Debt Is Up! Debt Is Down! Which Is It?
Two recent stories regarding consumer debt caught my eye because I read them practically right after each other … From the Associated Press on ... to end this cycle, I wonder - and how bad is it, really? Although the delinquency rate on credit ... trillion, the Federal Reserve reported Friday. Consumer credit rose at a 3.1 % pace in September [more...]
Date: 2008-12-16 01:28:57
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Debt Managment and Debt Consolidation Loans For Bad Credit
Amazon.de Widgets What is debt consolidation but a way to financial freedom with positive actions to bring about resolutions of high interest rates, late fees, over the credit line fees, etc. and see ones balances decrease instead of increase with positive impact on the credit rating. The question is frequently asked by consumers who find that answers to accumulating debt are on the wire and something has to be done. [more...]
Date: 2009-09-22 05:45:34
Wall Street Breakfast: Must-Know News
GM shifts into high gear after GMAC bailout. General Motors (GM) ... on hold when GMAC was forced to tighten its credit standards in October. GM will also offer low ... to consumers with lower credit ratings and has begun reaching out to customers worried about credit [more...]
Date: 2008-12-31 12:12:10
The Fed Should Buy Down Consumer Credit Card Rates - Fast
Lets say I owe the bank behind my credit card 1k dollars and Im paying 10pct interest because the best I can do is a little bit more than the ... that I have my credit card with and charge it 5pct plus some warrants to in turn loan that money back ... with to help save people’s homes, are many of the same banks that are pounding credit card holders [more...]
Date: 2008-10-24 23:38:36
Friday morning links
TOP STORIES Credit expenses lead to $2.3 billion loss for Fannie - MarketWatch 2 Banks Buying Back $17 billion in Securities - NY Times Governments cause the credit crisis, but capitalism gets the blame - Telegraph 8 who saw the crisis coming ... Consumer credit jumps at fastest rate in 7 months - MarketWatch HOUSING Foreclosure refugees skipping [more...]
Date: 2008-08-08 13:38:00
What GMAC’s financing means to you
The auto industry got another boost from the federal government this week, in the form of $5 billion in aid to GMAC, ... , but you can have a bad 621 and a good 621,” Griffin said about credit scores. “It doesn’t mean ... for consumers with less-than-pristine credit or those seeking a low financing rate on a new vehicle. Here’ [more...]
Date: 2009-01-02 14:00:09
Time to reform the Consumer Credit Act?
Iain Dale has posted about a report that has been released by Grant Shapps called "Payday for Loan Sharks" ... the Consumer Credit Act laws has grown at a massive pace. The only way to resolve these sort of issues ... which details home credit company charging interest rates from 100% APR to 10,000% APR. I think [more...]
Date: 2009-01-09 09:48:38
Do it Yourself Credit Repair Vs. Using a Credit Repair Service
The current state of our nation’s economy has many consumers reevaluating their financial situation and seeking ways to improve upon it. And while the need for credit repair is garnering increased awareness (after all, it can help consumers acquire better rates on home mortgages and car loans, and even affect employment opportunities), how to go about repairing your credit can be a frustrating, bewildering and downright overwhelming process. [more...]
Date: 2009-07-17 03:11:36
Do it Yourself Credit Repair Vs. Using a Credit Repair Service
The stream state of the nation’s manage to buy has most consumers reevaluating their monetary incident as good as looking ways to urge upon it. And whilst the need for credit correct is garnering increasing recognition (after all, it can assistance consumers take improved rates upon home mortgages as good as automobile loans, as good as even begin practice opportunities), how to go about correct your credit can be the frustrating, bewildering as good as officious strenuous process. [more...]
Date: 1999-11-30 00:00:00
Fed decided to Institute Curbs On Issuers of Credit Cards
On Tuesday rules have been proposed by the Federal Reserve to end banks’ ability to apply credit card payments to balances having lowest interest rates first, implementing legislation Congress passed in May. The Fed also proposed that before charging fees for transactions that exceed credit limits creditors obtain consumers’ consent. The Fed said in a statement that restrictions on lending to people under the age of 21 and subprime credit card fees were also included. [more...]
Date: 2009-09-30 12:56:49
Tell Us Something We Don't Know: Consumers Deeper In Debt
From the "not news" file comes a report from credit rating firm, Equifax, that consumers are falling more deeply into debt. According to Reuters, Dann Adams,... This is a content summary only [more...]
