September 18th, 2014

Apple Unveils New Mobile Payment System

Apple Unveils New Mobile Payment System

Along with their standard array of new products, Apple recently revealed a new payment system that has the potential to change the way you shop.

Apple Pay is a mobile payment system developed to allow iPhone (or Apple Watch) users to pay entirely with their Apple device. Apple suggests that their new system will let customers make purchases both more efficiently and more securely.

Apple Pay will be available on the new iPhone 6, iPhone 6 Plus and Apple Watch only. The service is set to go live in October.

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September 16th, 2014

Credit Card Delinquencies Hit Lowest Level in Seven Years

Credit Card Delinquencies Hit Lowest Level in Seven Years

More good news about credit card delinquency rates has arrived. The latest TransUnion Industry Insights Report found that the rate of credit card payments that were 90 days overdue or more dropped nearly 9 percent in the last year, from 1.27 percent to 1.16 percent of total payments.

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September 12th, 2014

Consumer Confidence Is on the Rise in the U.S.

Consumer Confidence is Rising

According to the Conference Board Consumer Confidence Index, consumer confidence improved for the fourth straight month in August. The new confidence total is the highest the monthly index has found since October 2007, indicating a growth in positive financial sentiment across the United States.

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September 9th, 2014

Raising a Child Now Costs $245,000

Raising a Child Now Costs $245,000

It’s no surprise that raising a kid is expensive, but just how expensive is it? According to the U.S. Department of Agriculture, raising a child born in 2013 until they turn 18 will cost about $245,000 on average. The good news is that this is only a 1.8 percent increase from 2012, which makes it the smallest increase since 2009.

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September 4th, 2014

Federal Reserve Shows New Auto Loans at an Eight-Year High

Federal Reserve Shows New Auto Loans at an Eight-Year High

According to the Federal Reserve Bank of New York, Americans added $101 billion dollars in new auto loans in Q2, the biggest quarter of new growth in almost eight years.

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September 3rd, 2014

Auto Loan Provider Accused of Giving Incorrect Information to Credit Bureaus

Auto Loan Provider Accused of Giving Incorrect Information to Credit Bureaus

The CFPB recently reached a settlement with First Investors, an auto lender, which will pay a $2.75 million fine for illegal credit reporting practices. According to the CFPB, First Investors violated the Fair Credit Reporting Act by knowingly providing incorrect information about their borrowers to credit bureaus.

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August 29th, 2014

New York Charges Payday Companies for Breaking Interest Rate Laws

New York Payday Loans

Earlier this month, Manhattan District Attorney Cyrus R. Vance, Jr. brought charges against a Tennessee-based businessman and the 12 companies he allegedly created to offer payday loans to New Yorkers at illegally high rates.

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August 26th, 2014

Americans Are Feeling Pessimistic About Our Economic Future

Americans Are Feeling Pessimistic About Our Economic Future

More Americans than ever are unsure that life will be better for their children’s generation than it is for theirs, according to a new poll conducted by the Wall Street Journal with NBC News.

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August 25th, 2014

Student Loan Debt Negatively Affects Quality of Life

Student Loans Quality of Life

According to a recent Gallup poll, students with $50,000 or more in student debt fall short of those with no debt in three key areas of well-being: financial security, physical health and sense of purpose. The study surveyed more than 11,000 people who graduated from college between 1990 and 2014 to ask whether they felt they had purpose to their lives, supportive relationships, financial security, a sense of community and physical health.

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August 22nd, 2014

U.S. Department of Education Proposes Changes to PLUS Loan Program

PLUS Loans

The U.S. Department of Education recently proposed changes to the PLUS loan program that would relax credit standards for potential borrowers.

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