The potential for some mortgage relief still appears to be on the horizon. Many experts believe that a 4 1/2 % fixed rate for 30 year mortgages is around the corner, possibly as early as January 2009.
Many people have been affected by their credit card company's adjustments of interest on unpaid balances to as high as 29%. Both federal and state legislators have been made aware of this and are attempting to provide regulations outlawing this practice. Some banks allow the debtor to remain at the lower initial rate with the provision that the account be closed upon repayment. It is still possible, if you shop craefully, to find lower interest rate credit cards and transfer the outstanding balance to the lower-rate card.
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