February 1st, 2010
Monday Jumpstart to Personal Finance & Credit Report News
“Top Ten Funny Money Saving Tips” from Almost Frugal blog shows consumers ways to save money in unexpected ways, such as borrowing toilet paper from work, snacking on food samples at grocery stores, freezing your credit cards, and raiding lost and found bins. Also, catch up on your investments as stocks bouncing back with better-than-expected earnings.
Check out more financial help and credit advice with the following roundup:
January 29th, 2010
Friday Scoop on Credit Karma & Housing Market News
“The Federal Housing Administration said Wednesday that it would raise down-payment requirements, boost its mortgage-insurance premiums, and tighten its loan underwriting practices in a bid to strengthen its capital reserves and remain solvent in the face of rising foreclosures and delinquencies,” reports MarketWatch.
These policy changes by the FHA address the increasing risk in the housing market, and hope to provide more security and stability for both the industry and consumers. Keep up-to-date with home and mortgage news with today’s weekly roundup, as well as some mentions of Credit Karma in the media.
Credit Karma in the News
- The Kansas City Star mentions Credit Karma in, “Kids & Money – free web sites give you credit history, money management tools.”
- Credit Karma contributes interesting information regarding the current credit card climate in the Philly.com post, “Steps you can take to build credit, get a card.”
- WalletPop highlights Credit Karma’s Credit Score Simulator as a useful tool in understanding the new credit reality: scores must be higher to get the best rates.
- Credit Karma’s Credit Score Climate Report is featured in Bankrate’s weekly survey, “National credit card rates.”
- Cute Geek blog names Credit Karma as her Favorite Website of the Week!
Home & Mortagage News
- Existing home sales sink 16.7% reports CNN Money.
- Ever wondered which is right for you, a 15 year versus a 30 year mortgage? Five Cent Nickel helps you figure it out.
- The New York Times provides a guide to the new good faith estimate to help you navigate the new mortgage forms.
- How to calculate mortgage payments for a home, blogs Moolanomy Personal Finance.
- Consumerism Commentary breaks it down: how to claim the new home buyer tax credit on 2009 tax returns.
This Week’s Mortgage Rates
According to Bankrate.com‘s weekly national survey, 30-year fixed mortgage rate fell for the fourth consecutive week to 5.13%. 2010 is off to a good start for mortgage shoppers, as rates have fallen each week in the new year. Despite market jitters due to Obama’s proposal on the separation of trading from banking activity and the Fed potentially wrapping up mortgage bond purchases soon, mortgage rates are moving lower although economic shifts may eventually push mortgage rates high again. Mortgage survey results:
Bankrate’s recent survey results:
- 30-year fixed: 5.13% — down from 5.15% last week (avg points: 0.49)
- 15-year fixed: 4.54% — down from 4.56% last week (avg points: 0.43)
- 5/1 ARM: 4.54% — down from 4.63% last week (avg points: 0.38)
November 18th, 2009
Wednesday Trends in Credit Cards & Debt
If you were hoping that Congress would cap the recent raising of credit card interest rates, don’t hold your breath. Federal efforts to impose stricter limits on credit card interest rates, which have been skyrocketing up to 30 percent in anticipation of the credit card regulations that goes into effect in February, are running into some political speed bumps trying to find support with Democrats and gain majority for approval. Congress’ hands might be tied in protecting consumers, but check out the following round-up for what you as a consumer can do about your credit card and your debt.
Credit Card News
- CNN Money offers tips on how to make money in 2010 with your savings and credit.
- Some enlightening reading for all those who are thinking of ditching the MasterCard or Visa in favor of debit: Credit to debit: should you make the switch?, asks SmartMoney.
- A boost for credit cards from Moolanomy Personal Finance’s blog on why credit cards rule over the inferior debit card.
- New York Times reports, New overdraft rules: what consumers need to know. A short but helpful read especially if you swipe your debit card or go to the ATM frequently.
- Or, if you want to get ahead of the game like Consumer Reports, here’s how to avoid debit-card overdraft fees ahead of Fed’s new rules.
Debt News
- Five Cent Nickel wonders, how much does your debt cost? Figuring out how much it is costing you every month for someone to lend you money might nudge you to pay down debt faster.
