New Face of Credit
April 8, 2008
It should come as no surprise that banks and other lenders are quickly changing their loan requirements as home sales and home prices plunge and delinquencies and defaults increase. It should also come as no surprise that problems in the mortgage market are spilling into other financial markets as customers struggle to keep up with loan payments on their other consumer loans, such as automobile and credit card payments.
Credit Score Demands
April 7, 2008
It was not that long ago when consumers with credit scores in the low- to mid-600 range could get a home mortgage with no money down payment. In addition, they only had to state their income and very little investigating was conducted by the lender to verify that information. Times have changed.
Credit Card Lenders Tighten Up
April 4, 2008
Credit card companies are beginning to report more and more delinquencies on their consumer accounts. These delinquencies are causing some major losses to some of the biggest credit card lenders, and they are making adjustments to resolve the problem as best they can.
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.
Credit Card Spending Booming
April 1, 2008
Consumers across the country are turning to the credit cards more to get by. Credit card use by U.S. consumers increased in January as consumers spent twice as much on their credit cards as they did a month earlier.