Smart Borrower Blog

Archive for October, 2019

Fed Makes 3rd Rate Cut in 4 Months

Oct 30th, 2019 @ 1:01 PM by Amber Nelson

The Federal Reserve cut its target interest rate again Wednesday, the fourth decrease since July. The move was likely a hedge against mounting international financial trouble and brewing domestic slowing. The new federal funds rate range is 1.5% to 1.75%, representing a cut of 0.25%. Even though the U.S. economy is still in the midst […]

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Average Car Loan Term Tops 69 Months

Oct 24th, 2019 @ 12:49 PM by Amber Nelson

U.S. auto prices are rising, pushing car loan terms to new limits, according to credit reporting bureau Experian. The average loan for a new car grew to $32,119 in the 2019 second quarter, an increase of about 33% over the past ten years. The average loan for a used car increased to $20,156. Total U.S. […]

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Low Mortgage Rates Squeeze Housing Inventory

Oct 16th, 2019 @ 9:39 AM by Amber Nelson

Lower mortgage interest rates have increased demand for housing, pushing current market inventory down 2.5% in September, according to Realtor.com. That’s a significantly bigger decline than August’s 1.8% decrease. And the housing supply could drop even farther in coming months. Long-term mortgage interest rates have dropped to 3.5% from 5% just a year ago. That […]

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Small Business Loan Approvals Hit Record High at Big Banks, Record Low at Credit Unions

Oct 9th, 2019 @ 10:20 AM by Amber Nelson

Big and small U.S. banks continued to keep the small business lending spigot wide open in September, according to data from Biz2Credit, resulting in record high approval rates. The Biz2Credit Small Business Lending Index showed that big banks – those with $10 billion or more in assets – approved 27.9% of all small business loan […]

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Average American Credit Card Debt Tops $8,600

Oct 3rd, 2019 @ 1:12 PM by Amber Nelson

Americans continue to rack up credit card debt, according to a new survey from WalletHub, bringing the new average credit card debt to $8,602 per household in the 2nd quarter, a 5% increase from the year before. U.S. consumers added $35.6 billion in new credit card loan debt in the 2nd quarter, the largest second […]

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