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  • Underwater Mortgages and Property Appraisals for Refinancing
    Many homeowners who are underwater on mortgages are having difficulty getting a high enough appraisal for refinancing.
    [May 29th, 2009]
  • Payday Loans: What Happens When They’re Gone?
    What happens when legislators come between consumers who want to buy a product and entrepreneurs who want to sell it? Check out the history of the 18th Amendment.
    [May 29th, 2009]
  • How to Choose Between Fee and Free Debt Relief Solutions
    For many of us, it takes a major life event to force us to wake up from our financial coma and to get out of debt. Fights, illnesses, and divorces often act as turning points in our lives that challenge us to step up and face our fears about money. Each of us arrives at [...]
    [May 28th, 2009]
  • Fix Credit Report Errors before Applying for a Personal Loan
    Thinking of applying for a personal loan? Don't even think about it until you've had a chance to fix any errors in your credit report.
    [May 28th, 2009]
  • Fixed Rate Mortgage Rates Rising
    CNN Money reports that fixed rate mortgage (FRM) rates spiked to 5.45% on May 27, up 21 basis points from 5.24% last week. Investor concerns about GM’s potential bankruptcy may have influenced the 10 year Treasury yield, which is connected to FRM rates. The 10 year Treasury yield has recently risen its highest rates since November 2008. Government [...]
    [May 28th, 2009]
  • Debt Consolidation Loans Likely The Most Realistic Solution
    Some Debt Settlement Programs Add To Consumer’s Troubles Earlier this month, the New York Times reported a few stories of some consumers getting into more financial trouble after seeking the help of certain debt settlement companies. In addition to the high upfront fees mentioned in their report, CBS News also mentioned the high number of complaints [...]
    [May 28th, 2009]
  • How to Do Research Before Taking Out a Personal Loan
    It’s always a good idea to learn about a loan before taking out a loan. In the case of unsecured personal loans, doing research is an especially important part of the process, because unsecured personal loan interest rates and terms can vary widely. Here, then, is a recommended plan for doing some basic research on an [...]
    [May 27th, 2009]
  • Auto Loans and Bankruptcy: 5 Things to Consider
    You’re having financial problems and are considering filing bankruptcy. Does filing bankruptcy mean you get to keep your car? Is there anything you can do to work out an auto loan besides filing bankruptcy?  If have an auto loan, here are some things to consider before filing bankruptcy. An auto loan is a secured loan: This means [...]
    [May 27th, 2009]
  • Four Downsides Of A Home Equity Loan Worth Considering
    Oftentimes, we’ve discussed the benefits and advantages of borrowing a home equity loan or home equity line of credit. But, like any other type of mortgage, home equity loans also have there share of possible downsides. Below is a short list of home equity loan disadvantages every homeowner should first consider. 1. Home Equity Lines of [...]
    [May 26th, 2009]
  • Top Three Reasons Your Credit Card Company Wants You to Join a Debt Consolidation Program
    Long-time credit card industry analysts have watched the business of lending turn itself upside down since the inauguration of President Obama. Consumer frustration over high credit card rates and fees have combined with lawmakers’ willingness to tap into populist financial ideas. As a result, unprecedented credit card regulations have been slated to take effect in [...]
    [May 26th, 2009]
  • Payday Loans: Consumer Group Admits 36% Cap Will Kill Business
    Anti-payday loans campaigners have finally admitted that a 36 percent interest rate cap will eliminate payday lending.
    [May 26th, 2009]
  • The 20 Worst Cities Where Spenders Are Still Racking Up Credit Card Debt
    Forbes Report Lists Top 20 Cities Struggling With Debt Although consumer debt fell by about 11 billion in March 2009, a recent Forbes report showed that some consumers are still struggling to get a hold of their spending. By analyzing the data from Equifax, one of the three largest consumer credit reporting agencies, the report was able to locate the [...]
    [May 22nd, 2009]
  • How To Manage Your Home Equity Loan Amidst The U.S. Price Drops
    The Defensive Strategy–Be Conservative With Your Home’s Equity As home equity concerns have affected homeowners nationwide, the conservative approach is a popular choice many individuals have begin to adopt. While some are doing so out of necessity, the conservative approach is also a result of the recent years of relaxed lending. In this approach, homeowners should [...]
    [May 22nd, 2009]
  • What Are Some of the Dangers of Reverse Mortgages?
    Reverse mortgages can help homeowners tap into the equity in their homes to boost their income. Many people who are 62 and up have used reverse mortgages to help pay for medical costs, household bills, or even downsize to a smaller home. But these mortgage loans aren’t for everyone. Here are some of the dangers [...]
