July 6th, 2010
Monday Jumpstart to Personal Finance & Credit Report News
Pessimism on the job front increases as a record 1.21 million people who want to work are giving up the job search out of hopelessness, reports CNN Money. This June figure increased from 793,000 just a year ago. These unemployed Americans are not counted in the current unemployment rate because they haven’t been looking for work in the past four weeks, showing just how bleak employment prospects are in America.
One expert determined that the unemployment rate, now at 9.5%, will hover around 10% through to early 2011. CNN Money adds, “The decline in the unemployment rate is not a reflection of strength, but rather a sign of discouragement among the ranks of the unemployed.”
Don’t let the unfriendly job market keep you down. A healthy financial future starts with empowering yourself, such as reading the following personal finance news and advice in today’s roundup. Good luck on the job front and stay motivated!
July 2nd, 2010
Friday Scoop on Credit Karma & Housing Market News
Happy July 4th weekend! While you’re headed out to barbecues and local fireworks shows, make sure to keep your finances in check too. Kick off the holiday weekend with some Money tips from the Founding Fathers. Here’s smart insight on getting rich quick: “Few men have virtue to withstand the highest bidder,” said George Washington.
July 4th is also prime holiday time to cash in on money-saving offers! MainStreet lists some great 4th of July Deals and Steals you can find at a local store or restaurant near you.
The rest of today’s roundup has great advice and news on the housing market front, especially focused on saving $$ on your mortgage. Happy reading and enjoy this long, leisurely weekend!
June 30th, 2010
Wednesday Trends in Credit Cards & Debt
Think your personal debt mountain is too high to climb? Ford Motor is $34 billion deep in debt, reports the Associated Press, but managed to repay nearly $4 billion through a company restructuring plan and comprehensive debt management. With additional debt reduction strategies, the Detroit automaker hopes to reduce its total debt to $27 million at the end of the first quarter. Think you can cut fifty dollars, or a few hundred, or even thousand dollars out of your own debt? Take a note out of Ford’s book – shoot for high but manageable goals and take sweeping, necessary steps to reach it.
Your fix of credit card news and debt reduction help is just ahead at today’s roundup!
June 28th, 2010
Monday Jumpstart to Personal Finance & Credit Report News
We typically report on the state of the economy or the latest buzz around credit cards to introduce roundups. But today we’re sharing a more personal look.
The Money Crashers blog post, What I Wish I Had Taught My Daughter About Money, shares some fun and thoughtful financial insights that we wish we knew when we were younger, such as Always meet your financial obligations no matter how tough it might be, and, It’s not about whether you have a lot of money or a little, it is about living within your financial means, are a good indication–rather than stock prices and interest rates–of the state of our financial lives.
And my favorite is Treat yourself within reason every once in awhile. Depriving yourself is not healthy.
Today’s roundup is all about changes in your credit score and how to save more money, two big steps towards improving your financial outlook. Happy reading and welcome to the start of your work week!
June 25th, 2010
Friday Scoop On Credit Karma & Housing Market News
Mortgage rates dipped to their lowest point in half a century, reports Yahoo!News. The average mortgage rate for a 30-year fixed loan sank to 4.69% this week, along with record lows for 15-year and 5-year mortgage rates. These are the lowest rates on record since mortgage companies started keeping track of trends in 1971, and are the cheapest rates since the mid-1950s.
It remains to be seen whether these rates will help prop up the housing market. Sales for new homes collapsed in May after the home buyer tax credit expired as most people lack the job security, credit score, and cash to even qualify for a mortgage. Realistically, many prospective home buyers just can’t afford to take advantage of an affordable home market.
For your Friday fix, today’s roundup has great advice for shopping and maintaining your home in rough economic times. Happy reading and have a great weekend!
June 23rd, 2010
Wednesday Trends in Credit Cards & Debt
Consumers won’t be the only ones protected by the sweeping Wall Street reform bill currently making its way through Congress. The final version will include a provision to crack down on so-called “swipe fees”, the interchange fees that networks like Visa and MasterCard charge to retailers for every payment they process, reports CNN Money.
Interchange feees typically cost 1-3% of each debit or credit card transaction, which adds up to billions of dollars that huge networks like Visa and MasterCard make off of small businesses around the country. The new bill, set to hit Obama’s desk by July 4th, will give the Federal Reserve authority to cap swipe fees on debit cards and require that the fees be “reasonable and proportional to the actual cost incurred”.
More credit card news is just ahead on the rest of this roundup, along with debt reduction help for every consumer out there.
June 21st, 2010
Monday Jumpstart to Personal Finance & Credit Report News
Americans’ wealth making a slow, uneven comeback, reports The Dallas Morning News.
Households’ net worth has risen in the past few quarters and is now at about $54.6 trillion– which still has a ways to go to regain pre-recession peak of $65.9 trillion. Household wealth is vital to economic growth because it indicates consumer spending, which accounts for 70 percent of the economy. With tumbling stock quotes, a fragile housing market, high unemployment rates, and tight consumer spending, the economy takes baby steps towards recovery.
Today’s roundup is all about saving money, with extra tips and smart moves towards cutting down all your household bills, plus worthwhile information on your credit score. Happy reading and cheers to the beginning of the week!
June 18th, 2010
Friday Scoop on Credit Karma & Housing Market News
Home buyer tax extended again! But only for a select few of you.
On round 3 of the $8,000 home buyer tax credit, the Senate agreed to extend the closing deadline to September 30, instead of the original June 30 deadline, for buyers who met the April 30 deadline to sign a contract. The amendment is intended to give homebuyers extra time to close on transactions rather than rush through the process in order to hit the June 30 deadline. This will not heavily affect future home sales since it only applies to those who already signed a contract by April 30.
For more housing market news and great tips on mortgages, this Friday roundup has your fix. Happy Friday and have a great weekend!
June 16th, 2010
Wednesday Trends in Credit Cards & Debt
In response to continued public outrage over credit card companies’ exorbitant fees and shady practices, the Federal Reserve adopted new rules this week aimed at further protecting credit card customers.
Additional rules include barring credit card companies from charging a penalty fee of more than $25 for a late payment, banning inactivity fees, requiring companies to re-evaluate interest rates set since January of this year, and more, reports MSNBC. The regulations go into effect August 22nd, and will hopefully close up some loopholes and create fairer fees for cardholders.
For more credit card news and tips, plus debt help, check out today’s roundup!
June 14th, 2010
Monday Jumpstart to Personal Finance & Credit Report News
Retail sales revenue dropped in May as Americans pull back on spending, reports the Associated Press. While this is good news for consumers who are weighed down by debt, a drop in retail sales could also mean slower economic recovery and growth. The 1.2% decrease in sales revenue was the largest drop in eight months. Economists are concerned the economy will not fare well if spending doesn’t pick up, coupled with near double-digit unemployment and rampant anxiety in the stock market.
As consumer spending remains modest and economists fret over whether the bottom is falling out of the economy, check out the following roundup to help you keep your sights on improving your personal finance and fixing your credit. It’s your best insurance in a bad weather economy.