Date: 2008-12-23 20:47:24
Bailed-Out Banks Stiff Credit Card Customers
Since bailouts are so timely today, Bloomberg weighs in to point out that banks that have been recipients of government bailout money are reacting ... is it that my credit-card loan got pulled? Why am I being charged a higher rate?’” Wonder if Southern ... by charging higher fees on credit cards for consumers. Apparently, they’re trying to get ahead [more...]
Date: 2008-12-19 15:01:55
Record Credit Card Defaults Signals a Weaker Recovery
According to reports from Moody’s ( MCO ) Investors Service, credit card delinquencies surged to record levels in August. In the first increase of charge-off rates since the rally began in March, credit card issuers wrote off 11.49% of uncollectible consumer debt compared to 10.52% in July. Also loans more than 30-days past due also rose to 5.8%. Moody’s report also suggests that charge off rates are not likely to peak until mid-2010, as unemployment continues to strain many consumers budgets. [more...]
Date: 2009-09-24 14:40:21
Debt Consolidation Explained
Debt Consolidation Explained December 16th, 2008 As more and more consumers struggle with out of control debts, ... large and small. In modern society, credit has become so simplified that individuals become burdened ... loan. These typically boast rates far lower than the interest rates offered by credit card companies [more...]
Date: 2008-12-16 15:57:23
N.J. man learns modifying mortgage to cut payments may impair credit rating
by Moe Bedard on September 29, 2009 · 0 commentsin American Nightmare To confuse consumers even more, not all lenders follow the guidelines.That may change on November 1, when lenders can use a new code to report them as a “loan modification under government program.” The code will clarify which borrowers have taken modifications, but because the modification process itself is not streamlined, it won’t be the only worm squiggling out of the can.The bigger impact on credit scores may depend on how [more...]
Date: 2009-09-29 13:48:05
And Then There Was One
The collapse of the North American Big Three Automakers means that by the end of this collapse of capitalism there will be one left standing ... . What we see is the falling rate of profit, which was artificially kept up by consumer spending through credit [more...]
Date: 2008-11-08 12:27:00
Thinking for a used car loan is a right idea to save more and pay off your debt quickly
More and more people are searching for auto loans for bad credit . With household debt being at an all-time high, credit ratings keep dropping. Just a few years ago, individuals with low scores found it nearly impossible to be accepted for a car loans. Today, things have changed. Banks and lenders have realized that with the increasing debt, opportunities do exist to not only help consumers get a guaranteed car loan , but to help them rebuild their financial reputation once again. [more...]
Date: 2009-08-26 13:25:27
5 Credit Repair misunderstandings
Amazingly, consumers find more than 13 million inaccuracies on their credit reports each year ... , there is a better way. Mortgage lenders and car dealerships have direct admittance to the credit ... . These inaccuracies can cost you the purchase of a home, a car, interest rate increases [more...]
Date: 2008-12-12 19:25:14
Credit Card Laws and Court Rulings–Have They Helped Consumers?
This is a guest post by Bill Hardekopf, CEO of LowCards.com . Congress passed the Credit CARD Act in May but gave issuers and banks almost one year to implement the major provisions of the bill. Since then, issuers did exactly what they threatened to do–raise rates and fees on a broad group of cardholders. Consumers and elected officials are not happy about this, and members of Congress plan to introduce a bill to accelerate the effective date of the bill from February 22, 2010 to December 1, 2009. [more...]
Date: 2009-09-25 19:18:38
Latest News in Refinancing Home Mortgages - Dec 11, 2008
Mortgage rates foreseen under 4% - Baltimore Sun WASHINGTON Government efforts to provide easier credit to consumers and to help housing finance ... economy and troubled credit markets. Mortgage applications were up 112 percent during the week [more...]
Date: 2008-12-11 12:40:58
Consumer Focused Carnival of Real Estate
September 30th, 2008 The guidelines for this carnival ... now talking about. The country runs on credit, and right now, it is drying up, and not just mortgage credit, but commercial credit and even corporate credit (Caterpillar has some AA rated bonds they're trying [more...]
Date: 2008-09-30 13:16:43
Consumers Get a Break on Credit Cards - Finally
First the bad news: these rules don’t take effect until July, 2010 ... barring the deceptive and punitive practices of many credit card issuers. The policy statement ... thirty days late on a payment. In that case, credit card issuers can still increase your interest rate [more...]
Date: 2008-12-19 01:43:31
Let’s Look at the Issues: Consumer spending
What does Nobel laureate economist Paul Krugman have to say about the recent decline in consumer spending? ... goods (stuff like cars and TVs) fell at an annual rate of 14 percent. Paul Krugman ... of the sharp cutback in the availability of consumer credit, which is still under way. So this looks [more...]
