Smart Borrower Blog

Archive for December, 2010

Auto Lending Taking Top Priority for Banks

Dec 29th, 2010 @ 1:57 PM by Amber Nelson

Toronto-Dominion Bank (TD) has agreed to buy car loan company Chrysler Financial Corp. for $6.3 billion in cash as of Tuesday. Why is this pertinent information? Because it signals just how important auto lending has become to bank portfolios these days. Auto loans make up roughly 30 percent of all consumer debt, according to TD. […]

more »

For Profit College Student Loan Defaults Projected to Approach Fifty Percent

Dec 27th, 2010 @ 5:32 AM by Debbie Dragon

New data released by the Education Department this week shockingly shows projected student loan defaults from for profit colleges is approaching 50%. 46.3% of federal loans that were taken out by students attending for profit colleges and universities in 2008 are expected to go into default. This number is well above the national average of […]

more »

More Seniors Start the Golden Years in the Red

Dec 22nd, 2010 @ 11:13 PM by Amber Nelson

Most people probably think of retirement as a period of life when the financial obligations hanging over your head fall away. Unfortunately, that is not a very accurate picture for many seniors today. According to a new survey by nonprofit CESI Debt Solutions, many seniors (54 percent) start their retirement with debt and 96 percent […]

more »

Home Prices near You: Are They Rising or Falling?

Dec 21st, 2010 @ 3:54 PM by ahosmann

Home prices in most of the United States have declined steeply over the past few years, with an estimated loss of $6 trillion. However, it’s not doom and gloom everywhere. In some parts of the country, median home prices have actually increased. So where have home prices improved? Our friends at Quicken Loans put together […]

more »

Wells Fargo Changes Student Loan Forgiveness Policy

Dec 20th, 2010 @ 5:46 PM by Debbie Dragon

Wells Fargo announced this week that effective this Friday, student loans will be forgiven at the time of the student-borrower’s death or if they are declared permanently disabled. Up until now if a student became permanently disabled or passed away, their student loan debt became the responsibility of the loan’s co-signer, which is most often […]

more »

More Help on the Way for Small Businesses

Dec 15th, 2010 @ 2:46 PM by Amber Nelson

According to an article on CNNMoney.com today, the Small Business Administration has just announced two new loan programs designed to make cash available for small businesses quickly. “Many entrepreneurs and small business owners across the country have enormous potential to drive economic growth and create good-paying jobs in their local communities, but too often they […]

more »

HUD Launches Investigations Into Whether Or Not Lenders Discriminated Against Potential Borrowers

Dec 13th, 2010 @ 6:38 PM by Debbie Dragon

The US Department of Housing & Urban Development, otherwise known as HUD, has launched multiple investigations into whether or not accusations are true that mortgage lenders illegally denied loans to qualified African Americans and Latinos. This comes after the National Community Reinvestment Coalition or the NCRC filed complaints that included 22 different lenders. The lenders […]

more »

Auto Lending Market Starting to Thaw Out

Dec 8th, 2010 @ 7:50 PM by Amber Nelson

The lastest statistics suggest that the ice is melting on the car loan credit, especially for borrowers with less than perfect credit. A report released yesterday from credit reporting agency Experian showed that the 12.7 percent of all new car sales went to non-prime and subprime buyers in the third quarter, a 13 percent increase […]

more »

Undergraduates Borrowing More Than Ever Before

Dec 6th, 2010 @ 6:33 AM by Debbie Dragon

According to a new study that was released last month by the Pew Research Center, undergraduates are borrowing money at higher rates than ever before, leaving them with large student loan debt to deal with once they graduate. The study looked at student loans issued in 1996 and then again in 2008. Astonishingly, when an […]

more »

Credit Card Usage Down by 8 Million Consumers

Dec 1st, 2010 @ 8:15 PM by Amber Nelson

During the past year, over 8 million American consumers have stopped using credit cards for their purchases, according to credit bureau TransUnion. Gerri Detweiler of Credit.com was quoted in a CNN Money blog as saying it is “unprecedented” for consumers to “abandon” their credit cards. “I’ve been covering this since 1987 and I don’t recall […]

more »