Smart Borrower Blog

Archive for June, 2018

Credit Card Interest Rates Post 18-Year High

American consumers are paying higher interest rates on their credit cards than they have in roughly 18 years, according to data from LendingTree.com, and they may pay even more before the end of the year. The average credit card rate today is 15.3%, based on information from LendingTree.com’s CompareCards.com, the highest level since 2000. Back […]

Small Business Loan Approvals Top Record Highs

Big banks and institutional lenders posted record high approval rates in May for small business loans, according to data from Biz2Credit, a sign of a happy and growing economy. Big banks – those with more than $10 billion in assets – approved 25.96% of all small business loan applications in May, up from 25.7% in April […]

Mortgage Delinquency Rate Falls to 11-Year Low

Serious mortgage delinquencies declined to their lowest level in 11 years, according to data from CoreLogic, aided by an improving economy. The rate of serious U.S. mortgage delinquencies  – home loans that are more than 90 days past due – fell to 2.1% in March from 1.9% a year earlier. The current reading is at […]

New Car Buyer Monthly Payments Reach Record High

Americans are paying more than ever for new cars, according to credit compiling firm Experian, and monthly payments have reach new heights, pushing affordability to record lows. During the first quarter of 2018, the average auto loan for a new vehicle topped $31,455, up $921 from the year before. The average monthly payment on new […]