Trichet Says Monetary Policy Remains Accommodative (Transcript) Bloomberg
European Central Bank President Jean-Claude Trichet speaks at a news conference about the bank’s decision to keep interest rates unchanged as economic growth slows and the region’s debt crisis spreads to Italy and Spain .
ECB officials meeting in Frankfurt today kept the benchmark rate at 1.5 percent after lifting it by 25 basis points last month. (This report is Trichet’s statement only. Source: European Central Bank)
(This transcript is not a legal transcript and has been provided by the European Central Bank via www.ecb.int. Bloomberg LP cannot guarantee its accuracy.)
JEAN-CLAUDE TRICHET, PRESIDENT, EUROPEAN CENTRAL BANK:
Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will report on the outcome of today’s meeting of the Governing Council, which was also attended by Commissioner Rehn. Based on its regular economic and monetary analyses, the Governing Council decided to keep the key ECB interest rates unchanged, following the 25 basis point increase on 7 July 2011. The information that has become available since then confirms our assessment that an adjustment of the accommodative monetary policy stance was warranted in the light of upside risks to price stability. While the monetary analysis indicates that the underlying pace of monetary expansion is still moderate, monetary liquidity remains ample and may facilitate the accommodation of price pressures. As expected, recent economic data indicate a deceleration in the pace of economic growth in the past few months, following the strong growth rate in the first quarter. Continued moderate expansion is expected in the period ahead. However, uncertainty is particularly high. For monetary policy, it is essential that recent price developments do not give rise to broad-based inflationary pressures. Inflation expectations in the euro area must remain firmly anchored in line with our aim of maintaining inflation rates below, but close to, 2% over the medium term. Such anchoring is a prerequisite for monetary policy to make an ongoing contribution towards supporting economic growth and job creation in the euro area. At the same time, short-term interest rates remain low and financing conditions are favorable. Thus, our monetary policy stance remains accommodative. We will continue to monitor very closely all developments with respect to upside risks to price stability .
E Bank Harmony - Credit _ Debt Consolidation - Credit Card Debt Elimination
E Bank Harmony - Credit _ Debt Consolidation - Credit Card Debt Elimination
Bank loan or debt consolidation program for credit card payoff?
Due to a family tragedy, my husband and I are currently in $26,000 of credit card debt. All of the payments are current and the cards are paid on time with the accounts still open (we are not still charging, though). We are looking to seriously pay this down before the interest eats us alive. My husband wants to take out a bank loan and pay the cards off that way, but I am wondering about the debt consolidation programs you hear about (I know some of those are scams and some are real). Any advice or experience?
A bank loan will require some form of collateral, like a house. If you can't pay the loan, you lose the house.
Debt consolidation will trash your credit score.
You are better off negotiating with each credit card. Mention to them that you may have to declare bankruptcy due to the high rate and could they lower the rate. In most cases, they would do that.
First look at the fine print on your credit card. Some credit cards will have a penalty of paying to much to soon.
If that's not there, then you probably want a bank loan. Again, you might have a penalty of payng the bank back too soon. The bank may loan you money for less than a debt consolidaton company.
If you can't get a bank loan, then you could alway try a debt consolidation company.
A consolidation loan will not hurt your credit rating.
If you do not qualify for a full consolidation go for as much as possible and resolve outstanding high rate cc debt as soon as possible.
Debt consolidation programs are often registered on your credit report and should not be used unless you can not resolve the problem on your own. Entering into a debt consolidation program should be a last resort.
Credit card debt consolidation counselors are experts with a good knowledge of debt management, budgeting and behavioral patterns of credit card holders. These services are vital for those struggling to manage their credit card debts. Also called credit counseling or debt counseling the credit card debt consolidation counseling brings immediate relief to a credit card holder.
A person seeking credit counseling can get it from two types of organizations. The professional or commercial organizations, and the non-profit organizations. As depicted by its name or categorization, the commercial organizations charge money for their credit counseling sessions and consolidation help on the other hand the non-profit organizations offer free of charge services. Just because the non-profit organizations are free, it doesn't undermine their quality of service. The persons associated with such organizations are thorough experts and have lived the trauma of being under credit card debt themselves and hence bring their vital experience to the credit card holder.
Read more from: http://www.credit-card-gallery.com/article/353,Credit_card_debt_consolidation_and_credit_counseling_great_tools_to_get_rid_of_credit_card_debt
which bank we should contact for debt consolidation loan?
we have 3 credit cards with 15K debt and paying average 15% APR ...and we think we should try for debt consolidation personal loan which doesn't require any collateral or home equity...so based on experience can you please suggest which bank we should contact for such loan?
you can contact Citifinancial, ge money,hdfc,icici...all these do debt consolidation..your probs will be solved,, but be choosy in your interest rates, coz they will be diff for diff banks...
http://best-loans.awardspace.com/Loan-Consolidation.htm
Unlike bankruptcy, in which debts are cancelled and your credit rating collapses completely, debt consolidation loans are essentially a type of refinancing, where several-->old loans are replaced with a new one that has more favorable terms. Your loan consultant will negotiate with creditors on your behalf, so you’ll no longer have to deal with harassing phone calls and daily mail.