    [May 22nd, 2009]
  • San Francisco Home Prices Fall by 41% due to Foreclosures
    San Francisco area home prices have fallen 41% compared to prices in April 2008. Foreclosures are blamed for the decline, which highlights opportunities for homebuyers to get great deals while mortgage rates remain low. Not surprisingly, home sales have increased approximately 13% over the last year.  Although there are great deals to be had, many potential [...]
    [May 21st, 2009]
  • Auto Loans: GMAC Prepares to Acquire Chrysler Auto Financing
    Federal regulations were waived to accommodate the expected acquisition of Chrysler auto loans by auto financing giant GMAC. The willingness of the federal government to alter regulatory requirements is viewed as a sign of the federal government’s dedication to saving the US auto industry.  In addition, the government is also expected to provide GMAC with an additional $7.5 [...]
    [May 21st, 2009]
  • How to Keep Instant Payday Loans in Check
    Despite the legislation to curb the availability of instant payday loans, hundreds of thousands of people depend on them to save them from tough financial situations. For those that find themselves in a situation requiring payday loans services, there is a way to keep them from leading to deeper debt.
    [May 21st, 2009]
  • Three Reasons Why “Bad Credit” Ain’t (Always) All It’s Cracked Up to Be
    In the days before this Digital Age, the ability to borrow was based upon the lender’s and, to some degree, the public’s perception of the prospective borrower. Had this person repaid previous debts? How exactly were they planning to pay this loan back? Those questions are still pertinent to today’s lending reality, but another question seems [...]
    [May 20th, 2009]
  • 7 Things to Remember When Getting a Pawn Shop Loan
    Pawn shops offer no credit check loans, but they don't come cheap.
    [May 19th, 2009]
  • Payday Loans Bills Struggle in Two States
    Although the Payday Loans Reform Act of 2009 (H.R. 1214) is still alive and well in the US Congress, similar bills in at least two state legislatures may be about to run out of steam.
    [May 19th, 2009]
  • Six Steps Toward Completing a Short Sale
    The Obama administration announced additional incentives for homeowners and mortgage lenders to cooperate in completing short sales, also called pre-foreclosure sales, as an alternative to foreclosure.  Potential cash incentives ($1000 for lenders and up to $1500 for homeowners) may increase completed preforeclosure sales, which often lag behind other foreclosure prevention methods due to their complexity and the [...]
    [May 15th, 2009]
  • Should Other Debts Be Included in a Mortgage When Refinancing?
    Refinancing can help lower monthly payments on a mortgage, but think very carefully about adding credit cards and other debt into the total.
    [May 15th, 2009]
  • US Auto Woes Continue with GM Announcement
    US automakers Chrysler and GM announced dealership closures this week–how will this potentially impact the availability of auto loans and consumer confidence? No one knows for sure, but as Chrysler and GM go through bankruptcy, they expect to emerge with leaner operations focused on fewer brands. It seems likely that this can help reconfigured US auto manufacturers [...]
    [May 15th, 2009]
  • Who’s To Blame For America’s Consumer Credit Card Debt?
    Anticipated Credit Card Legislation Addresses Credit Companies In recent credit card news, the Senate is near an agreement for the highly anticipated “Credit Cardholder’s Bill of Rights” legislation. As soon as this legislation passes to law, consumers could expect to see actual changes in the credit card industry early next year. As for the current holdup, [...]
    [May 14th, 2009]
  • How to Build Credit By Taking Out Small Unsecured Personal Loans
    The larger the loan, the greater the risk for the lender–unless there is collateral involved. Collateral (or the lack thereof) changes the lending equation drastically. Borrowers who understand this fact, and know how to work it to their advantage, can build credit by taking out small unsecured personal loans. Even Large Mortgage Loans Easy to Make When [...]
    [May 13th, 2009]
  • Don’t Forget Credit Unions When Searching for Personal Loans
    More people have turned to credit unions to find personal loans as banks of toughened up lending requirements.
    [May 12th, 2009]
  • Three Ways Foreclosures Have Hurt Home Equity Loans
    1. Foreclosure Sales Rarely Cover Home Equity Loans In a foreclosure sale, mortgage lenders are paid off in order of lien position. Unfortunately, most home equity lenders find themselves second in line, and sometimes as far back as third in line. Given the recent decline in home prices nationwide, many home equity lenders are left with [...]
    [May 12th, 2009]
  • Will I Owe Any Money After a Short Sale?
    Many homeowners have turned to short sales to get out from under crushing mortgage debt and avoid foreclosure. But some people who’ve sold their home this way have found themselves still on the hook for some of the money they thought they no longer owed, according to the Wall Street Journal. A short sale is when [...]
