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 […]

more »

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 […]

more »

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, […]

more »

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 TimesĀ 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. […]

more »

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 […]

more »