- NY Daily News reports that Obama warns the U.S that too much debt could fuel ‘double-dip recession’.
- Can you leverage debt to help improve your credit? Rich Credit Debt Loan explains.
- Get out of debt faster – no more excuses! Debt Free Adventure does the number-crunching to show you how a little repayment can add up to a lot.
- Celebrate with Clever Dude because he is finally free of consumer debt! Find out how he paid down a $113,000 debt load.
November 4th, 2009
Wednesday’s Trends in Credit Cards & Your Debt
Debt is the new four letter word to avoid. Everyone, from Uncle Sam to the average American, is taking action to get out of the red: Bloomberg reports that the U.S Treasury Department is selling a whopping $81 billion of long-term debt next week to steer away from the country’s legal debt limit of $12.1 trillion; and Philly.com reports that Americans have been buying less stuff on credit cards, which helped drop the total U.S credit card debt peak of $975 billion in Fall 2008 to below $900 billion this summer.
Your card balance may not be in the billions, but are you taking steps to take care of your credit and eliminate your debt? This week’s roundup is especially for you to start taking steps to get out of the red too.
Credit Card News
- Thinking about canceling your card? Before you do, read The Wall Street Journal’s article, “Credit cards: break up or make up?“.
- Is it possible to live without credit cards?, FiveCentNickel asks.
- If you are shopping for a credit card, do your homework first with The Boston Globe.
- Reduce Debt Faster shares 3 ways to lower credit card payments.
- Prepaid credit cards gaining favor reports The Salt Lake Tribune.
- Study finds prepaid cards less expensive than debit cards from banks blogs Almost Frugal.
- The BBC looks into what’s in store for the future of credit cards?
- Credit card debt elimination guide @ Clear Choice Credit Cards.
- The Digerati Life looks at how to opt out of interest rate increases.
Debt News
- Cash Money Life asks an important question: Do you know how much interest you are paying each month?
- A fun, alternative approach from Five Cent Nickel: Use weight loss strategies to get out of debt.
- Don’t wait until January to think about budgeting Being Frugal warns!
- Good debt vs bad debt: isn’t it all bad? Your Money Relationship answers the burning question.
- Gather Little By Little recommends using your emergency fund to pay off your debt.
October 16th, 2009
Climate Check on the Economy
A sunnier forecast of our stormy recession
The thought of today’s stagnant economy is enough to make consumers tighten their wallet, throw credit cards in the freezer, and brace for more fiscal hard times as we push through the U.S’s worst recession since the Great Depression. But forget the doomsday reports and take a closer look at the good and bad of the recession headlines right now because an understanding of our economy can help you change your personal economy –how you handle your finances– for the better. Let’s take a look at various segments of the economy that are rebounding.
JOBS
The national unemployment rate has been teetering at the 10% mark for some time now, but its primed for change. The federal government’s near $500 billion stimulus plan is powering up for a new media blitz to promote job growth and policies that the administration says will create 20 million new jobs over the next 10 years. The White House reports that stimulus spending has helped create or save 1 million jobs so far, new jobless claims have dropped to lowest levels since January, and economists say the willingness of companies to begin adding jobs is getting close. While the current unemployment rate is still a dark cloud hovering over Americans, job creation efforts hold the possibility of brighter prospects.
HOUSING MARKET
The mortgage rates dipping below 5% is a promising gauge of a stabilizing housing market. Refinancing has been on the rise, the First-Time Homebuyer Tax Credit has spurred traffic in house sales, and the Federal Reserve’s continued purchases of mortgage-backed securities has been keeping the housing market afloat in spite of foreclosures and dropping home prices. Also, buzz of Congress possibly expanding the $8,000 tax credit to apply to all homebuyers may jumpstart the housing market back to pre-recession activity. “The most fundamental argument for the Credit is that nothing works in the economy if housing is falling – it hurts household wealth and credit becomes tight,” writes CNN Money.
