Smart Borrower Blog

Archive for August, 2009

Credit Card Education Not Regulation

Aug 27th, 2009 @ 8:01 PM by Amber Nelson

Some parts of the newly enacted Credit Card Act of 2009 will go into effect this week, meaning big indirect changes for many credit card users. As of today credit card companies must mail out customers’ bills at least 21 days before the due date, a longer period than the previous requirement of 14 days. […]

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FICO Score Changes More Forgiving

Aug 27th, 2009 @ 9:32 AM by Amber Nelson

Good news for those hoping to improve their credit. Changes to the FICO model that credit agencies use to determine your credit score is more forgiving for small credit blemishes, according to a recent article in the Wall Street Journal. The new formula, FICO 08, has been made available to lenders by the big three […]

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The Need for Student Loan Consumer Protections

Aug 24th, 2009 @ 9:28 AM by Alan Collinge

The federal student loan system has become fundamentally predatory due to the Congressional removal of standard consumer protections, combined with Congressionally-sanctioned collection powers that are stronger than those associated with all other loan instruments in our nation’s history. These actions by Congress have, predictably, created an inherently predatory, state-sponsored lending and collection system where the […]

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Where’s the Small Business Help?

Aug 19th, 2009 @ 8:09 PM by Amber Nelson

What is the real driving force behind our economy? Is it the big Fortune 500 companies or is it the entrepreneurs – the small business owners? If the President Obama’s philosophy is true that the economy grows from bottom up, then why has the government been focusing on bailing out Wall Street and not giving […]

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New MDIA Law Spells Danger for Home Buyers

Aug 18th, 2009 @ 9:55 AM by Carolyn Warren

If you read an article in your local newspaper that said the new Mortgage Disclosure Improvement Act (MDIA) helps protect home buyers, you’ve been misled. This new law that went into affect July 30, 2009 is a wolf in sheep’s clothing. I’ll explain. What Sounds Good: Lenders must provide you with the Truth in Lending […]

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Most Students Are Not ‘Drowning in Debt’

Aug 12th, 2009 @ 8:10 PM by Amber Nelson

Contrary to some flashy news stories, most U.S. college students are not graduating from college with excessive student loans, according to a story from U.S. News & World Report. A new study from the College Board, admittedly designed to “take down a notch the sensationalist stories about students drowning in debt,” according to study author […]

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Cash For Clunkers Extended (Updated)

Aug 5th, 2009 @ 7:34 PM by Amber Nelson

Updated: On August 6th, the Senate passed a bill to add $2 billion dollars to the popular CARS program. According to a New York Times article today, the U.S. House of Representatives passed an extension bill providing more money for the Obama Administration’s “Cash for Clunkers” program. The Senate is likely to pass the same […]

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