will try to keep its state mortgage banking license.Bob Goldberg, president of Advantage Mortgage Service Inc., said the company conducts its business "in an exemplary fashion."On its Web site, Advantage Mortgage says it offers loans "for home purchases, refinancing, home equity allocation, debt consolidation and much more." . More>> - (
) Watch List (Oct 1-6): Cement, Lumber Producers Take a Hard Look Ahead
In this week's Watch List, cement and lumber producers say housing woes are bound to spill over into nonresidential building and cut their forecasts for consumption next year. Also, we report on an increasing number of multifamily and hotel loan delinquencies; two new ventures lining up funds for distressed properties or loans; and property disposition specialist Keen gets acquired. Plus, we give you news you'll find only in this column and the latest facility closures, permanent mass layoffs and properties on the Watch List. A 'Hard' Outlook: Cement and Lumber Demand To Fall Rapidly deteriorating economic conditions have prompted the Portland Cement Association (PCA) to adjust its forecast downward for 2007 and 2008 cement consumption. While the cement association attributes the projected drop to the subprime crisis in the residential markets, the PCA expects problems to spill over into the nonresidential building sectors. More>>