Smart Borrower Blog

Archive for April, 2010

Fed Rate Kept Near Zero – Low Rates Available Online

Apr 30th, 2010 @ 10:21 AM by Amber Nelson

Yesterday, the Federal Reserve Board (the Fed) announced that it would keep its key interest rate near zero despite its optimistic outlook on the labor market and the economy overall.  Informa Research Services, a subsidiary of Informa plc (LSE: INF), suggests consumers use online rate tables and national averages to monitor rates while awaiting the […]

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Card Spending is Up, and Visa is Reaping the Profits

Apr 28th, 2010 @ 9:07 PM by Amber Nelson

The numbers for the fiscal second quarter are in and the verdict is: people are spending more money on their cards. This is good news for the global economy and great news for the world’s largest payment network Visa Inc. Visa’s Chief Financial Officer Byron Pollitt told reporters on a conference call that spending on […]

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Student Loan Reform Leads Sallie Mae to Cut 2,500 Jobs

Apr 26th, 2010 @ 10:14 AM by Debbie Dragon

Sallie Mae, the nation’s largest student loan lender, has announced that it will be cutting a total of 2500 jobs. 1200 will be before year’s end. Sallie Mae’s Killeen, Texas service center and Sallie Mae’s Panama City, FL service center will both be shutting their doors. The remainder of the cuts are yet to be determined but are scheduled to take place sometime during 2011.

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Inspectors Find Lenders Abusing Small Business Lending Program

Apr 21st, 2010 @ 1:08 PM by Amber Nelson

Somebody’s in trouble! Government watchdogs came out with a report Wednesday that says private lenders have been misusing or at least poorly using funds from the Small Business Administration. The SBA was granted $730 million in February 2009 to provide additional funding to small businesses to help the economy recover and has received another $305 […]

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Big Banks See First Quarter Profits: Loan Delinquencies Are Diminishing

Apr 19th, 2010 @ 5:05 AM by Debbie Dragon

Could the financial crisis be taking a turn for the better? Some think so with many large banks seeing better than expected first quarter profits. After two years of ups and downs, many banks are hoping that the positive start to 2010 will continue. While banks might not totally be out of the woods just yet, they are making some great gains. It seems there might be a glimmer of light at the end of a dark tunnel. Profits across the board can be partially attributed to less loan delinquencies.

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Auto Loan Rates Hit Record Low

Apr 14th, 2010 @ 12:11 PM by Amber Nelson

Led by incentives from rebounding automaker Toyota, the average rate on U.S. auto loans fell dramatically in March, according to auto data tracker In March, the average rate dropped to 4.4 percent, down from 5.3 percent in February. On a yearly basis, the rate fell even more significantly from 5.8 percent in March 2009. […]

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Are Interest Rates On The Rise?

Apr 12th, 2010 @ 5:05 AM by Debbie Dragon

According to an article today posted on, interest rates could be on the rise. Home loans, car loans and credit cards could start costing more in the very near future. With the economy starting to recover consumers should be thinking ahead and know that their future borrowing needs could become pricier.

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Consumer Borrowing Slows, Credit Delinquencies Fall

Apr 7th, 2010 @ 1:51 PM by Amber Nelson

From the latest set of market data, it looks like the economy and the jobless rate are still making consumers wary of spending and using credit. The Federal Reserve reported that total consumer credit dropped in February by a seasonally adjusted $11.5 billion to an annual rate of $2.448 trillion. That represents the 12th decrease […]

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SBA Stimulus Funding Receives Its Third Extension

Apr 5th, 2010 @ 4:43 AM by Debbie Dragon

Last week President Obama signed a bill that will extend an SBA stimulus program through the end of April for business loans. This is the third extension to the program which ups the guarantee on certain small business loans to 90% and reduces and/or eliminates loan fees for small business borrowers. This extension included another $40 million dollars and is expected to help fund another $1.4 billion in small business loans.

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