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Deducting Points On Home Refinances
Any points that you pay in the refinancing of your residence are tax deductible over the length of the loan in question. The deduction is allowable only if the residence is your primary home and the new mortgage replaces a previous one and/or is...
Managing Your Finances During a Crisis
All tsunamis, hurricanes and medical atrocities aside, there’s more to crisis proofing deadly and financial catastrophes. In the realm of protecting one’s family from the devastation of financial dire straits, a simple plan starts with a budget....
Refinance Mortgage Lenders - Finding The Best Refinance Lender
Finding a good lender to refinance your mortgage can be almost
as important a decision as the actual mortgage you choose. In
order to make a wise selection of a refinancing lender you
should do four things:
1. Know the objective of your...
Refinance Your House
If you have seen all the advertisements regarding refinancing your house you may be wondering if refinancing can actually save you money. The answer is yes! Interest rates are at the lowest levels in decades and there has never been a better time to...
Short on cash? Finance the Mortgage Points
Once you get a quote for a home loan don’t be tempted to take the entire amount if it looks like you overqualified. Most consumers fill out an application for a home loan and hope they can get enough money to buy their dream house. A nice chunk of...
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War of the Worlds: Student Finance versus Life
It’s a worrying time for current and prospective students. Figures from the Prudential, show that a third of UK university students have considered abandoning their studies due to the financial strain they have encountered. It is not surprising that many prospective students are finding the need to seriously think through the merits of going to university. With the increase in course fees, alongside decreases in government financial support, the current crop of graduates can expect huge debts (currently averaging over £13,000) when they enter the employment market, which they hope will reward them with a highly paid job.
However, as more students get pushed on to the higher education production line and undertake degrees, the once elitist qualification becomes devalued. Suddenly employers find themselves surrounded by graduates of ambiguous quality. Prestigious highly-paid careers are rare these days and graduates find themselves increasingly under pressure to jump through a number of hoops, with many interviews relying on an individual’s ability to sell himself, rather than the basis of the academic work.
Students need to take responsibility for their own finances, meanwhile the government seeks our approval of the state (educating the unemployed is good for the books … and votes), without the responsibility (“it’s an investment children”).
Too many want to bury their heads in the sand and wait for a lottery win
to make it all better. With over one trillion pounds of personal debt in the UK, students need to realise that the, "it could be you!" they pray for, is actually an "it is you … in debt" … with trapped wind more likely than wind-fall.
Part of the problem is hopeful expectation (alias denial), part is a fear of controlling your own personal finances (alias apathy), and part is a lack of knowledge (alias ignorance). The first one is difficult, and needs to be overcome by the individual. The other two however can both be overcome by looking for help. Sources of information need to be made available, actively promoted and sought out by consumers.
It’s not like the information isn’t there kids… there are plenty of financial product comparison sites loaded with information (and pictures): http://www.moneynet.co.uk/ for a start, or http://www.moneysavingexpert.com . The Financial Services Authority has its own finance help information for consumers http://www.fsa.gov.uk/consumer/index.html.
As the saying goes, "Seek and thee shall find". It may be a hard lesson, but it is one that we must all currently embrace. As the behaviour goes, “don’t seek and find thyself in lots of debt, knowing full well that thee is to blame.”
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