Smart Borrower Blog

Archive for August, 2017

Small Business Loan Approvals Hit Post-Recession High

Aug 31st, 2017 @ 9:13 AM by Amber Nelson

Big and small banks alike approved record numbers of small business loan applications in July, according to data from Biz2Credit.com, a sign of stronger confidence in the economy. The Biz2Credit Small Business Lending Index showed that big banks (those with $10 billion or more in assets) approved almost a quarter (24.5 percent) of all loans […]

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American Household Debt Reaches All-Time High

Aug 23rd, 2017 @ 1:26 PM by Amber Nelson

Americans increased their debt loads enough for a record high in the second quarter, according to a new report from the Federal Reserve Bank of New York, with credit card delinquencies rising enough to cause concern. Total U.S. household debt rose to $12.48 trillion during the months of April, May and June, an increase of […]

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Mortgage Rates Fall to 7-Week Low

Aug 18th, 2017 @ 2:00 PM by Amber Nelson

Long-term U.S. mortgage rates fell to a two-month low this week, following a week of political and economic uncertainty that pushed investors to the safety of bonds. Accoridng to mortgage giant Freddie Mac, the average 30-year fixed-rate, conventional mortgage carried a rate of 3.89 percent with 0.4 average points, during the week ended August 17, […]

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Wells Fargo Faces Fraud Charges after Auto Insurance Scandal

Aug 9th, 2017 @ 8:48 PM by Amber Nelson

Wells Fargo has found itself embroiled in yet another scandal, one that could potentially lead to hundreds of millions of dollars in legal losses. The New York Times¬†exposed an internal Wells Fargo report that reported the bank had charged more than 800,000 of its auto loan customers for insurance they did not need or want. […]

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Education Department Changes Course on Student Loan Single-Servicer Plan

Aug 3rd, 2017 @ 4:18 PM by Amber Nelson

The U.S. Department of Education is reversing course on its earlier plan to give the servicing of all federal student loans over to one company, a move motivated by criticism from lawmakers and companies who would lose out on current contracts. In May, in an effort to reduce loan payment confusion and financial waste, Education […]

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