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Offering a balanced perspective and analysis is important.
07.02.09
By John Ulzheimer I kicked around the idea of calling this article something a little more theatrical like "War of Words" or something to that effect, but the simpleton in me opted for what you see above. An interesting little war among those in the media is shaping up, and my passive-aggressive side is jumping right in with both feet to fan the flames. Full Article | News Home 
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- JP Morgan raising credit card balance transfer fees 06.25.09
For a while now, savvy consumers have been saving money by taking advantage of balance transfer offers to shift their credit card debt to a card with a lower interest rate. - Maintaining average scores isn't good enough any longer 06.25.09
Normally a consumer sporting FICO scores in the high 600s or low 700s, which is about average, would be considered a decent credit risk and probably wouldn't have a hard time getting approved for auto loans, mortgages, or credit cards. - Americans reveal spending cutbacks 06.24.09
As retailers, restaurants and others businesses across the country can attest, Americans have changed their spending patterns. - Tax credit and low prices draw homebuyers to market 06.23.09
For the second month in a row, a combination of falling home prices, low mortgage rates and a first-time buyer tax credit lured Americans to the housing market in May. - Loan modification: The one clean mortgage solution 06.23.09
I've written time and time again about how almost all mortgage alternatives have a significant downside. Foreclosures, short sales, and short refinancing all have a profoundly negative impact on your credit reports and credit scores with said damage lasting seven years. - More home loans could qualify for refinancing 06.22.09
Homeowners with higher loan-to-value ratios could soon be eligible for refinancing under the Obama administration's plan to stem foreclosures. - How consumers can get cash for clunkers 06.19.09
In the past few months, the Obama administration has rolled out a raft of new legislation, aimed at - among other things - stimulating the economy, helping families avoid foreclosure and reigning in deceptive credit card practices. - Americans in 37 states see income fall 06.18.09
Although there are signs that the volatile job market could slowly be stabilizing, the repercussions of widespread layoffs are still being felt across the country. - Capacity crunch, round two...coming soon to a neighborhood near you 06.18.09
According to the latest USA TODAY/IHS Global Insight index, the recession will end later this year and will be followed by some sort of recovery. - Credit cards, mortgages could be overseen by new agency 06.17.09
Credit cards, mortgages, private student loans and other consumer products could soon be overseen by a new federal body. - Credit card defaults highlight consumers' woes 06.16.09
Are the effects of the economic downturn hampering your ability to repay credit card debt? - Two down one to go, FICO 08 at Equifax is live 06.16.09
Knock knock...Experian, oh Experian, did you notice what happened last week? Equifax, your friends in Atlanta, announced that they have made available FICO 08 effective immediately. - Auto loan delinquency still high 06.15.09
When it comes to paying back what they owe - whether credit card debt, mortgage loans or auto loans - Americans continue to struggle. - Equifax rolls out new FICO credit score 06.12.09
Equifax is the second of the three major credit bureaus to make the newest version of the FICO credit score available to lenders and businesses. - What to do if you missed locking in a mortgage rate at less than 5 percent 06.12.09
I suspect that there are several million people who wanted loans at less than 5 percent who are kicking themselves because of the recent jump in rates. To set the record straight, mortgage loan rates were between 4.5 percent and 5 percent since the first of the year. - Foreclosure rate eases, but remains very high 06.11.09
The rate of foreclosure may have moderated slightly last month, but the near record-high figures mean there is little cause for celebration. - What happened to mortgage rates? 06.11.09
Earlier this year, mortgage rates hit the lowest mark since Freddie Mac started charting them in 1971. With rates firmly in the 4 percent range buyers have entered the market, lured by lower home prices and low rates. - Blaming FICO for the meltdown: Time to back off 06.09.09
In their Friday, June 5th Money section, USA TODAY published several emails written by Angelo Mozilo, former CEO of Countrywide. The Securities and Exchange Commission, who has filed a civil complaint against Mozilo accusing him of defrauding investors, released these emails. - New credit card rewards program from Chase 06.05.09
As Americans continue to cut back on spending, Chase is introducing a new credit card rewards program that it hopes will lure more consumers into using plastic for purchases. - Short-refi: The ins and outs 06.05.09
In today's horrific mortgage environment, nothing spells relief faster than your current lender allowing you to reduce the principle amount of your loan in order to make it more affordable. - Consumers see rosier financial future 06.04.09
It seems that Americans' view of the country's financial health is finally brightening - however, consumers say they aren't yet confident enough to break out the credit cards and start spending again. - When it comes to credit bureau disputes, keep it simple 06.04.09
We've all heard of KISS. No, not the rock band, but the principle that you should keep it simple and avoid a complex solution when a simple one will suffice. This applies especially when you?re trying to get credit report errors corrected. - Baby boomers worried about retirement savings 06.03.09
The economic downturn has caused many Americans to feel insecure about their financial situation and prompted them to cut spending, start paying off credit card debt and look for ways to boost their credit score. - Knowing when to lock in a mortgage rate 06.03.09
The best mortgage professionals I know, the ones who have been at it for a long time, all have one characteristic in common: They think that their mission is to help people. - Four smart vacation ideas for summer 06.03.09
The bad economy doesn?t mean that your family needs to call off a fun summer vacation. According to a recent survey conducted by Kayak.com, 95 percent of people plan to take a trip this summer. - More people late with home loan payments 06.02.09
News about American homeowners falling behind on their mortgage loan payments is nothing new - and new forecasts from TransUnion suggest the trend is likely continue, at least in the short term. - New service helps consumers negotiate medical bills 06.02.09
Consumers struggling to pay medical debt may find relief with a new service, IOUSOS, which offers a new technology platform designed to bring consumers and medical providers together to resolve unpaid medical bills. - As GM files for bankruptcy, auto loans stand 06.01.09
After months of slow decline - and despite receiving government assistance - U.S. automaker GM has filed for Chapter 11 bankruptcy. - Capping interest rates: A very bad idea 05.29.09
