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Nearly every man who develops an idea works it up to the point where it looks impossible, and then he gets discouraged. That's not the place to become discouraged.
Thomas Edison Categories
Tag Archives: loans
Resolutions: 3 steps to get started paying debt
Americans have been working hard to pay off their debt in the last few years. The average total owed on major credit cards dropped to $4,699 toward the end of last year, from $5,776 in early 2009, according to credit reporting agency TransUnion. Read More
Consumer borrowing surges as economy improves
Americans are feeling confident enough in the economy to go back to a time-honored tradition — taking on a little extra debt. Consumer borrowing surged in November by $20.4 billion, the Federal Reserve said Monday, January 9. It was the third straight increase and the largest monthly gain in a decade. Read More
Biggest blind spot for car buyers? Financing
Car buyers are getting smarter about negotiating prices. Securing cheap financing is another matter. It’s a common blind spot for consumers, who tend to fixate on the sticker price without giving much thought to the back end of the deal. Read More
401(k) hardship withdrawals require serious thought
The numbers show that times are still tough financially. More workers are taking money from their 401(k) accounts early and using the hardship withdrawal rules to give them access to needed cash. Read More
Gov’t mulls expanding mortgage refinance program
The federal government is looking at how it could help a greater number of homeowners who owe more than their house is worth refinance at today’s historically low rates. Read More
5 ways to take control of student loan bills now
School isn’t over yet for recent college graduates. Their next test is figuring out how to repay student loans. Read More
Microfinance struggles to restore its reputation
Long heralded as a way to lift the downtrodden out of poverty, microfinance is under a cloud.
The stories of lives being changed by a $27 microloan and picture perfect scenes of smiling women with colorful handlooms, empowered by affordable credit, have been replaced by headlines about borrowers driven to suicide. At best, microfinance seems to be failing to achieve its most noble goal: poverty alleviation. At worst, some lenders are contributing to a cycle of indebtedness and abuse, just like the loan sharks they sought to replace.
Critics say the industry has grown too quickly for its own good, with too much rapaciousness and too little regulation. Read More
Mortgage modifications daunting for homeowners
Laverl “Nick” Nicholson used to look out of his kitchen window at the weeping willows that mark the burial place of two of his daughters. Then a debilitating car wreck left him unable to pay the $220,000 he owed on his northwestern Montana home. He tried for a year and a half to lower his mortgage payments through a loan modification, but the government-insured loan that he took out three years ago came with restrictions. The best the bank could offer him was a reduction of $124 per month, leaving Nicholson with a $1,585 payment that he still couldn’t afford…read more Read More
New FDIC rules require banks to share some risk
Banks will have to share in the risk when they sell investments of the kind that rocked the financial system in 2008 under rules adopted Monday, September 27.
The Federal Deposit Insurance Corp. is requiring banks hold at least 5 percent of the securities on their books . . . read more Read More
Federal Reserve cracks down on mortgage fees
The Federal Reserve is banning mortgage brokers and lenders from reaping bigger fees by steering consumers into more expensive home loans.
The central bank said Monday, August 16, the new rules, which go into effect next April . . . read more Read More
Companies hire at slow pace for 3rd straight month
Companies showed a lack of confidence about hiring for a third straight month in July, making it likely the economy will grow more slowly the rest of the year. The unemployment rate was unchanged at 9.5 percent . . . read more Read More
Fed to hold forum to boost small-business lending
The Federal Reserve said Wednesday, July 7, it will hold a forum next week to explore ways to improve the flow of lending to small businesses.
It’s the latest effort by the Fed to tackle the problem, which dates back to the 2008 financial crisis. . . . read more Read More
5 tips for saving for a down payment on a home
The first financial challenge when you’re thinking about buying a home is how to come up with the down payment.
Traditionally, homebuyers need a down payment between 10 percent and 20 percent of the purchase price. During the housing bubble that figure dropped sharply, even down to zero. But loans that didn’t require a down payment are now seen as one of the culprits of the mortgage crisis, because they allowed people to buy homes they couldn’t afford.
These days, it’s rare to get a mortgage without contributing some of your own cash. And if you’re trying to buy a home that was foreclosed or through a short sale — where the purchase price is below the amount owed on the house — a larger down payment
Julie and Mark Parrish pay their three boys a weekly allowance . . . read more Read More
