October 13th, 2011

The Volcker Rule: What the heck is it?

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Banks have been gambling with your money, but a new piece of legislation is trying to stop them.

It’s called the Volcker Rule, named for economist and former U.S. Federal Reserve Chairman Paul Volcker. The rule, which is part of the Dodd-Frank Wall Street Reform and Consumer Protection Act, restricts banks from making certain investments that do not benefit their customers, also known as speculative investments.

Many economists, especially Volcker himself, argue that these speculative investments, which include risky mortgage-backed securities, helped fuel the credit crisis of 2008. After being appointed as the chair of the President’s Economic Advisory Board in February 2009, Volcker began working with the board to advise the administration on economic recovery concerns. The Volcker Rule is a part of that work.

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August 18th, 2011

Community Karma: Weathering a Financial Storm

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If anybody knows how to weather the storms of financial crisis, it’s Amy Gatliff.

When she was young, her family lived on a school bus while her father built the family home. When the home was livable, they moved in. The house lacked indoor plumbing, so the family had to get creative. “When it came time for a bath, we kids would stand on the side porch steps in our underclothes for Mom to wash us down,” Amy describes.

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August 4th, 2011

Community Karma: Brandiann Bounces Back

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How do you bounce back from a foreclosure and bankruptcy?

That’s what we asked Brandiann Portillo, a 27-year-old stay at home mom. She’s come a long way, and shared her story with Credit Karma.

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March 15th, 2011

Foreclosure and Bankruptcy: What’s a Struggling Homeowner to do?

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When you’re in dire straits with a home foreclosure notification in hand and no means to pay your mortgage, you might have another way out, MSNBC reports.

Filing for bankruptcy may allow you to keep your home if the court can work out a payment plan with the lenders. But does that mean bankruptcy is best for you?

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June 2nd, 2010

Dear Credit Karma… Fixing Credit After Bankruptcy

Dear Credit Karma, How do I start improving my credit health after filing Chapter 7 bankruptcy? Bankruptcy will deal a devastating blow to your credit and credit score, but rest assured, improving your credit health and lifting your finances out of the red can start right away.

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September 30th, 2009

Buying and Bailing

There is a new trend developing due to the sagging housing economy where a homeowner who is underwater with their home, acquires a new bargain priced home and then walks away from the overvalued property. This practice, known as “Buying and Bailing,” has been a hot topic for homeowners looking for an escape route from […]

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July 21st, 2009

HelpWithMyCredit.org – good for me or good for the banks?

The same financial institutions whose rising credit card interest rates and fees heap debt upon debt on cardholders are now extending an olive branch with HelpWithMyCredit.org. But can consumers trust this helping hand, or are consumers just fooling themselves with more of the credit card companies’ tricks of the trade? The Good A coalition of […]

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December 18th, 2008

Ten Ways to Handle Financial Emergencies

For most people, the thing that launches them into credit trouble in the first place is an unexpected financial emergency. Individuals who pay their bills on time, people who use credit cards wisely and people who always keep up with their mortgages can suddenly be thrown into a complete financial crisis when a surprise strikes […]

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December 9th, 2008

How Does Bankruptcy Affect Your Credit?

The worst negative record that you can possibly have on your credit report is a bankruptcy. The impact that a bankruptcy has can last for many years, as this negative mark on your credit report can last for as long as a decade. You may not be able to get approved for credit or a […]

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