Smart Borrower Blog

Archive for August, 2010

Banks Ease Lending Standards for Small Businesses

Aug 30th, 2010 @ 5:11 AM by Debbie Dragon

According to a Federal Reserve survey, banks have started to ease lending standards for small businesses. Since 2006 lending practices have made it very difficult for small businesses across the country to get loans. Many economists believe that this has been detrimental to our economy’s financial recovery. While large businesses have already been finding easier […]

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How Low Can You Go, U.S. Home Sales?

Aug 25th, 2010 @ 6:55 PM by Amber Nelson

News on the home sales front this week was not good. July sales of existing homes dropped 27.2 percent from the previous month to 3.83 million units and new home sales fell to a 47-year low of 276,000, down 12.4 percent from June. New home sales were also off 32.4 percent from July 2009 figures, […]

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Government Employees Get Help in Paying Back Student Loans

Aug 23rd, 2010 @ 5:09 AM by Debbie Dragon

According to an article in the Washington Post, Federal government employees with student loans benefited last year, as many of them had their student loans repaid for them. 36 different federal agencies provided student loan payback assistance to over 8,000 federal employees. The total cost to the government was $61.8 million in 2009, a 20% […]

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Mortgage Delinquency Rates Still High, But Falling

Aug 18th, 2010 @ 12:59 PM by Amber Nelson

For the second quarter in a row, the mortgage delinquency rate for loans more than 60 days late dropped, even thought the rate is still up significantly from a year ago. That’s according to the latest data from credit-reporting bureau TransUnion, which says that delinquency rate for the second quarter of 2010 fell 1.48 percent […]

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For Profit Colleges and Universities Have Low Student Loan Repayment Rates

Aug 16th, 2010 @ 11:34 AM by Debbie Dragon

Last week, the Department of Education released new data that should be a wakeup call to many for profit colleges and universities across the country. The data shows that there are a high number of for profit universities that are falling very short on student loan repayment. If new proposed regulations pass these colleges could see a substantial cut in their federal aid.

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Americans Now Owe More on Student Loans than Credit Cards

Aug 11th, 2010 @ 8:04 PM by Amber Nelson

Student loans now comprise a bigger chunk of American consumer debt than do credit card charges, according to recent data from Mark Kantrowitz, of FinAid.org and FastWeb.org, a somewhat unexpected finding considering the rough state of the economy. Kantrowitz asserts that as of June, Americans owe about $826.5 billion in revolving credit (most of which […]

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Consumer Credit Drops Again in June

Aug 9th, 2010 @ 5:15 AM by Debbie Dragon

According to the Feds Credit report, borrowing once again dropped in the month of June. This will mark the 16th drop over the last 17 months. While this is bleak news for the struggling economy the drop is actually much lower than earlier predicted at 1.3 billion. In comparison, May’s drop was much higher coming in at 5.3 billion. This does however mark the 21st straight month of less credit card use by Americans.

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Get Ready For Guaranteed Lending Again

Aug 5th, 2010 @ 8:48 AM by Charles Green

Remember the early 1990s? The economy was fairly lackluster as the S&L crisis had just wiped out over a thousand banks. Plus the Resolution Trust Corporation was sinking the commercial real estate market by dumping thousands of properties on the market at low prices, and war was heating up in the Persian Gulf. To lower […]

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Auto Lenders Loosen Up in July

Aug 4th, 2010 @ 12:45 PM by Amber Nelson

Based on July sales figures, car loan money is becoming easier to acquire. Sales for most U.S. automakers rose last month, proving both that money is available and that consumers are cautiously exercising a little confidence in car-buying. Here’s how the numbers shaped up: General Motors Co. saw its sales rise 6.4 percent from a […]

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Bank of America Giving $10 Million to Boost Small Business Loans

Aug 2nd, 2010 @ 3:52 AM by Debbie Dragon

Last week Bank of America made an announcement that potentially could help boost loans to small businesses throughout the country. Bank of America will be giving $10 million in grants that could have a large impact on small business lending. Community Development Financial Institutions and other non-profit micro-lenders who will receive the grant are expected to turn the $10 million in grant money into $100 million in loans to small businesses.

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