Wealth-Coaching

The economy has slowed down. No longer are people making a load of money from their real estate and people are now more and more concerned with the debt load they are carrying. That is why debt elimination in today’s economy is so important. The question is how to address the problem. The sub prime collapse has caught a lot of people off guard. Banks were handing out loans like they were candy and enticing people even by offering incredibly low teaser interest rates to people with ha history of credit problems. So in effect, it is by their own doing that they are now struggling with record numbers of foreclosures.

Banks wrongly assumed that those with sub prime mortgages would just refinance to a low interest fixed mortgage, but the rise of interest rates have made it impossible for many home owners to pay their mortgage. The banks are not concerned about your personal debt elimination and only that you pay your monthly statement. If you are in a variable interest rate mortgage, now is a great time to consider refinancing. You may pay a little more than what you originally paid at the beginning of the loan, but you will be able to keep your house.