Smart Borrower Blog

Archive for December, 2012

Government May Expand Mortgage Modification Program

Dec 26th, 2012 @ 10:36 PM by Amber Nelson

More than a fifth of the nation’s homeowners are still underwater on their mortgages. This poses a threat to the economy in two ways: first, borrowers who owe significantly more on their loans than their homes are worth are often likely to ‘strategically default’ or purposely fall into foreclosure. This causes a rise in distressed […]

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Credit Cards Matter More Than You Think

Dec 19th, 2012 @ 11:18 PM by Amber Nelson

When it comes to your credit score, falling behind on your credit card payments may hurt you more than missing a mortgage payment, according to a new study from the Consumer Financial Protection Bureau. In its first report about the workings of the three major credit bureaus and the accuracy of credit reporting, the CFPB […]

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Fed Says Low Rates To Stay Through 2015

Dec 12th, 2012 @ 9:07 PM by Amber Nelson

In a recent forecast, members of the Federal Open Market Committee projected that their benchmark interest rate would be held near zero for at least the next two years, a prediction that will affect everything from mortgage rates to car loans. The Fed officials agreed that low rates are necessary to spur activity in the […]

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Student Loan Debt Jumped in Third Quarter

Dec 5th, 2012 @ 9:29 PM by Amber Nelson

Even as total household debt fell, the amount of student loan debt increased more than any other kinds of debt or credit in the third quarter of this year, according to new data from the Federal Reserve Bank of New York. Total consumer debt fell to $11.31 trillion, down 0.7 percent from the second quarter. […]

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