    [May 8th, 2009]
  • Debt Settlement Program: 5 Reasons to Be Wary
    Debt consolidation. Debt settlement. Debt elimination. Consumers on the hunt for relief from mounting credit card bills are often confused by these programs. But it’s critical to know the difference, as there are serious financial implications associated with each. Here’s a quick rundown of what to be on the lookout for when soliciting assistance from [...]
    [May 8th, 2009]
  • Consumer Credit Debts Drop by $11.1 Billion–What Gives?
    The latest report from the Federal Reserve is out, and consumer credit card debt dropped by a record 11.1 billion dollars in March 2009. There’s definitely been a lot going on in today’s market, so what gives? Well, combine the unwillingness from consumers to spend with the reluctance of today’s lender to lend, and you’ll [...]
    [May 8th, 2009]
  • Auto Loans Remain Scarce in spite of Bank Bailouts
    Bloomberg Press reports that the volume of non-revolving consumer credit, which includes auto loans, has reached its lowest volume since 1990. The article asserts that lending institutions continue to tighten consumer credit in spite of federal cash infusions. Continued high unemployment and bank losses are cited as reasons for the failure of lenders to loosen [...]
    [May 7th, 2009]
  • Top 3 Reasons Why a Personal Loan Can Be a Good Idea Even for Borrowers Already Burdened With Heavy Debt
    For borrowers who are facing down large debts that they can’t, at the moment, pay, the desire to not incur any more debt until existing debts are paid off is entirely understandable. It can also be entirely disastrous. This is not to say that everyone who’s carrying a lot of credit card debt should run out [...]
    [May 7th, 2009]
  • Payday Loans and the Misappliance of Science
    Every once in a while, something is published that is so breathtakingly outlandish that intelligent readers can only rub their eyes in disbelief. One of these, about payday loans, appeared yesterday.
    [May 7th, 2009]
  • Using a Personal Loan for a Business Start-Up
    A personal loan could give you enough funds to launch a small business.
    [May 5th, 2009]
  • Refinancing: Five Considerations
    Volatile real estate markets, adverse economic conditions, and the need to save money are contributing to a refinanancing boom. As with credit requirements for new home loans, the mortgage professor website notes that  lenders have tightened credit requirements for refinancing.  Borrowers with less than optimum credit scores may pay mortgage rate premiums that can negate potential savings associated with [...]
    [May 5th, 2009]
  • How To Subordinate A Home Equity Loan
    Why Subordinate a Home Equity Loan? As many individuals are looking to save money in this economy, the currently low mortgage interest rates have attracted many homeowners to the possibility of a refinance. Unfortunately, many homeowners will eventually discover a serious obstacle because of their existing home equity loan. Specifically, a lender’s subordination clause could hinder [...]
    [May 5th, 2009]
  • Mortgage “Cram-Down” Legislation Defeated in Senate
    The U.S. Senate defeated legislation that would have allowed bankruptcy judges to modify mortgage loans to prevent foreclosure. Here's what people who file for bankruptcy need to know about keeping their home.
    [May 1st, 2009]
  • How to Read the Fine Print on the Terms of a Personal Loan
    It looks like a “Credit Card Holders’ Bill of Rights” of some sort is going to pass Congress within the month. One part of the bill in discussion addresses the so-called “fine print” that so confuses credit card borrowers. President Obama himself has called for a return to “plain language.” Whether or not this part of the [...]
    [May 1st, 2009]
  • How to Get Out of Debt: Debt Relief from 3 Unlikely Sources
    The credit crunch has many consumers clamoring for assistance. According to CreditCards.com, credit card debt reached $972.73 billion in 2008, including both general purpose and private label credit cards. And finding relief from high APRs and minimum monthly payments is tougher than you might think. However, the good news is that it is possible to escape [...]
    [May 1st, 2009]
  • Debt Consolidations Loans, Consumer Credit Counseling, or Both?
    If you ask around or do some basic research, you’re likely to hear a variety of strategies for reducing your debt. Debt consolidation loans and consumer credit counseling are high on the list. But which one is better? Or are they both worth the effort. Here’s what you should know.
    [May 1st, 2009]
  • Mortgage Rates Remain Low
    Homeowners who have yet to refinance caught a break as mortgage rates fell slightly last week. The average rate on 30-year fixed-rate mortgages slid to 4.78% from 4.8% last week, tying the record low, mortgage company Freddie Mac said. Last year at this time, the average rate on a 30-year mortgage was 6.06%. These rates do not [...]
    [May 1st, 2009]
  • Consumers Ditch Credit Cards and Cut Back On Spending
    Debt Relief With Reduced Credit Card Balances According to the most recent reports, credit card companies have been hit from both sides as more consumers have stopped paying back their credit card debt; while many others have ceased using their credit cards altogether. Both of these actions have quickly crippled creditors leaving these companies with significant [...]
    [May 1st, 2009]
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