Apr 21, 2008 12:44 pm US/Eastern
CBS4 Your Money: Home Equity, Bottle Concerns, Gas
UNDATED (CBS4) ―
CBS4 Your Money on Monday reports some lenders are making it harder to obtain a home-equity loan, while others are keeping people from using the ones they already have.
Equity Lendors Tighten Reins
If you're relying on a home equity loan to help pay your growing bills, you better double check with your bank. Following dropping home values and shrinking profits, some of the country's biggest banks are cutting back available funds for homeowners with existing equity lines of credit.
A growing number of homeowners face owing more than their homes are currently worth. Foreclosures are at record highs and banks are getting stuck with homes they can't sell.
On Monday, Bank of America reported its first quarter profits were down 77-percent from last year.
Bottle Chemical Worries
New reports warn a chemical compound in certain plastics, called bisphenol A, or BPA can be toxic if it leaches into food or drinks.
The chemical can be found in hard plastic water bottles, DVDs, CDs and hundreds of other common items including baby bottles.
A U.S. Government study has linked BPA to cancer in animals and Canada has labeled BPA dangerous and said it may ban its use in baby bottles. Retailers have responded. In Canada, stores are restocking shelves with BPA-Free products. Wal-Mart says it's phasing out baby bottles with BPA.
In addition, New York Senator Charles Schumer is expected to Introduce legislation Monday to ban BPA in children's products and food containers.
Rising Gas Prices
A rocket attack against a Japanese oil tanker in the Mideast helped push crude oil prices higher than ever. Crude oil opened over $117-dollars a barrel Monday morning and Triple-A says there are new record gas prices at the pumps.
Gas around South Florida now averages more than $3.55 for a gallon of regular unleaded gas, which is about a nickel more than the national average. In Miami, prices are nearly $3.60 a gallon. Fort Lauderdale matches the national average of $3.55.
Click here to find the cheapest gas in your neighborhood.
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