The mortgage trade body in the UK, the Council of Mortgage Lenders, has issued another stark warning over house prices falls, predicting that there will be around a 7% fall in house prices over the course of this year, with no hope of recovery for the mortgage lending sector over the year. In October the CML had predicted a 1% rise, but this prediction has been turned around completely over recent months, with house prices already having fallen compared to this time last year.
This latest prediction is said to be one of the bleakest yet from a body involved in housing and mortgages. Officials from the CML have also said that by the end of the year house price falls may be even greater, and the number of houses being sold will fall by around 35% to 770,000 sales, which is the lowest level since the 1970s.
The CML further claimed that mortgage lending levels for both new properties and remortgages fell by 16% for March and April compared to the same period last year. In fact, net lending for this year is expected to fall by around £55 billion, with the CML stating: “Lending volumes will get worse before they get better.” The housing and mortgage slump is expected to continue into 2009 according to the CML.
There are also concerns that the downturn in housing sales, partly fuelled by tighter lending conditions, could affect thousands of jobs, from workers in furniture and carpet retailers to carpenters, builders, and also estate agency staff. The buy to let mortgage has also been affected by this downturn, with buy to let loans for the first quarter of this year falling by 22% compared to last year.
Are you one of many Americans who find it hard to clear your credit card minimum every month? If you are, you are most probably in credit card debts.
For your information, credit card debt is one of the most difficult types of debt to clear. Reasons being, credit card companies charge very high interest rate and of course always slap you with a high late payment or penalty fees whenever you cannot make your payment.
To get out of this mess, you will need to consolidate your credit card debts either yourself or with the help of an external agency.
1. Consolidate your debt yourself.
It’s neither easy nor too difficult to consolidate your own credit card debts. Almost every credit card company has their in house debt consolidation department to help their clients consolidate their credit card bills. What you need to do is to call them, and tell them your situation truthfully.
The chances of consolidating your debts successfully depend on how you put forward your situation to your creditors. How your creditors access your current financial health also play a part. Before you start to call your creditors, it might be wise to check out for more tips and guide on how to negotiate with your creditors online.
2. Engage the service of debt consolidation companies and programs.
There are many free government programs to help people consolidate their debts, but these free services often require that you chalk up a certain amount of debts before they help and you must also meet their requirements.
The last option would be to engage the service of debt consolidation companies. By charging you a fee, debt consolidation companies will negotiate with your creditors for lower interest, better repayment method and lastly help you devise a financial plan to help clear your debts in a systematic way.
No matter what options you take to consolidate your debt, do it early and you will get a live a debt-free life again.
There’s no question that everyone wants to pay what they owe, but there are times when life circumstances - such as the loss of a job, medical problems, or divorce - cause your financial situation to spin out of control. When that happens, far too many people struggle and struggle, and ultimately fail to satisfy their creditors. There’s another option, though, that more people should take advantage of: debt settlement.
Debt settlement can take many forms, but in essence it helps you get out of dept, repairs your credit, and even moves you towards achieving your financial dreams, such as owning your own home. Debt settlement is a smart way to get out of debt fast, without declaring bankruptcy.
When they don’t know about debt settlement, some people choose the bankruptcy route, which can haunt them for the rest of their lives. Others choose to work with credit counselors and work out a debt management plan. Unfortunately, although debt management plans require you to make only one monthly payment, that payment is often higher than your previous minimum payments combined. Plus, you are required to pay your balances off in full.
In contrast, debt settlement offers debt consolidation and a reduction in your outstanding debt of as much as 40 to 60 percent. In essence, it’s the lowest cost solution to gaining relief from debt payments. Most people find that when they consolidate debt financial relief is almost immediate, giving them the peace of mind that they have been without for far too long.
How do you achieve debt settlement? Typically consumers who are in debt consult with a debt settlement company that can help them get out of debt and stay out of debt. There are many such companies that have resources available online. When choosing a debt settlement company, select one that:
Ø Offers a free debt consolidation quote or a debt consolidation online quote. A debt consolidation free online quote allows you to better understand your options when it comes to debt settlement.
Ø Offers a free debt calculator. You can’t successfully achieve financial relief unless you truly understand how much you owe. A website’s free debt calculator will help you see the hard truth - which is your first step toward financial relief.
Ø Has a fee structure that is below market pricing and provides a full written disclosure about their fees.
Ø Doesn’t require payment until your debt settlement program has begun.
Ø Offers counseling sessions that allow you to ask as many questions as you’d like, communicate your financial situation, and express your concerns.
Ø Returns phone calls and answers emails within 24 hours.
As dismal as your financial situation seems, debt settlement is a road you can take that will lead you to financial relief.