RETAIL SALES
Before you cringe at these numbers, this is actually good news. Retail sales in September were down 1.5%, but that’s better than the expected 2.1% fall economists predicted. Outside of auto sales, which plummeted about 10% after the Cash for Clunkers auto sales incentive expired, retail sales are actually up 0.5%, which is also higher than economists projected. And when consumers spend, everyone profits. Stronger-than-expected gain in retail shows a boost in consumer confidence, which is a great omen for the coming holiday season. More spending is both an effect and a cause of a slow, gradual recovery, and may be reflecting broader progress in other areas of the economy.
STOCK MARKET
Even the average consumer has reason to be excited about the Dow’s highest close in a year. Better-than-expected retail sales and strong earnings from some big-name companies have helped drive climbing index points, and continued upward market trends indicate a strengthening economy on a larger scope. Analysts say that while the 10,000 point threshold isn’t a significant technical milestone, it is “meaningful on a psychological level” and will bring more confidence in buying and selling on the floor. While the ongoing problems in the financial industry and a potential stock market pullback make some economists skeptical, growth on Wall Street is a general precursor for good things to come.
CREDIT DEBT
Trends of decreasing credit debt reflect an overall healthy shift in consumers’ financial lives and more responsible credit use in the economy’s current credit crunch. Better consumer management of debt suggests that consumers will also be better customers in the marketplace by being more creditworthy and thus less at risk of defaulting and throwing the economy into another credit spiral. On top of that, credit scores are on the rise for 39% of consumers. Healthier credit for consumers spells more liquidity in the market, more consumer activity, and a healthier, more productive economy.
FUTURE FORECAST
The coming holiday season may be the clearest temperature check on the state of our economy—it may explode into a spending frenzy or it might be another conservative Christmas for many of us, but there is hope for significant growth in a better-than-expected end to 2009 and a recovering 2010 if spending keeps up. By no means is this a concrete financial analysis of our economy, but step back and look at the bigger picture—economic recovery may not be smooth sailing but at least consumers are beginning to look forward. People are gaining back their appetite to shop as the U.S economy slowly but surely emerges from deep recession. Sure, credit is still tight and rising unemployment could stall a full recovery from recession, but consumer demand is up, markets are stabilizing, and there is more reason to hope that darker times could give way to sunny skies in our economy.
September 4th, 2009
Credit Karma Roundup: Recession-Proof Yourself!
Bloggers, journalists, financial analysts, and your co-workers are all in agreement – the recession is pinching at the pursestrings of every industry and the wallets of everyone. Lucky for you, we’re keeping track of some worthy articles, advice, and analysis on how to survive the recession with your credit intact by cutting back and using credit wisely.
Economy
- GrandForksHerald warns you to beware of credit robo call pitches.
- U.S. Economy: Payroll Losses Slow, Jobless Rate Up; learn more at Bloomberg.com.
- Look out for SmartMoney’s Christmas in September? Sizing Up the Early Deals.
- U.S News reports Americans Downsize Home Improvement Projects: 5 Things to Know.
- Wall Street Journal pops the big question: Is This the End of Free Checking?
Credit Scores
- Wallet Pop asks what is a good credit score and how do you get—or keep—one?
- Consumers’ credit scores can fall when card issuers cut limits explains USA Today.
Credit Cards
- Credit Cards: Friend or Foe? the New York Times blogs.
- Credit.com tells us consumers cutting back on credit use.
- Reuters reports that U.S. credit card satisfaction down amid higher rates: poll.
- SmartMoney explains why card issuers face stricter ‘Loco Parentis’.
- Credit-card minimum payments rising says Tulsa World.
Debt
- Check out MSN Money’s 10 ways to thrive after the recession.
- RisMedia challenges you to take charge: is your credit and debt profile optimized?
- Examiner.com shares ways of reducing your personal consumer debt.
- Students borrow more than ever for college reports the Wall Street Journal.
- MintLife blogs Is Your Debt Making You Sick?
- FiveCentNickel.com talks about Debt Reduction: Penny Wise and Pound Foolish.
Credit Karma
- Learn how to win at the credit scoring game at CNNMoney.
- CNN Travel Companion shares some tips to fight your travel credit card dispute.
- AllanKintz blogs about good things and bad things about credit.
- How to read the new Credit Card Rules @ The Faster Times.
January 4th, 2009
Credit Karma Roundup – Wishing All a Happy New Year!
