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) At Home: Debt consolidation loans can be shark-infested swim to solvency
To the person drowning in debt, a debt-consolidation loan looks a lot like a lifesaver. But reaching for it without knowing exactly what it's made of could be a serious mistake. The way it's supposed to work: You pay off all your small, high-interest consumer debts with the proceeds of a new low-interest loan whose payment is less than the total of the smaller payments. In theory, consolidation is a terrific solution for a burdensome debt situation. In reality, it can force you into even more treacherous waters. Basically, there are three ways to consolidate: 1. A new low-interest signature (unsecured) loan from an individual, bank or credit union. If you can get it, this type of debt consolidation is ideal. 2. Transferring all of the balances to a new credit card. More>> - (
) FIRST, THE KNEEJERK REACTIONS
The stock market reacted in expected fashion. The Dow Jones Industrial Index and S&P500 stock index each have enjoyed a lift, the DJIA by about 2.5% and the SPX by almost 3.0% in the last week. Of course, the stock indexes are simply discounting a weaker USDollar, hardly worth the hollow hoopla by media wonks. The currency markets reacted in expected fashion. The euro lifted from the mid to upper 138 level above 141 in the last week, a true breakout, and might have stalled here. The Euro Central Bank might soon kick the USFed shins with their next and possibly last rate hike next month, which could trigger another final leg up in the euro. The British pound sterling lifted from 200 flat to above 201, in what might be regarded as a tepid move. England has big problems with early signs of a bank run (see Northern Rock). More>> - (
) Deadline for student loans
Consolidate student loans now, or wait? That's the question for some recent college graduates.Consolidate now, and you may be able to lock in discounts that won't be available in October. Wait until July, and there's a chance you may get an even lower interest rate for the life of the loan.
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