Good credit is hard to find. A new report from credit reporting agency FICO says that one in four Americans have subprime credit. As reported on by the AP, 43 million Americans have a credit score below 600. While the number spiked some in the early parts of the recent recession, these new numbers are [...]
On July 16, the United States Senate passed the financial reform that makes some big changes in how banks and financial firms do business. On the heels of the Credit Card Act, it’s another shake-up for the groups that are tied closely to the economy, especially after the financial bankruptcy filings of recent years shook [...]
Americans are carrying less credit card debt, although it may not always be by choice, and many are still filing Chapter 7 bankruptcy. The Federal Reserve figures on revolving debt, such as credit cards, fell a steep 10.5 percent or about $7.32 billion. Non-revolving debt, like educational loans or automobile loans, fell 1.4 percent or [...]
Picture this scenario: You found a lawyer, filed for Chapter 7 bankruptcy, met all the requirements and now your debts are clear. Now that you have a fresh financial start, you can go about the process of rebuilding your finances, including improving your credit score. While a Chapter 7 bankruptcy filing will appear on your [...]
The average American consumer owns four credit cards. One in seven people own ten or more credit cards. The cry of the masses seems to be “Charge it!” But after charging it over and over, what do you do with the credit card debt? Not to worry. You too can lower your credit card debt, [...]
When was the last time you checked your interest rate? It may have gone up without your notice, or maybe it was high to begin with. Have you considered trying to renegotiate that high interest rate? According to a recent study done by a BankRate, 57 percent of people who just called to ask their [...]
With commencement season in the rearview mirror, thousands of college graduates are on the path to financial independence. This new freedom poses several challenges, particularly in the world of credit. Often, these graduates find themselves in charge – pun sheepishly intended – of their first credit card. To help guide first time credit card users, [...]
“Do you want to save 20% on your purchase today by opening an account with our store?” Most people freeze upon hearing that question. On one hand, the average person’s wallet is full of different kinds of cards, and the prospect of adding more weight – and more debt – is a daunting one. On [...]
This week saw lots of good tips for those of us looking to hang onto our money in a high-tech world. Here’s a look at some highlights. Keep Credit Private When Shopping Online Online venues for selling used stuff can be a great way to make money off of what you no longer want or [...]
It’s the source of several catchy commercial songs and the source of frustration and confusion for many. Your credit score significantly affects the interest rate you receive on your mortgage and car loan, but how does it really work? The Wall Street Journal sums it up quickly: “Your credit report is a summary of your [...]
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