Smart Borrower Blog

American Credit Card Debt Up 8% over 2016

Dec 16th, 2017 @ 11:42 PM by Amber Nelson

Even as the economy makes incremental strides forward, American credit card debt moves higher, with an 8% increase in 2017 over the previous year, according to a new survey. The 2017 NerdWallet household debt study  found that total U.S. credit card debt rose to $905 billion for this year, with an average balance of $15,654 […]

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Mortgage Rates Sink as Investors Wait for Market Action

Dec 6th, 2017 @ 3:00 PM by Amber Nelson

Long-term mortgage interest rates fell in the latest week, according to a survey from NerdWallet, a sign that investors are unsure about the direction of the economy. The average rate on 30-year fixed-rate mortgage fell to an APR of 4.03% during the week ended December 6, 2017, down from 4.09% the week before. That is […]

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About Amber Nelson
Amber Nelson is a seasoned mortgage industry writer and a regular contributor to Loan.com and Mortgage101.com.

Car Loan Delinquencies Continue to Rise Even As Unemployment Falls

Nov 29th, 2017 @ 9:35 PM by Amber Nelson

More and more Americans are falling behind on their car loan payments, according to new data from the New York Federal Reserve , a sign of distress in the auto lending industry. At a time when the unemployment rate (now at 4.1%) is better than it has been in over 17 years, U.S. consumers should […]

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About Amber Nelson
Amber Nelson is a seasoned mortgage industry writer and a regular contributor to Loan.com and Mortgage101.com.

Small Business Loan Approvals by Big Banks Hit Post-Recession High

Nov 22nd, 2017 @ 9:33 PM by Amber Nelson

America’s big banks approved 25% of all small business loan requests in October, according to data from Biz2Credit, the highest level since the end of the Great Recession. The Biz2Credit Small Business Lending Index rose two-tenths of a percent from 24.8% in September. One year ago, the approval rate among big banks (those with $10 billion […]

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About Amber Nelson
Amber Nelson is a seasoned mortgage industry writer and a regular contributor to Loan.com and Mortgage101.com.

Utah Lowest in Nation for Student Debt Per Graduate

Nov 15th, 2017 @ 7:15 PM by Amber Nelson

College graduate debt levels vary greatly from state to state, according to a new study from The Student Loan Report, with students from the Northeast accumulating the most debt and those in the Southwest borrowing the least. Utah graduates took the prize for the very lowest student debt levels last year. Using data from the […]

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About Amber Nelson
Amber Nelson is a seasoned mortgage industry writer and a regular contributor to Loan.com and Mortgage101.com.

Consumer Credit Debt Grows at Fastest Pace in 12 Months

Nov 8th, 2017 @ 6:40 PM by Amber Nelson

U.S. consumer borrowing jumped up in September, according to data from the Federal Reserve, fueled by a surge in auto sales and student loans. Total consumer credit debt rose $20.8 billion in September, or at a 6.6% annualized rate to $3.79 trillion in all. That is the fastest pace since November 2016. September’s growth exceeded […]

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About Amber Nelson
Amber Nelson is a seasoned mortgage industry writer and a regular contributor to Loan.com and Mortgage101.com.

Mortgage Activity Drops to 9-Month Low

Nov 1st, 2017 @ 10:52 AM by Amber Nelson

As long-term U.S. mortgage interest rates moved higher, mortgage application volume fell to its lowest level since mid-February, according to data from the Mortgage Bankers Association. The MBA Market Composite Index, a measure of total mortgage loan application volume, dropped 2.6 percent in the week ended October 27, 2017, from the previous week. While home […]

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About Amber Nelson
Amber Nelson is a seasoned mortgage industry writer and a regular contributor to Loan.com and Mortgage101.com.

Payday Loans Meet Stricter Regulation

Oct 25th, 2017 @ 9:13 AM by Amber Nelson

Payday lenders will now be more limited in how they can structure their short-term personal loans, based on a new rule from the Consumer Financial Protection Bureau. This could have serious financial impacts on the 12 million borrowers who take out payday loans annually as well on the lenders who make those loans. A payday […]

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About Amber Nelson
Amber Nelson is a seasoned mortgage industry writer and a regular contributor to Loan.com and Mortgage101.com.

Student Loan Borrowers Struggle to Pay Down Principal

Oct 20th, 2017 @ 1:38 PM by Amber Nelson

Roughly a decade after borrowing money for student loans, 2 out of 5 American borrowers have not made any progress on repaying their debt, according to new data from the Department of Education. The study tracked loans made to U.S. college students in the 2003-2004 academic year and found that repayment rates varied by what type […]

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About Amber Nelson
Amber Nelson is a seasoned mortgage industry writer and a regular contributor to Loan.com and Mortgage101.com.

Lenders Loosen Mortgage Standards as Rates Jump

Oct 13th, 2017 @ 5:06 PM by Amber Nelson

Mortgage lenders made more home loan credit available in September, according to a new report from the Mortgage Bankers Association, although interest rates jumped up to a 10-week high during the latest week. The MBA’s Mortgage Credit Availability Index (MCAI) rose to a reading of 181.4 in September, up 0.7 percent from August. An increase […]

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About Amber Nelson
Amber Nelson is a seasoned mortgage industry writer and a regular contributor to Loan.com and Mortgage101.com.

A Quarter of Americans Have Carried Credit Card Debt for 5+Years

Oct 4th, 2017 @ 7:59 PM by Amber Nelson

Many Americans have trouble paying off their credit card bill each month, and according to a new survey by CreditCards.com almost one out of four have been having that trouble for five years or more. The survey, conducted by phone with 2,005 adults, found that 43 percent have carried a credit card balance for more […]

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About Amber Nelson
Amber Nelson is a seasoned mortgage industry writer and a regular contributor to Loan.com and Mortgage101.com.