Now that the CARD Act has been signed into law, we begin the slow march towards enforceable law, which begins in February 2010. - Economy takes toll on workers' health 05.28.09
Worries about retirement planning, falling house values, paying off credit card debt and meeting other financial responsibilities are negatively affecting Americans' health, a new poll suggests. - Is economic recovery in sight? 05.27.09
For the past several months, American families have had a lot to deal with ? an uncertain housing market, a wobbly stock market and waves of layoffs. - Lower credit scores are not always caused by the "usual suspects" 05.27.09
Credit reports have become somewhat easy reading since earlier this decade when the Internet provided an avenue for the credit bureaus to repackage their core offering and market it to consumers. - Home prices drop by record amount 05.26.09
When will house prices hit bottom? It is a question on the mind of many first-time home buyers who want to ascertain the best time to enter the market. - Stick to what you know 05.26.09
When I started my business career some 46 years ago, there were banks, savings and loan associations, stockbrokers, investment banks, insurance companies, and so forth. Each type of company stuck to its business. - Credit card law worries some retailers 05.22.09
Is the era of applying for a department store's credit card at the cash register - and earning a percentage-off discount in the process - really over? - Consumers postpone paying off credit card debt 05.21.09
It seems the economic downturn really has reorganized Americans' financial priorities, at least in the short term. - Credit myth buster: Collections 05.21.09
With more and more credit card debt going delinquent, it's not a surprise that debt collection companies are finding themselves very busy these days. - Credit card reform bill approved by Senate 05.20.09
By now, you may have heard that on Tuesday the Senate passed legislation aimed at placing stricter limits on credit card company practices. - Concerned about job safety and lack of savings, homeowners hunker down and pay off debt 05.20.09
Homeowners are paying down debt and reducing expenses, according to the latest results of a quarterly survey by Wells Fargo & Company. - Affordable homes draw buyers to the market 05.19.09
With favorable home prices, low interest rates and the chance to claim a tax credit, now could be the perfect time for first-time homebuyers to take the plunge and enter the housing market. - The "unauthorized" authorized user 05.19.09
You probably already know the drill. You try on the new shirt, walk up to the register, and whip out your store credit card. - The grass is always greener in the other guy's yard 05.19.09
One of the things I have learned in my 45-year business career is that the other guy's business always looks easier than yours. - Credit card defaults reach record 05.18.09
Some of the largest credit card issuers in the country say more people are defaulting on their payments, according to new figures. - New incentives encourage short sales 05.15.09
So far, the Obama administration's mortgage relief program has helped 55,000 troubled homeowners avoid foreclosure - but there are many struggling borrowers who have little to no hope of ever paying back all they owe. - While it's fun to blame banks, the time is right to look inward 05.14.09
While the momentum de jour is clearly against the lender and for the consumer, it's important that we don't overlook an inconvenient and politically incorrect truth, which is that we're as much to blame as anyone else in this meltdown. - Credit card bill 'close to passing' 05.14.09
Legislation that would limit credit card fees and rate hikes, as well as providing other consumer protections, is very close to being passed by the Senate. - Foreign transaction fees sting credit card users 05.13.09
Thinking about using your credit card to make purchases on an upcoming trip abroad? - Credit card companies continue rate hikes 05.12.09
With the advent of new legislation governing credit card company practices on the horizon, are issuers taking steps to change their behavior? - Is bankruptcy an option? 05.12.09
Bankruptcy is a perfectly legal and recognized method of getting out of debt. In fact, between 1.2 and 1.5 million people file for protection under the bankruptcy laws each year. - Obama speaks out against credit card fees 05.11.09
Could new credit card rules arrive this month? The fervor for reform seems to have taken hold in Washington, with some lawmakers demanding the issue be approached with increased urgency. - New York Attorney General Cuomo launches investigation on debt settlement firms 05.08.09
Announcing an in investigation into the debt settlement industry, New York Attorney General Andrew M. Cuomo subpoenaed fourteen debt settlement companies and one law firm yesterday. In his press release, Cuomo said that debt settlement companies "often prey upon consumers who find themselves unable to keep up with credit card payments during these difficult economic times." - Credit card borrowing falls by 6.8% 05.08.09
American families are still exercising caution when it comes to spending, while lenders continue to limit access to credit, new figures from the Federal Reserve suggest. - Mortgage shopping strategies 05.08.09
I have completed close to 5,000 loans in my career, and in doing so I have observed more than a little about human behavior while people shop for mortgages. - Credit card rewards helping Americans save 05.07.09
Participating in credit card rewards programs is one behavior that has been helping consumers save more money, according to a new survey by Bank of America. - How much credit card debt is too much? 05.07.09
It's a fairly simple question. How will I know when I'm in too much credit card debt? - Fed says no to freeze on credit card rate hikes 05.06.09
An effort by two lawmakers to extend protection to credit card customers before upcoming legislation takes effect was denied by the Federal Reserve this week. - Parents can do more to promote financial literacy 05.05.09
Amid the current recession, there has been a lot of talk about how improved financial literacy could potentially help the country prevent a similar situation in the future. - With focus on credit card changes, myths abound 05.05.09
It's understandable that in this time of legislative smack downs we, the consumers, might make the understandable mistake of taking our eyes off the "credit" ball. - Credit card charge-offs predicted to rise further 05.04.09
Although there have been some indications that the U.S. economy may be turning around, most financial experts say people should brace for a bit more darkness before the dawn. - How to fix predatory lending 05.04.09
Large numbers of mortgage brokers and loan officers employed by direct lenders engaged in many different types of unethical and dishonest activities over the past decade. - Credit Card Bill of Rights passes in House 05.01.09
On Thursday, U.S. credit cardholders moved one step closer to receiving stronger protection against penalties and fees that many lawmakers describe as unfair. - The changing face of consumer spending 04.30.09
