Car Loan Delinquencies Soar
May 13, 2008
The housing crisis gets a lot of press, but there is also problems brewing in the auto loan markets. Even though auto loans have fixed interest rates, as compared with adjustable mortgage rates on homes, many consumers are struggling to pay their auto loans on time. In many cases, they are discovering that have too much debt when it is all added up. This, of course, can lead to late payments.
Credit Crisis and the Consumer
April 22, 2008
As you already know, the credit markets are taking some big hits lately. Many of the major banks and lending institutions are encountering all sorts of problems that they must deal with. Industry and government officials are sending out mixed messages as to whether or not the credit mess is stabilizing or will get worse.
Student Loan Update
April 16, 2008
With the economy the way it is, many people who have student loans are wondering if they should either refinance the loan or consolidate several loans. In some cases, this is a smart move, but in many more cases it is not.
Auto Loans Tighten
April 2, 2008
Many experts would agree that it was just a matter of time before the auto loan industry saw problems just as the home mortgage and credit card industry are seeing.
Car Loan Delinquencies Jump
March 7, 2008
It is not just the housing market that is struggling. Late payments are soaring for automobile loans as well. Recent reports suggest that auto loans that are at least sixty days delinquent hit a 10-year high in January 2008.
New Loans for Some Credit Unions
March 5, 2008
In a move to help increase memberships, many credit unions are beginning to offer their version of the payday loan. These loans are typically very short term and come with a higher interest rate than traditional loans offered by most credit unions. Even so, they are often more affordable than the corner payday loan consumers have been taking out.
Banks Tightening Credit
February 19, 2008
For months it has been suggested that banks and other lenders will begin to tighten their credit standards which would result in fewer loans being approved. It would appear that the suggestion has become a reality.
Increase in Delinquent Car Loans
February 11, 2008
It isn’t just home mortgage payments that are being sent in late these days. An increase in late payments for car loans is also being seen. In fact, delinquent car loan payments are at their highest level in years. The bad news is many financial experts estimate that this will only get worse with time.
Watch Out for Tax Refund Loans
February 8, 2008
Consumers who are eager to get their tax refunds back as quickly as possible may be tempted to use what are called refund anticipation loans. These are also known as RAL’s. In essence, these short term loans let consumers borrow against the refund amount that they expect to receive from the IRS. But these loans are not free. In fact, they can be very expensive.
Auto Loan Defaults Rising
January 28, 2008
As the economy continues to teeter on the verge of recession, it isn’t just home loans that are showing higher default rates. The number of auto loans that are in default or that have already been written off increased significantly during the last quarter of last year.