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The debt consolidation entails taking out one loan to pay off many others. This is often done to secure a lower interest rate, secure a fixed interest rate or for the convenience of servicing only one loan.The credit consolidation can simply be from a number of unsecured loans into another unsecured loan, but more often it involves a secured loan against an asset that serves as collateral, most commonly a house. In this case, a mortgage is secured against the house. The col lateralization of the loan allows a lower interest rate than without it, because by collateralize, the asset owner agrees to allow the forced sale of the asset to pay back the loan. The risk to the lender is reduced so the interest rate offered is lower. Sometimes, debt negotiation that are being offered by some companies can discount the amount of the loan. When the debtor is in danger of bankruptcy, the debt consolidator will buy the loan at a discount or have the loans after bankruptcy. A prudent debtor can shop around for consolidators who will pass along some of the savings. Consolidation can affect the ability of the debtor to discharge debts in bankruptcy, so the decision to consolidate must be weighed carefully. Debt consolidation is often advisable in theory when someone is paying credit card debt. Credit cards can carry a much larger interest rate than even an unsecured loan from a bank.
Renters are, in some ways, a more vulnerable group than owners. This doesn’t mean that all renters are disadvantaged. For some, renting is a highly satisfactory way of life. If you or your parent occupy a rent controlled apartment, you are in a very fortunate position, provided the building is kept in good repair, adequately serviced and secure. However, you may find you are spending a third or more of your income on housing. That’s not so unusual for older renters. But it exceeds the 30 percent of income considered by the federal government a “safe and reasonable” proportion to spend on housing.
Although your building or neighborhood may be showing signs of deterioration, you may still feel a strong attachment to your long time surroundings and don’t really want to leave. What can you
do?
If you would like to remain in your present home, the major obstacles may be financial ones. Inflation_especially the runaway inflation of the l970s—has continued to affect the lives of all of us. Financial problems and solutions for homeowners and renters differ in many respects, so we’ll discuss them separately.
First, the options for owners. If you are over 65, the chances are good that you own your own home and your mortgage is paid up. Three-quarters of all heads of households over age 65 own their homes. What this probably means is that your home is your single largest financial asset.
Yet regardless of no longer having to meet those monthly mortgage payments, you may still feel financially pressed. Fuel costs (which tripled between 1972 and 1983), property taxes (up 67 percent for the same period), plus increased costs of insurance, utilities, and home repairs may leave you feeling “house rich and cash poor.” Many people with fixed incomes_especially those for whom social security is their sole income_live near the poverty line inside their paid-for homes. You or your adult children may have wondered more than once if there is a safe way the value of your home could be made more useful to you in the time ahead.
Just as important as what you would like, is what you can afford. Not that you should be discouraged by what may appear to be financial limitations—there are several ways to make living arrangements to live in a warm climate, if that is what you or your parents would most like to do at this time, just as there are several ways you may be unaware of to make arrangements to stay in one’s own home . What is important is knowing what you have to work with, financially.
We therefore suggest that you take some time and work on the Estimated Monthly Income Chart and the Total Assets and Net Worth Chart. As you can see, the charts are largely self-explanatory. At this time, you may not want to have an antique gold necklace you inherited five years ago appraised to find out what it is worth. But it’s still a good idea to make a start. We provide a fair amount of information concerning hourly rates, monthly costs, admission fees, and down payments for various types of living arrangements. You will probably find it useful to do some preliminary work on this chart now so as to have the bottom line as a basis of comparison.Then, if you decide to consider one or another housing option seriously, and need a realistic view of your financial situation, you can come back and complete the chart with greater accuracy.
