CHAMPION URGES HOMEOWNERS TO FOCUS ON FINANCES DURING TIMES OF RISING INTEREST RATES
(PRWEB) July 16, 2000
Contact: Thomas Woodard
R&J Communications
Twoodard@rj-adv. com
973-331-1070 Ext. 3035
FOR IMMEDIATE RELEASE
CHAMPION URGES HOMEOWNERS TO FOCUS ON FINANCES DURING TIMES OF RISING INTEREST RATES
FED Stays Put On Interest Rates, But Public Should Beware
Parsippany, NJ, (July 14, 2000) - Despite the Federal Reserve Board's decision to hold steady on interest rates at their recent June meeting, the public should be aware that efforts to slow the U. S. economy has only hit a small road block. Champion Mortgage financial experts believe that interest rates will rise again before the close of the year and warns the public to take a strong look at their financial situation, well in advance of the next FED Open Market Committee meetings on August 22 and October 3.
Based on the Fed's decision to raise interest rates six times since June 1999, a total of 1.75 percentage points to 6.5%, Don Mather of Champion Mortgage suggests that homeowners are in position to be strongly affected by the progression of rising interest rates and the possibility of falling into deeper debt. The increased rates push up everything from credit cards to auto loans. Mather claims that many fail to pay attention to credit card interest rates and accrue large amounts of debt due to interest charges. "The rising rates take time to hit consumers and they should prepare now for when it does push the wallet," Mather states.
In the coming weeks and months, the FED will be weighing conditions that may generate heightened inflation pressures in the near future, and now is an opportune time to plan for your financial future. "Re-financing homes, credit debt consolidation and home improvements are very common procedures in today's prospering economy," continued Mather. "The average cost of homes in metropolitan communities is rising along with interest rates and many homeowners have substantial equity built up in their home. With the rising interest rates of today, home equity loans can provide for solid financial footing for homeowners."
As rising interest rates are working to slow the economy, the public has an opportunity to explore the advantages of consolidating finances in home equity loans. Some benefits include:
· Consolidate debt
· Reduce the overall size and number of monthly payments
· Reduce interest paid to credit cards
· Gain tax deductions on loan interest (credit card interest is NOT tax deductible)
· Eliminate or reduce long-running credit card debt
· Quickly gain the capital for:
· Home improvements
· College tuition and expenses
· Wedding expenses
· Healthcare expenses
According to Mather, "the interest rates have leveled off for the first time in a year, but the FED will keep a close eye on the spending practices of the American economy over the next few months. The public must be aware and prepare for their financial future to escape from the dangers of increasing debt."
Headquartered in Parsippany, New Jersey, Champion Mortgage was first established in 1981 by Joseph P. Goryeb and is now an industry leader on a lending pace of $1.3 billion for 2000. Champion specializes in providing custom mortgage and home equity solutions for borrowers with all types of credit.
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