Frustrated Over Credit Card Hikes?
Paid on Time? Too Bad!
If you have been relying on credit cards to get by each month, you may need to borrow money just to pay the minimum payment these days. Credit card companies are raising interest rates dramatically in an effort to stay ahead of the declining economy. But [...]
Payday Loans and Bankruptcy in Canada: No Clear Correlation
Manitoba University Study Unintentionally Dispels Numerous Myths
Human Ecology professors Ruth Berry and Karen Duncan of the University of Manitoba appear to have been ready to point the accusing finger at payday loans in Canada. Given supporting data, it appears they would have been happy to report that payday loans and [...]
Installment Loans: A Strong Option When Credit Access is Limited
Do Race and Ethnicity Restrict Access to Traditional Credit?
You’ve more than likely heard the call to arms “Stimulate the economy!” before. It takes expenditure in order to keep the wheels of commerce flowing. While the current recession has made that difficult – people are still highly unwilling to spend on [...]
Interest Rates on Credit Cards are Steadily Rising
Interest rates are up across the board
Although many interest rates were recently cut, credit cards lenders are set to increase theirs. Mortgages and savings rates have fallen dramatically due to government intervention; however, credit card rates have moved up. Even cards listed as “low-rate” are averaging 11.62%, balance-transfer cards [...]
Where Should You Squirrel-Away Your Cash?
Savings rate is up
Thanks to the government’s giant stimulus program, many Americans seem to be feeling a little better about their finances. Despite rising unemployment, personal incomes still rose 1.6 percent in May, according to the Commerce Department. But instead of heading back to the mall with that [...]
MakingHomeAffordable.gov Helps Struggling Mortgage Holders
Government can help you keep your house
The White House’s web site, makinghomeaffordable.gov, is still helping homeowners who are having a tough time making their mortgage payments.
The government’s foreclosure prevention plan helps lower monthly payments for home owners by cutting interest rates or lengthening loan terms. The web site, Making Home [...]
House Approves Credit Cardholders’ Bill of Rights
No more interest rate hikes
The House of Representatives today passed a bill aimed at helping consumers who have credit cards. The bill does not apply to other types of credit, such as installment loans.
The Credit Cardholders’ Bill of Rights protects against hidden fees and interest rate hikes. The legislation passed [...]
Repair Your Credit | Debt Consolidation (Pt. 4)
Taking stock of your debts
A key element of how you’ll “Repair Your Credit” is making mountains of debt more manageable. CLICK HERE if you missed the last installment of this article.
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Let’s face it. Managing debt can be a long, slow and tedious process. If you find yourself juggling numerous revolving [...]
What Are The Benefits? | Debt Consolidation Part 2
A little bird told me
I started thinking about debt consolidation after I read about it online. Here are the main reasons people get debt consolidation:
To save money by getting a lower interest rate
To lower monthly expenses
For convenience
Lower interest rate
The benefits of paying a lower interest rate are pretty obvious: it [...]
Repair Your Credit | Payday Loan Bonanza (Pt. 2)
Payday loans shield from dents and dings
This is where the beauty of the payday loan comes in to “Repair Your Credit.” In order to avoid those dents and dings that late payments can bring – and mind you, they add up quickly – consider a payday loan that will cover [...]
Repair Your Credit | Advantages of Payday Loans (Pt. 1)
What are the advantages of payday loans?
“Repair Your Credit,” starting today! These tips can help you get there.
Last time, we talked about the type of loan that might work best for you. This time, let’s take a closer look at payday loans and see the ways in which this short-term [...]
Repair Your Credit | The Personal Loans Touch (Pt. 2)
Short-Term Personal Loans
“Repair Your Credit” continues with this look at short-term personal loans. If you missed the beginning of this article, CLICK HERE.
Short-term personal loans are all around us. You can typically apply for one at your local bank or credit union, but for 24/7 convenience, online portals are an [...]
Fed Announcement Reveals Plans to Buy Securities
Federal Reserve aims to lower interest rates
The United States Federal Reserve said today that it will spend another $1.2 trillion to stimulate the economy. The Fed’s announcement has already caused stocks and oil prices to rally.
The Fed said in its announcement that it is trying to lower interest rates and [...]
Make Money on the Cash You Are Saving
Banks try to woo customers
The savings rate among Americans has seen a hefty increase in recent months. That’s bad news for retail stores, but it gets banks and credit unions excited. They are excited about the question “How do we get people to save their money HERE?”
Banks are offering some [...]
Invest or save? What are some options?
Compound interest is still a great invention
Look at this calculation. If you start investing today at the rate of, say, $100 a month for your newborn who arrived at some crazy hour this morning, and who, when he grows up, takes over and continues that same investment until he reaches [...]
Center For Responsible Lending Irresponsibly Taints Journalism
Jumping off that same cliff
Jay Miller of Crain’s Cleveland Business reports that given the choice, he’d rather be a lemming.
Jump off the cliff like everyone else and buy the Center For Responsible Lending’s (CRL) propaganda, Jay. Or, you might actually take the few seconds necessary to think about cash advance [...]
Lawmakers, Church Groups Seek to Regulate Payday Loans
British Columbia pushes for reform
It seems the United States isn’t the only country whose lawmakers are pushing for payday loan legislation. Regulators is British Columbia, Canada, are also seeking to put a cap on interest rates on payday loans.
Lower interest caps
The regulations sought in British Columbia are even more stringent [...]
Borrowers in Ohio Need Payday Advance Loans
Payday loans still in demand
When Ohio lawmakers capped interest rates on payday advance loans, they knew that payday lenders wouldn’t be able to stay in business if they operated under that stipulation.
The new law capped interest rates on payday loans at 28 percent. But trying to drive payday lenders out [...]
Montana Payday Advance Loans Legislation Hits a Snag
Payday loans regulation tabled
Montana legislators are in a dead heat when it comes to payday advance loans regulation.
The House Business and Labor Committee voted 9-9 on a bill that would cap interest rates or fees on payday loans, effectively defeating it.
Still pushing the bill
The bill’s sponsor, Representative Bill Wilson, is [...]
Learning About Payday Loans Online Led Me to Financial Planning
Financial thinking cap kicks in
Learning about payday loans online seems to have caused my mind to jump into financial planning mode. I have never been good with money, and I have wasted a lot of it over the years. For a long time my way of handling my debt and budget [...]
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