Happy New Year from Credit Karma! Welcome to the first edition of the year for our weekly roundup. Below you’ll find links on a number of credit and debt articles separated by category for easy perusal. Have a great rest of the weekend!
National Credit and Economic News:
- Wall Street Journal asks So What Do You Have To Do For a Loan?
- CNN Money says Bonds dip as auto industry gets rescue.
- Digerati Life on The Biggest Stock Investment Scam In History: How Does It Affect Us?
- Money Smart Life posts on Dealing with Fear of the Economic Downturn.
Credit Scores:
- Coloradoan says sometimes, price reduction isn’t best choice.
- Arizona Republic writes boosting the credit-scoring system.
- Arch City Homes offers some Steps to Improve Your Credit Score.
- Millionaire Now! posts Managing and Protecting Your Credit.
- Money Under Thirty discusses the Resolution: Improve Your Credit Score.
Credit Cards:
- Houston Chronicle says Interest rates fall for popular credit card types.
- The Consumerist writes How Universities And Credit Card Companies Make Money Off Of Students.
- They cancelled my credit card says Christian PF.
Debt:
- Blogging Away Debt posts My Thoughts on Debt.
- World Socialist Web Site looks at The World Economic Crisis: A Marxist Analysis.
- Realms of Prosperity looks at Investing Now vs. Removing Debt.
- Blogging Stocks asks Will your credit card company forgive 70% of what you owe?
- Savvy Frugality says Build Your Own Bailout!
- Frugal Dad asks Would You Sell All Material Possessions For Debt Freedom?
News and Carnivals Featuring Credit Karma:
- Living Debt Free posted Check Your Credit Score for Free at CreditKarma.com.
- Kim Komando mentions CK in sites help you get your finances in order.
- Mentioned in Uncrunch America with Change.org at Lazy Man and Money.
Photo Credits: 1
December 7th, 2008
Credit Karma Roundup: The Holiday Season is Here
Hello and welcome to the first roundup of December. Who has their Christmas tree and lights up already? Or all their Hanukkah decorations out? We at Credit Karma hope that your holiday season is a bright one this year.
National Credit and Economic News:
- The San Francisco Chronicle says you can qualify for mortgage, it’s just tougher.
- Forbes on the Motown Rebound.
- The Wall Street Journal writes Markets in a Holding Pattern.
- CNN Money says credit crunch burning solar industry.
- Business Week presents Top CEOs on the Recession.
- FT posts Democrats fail to gain Senate super-majority.
- Seeking Alpha writes Oil Won’t Drop Forever.
Credit Scores:
- The Examiner looks into Holiday shopping and your credit score.
- The Dough Roller presents 7 Unexpected Ways Your Credit Score Affects Your Finances
- Credit Bloggers asks How will taking on an extra $7,000 in debt hurt my credit score?
- Huntsville on How Credit Score Affect Mortgage Loans
- Credit Card News posts Maintain the Best Rates and Credit Scores.
Credit Cards:
- Bible Money Matters writes When Canceling A Credit Card, Be Ready For The Emotional Appeals To Stay.
- Atlantic Journal Constitution says credit card companies quick to raise rates, fees.
- Christian Personal Finance blogs Another thing I didn’t know about credit cards
- Poorer Than You presents Five Tricks I Used to Pay Off My Credit Card.
- Budgets Are Sexy says It’s all about the Credit Cards baby! 4 Steps to Success.
Debt:
- Smarter Wallet writes Got Debt Over The Holidays? How To Eliminate Debt Quickly.
- American Consumer News says Diamonds Are Forever – Well, So Is Debt.
- Debt Free Destiny on Debt Settlement vs Debt Consolidation.
- Gather Little by Little asks When is something too expensive?
News about Credit Karma:
- Blueprint for Financial Prosperity publishes Free FICO Credit Score Estimates.
Photo Credits: 1
November 23rd, 2008
Credit Karma Weekly Roundup
Welcome to the latest in Credit Karma’s weekly roundup. We have a lot of interesting articles for you today under the usual categories of interest. Take a few minutes and sit back with some of our weekend reading material.