If you are like many Americans, the current recession has significantly changed how you spend and save money. - New credit card rules coming soon 04.30.09
Consumers who feel like they are being treated unfairly by their credit card issuers can take solace: Change is coming. This change is in the form of two pieces of proposed legislation as well as new rules by the Federal Reserve that would help to protect consumers from what many deem as unfair treatment by credit card companies. - 1 in 3 Americans do not know their credit score 04.29.09
As U.S. families continue to deal with the effects of the recession, a new survey suggests many could benefit from a better understanding of financial issues. - How to buy a home in 2009 04.29.09
The housing industry has constantly been in the news for the past year. Everyone is aware that there are lots of problems. Specifically, foreclosures are at record levels and housing prices in most markets have declined. But every problem creates opportunity, so how does the current situation affect first-time homebuyers? - New mortgage relief plan to address second mortgages 04.28.09
The Obama administration is expected to unveil a new program today aimed at helping homeowners with a second mortgage avoid foreclosure. - Credit card delinquencies rise, card issuers offer more flexible repayment plans 04.28.09
As credit card delinquencies reach record highs, the nation's top 10 credit card issuers have agreed to offer new reduced payment programs that will allow more consumers to pay back debt with the help of credit counseling agencies, reports the National Foundation for Credit Counseling (NFCC). - Qualifying for a credit score: It's not a guarantee 04.28.09
There is much debate and controversy when it comes to credit scores. Are credit scores fair? Are they to blame for the credit crunch? Do they take into account the current economic realities? All of these are great questions that can be discussed until we're blue in the face. But how about this little gem of a conundrum: Why don't we all have credit scores? - AmEx and U.S. Bank vie for airline credit card customers 04.27.09
Are you a holder of a Northwest WorldPerks Visa card? If so, some changes are coming to your rewards account. - New financial literacy game blends fiscal and physical fitness 04.27.09
Students are learning financial strategies in an unusual venue - a basketball court or sports field - while playing a new sports game called Budgetball. - Credit card rate freeze proposed 04.24.09
While consumers wait to learn the outcome of credit card legislation that is currently being considered in Congress, two Senators are calling for urgent action to help protect consumers. - Obama to meet with credit card bosses today 04.23.09
It is increasingly looking as if Washington may be finally ready to pass legislation to help protect consumers from predatory lending practices - and President Obama is helping to advance the cause. - Establishing credit at 18: Right or wrong? 04.23.09
It's been my experience that most young people establish credit for the first time between the ages of 18 and 22. It's also been my experience that the vast majority of young people between those ages don't understand the ramifications of not properly managing their credit. - Credit reports a mystery to many Americans 04.22.09
Do you know what to expect when you order a copy of your credit report? Are you aware of how different financial behaviors can affect your credit score? - Humana helps baby boomers navigate retirement 04.22.09
Baby boomers who are worried about navigating retirement can now get free online advice - and a free book, Retirement for Dummies - courtesy of Humana Inc., one of the nation's largest publicly traded health and supplemental benefits companies. The book is available in hard copy or via digital download. - Best way to protect your credit cards from being closed: Use them! 04.21.09
With credit card defaults going higher and higher, many credit card issuers are reducing credit limits to defend themselves against potential defaults. In many cases the credit card issuer will do this because the consumer has done something adverse with their credit, such as missing payments. However, more and more "do good" consumers are finding themselves with lower credit limits. - Recession may promote financial literacy 04.21.09
One potentially positive impact of the current recession is that more families are discussing financial issues and learning from the experience, a new survey suggests. - Obama Administration to target abusive credit card practices 04.20.09
Credit card companies executives from fourteen major issuers are expected to meet with White House officials on Thursday, April 23, 2009, reports Reuters, though no meeting has been officially announced. Separately, Treasury Secretary Larry Summers warned of a potential government crackdown on abusive credit card practices in an appearance Sunday on Meet the Press. - Consumer confidence expected to 'fluctuate' 04.20.09
Consumers, in general, have a more positive attitude toward the current state of the economy says one new report, but lingering job loss fears may dampen the spirit in some hard hit states. - Credit card related news offers signs of stabilization 04.17.09
Credit card companies have been hitting some consumers more recently with higher interest rates, reduced available credit limits and even sometimes closing accounts. - Nevada homeowners facing most foreclosures 04.16.09
Homeowners around the country unable to stop foreclosure are facing the increasingly likelihood of losing their property. - Credit monitoring provides peace of mind 04.16.09
The last thing people want to hear is a call from a lender asking why they haven't made the payments on a new auto loan. Such calls are even more frustrating when the consumer in question hasn't taken out an auto loan in the first place and has perhaps been the victim of identity theft. - Student loan advocate warns of debt traps 04.15.09
Years ago, I was being interviewed on a talk radio show when a caller asked me for advice about his student loans. He and his wife were teachers in rural Alaska and earned very small salaries. They were struggling to repay $150,000 in student loans. - More students carrying credit card debt 04.14.09
Times are tough, even for some young adults just beginning to build a credit history. - Consumers still have the right to free credit reports 04.14.09
As we slowly work our way through one of the worst economic times of our lifetimes, it's important to focus on ensuring that our credit reports remain as healthy as possible. - Many tax refunds earmarked for personal loan payments 04.13.09
If you are part of the 57 percent of American adults expecting to receive a tax refund, have you decided how it will be spent? - BofA starts refinancing home loans 04.10.09
If you are looking for a better deal on your home loan but do not qualify for traditional refinancing, some help could be on the way. - Report: BofA to hike some credit card rates 04.09.09
Do you carry a balance on a Bank of America credit card? If so, you may want to keep an eye out for changes to your account over the next couple of months. - When is bankruptcy the right option? 04.09.09
