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Business Briefs Air Atlanta supports the Atlanta Braves Dan Kolber (second from left), executive vice president of Air Atlanta, and Nick Gold (far left), Air Atlanta’s public relations coordinator, display the Air Atlanta banner for Air Atlanta Cor porate Night, July 21. With them are (from left) Jerome Robinson, catering service representative, who sang the national anthem; Slivy Edmonds, vice president finance; and Frances Benton, secre tary, flight control. Jennie Moret was recently named “Top Representative’’ for 1986 by the Metro Atlanta branch of World Book Encyclopedia-Childcraft Inc. and is ranked 12th among repre sentatives in the country. She has served the community for 15 years and has donated World Book pro ducts to the Hebrew Academy, Epstein School, Atlanta Jewish Community Center, Bureau of Jew ish Education, Henrietta Egleston Hospital and Atlanta Jewish Fed eration’s sister city in Israel, Yehud. She is the wife of Macy Moret and they have two children, Andrea and Blake. * * * Betty Smulian, chairman of the board of TrimbleHouse Corpora tion, has recently been elected chairman of the Georgia Small Business Association for 1986-87. She is on the board of directors of the First Georgia Bank and will go to Washington, D.C., in August as an elected Georgia delegate to the White House Conference on Small Business. Now’s the time to benefit from low interest rates Pat yourself on the back if you have taken advantage of low inter est rates and refinanced your home mortgage for a considerable sav ings. But don’t stop there. With borrowing costs lower than they have been in years, the Georgia Society of CPAs advises you to review your other outstanding loans. Take a look at your credit card finance charges, auto loans, home improvement and tuition loans. It may be wise to pay off entirely higher cost, short-term loans or borrow from a less expensive source to refinance long-term debts. Make a list of all your loans, including the amount, interest charge and length of each loan. Now single out the most costly loans, those requiring high interest rate payments. List, too, those you feel you might be able to pay off completely. Credit card loans probably top one of your lists. Current low in terests rates give you two basic alternatives, pay off or pay down. Although credit card interest rates have come down recently, many consumers may still be paying on purchases or cash advances with rates as high as 20 percent. It may be wise to dispose of that loan completely by borrowing from a less expensive source or using part of your savings. Let’s say you are paying 20 per cent interest on a $1,000 credit card loan. You are also building a savings account at your local bank or savings and loan, which is pay ing seven percent interest. If you are in the 40 percent tax bracket, you probably will pay about $120 in interest this year (after taxes). Yet your savings account is only yielding $42 (after taxes) for every $1,000 saved. If you can afford to reduce your savings, take $1,000 and pay off the credit card debt and save $78. The same strategies, pay off com pletely or pay off at a faster rate, also apply to auto loans, home improvement loans, vacation loans, or any type of installment debt. But if you don’t have enough money in your savings to pay off a high interest loan, where can you find a less expensive source of funds? Company pension plans. Many pension plans allow employees to borrow against their plan accounts, often up to half the value of their nonforfeitable retirement benefits. Credit unions. Because of their lower overhead and nonprofit sta tus, credit unions usually offer their members interest rates lower than commercial interest rates. Insurance companies. Borrowing against the cash value of your life insurance has proven to be an effective way to make a low-interest loan. Brokerage houses. Individuals can use their securities as collateral for borrowing from brokerage houses at interest rates often lower than commercial rates. Your employer. Many employers have lending programs that pro vide loans to their employees, often at favorable interest rates. Be sure to consult a CPA about tax conse quences. Banks and savings and loans. These institutions can offer reason able rates, particularly if the mar ketplace is competitive. But shop around to find the best terms. Remember, because interest rates are lower now than a few years ago, any loan at reasonable rates is likely to save you money when used to pay off an older, higher interest rate loan. But you should compare the cost of a new loan with the amount you would even tually save before going ahead. There is a third strategy that could save you money. Consolida ting installment debts by taking out one loan to repay all or some of your loans could save you money, and free you from troublesome paperwork as well. Again, the key is finding a loan with low enough interest rates to offset any origina tion or other fees and save you sub stantial money in the long term. Those who expect to refinance a home mortgage can consolidate existing loans at the same time. If you refinance for a higher princi pal than you actually need, you can use the extra cash to pay off a few of your more costly loans. But before you take out a major loan, particularly if you are using equity in your home as collateral, consult a CPA to help you evaluate the impact of the loan on your finances. This material is made available by the Georgia Society of Certified Public Accountants Inc. Vft'qjNT HOTELS. You're Always Welcome _ 206! N. Druid Hill* Road, N.E. At la m a, Georgia H))29 32MI74 S52 T SINGLE V F DQUBLE WEEKEND SPECIAL $39 • 195 Guest Rooms • Complimentary Van Service to Lenox Square and sur rounding office complexes • Non-Smoking Rooms • Complimentary In-Room Coffee Service • Pool • Unlimited Free Parking • Meeting Banquet Facilities (404) 321-4174, Ext. 142 or 143 1-800-225-3050 I. George Nozick has been elected a vice president and a principal of Morris & Manning Insurance Inc. Nozick has a total of 19 years in the insur ance industry. He joined Mor ris & Manning in 1979 as man ager of the Commercial Insur ance Unit. Nozick and his wife Shael have a son, Paul, and daughter, Shana. He is currently involved in the Leadership Pro gram of the American Jewish Community Center. Richard K. Babush has been elected to the position of chief executive partner in the firm of Hirsch, Babush, Neiman and Kornman, Certified Public Ac countants. He will be responsi ble for strategic long-range planning and direction of the firm. Babush previously served for 10 years as managing partner in charge of regular operations. Jacob S. Kornman (Bud) has been elected to the position of managing partner. Servicing your Insurance needs. • Personal and Group • Life and Health • Disability Income Protection Steven A. Fine 2635 Century Pkwy., Suite 600 321-1200 theEQUITABLE ^ Financial Services The Equitable Life Assurance Society of the United States. NX N.Y PAGE 13 THE SOUTHERN ISRAELITE August 1, 1986