The Debt Test: Are You Making Out A Mountain Out Of Your Mortgage?

Written by Rachel Lane

According torepparttar Council of Mortgage Lenders, first-time buyers arerepparttar 149289 most susceptible group of homeowners to debt, as they are more likely to have higher loan-to-value ratios and commit a higher proportion of their income to mortgage repayments. Despite their susceptibility to debt, there is evidence which indicates that insurance take-up and employee benefits provide recent first-time buyers with a safer foundation thanrepparttar 149290 general population of mortgage borrowers.

The Council of Mortgage Lenders (CML) has become increasingly concerned aboutrepparttar 149291 ability of current and future home-buyers to pay back mortgages inrepparttar 149292 event of changing circumstances. Overrepparttar 149293 past five years,repparttar 149294 CML and its partners withinrepparttar 149295 Sustainable Home-ownership Initiative, have sought to improve this issue. Contributing factors torepparttar 149296 problem include increasing personal debt levels and a less certain economic environment. This has provoked concern aboutrepparttar 149297 sustainability of home-ownership and consumer understanding of financial products, ensuring thatrepparttar 149298 issue of mortgage risk is atrepparttar 149299 top ofrepparttar 149300 agenda forrepparttar 149301 UK Government, industry regulators and public as a whole.

Overrepparttar 149302 last year,repparttar 149303 Sustainable Home-ownership Initiative has debatedrepparttar 149304 most effective move forward to increase home-buyers’ awareness of potential debt and protection from unforeseen events with insurance products, specifically Mortgage Payment Protection Insurance (MPPI). The Financial Service Authority is leadingrepparttar 149305 way to help raise awareness of debt prevention withrepparttar 149306 “Debt Test” initiative.

According to research carried out byrepparttar 149307 Council of Mortgage Lenders, two thirds of recent first-time buyers say that an online debt test designed to help them assess potential triggers of debt and highlight future borrowing risk would be useful.

Online Debt Consolidation Services - Lower Your Monthly Payments Now

Written by Carrie Reeder

Consumers looking for a way out of debt may want to considerrepparttar services of a debt consolidation firm. If you are spending more money than you can reasonably afford each month on paying credit card bills, medical bills, or other types of unsecured debt, a debt consolidation firm may be able to help you become debt free much faster than you ever expected. Instead of making several large monthly payments to each of your creditors,repparttar 149288 debt consolidation firm can show you how to make only one monthly payment at a much lower monthly cost.

As unlikely as it may seem, your creditors pay most ofrepparttar 149289 costs associated with debt consolidation. Creditors understand that receiving lower payments from you each month and lowering your interest rates is preferable to your filing bankruptcy or simply becoming unable to pay at all. Debt consolidation will allowrepparttar 149290 creditor to at least recoverrepparttar 149291 principal amount owed on your account. The creditor will get a tax write-off on any lost money owed to them inrepparttar 149292 form of interest and you will still payrepparttar 149293 original debt.

If you are like numerous other consumers who have found themselves unable to pay evenrepparttar 149294 minimum payments on your credit cards and unsecured debts, contacting a debt consolidation firm can berepparttar 149295 best decision you will ever make. One monthly payment instead of many and sometimes dramatically lower payment amounts can relieve you ofrepparttar 149296 stress you currently feel, stop creditors phone calls, and help you get out of debt a lot sooner than you could on your own.

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