HOMEOWNERS CAN GAMBLE OR ACT NOW
(PRWEB) August 30, 2000
Media Contact:
Thomas Woodard
R&J Communications
973-331-1070 Ext. 3035
Twoodard@rj-adv. com
FOR IMMEDIATE RELEASE
HOMEOWNERS CAN GAMBLE OR ACT NOW
Although Interest Rates Remain Steady
Consumers Should Review Financial Situations
Parsippany, NJ, (August 28, 2000) - With the recent FED announcement that interest rates are holding steady, maintaining the current 6.5 percentage, consumers may not be worried about paying high interest rates any longer. But according to Don Mather, senior vice president at Champion Mortgage, homeowners are in excellent position to capitalize on the steady interest rates before potential increases occur in the future.
According to financial analysts, interest rates will most likely remain steady through the presidential election on November 7, but could then be on the rise again before the year closes.
"Many people are unaware of just how much interest they are paying and how the rate increases have affected their debt scenario over the past year," said Mather. "But at the same time, homeowners could be missing out on the benefits of using their own home equity to help relieve the situation. Home equity loans can lower monthly payments through debt consolidation, lower interest rates significantly, provide for tax-deductions, while helping to get financial situations in order."
Mather explains that home equity loans can benefit those in these common financial areas:
· Debt Consolidation - According to the Consumer Credit Counseling Service, Americans have too much debt if they are spending more than 15 percent of their net income to repay unsecured credit (credit cards, students loans, etc.).
· Home Improvement - Using home equity can help cover the cost of new roofing or siding, heating or cooling system upgrades or a remodeling job.
· Higher Education - Home equity can help cover the costs of an education, particularly if the homeowner is ineligible for financial aid.
· Medical Costs - Instead of draining savings accounts to pay high deductible costs or for procedures not covered by health insurance, use the home to receive the appropriate treatment and to cover any extra costs.
But although a home equity loan can benefit most homeowners, Mather warns that they should not be used as a quick fix, but as a way to regain financial footing.
"Slowing spending is the first step to putting the financial house in order," said Mather. "Home equity loans can help people begin to repay debt on credit cards or other personal loans, but financial responsibility is the ultimate key when recovering from debt."
Mather concludes, "With the average interest rate on a standard credit card reaching more than 17 percent, homeowners are in position to explore the opportunities of home equity loans to help relieve debt, consolidate bills, lower interest rates and provide for tax deductions. Now is the time to act by putting your financial house in responsible order."
For more information visit http://www. championmortgage. com (http://www. championmortgage. com).
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Editor Note: Mather is available for comment and to receive a full-color, electronic version of an accompanying graphic, please call Tom Woodard at (973) 331-1070 or via email.