The following text may have been generated by Optical Character Recognition, with varying degrees of accuracy. Reader beware!

10 The Canadian Statesman. Bowmnnville. May 21,198G Section Two A guide to fine dining and entertainment. Should Be Wary if Loan Payments Are Over 20 Percent Citations Awarded for Multiple Blood Donor Donations Consumers facing monthly loan payments that total more than 20 per cent of their net incomes, should be wary of getting any deeper in debt, say credit experts. "If too much of your disposable disposable income is committed committed to paying off past expenses, expenses, it's difficult to save money and often impossible impossible to handle emergencies," says Ann Rowan, a credit expert with the Ontario Ministry of Consumer and Commercial Relations (MCCR). According to Rowan, all consumers should set up budgets, if only to get a clear picture of how their money is used. Once you know how much is spent on the necessities of life and existing debts, it's much easier to plan for the future. Debts require particularly particularly careful scrutiny. Add up all the monthly payments payments for loans, credit cards and any items purchased purchased on installment plans. Don't include mortgage costs. If these payments' total more than 20 per cent of your monthly iconic after taxes, it may be time to start cutting down on debts. "Certainly, few people should consider taking out any more loans at that point," Rowan says. "Remember, "Remember, ifyou end up overloaded overloaded with loans and can't make payments, debt collectors collectors could start knocking on the door, your credit record record may suffer for years to come and, worst of all, you could end up borrowing yourself into bankruptcy." It's also important to keep in mind that credit costs money. Add up all the interest interest charges owed on loans for the rest of this year. You may be shocked to discover the total cost of all your debts. On a more positive note, credit can be a useful, convenient convenient tool if handled with care. After taking a hard look at your current financial situation, you may decide it is safe and reasonable to borrow money for a particular particular purchase. Be sure to shop around for the best terms. Money Attractive New School Emblem for Hampton Junior School Thanks to the efforts of many student artists at the Hampton Junior Public School, this attractive new school emblem has been developed. It will decorate the school foyer, school sweaters, and crests. Over 100 students took part in the challenge of creating a school logo. From these designs, nine were selected for the final stage of the contest. Students voted on their favorite crest and the winning entry is pictured here. Last Friday, May 16, the school and the Parent Teacher Organization honored the winner, winner, Cori Gray, and three finalists. From left are: Wally Pitt, principal; Kim Farrington, Leslie Ham- bly, Cori Gray, Shelley Stewart, and Hampton Jr. PTO President Cindy Ashton. BOWMANVILLE ROTARY CLUB BARBEQUE & DANCE Saturday, May 31,1986 Darlington Sports Complex Dinner 6:30 - 8:00 p.m. Dancing to Ross Jackman 8:30 p.m. - 12:30 a.m. Admission $12.50 per person Dress Casual Proceeds To Rotary Sponsored Projects PLAN TO BRING YOUR FRIENDS THE FLYING DUTCHMAN HOTEL and THE BOWMANVILLE DRAMA WORKSHOP present finiitflj May 23, 24, 25, 29,30,31 Tickets Available At: Mothersill Printing Hockin Real Estate Specialy Paper Products Carnation Flower Shop Creative Pastimes A Comedy in Two Acts Written by Bernard Slade Theatre Ticket : Includes Full Hot and Cold Buffet $20.00 per person Tickets Available at Flying Dutchman Reservation Desk lending has become a fiercely competitive business business and financial institutions institutions are offering a wide variety of incentives to attract attract customers. More than half a percentage point difference difference in interest rates can change monthly payments payments significantly. Discussions with a few loan officers can help consumers consumers find the best deals available, along with the most suitable repayment plans. Remember, the shorter shorter the term of the loan, the less interest you'll have to pay. Of course, it is not uncommon uncommon to be turned down for a loan. Credit is a privilege, not a right and lenders want to be sure customers can afford afford their debts. When calculating customers' customers' credit ratings, loan of-. ficers look at many characteristics, characteristics, including occupation, occupation, stability of employment, employment, assets, existing loans and credit history. Information about how an individual has handled past debts is available to all lenders lenders through credit reporting reporting agencies'. You can check your own credit record for accuracy by contacting the nearest agency -- numbers are listed in the phone book under Credit Reporting or Credit Bureau. Frequent job changes, lack of assets and an already already heavy debt load are a few of the reasons consumers