Mortgage Lenders Slow to Respond
January 31, 2008
By now, most people are aware of the massive level of foreclosures taking place across the US. Many financial experts agree that the problem is likely to only get worse during 2008 and perhaps beyond. What is surprising to many of these same experts is the slow pace of assistance that lenders are offering those who are facing foreclosure.
GE Credit Card Information Missing
January 30, 2008
It was recently reported that a backup tape that contained information from literally hundreds of United States retailers nationwide was missing. The information contained on the tape was credit card information that was being stored by the various retailers. The news has forced the company that was responsible for the information to warn customers of those retailers that their information may be in jeopardy.
Consumer Credit in Trouble
January 29, 2008
There was some hope that the financial mess of the US housing market would stay in the housing market. As more information becomes available to financial experts, there is some agreement that loan defaults may soon bleed over into other sectors as well. These sectors might include auto loans, credit cards, and even student loans. As household incomes become more strapped, increased late payments may become a major issue with some lenders.
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.
Are Credit Card Balance Transfers for You?
January 28, 2008
Many consumers used their credit cards to fund their holiday shopping last year and now it is time to pay those bills. This is a prime time of activity for many credit card companies to try to bring you onboard with their company by offering balance transfers. Do not be surprised if you begin to see your mailbox filling with offers from various credit card companies touting their great transfer programs. But be careful before you sign on the dotted line.
Renters Insurance is Worth the Cost
January 25, 2008
With the economy on the verge of a recession many people are looking for ways to cut costs. Many experts agree that foregoing renter’s insurance should not be a part of those household cuts.
New Social Security Debit Cards
January 24, 2008
Individuals who are receiving Social Security payments will soon be introduced to a new debt card system that the Treasury Department plans to implement. It is hoped that the new debit cards will provide more safety and convenience for those using them. The implementation of debit cards is also seen as major way for the Treasury Department to cut costs.
Student Loans in a Pinch
January 23, 2008
The effects of the sub-prime housing market mess are expected to bleed over into other sectors as time passes and one sector, student loans, is seeing some of that happen now. According to a recent report released by the financial aid expert, FinAid, college students may soon see trouble with getting new student loans.
Countrywide for Sale
January 22, 2008
In a surprising move, Bank of America recently announced its plans to buy the beleaguered mortgage lender Countrywide Financial Corporation. The deal could end up costing BofA as much as four billion dollars and might well prevent the collapse of Countrywide as a business entitiy.
Results of Holiday Credit Spending
January 22, 2008
Retailers and credit card issuers have been waiting for information concerning the last cycle of holiday spending for 2007. A post-holiday report issued by GfK Roper Public Affairs and Media reveals some surprising results.