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Prepaid Credit Cards Can Help Build Your Credit

What is a prepaid credit card? In the current credit crunch, obtaining credit has become more difficult than ever. Even people who previously had no trouble requesting credit cards or loans are finding their applications turned down in this grim financial market. Unfortunately, however, credit cards are required for many different transactions, from renting a
Foreclosures

Mortgage modification programs under fire from Republicans

The federal mortgage modification program is fast becoming a target for criticism as a failed program. Congressional Republicans have announced intentions on scrapping federal mortgage relief programs, which have been dismal failures. Foreclosures on failing mortgages? have slowed, but procedural issues are hampering the foreclosure processes nationwide. Failed mortgage relief programs prime target for spending
Ghost town

The adjustable rate mortgage is staging a comeback

One of the supposed causes of the real estate collapse and recession of the last few years was something called an adjustable rate mortgage. An adjustable rate mortgage, or ARM, can be misunderstood and, in fact, has a lot of benefits for some buyers. The ARM is starting to make a comeback. Adjustable Rate Mortgages
A man dealing with bill charge errors over the phone.

What to do with erroneous charges on your bill

Have you ever tried to call a credit card company or cell phone company about fast cash charges on your bill that are unreasonable or simply not accurate? Perhaps it has left you in need of personal loans or installment loans to cover the costs. Sometimes, it is beyond frustrating to logically work with the
Credit cards are an important part of consumer finance. Understand them well! (Photo: flickr.com)

To Manage Finances, Consumers Must Understand Credit Cards

Learn to Manage Credit Cards Consumers are suffering financially due to the recession and need to know how to manage their credit cards, savings and investment accounts. In today’s society, credit cards are a staple. Their convenience and many uses make them one of the easiest ways of purchasing items. Unfortunately, they are also a

Tax Bills Proving Difficult to Manage as Owners Look for Cash Now

Although the recession is officially over, the result of it is still at its core. Many homeowners are finding it very difficult to manage because of multiple economic reasons, including increasing property taxes. Governments struggling over tax revenue declines Homeowners looking for cash now are having a difficult time due to their tax bills. Across
This Federal Reserve/Vanderbilt/Penn study tries to connect payday loans to credit ruin, but what they leave out suggests a rosier alternative. (Photo: flickr.com)

Fed Study Unintentionally Paints Rosier Picture for Payday Loans

Why Use Credit Cards When There Are Payday Loans? Credit cards have proven to be both a useful tool in establishing a credit history and a bane to those consumers who hope to maintain a good credit history. The temptation to “swipe and go” has been actively cultivated by the American media. With the magic

Payday loans direct versus credit card and long-term loans

Students and credit cards What is seldom or, in fact, never advertised are the actual costs involved when using a credit card as a cash flow mechanism, specifically for the employed student who is battling to balance financial tasks, not to mention their studies and part time employment duties. These costs and charges contained within
Chess

Walking away | The basics of strategic default

Strategic defaults — when a mortgage borrower decides to pick up and just walk away from their mortgage, even though they can pay it — are increasing. About 31 percent of mortgage foreclosures were estimated to be “strategic” in March of 2010. Strategic defaults can, more than ever, be an option for borrowers whose mortgages

Major Benefits of the New Laws for Credit Cards

New laws The Obama administration is working hard to reform laws for companies who issue credit cards. On May 22, the president signed off on the Credit Card Accountability, Responsibility and Disclosure, or Credit CARD, act of 2009. The bill is set to improve the way companies deal with consumers and act as a watchdog
Congressional Hearing

Bailout official labels mortgage modification program a failure

The Inspector General of government bailout programs has labeled the mortgage modification program a failure. Neal Barofsky, appointed to oversee the bailout programs including the Home Affordable Modification Program, blasted the program in a Congressional hearing for being ineffective. More than half a million consumers have gotten their mortgages modified. Mortgage modification program blasted in

Four Things Your Bank Will Forget to Discuss with You

Many bank institutions are still hunting for more prey. Many major banks have been making the news more recently; this is due to their bad gambling predictions regarding mortgages and their overall poor mismanagement. It would be a very bad generalization and inaccurate to blame all banks for their wrongdoing. The larger banks have been
A “For Rent” sign.

Experian to include rental data in credit reports

Renters interested in rebuilding their credit scores now have another tool at their disposal, reports The Detroit News. The credit bureau Experian, which acquired the property management database company RentBureau last summer, will begin factoring rental history into credit scores. This move will help scores of consumers, but it may also hurt, experts say. Millions
It can take years to save money for your childs college education (photo: flickr.com)

Can 529 Plans Provide Quick Cash for College?

Saving for college While 529 education savings plans can’t really promise quick cash for college, in recent years they’ve gained prominence as an effective way for parents to provide for the future higher education expenses of their children. A 529 education savings plan is a tax-deferred investment, similar to an Individual Retirement Arrangement (IRA), except

5 easy credit repair tricks to help you borrow money successfully

Your Credit Score The contents of your credit report can make or break your next loa form and your ability to borrow money. A good FICO score is the key to success. However, if your credit has taken a beating in recent times, you will have to do a little dusting off. The good news
Bank of America

Bank profits tumble as new laws for credit cards start working

New regulations for credit cards on how interest rates and fees can be assessed are working. However, some loan lenders are lamenting the new rules that require greater disclosure when changing terms with customers. Outlawing guerrilla-style fee and interest raises has led Bank of America and other companies to lose value from credit card units.