Will Your Debt Payments Go Up in 2015?

Managing Debt

Will Your Debt Payments Go Up in 2015?

Will Your Debt Payments Go Up in 2015?

Interest rates are expected to go up this year, which is great news if you’ve been discouraged by the next-to-nothing interest rates banks pay on your savings. But if you have a home equity line of credit or a credit card with an interest rate tied to the rates set by the Federal Reserve, you… Read More

Should a 300% Interest Rate Be Legal?

Managing Debt

Should a 300% Interest Rate Be Legal?

Should a 300% Interest Rate Be Legal?

Is there anyone out there who still believes that payday lending is a respectable business? That it’s OK to charge stratospheric interest rates—often four, five or more times the amount that’s originally borrowed—to cash-strapped consumers who typically re-borrow the identical loan over and over again during the course of a year? That it’s reputable to… Read More

What the New Fed Chair Means for You

Personal Finance

What the New Fed Chair Means for You

What the New Fed Chair Means for You

The running joke about economists is that they equivocate on every question, answering always with a phrase like, “On the one hand….but on the other hand.”  So it’s only fitting that a story about the impact of Janet Yellen’s confirmation as Chairwoman of the Federal Reserve on Monday follows this time-tested formula. On the one… Read More

Auto Loan Interest Rates At All-Time Low

Auto Loans

Auto Loan Interest Rates At All-Time Low

Auto Loan Interest Rates At All-Time Low

Interest rates for new-car loans were at a record low last quarter, according to Experian Automotive. The rates fell to 4.27%, the lowest rate seen since Experian first started publicly reporting the data in 2008. Not only did interest rates go down in the third quarter, the average credit score of a new-car loan borrower… Read More

72% of Bankers Say Interest Rates Will Rise

Personal Finance

72% of Bankers Say Interest Rates Will Rise

72% of Bankers Say Interest Rates Will Rise

Experts expect consumer demand for credit to continue growing during the next six months, driven mostly by those in the 30- to 39-year-old age group. The quarterly survey of bank risk professionals conducted for FICO by the Professional Risk Managers’ International Association (PRMIA) also showed expectations for increased interest rates. The groups have conducted the… Read More

A Record Number of Americans Turn to Auto Loans

Auto Loans

A Record Number of Americans Turn to Auto Loans

A Record Number of Americans Turn to Auto Loans

A record number of consumers took out an auto loan or lease when car shopping in the second quarter of 2013. According to Experian Automotive’s analysis of second-quarter data, 84.5% of consumers used financing when getting a new car. That’s the highest that share has been since Experian started tracking the statistic in 2006. Last… Read More

Obama Signs Student Loan Bill: What It Means for Borrowers

Students

Obama Signs Student Loan Bill: What It Means for Borrowers

Obama Signs Student Loan Bill: What It Means for Borrowers

Regardless of their majors, students may want to brush up on Economics 101. That’s because President Barack Obama signed H.R. 1911: Bipartisan Student Loan Certainty Act of 2013 — the student loan bill — into law this afternoon. It ties government-backed student-loan interest rates to the 10-year Treasury note, meaning the country’s economic health impacts… Read More

Will Mortgage Interest Rates Dip Again?

Mortgages

Will Mortgage Interest Rates Dip Again?

Will Mortgage Interest Rates Dip Again?

Though average mortgage interest rates fell ever so slightly last week, according to the Primary Mortgage Market Survey from Freddie Mac, many real estate experts see this as more of a stabilization after a sudden spike, than an indicator of future trends. Last week’s rates for a 30-year fixed rate mortgage averaged at around 4.37… Read More

Higher Mortgage Rates Haven’t Deterred Buyers

Mortgages

Higher Mortgage Rates Haven’t Deterred Buyers

Higher Mortgage Rates Haven’t Deterred Buyers

In the past few weeks the cost of obtaining a new mortgage has climbed as a result of higher mortgage rates. And while consumers are expressing worries over this new trend, those fears have not yet translated to the market itself. At the end of June, 13 percent of consumers said that if mortgage interest… Read More

What Will Waiting to Buy a Home Cost You?

Mortgages

What Will Waiting to Buy a Home Cost You?

What Will Waiting to Buy a Home Cost You?

At the end of June, mortgage rates for a 30-year fixed-rate mortgage jumped to 4.5 percent, up from 3.9 percent on June 1 — and a notable jump from the historically low 3.35 percent monthly average rate toward the end of 2012. However, while higher rates do mean an increase in monthly mortgage payments, experts… Read More

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