Borrowing

How do you know that your bank is the best one for you? You can consult all the advertising flyers and conventional information available at bank branches — or you can do some homework on the fundamentals of your bank with help from the online Bank Data Guide from the Federal Deposit Insurance Corporation (FDIC).
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Credit card usage is dropping among the millennial generation. A surprising 67% of Americans between 18 and 29 years of age have no credit cards at all, according to a recent survey. That compares to only 45% of Americans between the ages of 30 and 49, and 38% of those aged 50-64 without credit cards.
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Credit is a great convenience, but it’s a convenience that you will pay for — especially if you go over your credit limit. Traditional over-limit fees were radically changed by the Credit CARD Act of 2009, which switched credit card over-limit fees to an opt-in basis — meaning that consumers have to specifically consent to
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Student loan debt has made it difficult for many young Americans to enter the housing market. A recent survey from the National Association of Realtors found that 71% of student loan borrowers cited their student loan burden as a reason to delay buying a home. The student loan plight may be a major factor in
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Treasury Report Targets Dodd-Frank In February of 2017, President Trump issued Executive Order 13772, which gave the Secretary of the Treasury 120 days to create a report reviewing financial laws and regulations with respect to seven “Core Principles”. Those principles are generally related to streamlining the financial markets and, in the President’s opinion, reducing constraints
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For most homeowners, mortgage costs are the largest regular expense in the family budget. How can you manage those costs in the most efficient way? We offer a few suggestions for reducing either short- or long-term mortgage expenses to fit your needs. 1. Refinancing – According to Casey Fleming, Mortgage Advisor at C2 Financial and
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If your credit score is in the low- to mid-600s, you have what is usually considered to be fair credit — not in the range where you have trouble getting personal loans at all, but in the range where finding a good interest rate and reasonable terms can be challenging. Whether you are experiencing a
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You may need a personal loan for a number of reasons — perhaps to deal with unexpected medical expenses, to consolidate high-interest credit card debt, or even to take that well-deserved vacation. Unfortunately, if you have borderline or bad credit, personal loans may be difficult to get at your local bank or credit union. You
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It’s bad enough when your day is derailed by an unexpected trip to the doctor, but it’s even worse when you can’t afford to pay the bill. Unfortunately, too many Americans find themselves in this position, according to a recent survey conducted by Ipsos for the healthcare transparency group Amino. The survey found that 37%
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America’s student loan debt burden has reached a staggering $1.44 trillion, making it the second largest source of household debt in America – behind mortgages. According to a recent study, this growing loan burden is not equally shared between the sexes. The report from the American Association of University Women (AAUW), titled “Deeper in Debt:
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Many sources are available to define and outline the fees that are associated with mortgage loans, but what about personal loans? Generally, personal loans are unsecured loans that are not tied to any form of collateral that can be taken over by the lender in case of default, such as a house with a mortgage
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A recent action by a Court of Federal Claims has effectively stopped the collection of defaulted student loans – but for those affected, this is cause for concern, not celebration. To understand why, it’s important to look at the fate of defaulted loans and how those attempting to recover from the situation are being harmed
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America Breaks the Debt Record According to the New York Fed’s recent Quarterly Report on Household Debt and Credit, America has more debt than ever before. Do you? Should you be concerned in either case? The report shows that American household debt reached $12.73 trillion in the first quarter of 2017. That tops the previous
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  Does Anybody See a Pattern? The financial crisis of 2007-2008 was caused in no small part by a housing market full of questionable mortgages. Loan qualifications were stretched beyond reason to accommodate eager homebuyers trying to deal with rapidly increasing prices. The resulting “subprime” loans were packaged inside vast mortgage pools (such as government-backed
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If you are a first-time homebuyer, you may be aware of mortgage insurance but you may not know that there are two different types. Mortgage Insurance Premiums (MIP) and Private Mortgage Insurance (PMI) both have the same general purpose: to offset the default risk to lenders when borrowers have purchased homes with low down payments
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It all looks so obvious in hindsight. Make a $500 deposit and your money will grow 18% in 10 days. You can receive a $1,500 loan by MoneyGram if you pay $170 for fees and insurance. A driveway sealer happens to be driving by and offers to coat your driveway for a low price. You
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April is National Financial Literacy Month. Why do we dedicate this calendar page to highlighting financial skills and education? The tax deadline? Sound financial decisions are important all year long, but most Americans never learned how to manage money or save for goals, so financial security is a bigger challenge than it needs to be.
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If you are having trouble making your auto loan payments, recent data from the New York Federal Reserve suggests that you are not alone. According to the New York Fed, delinquent auto loans have reached levels not seen in over eight years. Auto loan delinquencies of greater than thirty days or more reached $23.27 billion,
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Changes are coming to your credit report – and this time, those changes may work in your favor. Thanks to some background work by the three major credit bureaus (Experian, Equifax, and TransUnion), public records to be included in credit reports must meet higher standards. That action should result in a boost in credit scores
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Which Is True? The Consumer Financial Protection Bureau (CFPB) is an independent consumer and financial watchdog agency that offers advice to consumers and levies fines against financial institutions engaged in questionable practices. The CFPB is an unchecked, poorly controlled agency that restricts the opportunity of financial institutions to operate within a free market and applies
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