Easily the most difficult question that people ask me is when is it time to throw in the towel and head down the block to the friendly neighborhood bankruptcy attorney. You've fought the good fight and now it's time to seek the help of the law as a way to protect you from your creditors, which is the definition of bankruptcy. So when do you know it's time? - Wary Americans put away credit cards 04.08.09
If you are like most Americans, the recession may have caused you to rethink some of your financial habits, such as how often you utilize credit cards. - Refinancing: Obstacles and opportunities 04.08.09
With rates at the lowest level in generations, it makes sense for millions of people to refinance their higher-rate mortgages. Others with adjustable rate mortgages will find it advantageous to refinance into fixed rate loans. But not everyone can do it. - Bill would protect future home loan borrowers 04.07.09
The government has already begun tackling some of the economic problems that have arisen as a result of the subprime mortgage crisis. - Credit score worries: Is the timing right? 04.07.09
One of the most common questions in today's turbulent credit environment is clearly, "How can I protect my credit score?" Many credit experts would applaud consumers who take the time not only to worry about protecting their scores but learning what it takes, credit-wise, to maintain their scores. - Divorce, job loss, and other life crises leave families struggling 04.06.09
Nearly 60% of Americans age 40 to 79 have experienced a life crisis such as job loss, divorce, death of a spouse, or a major illness or disability, according to the results of a new study by AARP Financial Inc. - Homeowners snag great refinancing deals 04.06.09
Are you looking for a better mortgage deal? If you have a good credit score and enough equity, you may be able to take advantage of some of the best deals in years. - Credit card bill gives issuers 1 year to mend ways 04.03.09
The Credit Cardholders' Bill of Rights, aimed at curbing unfair practices by credit card companies, was approved by the House Financial Services subcommittee on Thursday. - Paying off your mortgage loan faster 04.03.09
Virtually all loans available today will amortize in either fifteen or thirty years. You would think with computers being what they are you could pick any period you wanted, say twenty years four months. - GMAC lowers credit score requirement 04.02.09
Are you hoping to take advantage of some of the great deals on new cars that automakers have been unveiling in recent weeks? - Revolving utilization - what is mine? 04.02.09
In the wake of the credit crisis, many credit card issuers have chosen to modify the terms of many of their customer accounts. This modification can be anything from reducing the credit limit to increasing the minimum payment due all the way to closing the account. In fact, some consumers have closed accounts on their own after receiving letters from their credit card issuers notifying them of some other adverse change. - Worker tax credit takes effect 04.01.09
Are you ready for a little extra cash to help pay off credit card debt, make home loan payments or boost your purchasing power? From today, most U.S. workers should start seeing some additional money in their paychecks. - Exiting the credit environment is an Ill-advised strategy 03.31.09
Fewer lenders granting credit, more restrictive lending terms, and higher minimum credit score requirements: sounds like a recipe for us to get out and stay out of the credit environment. The conventional wisdom seems to be that if we avoid the credit system we can?t become victimized by it. - New credit score for auto loans and bankcards 03.31.09
You may have already heard of FICO 08, a new credit scoring model that is aimed at providing credit card issuers with a more accurate way to predict a consumer's risk, such as whether or not they will repay a loan. - Credit CARD Act passed by Senate Banking Committee today 03.31.09
The Senate Banking, Housing and Urban Affairs Committee has passed S. 414, legislation to regulate credit card policies today, Tuesday March 31, 2009. The Credit Card Accountability, Responsibility and Disclosure Act ("the Credit CARD Act"), introduced by Senator Christopher Dodd (D-CT) aims to protect consumers from confusing, misleading, and predatory practices by credit card companies. - Borrowers in midsize cities deemed a 'pretty low risk' 03.30.09
Obtaining a student loan or auto loan is still a viable option in a number of midsize cities across the U.S., despite a nation battling a credit drought. - FICO study: 16 percent of consumers saw their credit limits reduced during 7-month period in 2008 03.30.09
Today the Minnesota-based credit score developer FICO released the results of a study measuring the breadth of credit card limit reductions as well as the subsequent impact to consumer's FICO credit scores. The study is the first of its kind since credit card issuers began to heavily ramp up their credit limit reduction activity in early 2008. - Five easy ways to save money during a recession 03.27.09
Most Americans are facing a little "belt-tightening" during this tough economy. From cutting out the regular morning latte to packing a brown bag lunch, there are basic ways that you can save everyday. - Dangers lurk in loan modification programs 03.27.09
The mortgage loan delinquency (ratio of borrowers 60 or more days past due) increased for the eighth straight quarter, hitting a national average high of 4.58 percent for the fourth quarter of 2008, according to TransUnion.com. - Robust credit card legislation moves forward 03.27.09
Consumers have made it clear they are fed up with credit card abuses - and now legislators are taking action. - One small investment, one BIG return 03.27.09
In this article, I will show you how a $10 investment helped one couple save over $100,000. Read on... - More Americans shopping for home loan 03.26.09
Record low rates on mortgage loans have been drawing more buyers to the stalled housing market, new figures suggest. - Credit monitoring makes sense in credit crisis 03.26.09
Unwanted credit card changes and account closures have become commonplace for consumers during this credit crisis. More than an inconvenience, credit account changes can also have a significant negative impact on credit scores. - Voluntary repossessions still no good for credit scores 03.26.09
Auto loans delinquencies are on the rise. In fact, according to an article in USA TODAY, with data provided by Experian Automotive, auto loans that were 60 days past due were up 17% in the 4th quarter of 2008. - Credit card testimony may influence reform 03.25.09
There has been much talk in Washington about reforming the credit card industry, but consumers may still wonder if the financial challenges of the average person are being heard. - Advanced-fee loan scams on the rise 03.25.09
The U.S. economic crisis has made it difficult for consumers to obtain new credit and loan accounts. Many banks that once loaned to consumers with credit scores under 700 have either cancelled their programs or shut their doors. This dearth of available credit has created a ripe environment for loan scam operations. - Worried workers cutting back on food spending 03.25.09
