More Moderation!

With the Christmas season fast approaching, we wanted to remind our readers of our cautionary message in the December 2007 newsletter. Back then, we urged you to approach the holidays with “Moderation” as your watchword, and this year we’re upping the ante.

Given the fact that we are in the midst of a global recession, and with the lay-offs and pending staff reductions from major companies, our watchword for this Christmas season is “RESTRAINT”. While the prevailing attitudes may be that “my job is safe” or “I’ll just name and claim my way out of this recession”, the reality is that we should be preparing ourselves for very tough times. One way to accomplish this is by exercising restraint in spending on none essential items in the coming months.

Traditionally, we have been reluctant to tighten our purse strings during the Christmas holidays. It seems as if there is a prevailing thought that the children must have Christmas gifts regardless of the trouble it may cause us later. My friends, if this is your current attitude, this may be the time to change it. For all accounts the coming months will be some of the most economically challenging since the Great Depression. According to the experts, many countries in our region will feel the results of the constricting economies of developed nations.

Given the fact that people in the developed countries are losing their jobs or are in fear of losing them, consumer confidence is plummeting sharply. As a result, discretionary purchases such as new vehicles, big screen TV’s, Caribbean vacations and other “big ticket” items are being put on hold, or cancelled!

In the final analysis, it completely up to you whether you heed the warnings that are being given. You can live like the ostrich and bury your head in the sand thinking that all will be well, or you can take heed and exercise restraint during the holiday season and coming months.

For more information, email us at info@xmloans.com

From the President’s desk….

GREAT EXPECTATIONS

Now that the historic US elections are over, the debate about whether Obama can truly change American politics can begin. While he won the elections on a platform of change, the expectations which come along with his new mandate will be overwhelming by all accounts.

Unless Obama is able to deliver on his promises to change Washington politics in a way that affects the average person, it could be a while until US consumers regain the confidence to begin traveling and spending again.

Your monthly mortgage tip:

Secrets Lenders don't want YOU to know!

loanSecrets

Can a lender repossess your home if you have been laid-off from your job?

The short answer is yes they can! However, there are things that you can do to avert the repossession of your home. If you do nothing else, make sure that you contact your lender to inform them of your job loss. They are obligated to sit with you and discuss ways of helping you keep your home.

To find out what to say to your banker, email us at info@xmloans.com

KNOW THE FACTS – JOB LOSS DOES NOT AUTOMATICALLY MEAN HOME LOSS!

1(242) 225-3873 or 1(800) 303-3934
www.xmloans.com

The material contained in this newsletter has been prepared by XM Loans Ltd. 404 Bay Street, PO Box N-4443, Nassau, Bahamas and independent feature contributors. The material provided is for informational and educational purposes only and should not be construed as investment, financial, real estate and/or mortgage advice. Although the material is deemed to be accurate and reliable, there is no guarantee it is not without errors.

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