consumers are commonly refused loans. If turned down for a loan, ask why. It may be possible possible to borrow the money elsewhere. However, if you were turned down the first time due to the size of existing existing debts, it may be wise to pay off some of the old loans before reapplying. The ministry has published published an informative brochure ,-- The Facts About Credit and You -- offering offering more advice on handling handling . credit wisely. For copies . cqe^tot the Consumer Consumer Information Centre at 555 Ÿôrigé'St., Toronto, Ont: M7A 2H6. -- (416) 963- 1111 or toll free 1-800-268- 1142. Ontario residentswith an 807 area code may call the 416 number collect. Citations were presented to the following at the Sharon Whelan and Darrel Osmond, both with 35 Red Cross Blood Donor Clinic Wed., May 7 by donations. Others honored were Andy Tielemans Awards Chairperson Georgie Dalrymple. Sitting is and Alan Lobb with 35 donations. Andries Batelaan with 50 donations, and at rear Buyers Should Shop for Mortgages Consumers buying houses this summer could spend almost almost as much time shopping for mortgages as they do comparing properties. "It would be exaggerating to say there are as many different types of mortgages available as there are different different styles of hous^|>J|ut the.variety of financinglp- tions on the market tjjjay certainly is astounding," says A1 Coleclough, Registrar Registrar of Real Estate and Business Business Brokers for the Ontario Ontario Ministry of Consumer and Commercial Relations. mm BOM€ VKXO RCA/Columbia Pictures Home Video (223 HOME VIDEO CArtwork and Design 1966 ACA'Cdumbia Pictures Home Video. All Rights fliMfved. Available June 5th Order Yours NOW! ALFIE'S VIDEOS and Books 59 King St. W. Bowmanville Telephone 623-5897 According to Coleclough, the proliferation of new types of mortgages was sparked by fierce competition competition among lenders. Most financial financial institutions offering offering residential mortgages have developed their own unique incentive plans to attract customers. Some lenders reduce ap-j plication fees, offer attract live early payment plans, of run lucky draws. The range of mortgage terms now offered offered is just as diverse -- some lenders offer terms from six months to ten years. This new mortgage market market is a boon for consumers who have had to face inflexible inflexible plans that often didn't meet their individual needs, Coleclough says. "But there are pitfalls hidden among the many advantages," advantages," the registrar warns. "Due to the sheer number of financing options, options, confused consumers can wind up with mortgages totally unsuited to their personal circumstances. Don't be taken in by bells and whistles." It would be foolish to sign up for a mortgage plan just to save a few hundred dollars dollars up front on the application application fee. The important things to consider are interest interest rates, prepayment privileges, early repayment penalties and terms. Once satisfied with the fundamental plan, take a look at the frills offered as signing incentives, G6l&c^ lough says. Consumers should also be sure they aren't relying too heavily on interest rates remaining remaining low. Only a few years ago, hundreds of Ontario Ontario families lost their homes when rates skyrocketed. skyrocketed. "Always leave yourself a cushion -- a bit of untouched untouched income to be called into use if rates go up again," Coleclough advises. To calculate how much you can afford to put into mortgage payments, set up a proper budget. It should list costs for all necessities of life. Include any expenses expenses for hobbies or ac tivities you are not willing to give up. Add in all existing existing debt payments, but don't include rent or current current mortgage costs. This should give you rough idea how much : costs the family to live eac i month, without accountin » for housing. Subtract tha total from your net monthly income -- your take-home pity; This final figure repre- ' sents your total remaining income. i "Never commit yourself to a mortgage that eats up all that left over money," says Coleclough. "One major emergency or a small " hike in interest rates when the mortgage is due for renewal renewal could cause you to lose the house." , There are no rules on how much income to keep in reserve. reserve. House buyers have to use common sense and take an honest look at their own circumstances, says Coleclough. Coleclough. It may help to check into potential increases in mortgage costs by calculating calculating monthly payments at a few different interest rates. rx - , Castle Hotel Fumeurs U tilise ssst 623-7072 ■ • • ; ' ' y ' • ; ■ ' . '• \ Friday and Saturday, May 23 and 24 FELONY or feel free to join us at 45 King St. W. Duster's Roadhouse " Thursday, Friday and Saturday May 22, 23 and 24 BRANDED COUNTRY Sunday AfteAnoon Matinee 2 p.m. - 6 p.m. LIVE ENTERTAINMENT FEATURING TED HALLMAN with "Durham County Line" X)ME FOR THE FUN: STAY FOR THE ENTERTAINMENT