Some 90 percent of U.S. employees are planning to rein in spending this year, with nearly half saying they will cut back on food and dining, according to a Tell It Now survey recently released by ComPsych Corporation, the world's largest provider of employee assistance programs and worldwide leader in GuidanceResources EAPs, behavioral health, wellness, work-life and crisis intervention services). - Bankruptcy reform reconsidered 03.24.09
You may already be aware that bankruptcy is meant as an option of last resort, a decision that can significantly dent your credit score. - Consumers with few credit cards could find themselves in rough waters 03.24.09
Credit card defaults are up and are expected to reach 9-10 percent by the end of 2009. It's partially because of this continued poor performance that credit card issuers continue to modify the terms of credit card accounts in an attempt to minimize their downside risk. This isn't just happening to people with poor credit either. - Recession causing many 401ks to be underfunded 03.24.09
While the issue of underfunding in traditional pension plans has received a lot of attention recently, a serious problem involving the underfunding of 401ks is brewing and may erupt into a full-blown crisis, warns Brett Goldstein, a pension administrator and president of The Pension Department, a consultancy based in Plainview, New York. - Credit card fees add burden to consumers' debt 03.23.09
In a sensitive financial climate in which credit scores are scrutinized more closely than ever, many consumers know a missed payment on a loan or credit card bill can mean trouble. - Credit Cardholders Bill of Rights gaining momentum 03.20.09
As if paying off credit card debt in the middle of a recession were not hard enough, many credit card companies are raising customers' interest rates, even if they have never missed a payment. - Income-based repayment program: lifeline for students drowning in debt...or a financial trap? 03.20.09
Starting in July 2010, some student loan borrowers may find some relief from overwhelming student loan debt through a new program called the "Income-Based Repayment Program," or IBR program. - Spending cutbacks hit all income brackets 03.19.09
If the current financial climate has caused you to trim spending, stick to a careful budget and keep an eye on your credit scores, you are not alone. - Mortgage fraud on the increase, report says 03.18.09
Much has been written about how a variety of ripple effects from the uncertain economy are keeping Americans from entering the housing market. - Capital One reports more credit card delinquencies 03.17.09
Another week, another report of credit card woes released by a major financial institution. - Mortgage crisis leads to new FICO score: the FICO mortgage score 03.17.09
With the U.S. mortgage environment in shambles, lenders are asking for better tools to help them assess consumer credit risk. This has lead FICO (the company formally known as Fair Isaac Corporation until last week) to develop a new score specifically designed to do just that, but for mortgage lenders. - Credit card interest hikes under fire 03.16.09
Banks have been hit hard by the economic crisis - but some lawmakers say that is no excuse to change the terms on borrowers' accounts. - Foreclosures up despite moratoriums 03.13.09
As the government and many mortgage lenders aim to forestall foreclosures and keep more families in their homes, there is evidence the plans are not working fast enough. - The principle of principal 03.13.09
A raging battle is underway over the issue of reducing the principal balance of mortgages for people who cannot afford pay their mortgage under their current terms. - Credit reports checked by 16% of employers 03.12.09
Consumers who are already facing more intense scrutiny from lenders in this difficult credit climate may have an additional reason to make sure their credit score is in tip-top shape. - Consumers struggle between paying off installment debt and revolving debt 03.12.09
"I'm scared I might lose my job. Should I pay off my mortgage from my 401K? Should I pay off my auto loan? What should I pay off?" - Settlement companies protest better business bureau rating system 03.12.09
Consumers who are considering working with a debt settlement company may find little help checking out those firms with the Better Business Bureau. - Credit scores cause insurance controversy in Michigan 03.11.09
Is your credit score affecting how much you pay for auto insurance? - Fair debt collection laws: FTC urges reform 03.11.09
When my sister moved last year, she got a new phone number at her new residence. Within days, she was deluged with calls from debt collectors trying to track down the previous owners of that phone number. - Credit card issuer actions could lower scores; now what? 03.10.09
Last week, Credit.com released the results of a survey that validated what many in the credit industry already suspected, which was that many consumers are seeing the terms of their credit card accounts adversely modified. - Credit card debt up less than expected 03.10.09
As the recession continues to challenge Americans' finances, evidence has emerged suggesting consumers are managing their credit scores and credit card debt with a more careful eye. - Mortgage delinquency rates creep higher 03.09.09
Finding little relief from the effects of the recession, an increasing number of homeowners are falling behind on mortgage loan payments. - Is regulatory reform possible? 03.09.09
As a free-market libertarian kind of guy, it is sure sad to look around at financial markets in shambles. And then we hear that a respected financial manager seems to have misplaced $50 billion in what now appears to have been an elaborate Ponzi scheme. - Student credit cards under fire in Illinois 03.06.09
On many college campuses it is normal to see a number of credit card vendors competing for students' business. - Social lending sites try to "uncrunch" the credit crunch 03.06.09
Several social lending websites are joining together in an effort to unthaw the frozen credit markets and get credit flowing again to consumers and small business owners. - Home loan modification details released by Treasury 03.05.09
Have you been waiting to learn more about how the government is going to help distressed homeowners? - Myth buster: Does a HELOC impact my credit scores like a credit card? 03.05.09
Earlier this week we discussed home equity, how it's determined, and how much of it has evaporated over the past two years. Today we're going to stay on the topic of home equity but we're going to focus specifically on its impact on your credit scores, specifically your FICO credit scores. - Tax money sitting unclaimed from 2005 03.04.09
Billions of dollars in unclaimed tax refund money may be available to some individuals who did not file a federal tax return in 2005. - Credit card firm promotes plastic for everyday needs 03.03.09
As more Americans tone down their spending, Visa is looking to reach customers who may be tempted to leave their plastic untouched while they pay off credit card debt and cut back on purchases. - Disappearing equity 03.03.09
Until about two years ago Americans, including lenders, operated under the assumption that the value of homes and real estate would continue to appreciate. Given what has transpired over the past six months, I believe we've all learned a valuable and painful lesson: We were all wrong. - Home loan refinancing faces roadblocks 03.02.09
