Smart Borrower Blog

Archive for June, 2009

A Federal Student Loan May Be Right For You

If you’re one of the many people who took a major hit during the stock market plunge and saw your children’s college account disappear along with most of your life savings, you’re not alone.  The problem is, if you’re reaching retirement age, you don’t have the time to build it back up.  Now is the time that many parents must put a contingency plan in to place. If you have enough money left for the first year’s tuition, but not in the years after that, you might be thinking about pulling the cash out of what is left in worrying... more »

Is A Home Equity Loan Right For You?

A big factor in the current mortgage crisis is the way real estate was valued.  Values of homes went up and up and unsuspecting consumers were like kids in a candy shop.  Want a new SUV?  Dreaming of a luxury vacation?  Then take out a home equity loan and have yourself a good time.  This worked fine until the housing bubble broke.  All of a sudden, homeowners found themselves with a mortgage underwater, and with unemployment at a 26 year high, often found themselves out of a job. Banks and credit card companies are feeling the pinch just like everyone... more »

Banks Take Credit Card Law Frustrations Out on Checking Accounts

Did lawmakers really think that banks would take this new credit card law lying down? As banks got slapped with tighter restrictions on how they can handle credit card billing and rate adjustments, the banks are trying to recoup some of those reduced profits by gouging their checking account holders. The costs always get passed back down to the consumers when big corporations are taxed or restricted; they never just eat the loss in profits – they try to make it up elsewhere. They work for their share holders, not their clients, apparently. Here’s what’s going down according to USA... more »

Who Qualifies For The Making Home Affordable Program?

Often, when searching for content for the blog, I go to such sites as Bankrate or MSN Money. I’ve been keeping an eye on President Obama’s Making Home Affordable program. It is an ambitious effort to help those facing foreclosure. The article on Bankrate was interesting, and answers vital questions for those seeking help. What will this program do for those in need? For one, it helps a homeowner to convert to a fixed rate 30 or 15 year mortgage. The homeowner can be underwater on the loan and still be eligible for the program. The cap stands at 105... more »