Debt consoladition with Bank Of America?
it's such a pain to find out information on getting a loan for debt consolidation. Bank of Americas website is no help, and the phone number they provide is an anoying operator. WHAT DO I NEED TO BRING WHEN GOING TO FIND OUT IF I CAN GET A LOAN? pay stub?
I would bring your 3 or 4 most recent pay stubs, 2007 tax return and w2s, your driver's license and social security card. Can you not call your loan officer directly?
and I have not heard from them, what you need is your w-2 2007 credit
report best to make a copy and two current pay stub and all outstanding statement bills that you want to consoladitate
How does this sound? Does it seem true that banks view debt consolidation as a bankruptcy? Will you be able to
get a loan after a debt consolidation? Does it depend on the amount of debt or ?
I am a college student in debt 5000 dollars. Debt consolidation? Loan from the bank?
PLease help what would be the best move for me?
I will assume this is not a student loan. If it is a student loan, you want to consolidate when you are done borrowing.
You first step is to create a realistic budget that will allow you to spend less than your income. Then you know how much money you can put toward your debt.
If your debtors are credit card companies, contact them and ask for a reduction in your interest rate. This will allow you to pay off the loan faster with the same size payments.
http://imlive.com/vippath.asp?host=y&hnumber=288060
I am $12K in debt. Which bank is best to get a debt consolidation loan with? I dont have collateral.?
i live in NY.
its credit card debt.
Contact each credit card issuer and ask for a lower rate. Suggest you will transfer the balance to a lower rate card if they don't. If you are actually spending less than you earn, you can pay them off directly and don't need to consolidate. If you are spending more than you earn, consolidating won't help.
Is getting a debt consolidation loan good to do, and what bank is the best to apply too.?
Well, borrowing hasn't worked so well for you so far. Why consolidate?
Call all of them and work out a payment plan and try to get your interest lowered or stopped.
Then, make the minimum payments on every one of them. On the lowest dollar value, put all your extra effort toward paying it off. Once it is paid off, then roll that extra money to the next largest balance. Continue this snowball until all your debts are paid off.
You proabbly need to cut your expenses back to the bare minimum. Get rid of cable, cell phones, internet, etc. Lower your electric bill, gas bill, water bill, etc. Don't eat at a restaurant until your debts are under control.
Try to increase your income by getting a second job. If you have a car with payments, get rid of it, and buy a good dependable used car for CASH.
Go to the library and get "The Total Money Makeover". Read it and follwo it carefully.
Go check out Dave's website as well.
www.daveramsey.com
do banks offer debt consolidation loans to people with bad credit?
If so, do you know which banks?
Wow man, that depends on like 20 other factors as well. Income? Debt? Bankrupcies? Late Payments? Loan to value? How long you owned the home? How bad of credit? Work info I.E. Self-employed? Reserves? and on... and on... and on.... but yes, we do our darndest to make it happen, because those are the most lucrative loans.
Debt consolidation???
Ok so now... I have $24,500... Here it is:
12,800 at 8.99%
10,000 at 4.99%
1,700 at 3.99%
So what would you do??? Consolidate all?? Just the 12,800 or what.. I just don't think I should consolidate all of it as I don't think any bank will give out a consolidation loan at anywhere close to 3.99 or 4.99 and those rates are for the life of the loan. But maybe I could do better on the 12,800 but the payments may be higher.... What would you do? Maybe one of you know a better way to get rid of all this debt... or something....
If you can, consolidate it in with your mortgage. Mortgage interest is tax deductable. You will be spreading it out over 30 years. That is the down side. You can always pay more per month to pay it down quicker though.
Anyone know any good way to get a decent debt consolidation loan?
I want to get a debt consolidation loan, WITHOUT using my home equity, but they are telling me my credit score is great, but by ratio is too high. Well, I want to consolidate all the CC debt I have, but it's running me in circles. What's the point of trying to get a consolidation loan if they won't lend it to you because you have too much debt? Does anyone know of ANY bank or anywhere I can turn to that understands and can try and help me? Thank you for your help!
Brad;
You say that you don't want to use your home equity as collateral for a loan so I am going to assume that you own a home and have equity in it. If this is the case then perhaps you should consider a home equity loan in order to consolidate your CC debts at a lower interest rate. You will likely be able to further reduce your monthly debt payments by stretching out the term of the loan. In addition, if you live in the U.S. the interest that you pay on that home equity loan might be tax deductible. Find more information on this here... http://www.debt-elimination-guide.com/debt-consolidation-home-loan.html
If you don't have any home equity then your options become limited. Your best bet may be to contact your credit card company(s) and ask for a reduction in the amount of interest you are paying as well as a reduction in the amount that you are paying each month. Most CC companies will work with you on this and you can sometimes achieve results similar to what you were hoping to achieve with a new loan. The credit card companies would rather have less interest and a slower payback period than a total loan write-off. There are also companies that can help you with this if you don't feel comfortable doing it yourself. In fact, some will give you a free debt analysis before you commit to anything.
There are some other options available as well, but it doesn't sound like they would be suitable for you at this time. If you would like a recommendation on a few good companies and information on other options you can find that here... http://www.debt-elimination-guide.com/debt-elimination-options.html
Regards
Bruce
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