| Australians 'need to rethink borrowing habits'
MORTGAGEE companies say Australians will have to rethink their borrowing habits after the central bank today lifted interest rates. The Reserve Bank of Australia (RBA) hiked rates by 25 basis points to 6.50 per cent to head off inflationary pressures in the economy.Mortgage broker Mortgage Choice says some borrowers have been resting on their laurels when it comes to managing their mortgage. "This month's widely predicted rise should be the jump start many need to seriously reconsider their current mortgage situation, which should be done every year anyway,'' national manager, corporate affairs, Warren O'Rourke said. "Some people will be quite shocked at the increase because they havent been keeping in touch with industry commentary and predictions."And for the large number of people who have secured their first mortgage in the last 12 months, it will be the first time they have had to budget extra dollars per month for their property repayments. "This will take some adjustment.''Mr O'Rourke said borrowers should consider debt consolidation, fixing some or part of their loans, or refinancing.Housing Industry Association (HIA) managing director Ron Silberberg said the rise in interest rates will make it much harder for those with mortgages and for those trying to enter the housing market.Dr Silberberg said the rise was a double whack for average Australians looking to buy a home, with house prices also higher. "Too many are being locked out of the market, which is having some disturbing consequences for the private rental sector which is already strained,'' Dr Silberberg said.
Credit unions offer great rates, service
Consumers have a plethora of borrowing and saving options, from traditional banks to online-only banks to credit unions and investment brokerages.
And while Internet-only banks can offer the most competitive rates for saving and borrowing, credit unions offer a mix of favorable rates and personal service. They're often a good alternative to traditional banks, which still dominate the market.
Credit unions are affiliated groups of people who pool their money and lend it to each other. They don't have divided loyalties--trying to serve a customer at the same time as boosting profits and the stock price for shareholders.
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Agrium's Earnings Exceed Previous Record by 60 Percent
ALL AMOUNTS ARE IN US$, UNLESS OTHERWISE STATED Agrium Inc. (Toronto:AGU.TO - News) (NYSE:AGU - News) announced today its highest ever quarterly earnings, with net earnings for the second quarter of 2007 of $229-million ($1.70 diluted earnings per share), a more than 60 percent increase over net earnings of $142-million ($1.06 diluted earnings per share) for the same period in 2006. Net earnings for the first six months of the year were a record $218-million ($1.63 diluted earnings per share), more than double 2006 net earnings of $94-million ($0.71 diluted earnings per share) for the same period in 2006. .
New grads confronted by dizzying loan options
Karen Wons of Maryland finds herself in a quandary that is confronting many parents right now. She is struggling with how best to advise her daughter -- a recent college graduate -- on paying down $25,000 in student loans. Wons did what any wise parent would do. .
PLUS Loans From NextStudent Can Give Parents a Way to Help Their Children Pay for College
As parents of undergraduates review financial aid award packages for the upcoming school year, they may realize they might need a little help meeting their expected family contribution. Or some parents may have children who didn't receive any financial aid at all. When parents of undergraduates need a financial boost in order to help their children pay their unmet college expenses, a Federal PLUS Loan may be the solution they're looking for, says NextStudent, a leading Phoenix-based education funding company. PLUS loans (Parent Loans for Undergraduate Students) are non-need-based federal education loans designed to help creditworthy parents meet their undergraduate child's educational expenses. Since PLUS loans aren't awarded based on financial need, eligible parents, regardless of their income or assets, can qualify for PLUS aid.
Presidential search at MU complicated by other departures
As the search for a new University of Missouri president forges ahead, some high-ranking academic leaders aren't waiting around to meet the new boss. Since mid-June, three top university officials have decided to take jobs elsewhere. The first to leave was economic development guru John Gardner, who quickly followed former Missouri system President Elson Floyd to Washington State University. Next came Jim Coleman, a vice chancellor for research at the Columbia campus. Coleman departs in September for a job as vice provost of research at Rice University, a Houston private school with one of the largest endowments in the country. And just last week, Steve Lehmkuhle — another former Floyd lieutenant — was named as the first chancellor at the University of Minnesota-Rochester.
Finding free financial advice can be a gold mine
Would you like some free financial-planning advice?
Call your credit union, insurer or bank.
Many of these businesses have financial specialists who help customers set retirement goals, manage assets, consolidate debt and understand basic financial matters -- all for free. And it's not just a one-time deal. Some companies will provide free consultation for as long as you like.
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