National Credit News:
- American Banker writes Citi Forecasts Growth in Loan Losses
- Forbes on The Next Economic Shoe To Drop.
- Wall Street Journal says Big Three CEOs Plead for Aid.
- CNN Money announces Consumer prices in record decline.
Credit Scores:
- The Sun News warns Keep watch on credit reports.
- Baltimore Sun writes Know before you borrow.
- She got the car, he got the bad credit score says LA Times.
- Improving your credit score is very important posts Bradenton Herald.
- CNBC publishes The ‘Parallel Universe’ of Credit Scores.
- Channel 2, WCBSTV, gives this Consumer Report: Improve Your Credit Score.
Credit Cards:
- Chase Bank Offers to Lower Auto Payments by $44 writes NetBanker.
- Credit Card Blog announces Visa Testing New Feature To Combat Credit Card Fraud.
- Blueprint for Financial Prosperity says Notify Credit Cards of International Travel.
- Credit Cards: Transfer Your Balance information given by Young Money.
Debt:
- Seeking Alpha asks Isn’t Deflation a Good Thing?
- NY Times writes Convertible Debt Is Hanging Heavy.
- The Happy Rock posts the Fundamental Problem With Debt Consolidation.
- Think Your Way to Wealth blogs Going from Debt to Wealth- A Closer Look at Dave Ramsey’s 7 Baby Steps Plan.
- 6 Tips for Reducing Your Debt posted by Debt Aim.
News about Credit Karma:
- Bloomberg writes Credit Scores More Important Than Ever for Best U.S. Loan Rates.
- Digerati Life recommended our blog in the post On Savings Account Strategies, Weight Loss and Healthy Recipes!
- My Credit Is Ahead of the Curve says Miahz.
Photo Credits: 1
November 16th, 2008
Roundup: The Economy and Holiday Shopping
Another edition of Credit Karma’s roundup is ready for reading. Below you’ll find links to blog and news articles on the economy, credit scores, credit cards, debt, and Credit Karma. Thrown in are some links for Holiday shopping for those looking to navigate this season’s financial waters.
National Credit News:
- Credit crunch? Your intrepid correspondent tests the waters at the Atlantic.
- CIT Applies for Bank Holding Status announces American Banker.
- Wal-Mart Tightens Its Belt writes Forbes.
- Wall Street says Growth Not Likely Until Mid-2009.
- Why GM can’t survive bankruptcy by CNN Money.
Credit Scores:
- Learn more Credit facts and fallacies over the Examiner.
- The LA Times asks does paying old debts help credit score?
- It Pays to Keep Your Credit Clean says the Wall Street Journal.
- USNews offers these Five Ways to Make Sure You Qualify for New Car Financing
- Credit Favors looks at Controlling Your Credit Score.
- Forbes discusses Shopping Without Credit.
- Smart Money Wallet blogs Going Shopping? Avoid The Layaway Plan!
Credit Cards:
- Ask Mr. Credit Card posts Negotiating With Your Credit Card Company.
- Money Review AU asks Credit Card or a Loan?
- The Happy Rock blogs about Getting A Credit Card Late Fee Removed.
- Extreme Personal Finance provides Balance Transfer Credit Cards – An Overview.
Debt:
- Money Roots writes about the Benefits of Using Debt Consolidation Calculators.
- IRS Tax Debt: IRS Tax Debt Will Make the Phone Ring Off the Hook! says IRS Hitman.
- Banks Want To Forgive Credit Card Debt — But The Government Says No blogs the Consumerist.
- Here are 6 tips for a debt free Christmas by Christian PF.
News about Credit Karma:
- The Best Blogs mentions us in It’s Holiday Hurting Season for Retailers.
- Narrow Bridge Adventures offers up these tools in Your Personal Finance Arsenal
- 5 Cent Nickel posts Free Credit Scores from Credit Karma
- Freaking Fees provides Four Tips to Save Money on FICO Credit Scores
- Rich Credit Debt Loan links to Credit Karma in Resisting Panic: A Quick Guide to Surviving The Credit Crunch.
- The Wallet (WS Journal) gives us a shout in Why You Might Actually Want a Retail Credit Card
Photo Credits: TIO…
