Smart Borrower Blog

Archive for the ‘Personal Borrowing’ Category

Consumers Push Mortgage, Credit Card Delinquencies Lower

U.S. consumers continued to manage their debts better in the first quarter, according to the latest report from the American Bankers Association, with delinquencies falling in seven of the 11 tracked loan categories. “More people have jobs, wages are higher, home values have increased and consumers didn’t overextend themselves during the holiday season,” said James […]

Google Puts the Kibosh on PayDay Loan Ads

Google has decided to ban advertisements for payday loans on its search engine pages in an effort to protect its consumers, according to recent statements. Payday loans, as defined by Google, are loans with an APR of 36 percent or higher and are due within 60 days of issuance. Google’s users will still be able […]

PayDay Loans to Get Government Overhaul

Payday personal loans will soon be more heavily regulated by the U.S. government, with new rules to be released in mid-May, according to the Consumer Financial Protection Bureau (CFPB). These types of loans allow borrowers to get smaller amounts of quick cash, borrowing against their future paychecks. They come with astronomically high interest rates and […]

TransUnion: Personal Loan Popularity Will Increase in 2016

The number of personal loans has risen dramatically in the past two years and is expected to grow through 2016, according to new data from TransUnion, a sign of both an improving economy and limited available home equity. “During and immediately following the Great Recession, consumer demand for both secured and unsecured personal loans grew,” […]

U.S. Consumers Credit Delinquencies Fell in 2nd Quarter

Building on a three-year trend, consumers did even better at managing their credit during the 2015 second quarter, according the American Bankers Association. The ABA composite ratio, a measure of delinquencies (payments late by 30 or more days) in eight closed-end installment loan categories, declined to 1.36 percent, down 17 basis points from 1.53 percent […]

PayDay Loan Complaints Sink in Third Quarter

While often targeted by regulators as predatory, payday loans are actually facing fewer criticisms from consumers, according to a recent government report. The Consumer Financial Protection Bureau’s Monthly Complaint Report  found that complaints regarding payday loans showed the biggest decrease of any loan category over the past year. In fact, it was the only loan […]

Short-Term Debt Linked to Depression

Those with credit card debt and other short-term debt hanging over their heads are significantly more likely to have symptoms of depression than those without the obligations, according to a recent study. from the Institute for Research on Poverty and the Center for Financial Security at the University of Wisconsin-Madison. Longer-term debt did not produce […]

Consumer Credit Delinquencies Fell in Third Quarter

U.S. consumers continued to keep up with their debt payments in the third quarter of 2014, according to data from the American Bankers Association’s Consumer Credit Delinquency Bulletin.  Delinquencies – payments that were late by 30 days or more – only rose in three of the 11 categories the ABA tracked, showing that Americans are […]

Lenders Target Good Credit Customers for Personal Loans

Although they have been synonymous outrageously high interest rates in the past, unsecured personal loans are not being marketed toward those with highest credit scores as a way to consolidate debt, buy cars or even do some home improvements. Total personal loan originations have jumped up to $34.5 billion during the first half of 2014, […]

Consumers Change the Way They Use Credit Cards

Americans have made a significant shift in the way they view and use their credit cards, according to the latest report from the American Bankers Association. The ABA found that bank card delinquencies fell in the first quarter back to lows from more than two decades ago. Late payments – those behind by 30 days […]