Smart Borrower Blog

Archive for October, 2009

Credit Card Companies Continue to Raise Rates, Lawmakers Shocked

Oct 28th, 2009 @ 12:58 PM by Amber Nelson

So, remember that new credit card law that will go into effect next February? The law is an attempt to curb credit card issuer so-called abuses and protect consumers from steep rate hikes. Well, not surprisingly credit card issuers are not happy about the upcoming restrictions on their business practices. But since the law, which […]

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Plans to Acquire a Small Business Loan May Still Need to Wait

Oct 26th, 2009 @ 4:22 PM by Debbie Dragon

If you were hoping that the news of the improving recession means it is getting easier to acquire a small business loan, you likely will have to wait a bit longer. News from Reuters today says that according to PayNet Inc, the number of small business loans that have gone into default, or are behind […]

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New Association Aims to Combat Loan Modification Scams

Oct 26th, 2009 @ 1:00 PM by Amber Nelson

NeighborWorks America, a non-profit created by Congress, has launched a national public education campaign aimed at helping homeowners, particularly those facing foreclosure, avoid mortgage modification scams. Their recently launched website,, provides information and resources to help spot scams, as well provides a central place to notify authorities of scams they may have encountered. In […]

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Obama Promises More Help for Small Businesses

Oct 21st, 2009 @ 11:50 AM by Amber Nelson

President Obama is not happy with the nation’s banks. They have been too stingy in lending money to small businesses in the past year, he says. The Federal Reserve backs up his statements, reporting that total loans from banks are down $476 billion since December 2008 and commercial and industrial loans are down $204 billion. […]

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Ten Percent of Community College Students Do Not Have Access to Federal Student Loans

Oct 19th, 2009 @ 11:32 AM by Debbie Dragon

According to the Project on Student Debt, there are about 900,000 students at community colleges in 31 states who do not have access to federal student loans because their colleges do not participate in federal loan programs. What’s more, 362,000 community college students (2 out of 3 students) who do have access to federal loan […]

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Recession Touches the Wealthy – Lamborghini Now Offers Financing

Oct 14th, 2009 @ 8:05 PM by Amber Nelson

The recession (which is supposedly over) has made its way all the way to the top. Even luxury sports car company Lamborghini has started to offer payment plans for two of its “most exclusive” cars, the Murcielafo LP640 Coupe and the Roadster, which retail at $345,000 and $382,400 respectively. Here’s how the auto loans work, […]

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Some May Avoid Foreclosure with Loan Modification

Oct 12th, 2009 @ 8:30 AM by Debbie Dragon

Thousands of people have recently been facilitated with the process of home loan modification during this recession. Recipients are able to repay their loan amount as they’re able, which protects them from ruining their credit and allows them to remain in their homes. Dealing with everyday living expenses and mortgage payments at the same time […]

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Consumers and Banks Continue to Reign in the Credit

Oct 7th, 2009 @ 7:06 PM by Amber Nelson

For the seventh month in a row, outstanding consumer credit declined in August, according to a recent Federal Reserve report. Total credit debt dropped 5.8 percent to $2.463 trillion dollars , signaling continued caution on the part of consumers and perhaps continued reluctance on the part of lenders to make credit available. The seven month […]

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Student Aid and Fiscal Responsibility Act Ends Government-Backed Private Student Loans

Oct 5th, 2009 @ 4:37 PM by Debbie Dragon

In the past, the federal government guaranteed student loans that were financed by private lenders. Recently, the U.S. House approved a money-saving move that will stop guaranteeing private lender loans and replace them with student loans that are financed through Treasury funds and that are therefore less expensive. This will save the government an estimated $80 billion over a 10 year period.

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