Date: 2008-10-31 12:34:33
A 90?s Flashback for Commercial Property
Angela Pruitt reports: Commercial property is bracing for a tough time that could morph into a crisis similar in scope to the free ... in history. But with the credit markets in lock-down mode, consumer confidence battered ... on investment-grade corporate debt,” Kirby said. “Those rates have gone up north of 9%. That’s bad news [more...]
Date: 2008-11-26 15:40:57
Friday morning links
TOP STORIES Rate cut from Japan, Barclays seeks funding - Reuters Nevada, Michigan, Florida lead 'underwater' list - AP Housing plunge: ... is more likely than many assume - MarketWatch Banks, consumer advocates urge U.S. to allow credit card debt ... it feels so bad - CNN/Money Economic data point to the start of a recession - LA Times Recession Ghost [more...]
Date: 2008-10-31 13:20:00
Illinois Mortgage Rates Weekly Update
Welcome to Illinois Mortgage Rates and News week in review for the week ending July 18th, ... , credit is still tight and consumers have no purchasing power. The softness in our economy has spread ... level in the coming months. So why did rates get so bad so quickly this week [more...]
Date: 2008-07-19 17:43:31
ARM TWISTING NOT UNDERWRITING
I'm not surprised politicians are exasperated with the banks' apparent reluctance to lend money to consumers and businesses at “reasonable” rates ... for irresponsible lending in "bad times". As the UK economy expanded through the 90s and 00s, financing ... the green light to the banks to dish out money to bad credit risks; if all turns out OK, the bank [more...]
Date: 2009-01-14 22:23:00
Fed predicts economy will get worse
Fed predicts economy will get worse Posted January 6th, 2009 by TN Volunteer In the minutes from its last meeting, ... of 2008, which took the unemployment rate up to 6.7%. The December report will be released ... , low consumer confidence, weakened household balance sheets and tight credit conditions. It said [more...]
Date: 2009-01-06 21:20:58
More hoops to jump through for enticing mortgages
Consumers rushing to refinance a home loan or get a new one to take advantage of the lowest U.S ... stellar credit. “This market has weeded out people with bad credit. That’s the difference,” said Ellen ... . mortgage rates in nearly four decades are in for a surprise: the new rates aren’t for everyone [more...]
Date: 2009-01-14 14:37:34
Consumer Headaches: 15 ways to get help
My two-month-long fight with Qwest, which barring a stroke of luck will no doubt go on a lot longer, ... serious problems that might damage your credit rating or cost you big bucks requires you to roll [more...]
Date: 2008-10-26 02:56:28
YouTubers, Beware: Viacom May Soon Slip You a Subpoena
YouTubers, Beware: Viacom May Soon Slip You a Subpoena (Image credit: Gizmodo.com, referring to the RIAA's relentless consumer suing spree) ... Business Notes Congress may approve "the biggest overhaul of mortgage financing since the New Deal ... is designed to help you get the best loan available at the lowest interest rate possible. Apply for [more...]
Date: 2008-07-07 08:10:02
Sony Ericsson reports results for fourth quarter and full year 2008
.fullpost{display:inline;} Highlights:Global economic slowdown leads to contracting consumer demand Previously announced annual Euro 300 million cost ... of credit. Gross margin became 15% due to negative impact from exchange rate fluctuations [more...]
Date: 2009-01-16 07:56:00
Used Exotics Going For Honda Accord Money
2001porsche911 As brokers and bankers fall from the credit tightrope, they’ll have to downsize the excesses in their lives ... in price to a high-end Accord. Consumer Reports gives the 2004 E-Class an “average” reliability rating [more...]
Date: 2008-12-24 16:34:27
The Fed Translated…..
Release Date: December 16, 2008 The Federal Open Market Committee decided today to establish a target range for the federal funds rate of 0 to 1/4 ... . No arguments there. Financial markets remain quite strained and credit conditions tight. I’m not sure ... . Let me rephrase that, in light of the Consumer Price Index report this morning, it’s pretty [more...]
Date: 2008-12-17 04:47:10
D. Other Publishers
A number of publications from non-Nolo publishers have a wealth of information beyond what is in this book. The Ultimate Credit Handbook, by Gerri Detweiler (Plume Books), covers everything you’d want to know about credit ratings, credit cards, completing credit applications, protecting your credit privacy and many other topics. Surviving Debt: A Guide for Consumers, by National Consumer Law Center. NCLC is a nonprofit organization that normally publishes books to assist lawyers. [more...]
Date: 2009-09-24 02:03:01
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