Most people may agree that the tumultuous housing market needs to regain stability before the economy can recover, but it is harder to reach agreement about what needs to be done. - FTC cracks down on internet payday lenders 03.02.09
The Federal Trade Commission and the State of Nevada filed an order against seven payday lending companies who marketed quick cash loans online. - Student loans change proposed by Obama 02.27.09
The new 2010 budget introduced by President Barack Obama contains a proposal to move federal student loans into the U.S. Department of Education's direct-loan program. - Musical rabbit helps kids learn to save money 02.27.09
Students at over 1,000 schools and classrooms across the country have been learning valuable lessons about saving money thanks to a musical rabbit named Sammy. - The competitive advantage in real estate investing 02.27.09
In another article I wrote recently I discussed the long-term benefits of owning investment property. You have the cumulative effects of appreciation that is greater than the rate of inflation, as well as leverage and tax sheltering of cash flow. - House vote expected today on mortgage modification legislation 02.26.09
The U.S. House of Representatives is expected to vote today on H.R. 1106, legislation allowing bankruptcy court judges to modify homeowner mortgages if they file for bankruptcy protection. - Homebuyer tax credit available immediately 02.26.09
If you are planning to take advantage of the new tax credit for first-time buyers, you may not have to wait until next year's taxes to see the benefits. - Peer-to-peer lending; good or bad idea? 02.26.09
With the current credit crisis and lenders pulling back on their lending volume, it seems that Peer-to-Peer borrowing may very well be a more viable option for consumers who are tired of getting declined by banks. - Home loan relief plans could help unemployed 02.25.09
There are a number of reasons why someone may not be able to pay their mortgage on time, including job loss - a growing concern in the current economy. - The mathematics of real estate 02.25.09
I have always been astonished at how poorly some people make the mathematical calculations involved in real estate. Of course, few people use a lot of math in their everyday lives, so when they do have a calculation to make, their skills may be rusty. - Credit cardholders offered $300 to close AmEx accounts 02.24.09
Usually, credit card incentives come in the form of free items or rewards to encourage spending. - Not all credit reports have FICO scores 02.24.09
Every once in a while I get a question from a consumer or lender about a credit report that didn?t come with a score, despite the fact that the consumer tried to buy it. - Credit cards remain payment method of choice for many 02.23.09
Will you be paying with cash or credit? Consumers are increasing opting for the latter, as well as other plastic-based payment methods, a new survey reveals. - Home loan refinancing applications up as rates fall 02.20.09
Lower interest rates on long-term fixed-rate mortgages prompted more homeowners to apply to refinance their mortgage last week. - What Obama's mortgage plan means to homeowners 02.19.09
On Wednesday, President Obama finally introduced his much-anticipated mortgage relief plan to the country. But how will it affect the average homeowner? - Good credit scores: to maintain or improve? 02.19.09
It's the million dollar question. How do I improve my credit scores? But many people who have very strong credit scores are asking the same exact question. - How Americans may benefit from the stimulus 02.18.09
Now that President Obama has signed the $787 billion economic stimulus bill into law, Americans everywhere may be wondering how the package will benefit them. - Credit card firms continue to raise interest rates and fees 02.17.09
In the past several months, a number of credit card companies have instituted changes to customers' accounts, increasing rates and tacking on fees. - Identity fraud hits 10 million in 2008 02.17.09
After a couple years of slight decline, the number of identity fraud cases skyrocketed in 2008, according to a new report by Javelin Strategy & Research. The number of victims grew by almost two million to 10 million, a 25-percent increase in just a single year. - Fannie and Freddie to tighten criteria, increase fees 02.16.09
In a difficult housing market in which many Americans are shying away from buying, raising the cost of a home loan for the majority of borrowers may not seem like the best move. - Lawmakers consider tougher crackdown on credit card firms 02.13.09
Credit cardholders could benefit from a host of new protections in the future, if new proposals from Washington lawmakers go forward. - FTC crackdown on prepaid calling cards: $2.25 million fine 02.13.09
As part of a continuing government crackdown on fraud in the prepaid calling card industry, several major prepaid calling card companies have agreed to pay $2.25 million as part of a settlement to resolve Federal Trade Commission (FTC) charges. - High rate of foreclosures continues 02.12.09
As the recession continues to place many Americans under financial strain, thousands of families are faced with the threat of losing their home to foreclosure. - Tax credits and breaks included in economic stimulus 02.11.09
The economic stimulus package currently being debated in Congress is still being tweaked, with Republicans and Democrats trying to reconcile their differences in a timely manner. - Employees of bankrupt companies have homework 02.11.09
While unemployment can be stressful, employees laid off due to the bankruptcy of their employer's firm should be prepared for some additional homework. In particular, employees receiving pension or health benefits must investigate how those benefits may be affected. - Chase adds new fee to some credit card accounts 02.10.09
In the current economy, credit card companies are trying out a number of measures to improve their financial health and protect themselves from risk. - Home foreclosures tick higher 02.10.09
One individual or family is losing a home to foreclosure every 13 seconds, reports the Center for Responsible Lending. - Identity theft on the increase 02.09.09
The practice of safeguarding your personal data and closely monitoring your financial accounts is as important as ever, as identity theft becomes more prevalent. - Fannie Mae to ease standards on mortgage refinancing 02.06.09
Although many homeowners have tried to take advantage of the recent record-low interest rates on home loans, some have been turned down because their credit scores are not high enough. - More people paying credit cards late 02.05.09
Late payments on credit cards are on the rise, as the recession continues to challenge consumers' financial situations. - Owning real estate for investment purposes 02.05.09
Owning real estate has always been a good long-term investment. Property values over any twenty or thirty year period of time have always risen at a rate greater than the rate of inflation. - Experian to end myFICO agreement with Fair Isaac 02.04.09
