Personal Finance

This Week in Credit News: A Wintry Mix

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Credit NewsThe news this week was a mix of naughty and nice, as Fannie Mae and Freddie Mac announced they would not be evicting homeowners over the holidays, but the fiscal cliff still looms large.

Fiscal Cliff Deal Down to Wrangling Over Details

Let’s start with the bad news first: We’re still headed toward the fiscal cliff. The good news? Congress is working on getting a deal together that would be approved by both bodies of Congress and the President.

In this article from CNN, Republican insiders are noting that the fight over tax rates rising has essentially been decided, but now the bigger point of contention between Democrats and Republicans is spending cuts. With the end of the year less than four weeks away, and a House of Representatives set to recess Dec. 14 (although Republicans say the recess won’t occur until a deal is reached), time is ticking off the fiscal cliff clock.

@CNNMoney

Free Credit Check & MonitoringStarbucks Rolls Out Limited, $450 Gift Card

Yeah, you heard that right. The premier coffee maker in the U.S. is rolling out a gift card that will cost consumer $450 to buy. The card itself only comes with $400 loaded onto it, though, and the rest goes toward the cost of creating the steel card.

The promotion of the card is being done in conjunction with Gilt.com, a high-end shopping site targeted at the upper classes. Only 5,000 of the cards will be made, and they come with a gold-level Starbucks card membership that includes free refills on certain beverages. The sale of the gift cards will begin on Friday, and the card is expected to be a hit, especially among collectors.

@USAToday @BruceHorovitz

Fannie, Freddie Halt Foreclosures for the Holidays

Many homeowners are struggling to put a roof over their kids’ heads this year, let alone a chimney for Santa to climb down. So, Freddie Mac and Fannie Mae announced this week that they will be stopping foreclosure evictions from mid-December to the new year.

“We’re taking this step in support of families who have faced financial challenges and gone through a foreclosure,” said Terry Edwards, executive vice president of credit portfolio management for Fannie Mae. “The holidays are a chance to be with loved ones and we want to relieve some stress at this time of year. We encourage homeowners having difficulty to reach out for help as soon as possible.”

@CreditExperts

Image: NS Newsflash, via Flickr

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