Archive for October, 2009
Credit Card Companies Continue to Raise Rates, Lawmakers Shocked
Oct 28th, 2009 @ 12:58 PM by Amber NelsonSo, 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 DragonIf 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 NelsonNeighborWorks 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, www.loanscamalert.org, provides information and resources to help spot scams, as well provides a central place to notify authorities of scams they may have encountered. In […]
more »- Posted in Mortgage Refinancing
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Obama Promises More Help for Small Businesses
Oct 21st, 2009 @ 11:50 AM by Amber NelsonPresident 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. […]
more »Ten Percent of Community College Students Do Not Have Access to Federal Student Loans
Oct 19th, 2009 @ 11:32 AM by Debbie DragonAccording 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 […]
more »Recession Touches the Wealthy – Lamborghini Now Offers Financing
Oct 14th, 2009 @ 8:05 PM by Amber NelsonThe 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, […]
more »- Posted in Auto Loans
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Some May Avoid Foreclosure with Loan Modification
Oct 12th, 2009 @ 8:30 AM by Debbie DragonThousands 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 […]
more »- Posted in Mortgage Refinancing, Mortgages
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Consumers and Banks Continue to Reign in the Credit
Oct 7th, 2009 @ 7:06 PM by Amber NelsonFor 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 […]
more »Student Aid and Fiscal Responsibility Act Ends Government-Backed Private Student Loans
Oct 5th, 2009 @ 4:37 PM by Debbie DragonIn 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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