Personal Finance

This Week in Credit News: Election Reaction

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Credit NewsIt’s hard to ignore the biggest news event of the week — the U.S. Presidential election. This week’s biggest credit news revolves around what’s next for Congress and President Obama — the fiscal cliff.

The 5 Things You Need to Know to Understand the Fiscal Cliff

Before the election was even called, pundits were discussing the next big obstacle facing the White House — the fiscal cliff.

We talked to economists and financial planners about what the fiscal cliff is and why the average American should be worried about the jump off of it.

The fiscal cliff is a combination of tax hikes and massive spending cuts set to go into effect on Dec. 31 if Congress is unable to come up with a budget deal. The massive cuts are enough to send the U.S. into another recession, many economists say.

@CreditExperts @kgeldis

The Best Airline Mile Credit Cards in America

In the latest installment of Credit.com’s Best Credit Cards in America series, we’ve crunched the numbers on many airline rewards credit cards to pick the one with the best perks for customers.

Check Your Credit For FreeThe holder of the 2012 title is the Chase Sapphire Preferred card. The Chase card earned the title based on its sign-on bonus of 40,000 points for spending $3,000 within the first three months of use and its unique structure for travel purchases. Cardholders earn double points on travel purchases, and triple points on travel booked through Chase. The big bonus of this card is that points can be transferred to essentially any airline rewards program.

@CreditExperts

Mortgage Rates Rise to 3.4% on Average

Think 3.4% is pretty low? It is. But it’s not as low as we’ve seen the past few weeks, with mortgage lenders offering record-low rates on the 30-year fixed loan.

The big question yet to be answered with this week’s slight rise in mortgage rates is whether or not the incremental inching up will continue or if the rates will stay depressed until the Federal Reserve ends its quantitative easing programs.

@USAToday

Image: NS Newsflash, via Flickr

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