G8 summit to tackle tax regulations

Countries are revising taxes, and it could be a good time to revise your current loans for positive changes.

10:13 20 June 2013

The G8 summit was expected to cover, as of time of writing, some serious issues and regulations involving tax collection, avoidance, and evasion.

Similarly to these countries meeting to revise existing laws, we should all take stock of our finances, such as loans and other debts, every once in a while to see if positive changes can be created.

• Mortgage loans—these will be relatively common loans, and usually stay around for many years as people try to pay them off. Keeping current payments on these loans is essential to retain your home.

Once you’ve paid a certain amount on your mortgage loan, you might have some equity built up, and refinancing could give you a smaller monthly payment, better interest rate, reduced loan term, or even finances to help with renovation projects.

• Vehicle loans—these are also common loans, but usually much less expensive overall than mortgage loans. They operate in similar ways though. If you’ve paid for a couple of years on your vehicle loan, you might be able to try for a better interest rate which could reduce the amount you end up spending in interest.

It could also reduce your monthly expense, or the term length. Sending in extra for your payment could go a long way, especially if you can get the bank to credit the extra directly to the principle rather than the interest.

• Personal loans—these could be for a variety of things, but don’t think that you have fewer options simply because these aren’t home or vehicle loans. If you have a home or vehicle, or other assets, they can be used as collateral and you can try to negotiate a better interest rate.

 

• Short term loans—usually the best option for these is to pay as much extra as possible.

 

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