Credit.com has learned that on January 15th Experian sent a termination letter to Fair Isaac that will likely end their 6-year partnership with myFICO.com. The move will make managing credit scores more difficult for consumers as it eliminates access to one of the three FICO credit scores. - Taxpayers who settled debts in 2008 may get an unwelcome tax surprise 02.04.09
Consumers who were unable to pay their debts in 2008 may face higher than expected taxes due this year. - Car sales down, but deals are plentiful 02.04.09
With deals all over the place, this may be a great time to buy a new car for a low price. - Banks continue to tighten credit standards 02.03.09
It is a difficult time to be a consumer seeking credit, new figures from the Federal Reserve suggest. - Student credit card crackdown 02.03.09
A new legislative push in Illinois may be making college campuses less welcoming to credit card companies. Illinois State Treasurer Alexi Giannoulias has proposed legislation to restrict the promotion of student credit cards on colleges and universities in the state. - With mortgage rates at record lows, now is the best time to buy 02.03.09
The feeling I get from stories I hear from all across the country is that the housing market in many areas seems to be bottoming out. There are certainly some weak markets, especially those that have the highest rates of foreclosure. - Financial literacy a new focus in U.S. schools 02.02.09
With the continuing downturn in the U.S. economy, many lawmakers are setting their sights on early prevention. High school curriculums in many states may soon be required to include financial literacy courses. - More housing measures could be added to stimulus 02.02.09
As the Senate prepares to debate the proposed $819 billion stimulus package, lawmakers from both parties are seeking to include more measures that are targeted at the housing secto - Pertuity Direct uses social lending to help thaw credit markets 02.02.09
The newest entrant in the social lending space is Pertuity Direct, which uses a novel approach to match borrowers with people who have money to lend. - Mortgages: the free refinancing myth 02.02.09
The more you spend, the more you save: When it comes to sales shopping, this mantra can be true, but it will also cost you a lot. However, if you apply this principle to mortgage refinancing, you really WILL save a lot of money in the end. - Updated FICO credit score rolled out 01.30.09
A new credit scoring system aimed at providing a more accurate picture of a borrower's risk was debuted by Fair Isaac on Thursday. - The weak dollar: what it means for Americans 01.30.09
Why is the dollar weak? You can find a lot of reasons, but the two biggest reasons according to classical economic theory is that it is related to inflation outlook. Inflation makes dollars worth less. - Reports of credit profiling on the increase 01.29.09
You probably already understand the importance of keeping your credit in excellent shape, by paying on time, keeping balances low and building up a solid borrowing history. - Rewards cards change their perks 01.28.09
In the current financial climate, many companies are looking for ways to market to budget-minded consumers who seem to have abandoned all thoughts of frivolous purchases. - Mortgage 'cram-downs' would help prevent foreclosures 01.27.09
As Washington lawmakers continue to debate the best methods for assisting the ailing housing sector, some have suggested a practice known informally as a mortgage "cram-down" could be of use. - Your check from Wachovia is in the mail 01.27.09
Nearly three quarters of a million consumers who were victims of telemarketing fraud, will be receiving checks totaling over $150 million from Wachovia Bank, N.A. - Economists: Recovery will be slow 01.26.09
As we near the end of the first month of 2009, it may already be clear that economic recovery is not just around the corner. - 3.99% home loans offered 01.23.09
How would you like a 30-year home loan with a fixed rate of 3.99 percent? Sound like a dream come true? - Customers bargain to lower bills 01.22.09
With the recession putting pressure on Americans' pocketbooks, many people are looking for ways to simplify their financial commitments. - Greater oversight of TARP funds expected under Obama administration 01.22.09
While President Obama's team is expected to announce new plans for the second half of the federal Troubled Asset Relief Progam (TARP) funds, critics are questioning whether the $191 billion already disbursed to banks has been used wisely. - New credit card breach may be largest ever 01.21.09
News of major credit card data breaches seemed to have dropped off the radar for a while - that is, until Tuesday. - Refinancers face credit score roadblock 01.20.09
For existing homeowners, the news sounded extremely promising: last week, the average interest rate on 30-year fixed-rate home loans fell below 5 percent for the first time since Freddie Mac started tracking this data. - Economic conditions create plentiful car deals 01.20.09
The problems faced by the U.S. automotive industry are undoubtedly unsettling, with demand waning, sales plunging and credit conditions growing more challenging. - Limits on credit card practices could come sooner 01.16.09
Consumers who cheered when the Federal Reserve accepted regulations placing limits on certain credit card company practices may be even happier to learn that changes may come sooner than expected. - Free fico credit scores available to consumers 01.16.09
Fair Isaac Corporation (NYSE:FIC), recently announced that free FICOŽ credit scores will be available to online checking account customers of Pennsylvania State Employees Credit Union (PSECU). - Government mulling solutions to housing woes 01.15.09
You may have been hearing about the government's intentions to address homeowners' problems for a while now, wondering when the plans will actually begin to work. - Bankruptcy figures show increasing pressure on american families 01.15.09
A recent review of bankruptcy filings reveals startling information about the financial troubles facing American families. Did Bankruptcy Reform Fail? - Shoppers await their stimulus 01.14.09
It seems that the American consumer has not disappeared completely, but may simply be in hibernation. - More job losses likely in 2009, report says 01.13.09
If you thought 2008's figure of 2.6 million jobs lost was dire, a new report from the Conference Board may not provide much cheer. - Mortgage modification legislation makes headway 01.13.09
Legislation that will allow consumers to get a reprieve from foreclosure if they file for bankruptcy is gaining momentum on Capitol Hill. - Rewards cards continue to be popular 01.12.09
Although many Americans are taking care to avoid credit card debt these days, some are finding that at least one type of card actually helps them to save money. - Consumer borrowing drops, setting record 01.09.09
Just a couple of years ago, in the era of easy credit, it may have been difficult to imagine an environment in which Americans would cut back on their borrowing. - Loan delinquencies up, late payments on credit cards down 01.08.09
As factors related to the struggling economy took their toll on the country last year, more people were falling behind on loan payments, according to the most recent figures from the American Bankers Association. - Housing turnaround unlikely soon 01.07.09
