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The responsibility for financial security rests on the shoulders of individual consumers.

Responsibility for debt lies with consumers

This past week the Senate Banking Committee released a financial report that detailed what happened prior to the market failure of last year. Experts are studying the recession, and what happened immediately before it, to make sense of what happened and how to avoid it in the future. In the report is a section focused
Credit card companies are going into survival mode, charging even good-paying customers high interest rates and cutting their limits.

The three worst credit cards to have

Because of the recession, many credit cards are no longer beneficial to customers. The lending crash and overall state of the economy have caused many problems with finding finances. Defaulting loans have sent credit card companies into a panic, forcing them to try to mitigate their losses any way possible. The lending crash The number

Still in love with credit cards

Unemployment rates were at record highs last year and incomes at record lows. So how can it be that consumers managed to pay down credit-card debt last year? Credit-card debt in the United States dropped significantly last year, but a new MoneyNews article suggests that Americans are still in love with credit cards: The bulk

The Real Story Behind Credit Cards

Credit cards can affect credit scores, whether it’s in a negative or positive way. Understanding how credit cards work and the benefits, as well as the negative aspects of them can give you a better outlook on the genuine connection between credit cards and credit scores. Credit cards in the US Almost everyone in the

Consumers are Looking for Cash Now from a Hefty Tax Return

Consumers wanting to find cash now need to be careful when filing taxes. Everyone looks for their refund money as a means of making a special purchase, paying down debt, or taking a vacation. It’s a time when consumers try to do their best to be accurate, in the hopes of bringing in the biggest

How to Reduce the Risk of an IRS Audit

Most IRS Audits Are Avoidable Few things strike fear into a person’s heart like the thought of an IRS audit. People harbor this fear, not simply because of the money that they may end up having to pay the government, but also because an audit can lead to a loss of property or even jail

There Are Ways To Fund College Beyond Credit Cards

The cost of college Many parents are looking to their credit cards to fund college for their children. This year some states, businesses and colleges are aiming to help people pay for the expense. There are some rules, of course. And of course, if something sounds too good to be true, it probably is. Parents

People turn to payday loans as new credit card laws set in

New credit card laws Payday loans are in higher demand now than ever before. During the economic downturn and the credit crunch, more people from more income brackets started turning to payday loans than ever before. Reuters reports that “Customers’ average income has increased to about $50,000 from $41,000, and a significant portion of customers
New credit card laws 2010

New credit card laws 2010 in effect today

New credit card laws negatively affect banks Legislation passed last year on new credit card laws goes into effect today, and banks are none too happy about it. “JPMorgan Chase, the nation’s largest credit card issuer, warned it expected its credit card business to lose as much as $750 million this year as a result

Mortgage Foreclosed? You Might Still Owe Money

Foreclosure doesn’t always wipe out a mortgage debt With housing markets across the county in shambles, millions of homeowners are sitting on real estate that’s worth less than they owe on it. Many of those people are also having trouble making their monthly mortgage payments, and some of them are losing their homes as a

Beating Credit Card Debt For Good – Part Two of Two

Worthwhile credit card debt recovery strategies In part one of this series on getting rid of credit card debt, we discussed both drastic and practical ways of approaching financial recovery. Now that you have considered those first steps, it is time to figure out what to do next in order to embrace debt-free living. The

To Find a Mortgage, Keep Personal Loans and Credit to a Minimum

Getting approved for a loan High credit card debt and numerous personal loans can mean disaster for people wanting to buy houses. Lenders are slowly beginning to open their doors again, but they are still being picky about who gets approved and who doesn’t. If you are looking to move into your own house soon,

The Homeowner Tax Credit Can Help Homeowners Find Cash Today

Tax benefits of the tax credit Homebuyers can find cash today with the $8,000 first-time homebuyer tax credit. The credit is the showpiece of the 2009 American Recovery and Reinvestment Act. It was designed by the government to boost housing sales and help spur the market to recovery. So far projections say that the plan

Think Before Agreeing to Cosign a Loan

Cosign a loan and risk good credit Before a person decides to cosign a loan, it is important to consider the risks involved. Many who haven’t done so have come to regret it. Often, their decisions have resulted in bad credit ratings and the need for emergency cash to bail themselves out of someone else’s

Does borrowing money finance happiness?

The Psychology of Money Borrowing money is a way of life for most people. Whether it is for a home mortgage, auto financing or a pricey item purchased on a credit card, most do not mind creating debt by borrowing money, as long as their dreams can be financed right away. While there is nothing

Mortgage Loans and Home buyers

Mortgage Loans and Home buyers Are you a first time home buyer seeking to enter the home buyers market, or perhaps a current homeowner looking to refinance or take out a second mortgage on your current home? There are still many good options available for those seeking some type of mortgage loan. Choosing your best

Borrowing Money Can Still Be an Advantage if Managed Wisely

Lessons learned from the recession When it comes to borrowing money, Americans are getting a good lesson in the new rules. Pre-recession credit was thought of as a tool available to almost everyone. People used their credit for a wide variety of things, seeing its convenience as a major advantage to their monthly bill payment