Smart Borrower Blog

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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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.

Federal Reserve Leaves Rates Alone Buts Plans to Sell Off Bonds

Sep 27th, 2017 @ 12:36 PM by Amber Nelson

The U.S. central bank declined to raise its target interest rate last week, but it will start selling off its massive portfolio of bonds in October. The Federal Reserve left its federal funds rate – which affects everything from mortgage rates to car loan rates to food prices – in the range of 1 percent to […]

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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.

CFPB Saves 2,000 Borrowers from Illegal Student Loan Lawsuits

Sep 20th, 2017 @ 12:08 PM by Amber Nelson

The Consumer Financial Protection Bureau has halted proceedings on illegal lawsuits filed by National Collegiate Student Loan Trusts, giving financial relief to roughly 2,000 student loan borrowers. The trusts pursued about 94,000 lawsuits against borrowers who defaulted between 2012 and 2016. The lawsuits were on student loans that were either too old to be collected (past […]

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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.

Low Rates Push Mortgage Applications Higher

Sep 14th, 2017 @ 8:57 AM by Amber Nelson

Long-term mortgage rates stabilized at their year-to-date low this week, prompting U.S. borrowers to refinance their home loans again, according to recent industry reports. During the week ended September 14, 2017, the average rate on a 30-year fixed rate mortgage was unchanged from the week before, resting at 3.78 percent with an average 0.5 point, […]

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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.

Deep-Subprime Auto Loan Delinquency Rates Hit Pre-Recession Levels

Sep 6th, 2017 @ 3:21 PM by Amber Nelson

Auto-loan borrowers with the worst credit are falling behind on their payments at a rate not seen in a decade, according to data from credit reporting agency Equifax. Deep-subprime borrowers, as they are called in the industry, have been defaulting on their auto loans at alarming rates. “Performance of recent deep subprime vintages is awful,” […]

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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.