If you are thinking about selling your home, you may want to put off it off for quite a while, new figures and predictions suggest. - Bargains surface for potential homebuyers 01.07.09
As tough economic stories continue to surface in 2009, some bargain-minded consumers are finding a silver lining amid the recession gloom. - Tax cuts to be part of Obama's stimulus plan 01.06.09
It may be just the news that cash-strapped consumers are yearning to hear: if President-elect Barack Obama has his way, tax cuts could be in your future. - FICO credit score system to change in 2009 01.05.09
This year, the model used by Fair Isaac to determine that all-important FICO score is set to change, Kiplinger.com reports. - IRS says it will help troubled homeowners 12.24.08
In tough financial times, any small gesture to help the average person get by may be appreciated - and now the Internal Revenue Service is offering to do its part as well. - Consumers still need help to stay in their homes 12.24.08
Over half of modified mortgages are failing within a year, according to data released by the Office of the Comptroller of the Currency earlier this week. - Little recovery seen for 2009 job outlook 12.23.08
Those who are waiting for the New Year to come so that the economy can pick up again may be waiting a long time. - Discover and Capital One cancel dormant accounts 12.22.08
Discover Financial Services and Capital One have become the latest credit card providers to crack down on customers who have not used their cards in a while, according to reports. - Automakers and credit unions partner for loans 12.19.08
With the country's economic situation in a poor state, it has become more and more difficult to obtain loans of all types. But people who are looking for credit to finance the purchase of an American-made car may find themselves in luck. - Fed to vote on proposed credit card regulations 12.17.08
The Board of Governors of the Federal Reserve Board is scheduled to vote Thursday December 18, 2008 on proposed rules to reform credit card regulations. - Center for Responsible Lending exposes risk-based credit card pricing 12.16.08
Thousands of consumers have received notices this year that their credit card rates have been raised. - Homeowners and buyers face lowest mortgage rates in 4.5 years 12.12.08
The government's announcement this week that 30-year fixed-rate mortgages have fallen to lows not seen since March 2004 may seem like a clear sign that now is the time to buy. - Recent House Hearings Grill Former Fannie Mae and Freddie Mac Executives 12.12.08
In hearings held in December 2008 by the U.S. House of Representatives Oversight and Government Reform Committee, politicians grilled former executives of Fannie Mae and Freddie Mac. - More credit cards rewards schemes unveiled 12.10.08
Amid tales of shrinking credit limits and cancelled cards, there are glimmers of hope that suggest the customer can still win in some situations. - Auto bailout: Will it help consumers? 12.10.08
So far the auto bailout seems to be focused on keeping American automakers alive, and in turn keeping the myriad of jobs this industry creates afloat as well. But one question still begs to be answered: Who will buy the vehicles that need to be sold in order to keep auto businesses alive going forward? - Auto dealerships on edge in current economic crisis 12.09.08
Growing troubles with local car dealerships are pointing to larger issues in the current American economy. Across the country, auto dealerships are struggling to stay open in the face of falling demand, negative industry headlines and apprehensive buyers. - Never give your bank account information to a debt collector 12.05.08
If you're dealing with a debt collector, you should think twice before you give them your bank account information. By providing this information you'll give the debt collector direct access to your bank account! Find out what Gerri Detweiler advises for one unsuspecting consumer that may have learned the lesson a little too late. - Holiday Season 2008: A different world 12.04.08
The average household has a lot to think about this year, a lot more than in normal years. We have the credit crisis that, on an individual level, finds credit card holders receiving letters telling them that their limit has been lowered. HELOC holders are finding their balances frozen at the current level. Obviously the folks who had planned to finance the holidays on plastic won't be doing so this year. - Credit card issuers cut credit limits 12.03.08
Recent news that credit card issuers may be cutting as much as $2 trillion in credit card credit limits has left many people wondering: What can I do to protect myself? - The credit system and you 12.02.08
We don't know what mankind's first medium of exchange was, but it was likely some form of barter: "I'll trade you this bunch of fruit for that sack of vegetables," kind of exchange. - Update on the housing market 11.18.08
For those who are sitting on the sidelines waiting for property values to stabilize, here are some data about the housing market that may be of some help to you. I think that the outlook is more encouraging. - Interview with a credit repair organization 11.16.08
Over the past few weeks I reached out to a number of credit repair organizations and asked them some fairly pointed questions about the services they provide. Here are some of the highlights. - Morality and mortgages - further reflections 11.16.08
When you look at the carnage left by this credit crisis, this is just not a matter of "things went wrong." The system "went wrong" because it was fraught with widespread deception and fraud at all levels. - Novation: Don't fall for this credit scam! 11.16.08
A website I came across recently promises to "legally get rid of 100% of your unsecured debt." - I hereby promise to pay 11.13.08
These are the words on every credit agreement, whether it is a credit card, auto loan, or mortgage. - He thought he was smarter than everyone else 11.13.08
The toxic loan that many consumers chose adjusted upward. These consumers could not afford the payments, nor could they refinance into a decent loan because there was now NO equity. - Magic and money 11.13.08
When you go to talk to a stockbroker or a lender or a real estate agent, you don't go for the magic. - Bankrtuptcy basics: Help for tough times 11.13.08
This article is designed to help you understand the basics of how bankruptcy works. - Top 5 credit crisis questions 11.13.08
I've started feeling like a medic on the front lines of this credit crisis. Emails from around the country, each one sadder than the last, have been pouring in. - How do credit repair agencies work? 11.12.08
How do credit repair agencies work? - Can I still get credit? 11.12.08
Can I still get credit? - Only panic happens overnight 11.11.08
Only panic happens overnight - Sentiment high for credit card regulation ..
Consumers struggling to pay off credit card debt may be anxious to see action taken against credit card companies that have increased interest rates or cut credit limits. And according to a report on CNN Money, the sentiment among policy makers for regulating the industry is also ripe for passing tough legislation - something Congress has tried, but failed, to do in the past.
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