Tuesday, July 31, 2012

USAA best credit card issuer - worse SunTrust

As promised, the Consumer Financial Protection Bureau published its live database of credit card complaints registered with the bureau's toll free hotline and website. The raw data includes the name of the issuer, the broad topic for each complaint, and a flag indicating whether the credit card company resolved the complaint.

Monday, July 30, 2012

Ways to borrow money!

Borrowing money is always a last resort, but for anyone who's been in a pinch between paychecks, sometimes it's a necessary evil. But who or where you choose to borrow from can take your predicament from a temporary dollar dilemma to a long-term financial nightmare.

Friday, July 27, 2012

Credit card interest rates rise steady!

The national average annual percentage rate (APR) on new card offers climbed to 14.97 percent Wednesday -- the highest it's been since March. This is just the fourth time this year that average interest rates have spiked.

Changes by Chase and Capital One spurred the jump in rates. Chase raised the APR on two of its business credit cards -- the Chase Business Ink card and the Chase Ink Cash card. Both cards previously featured a flat APR of 10.24 percent. Applicants are now offered a 13.24 percent interest rate, which is a full 3 percentage points higher.

Wednesday, July 25, 2012

People are keeping debt levels down, number of consumer bankruptcy filings plunged by 14 percent.

Tighter credit in years past means fewer need debts discharged today

The tightening of consumer credit during the economic downturn may be paying off now, as the number of consumer bankruptcy filings plunged by 14 percent during the first half of the year, continuing the steep decline that began last year.

Tuesday, July 24, 2012

The euro slipped to a two-year low against the dollar.

NEW YORK - The euro slipped to a two-year low against the dollar and a near 12-year trough against the yen on Monday over fears that Spain may need a bailout.

Taxes must be paid...

HM Treasury has outlined Government proposals to crack down on “contrived and aggressive” tax avoidance schemes.

Plans include increasing the pressure on advisers who market “abusive” schemes while making it easier for taxpayers to identify such schemes.

Monday, July 23, 2012

After the scandal a further seven banks UK have had agreed to pay compensation customers

LONDON (Reuters) - Britain's financial regulator said a further seven banks have agreed to compensate customers they misled about interest rate hedging products and review their sales practices.

Friday, July 20, 2012

Payments Strategy Board created to reform Payments industry

The Government has published a consultation on the future regulation and governance of the UK payments industry.

According to Financial Secretary to the Treasury, Mark Hoban, the industry has not always responded effectively to the needs of consumers, most notably over plans to abolish cheques, so reform is needed.

Thursday, July 19, 2012

Capital One should return to customers about $150 million

More than 2 million Capital One credit card customers will get refunds totaling $150 million as part of a settlement reached with federal banking and consumer protection regulators. The bank also must pay $60 million in penalties for deceptive marketing and billing practices, according to the agreement announced Wednesday.

Tuesday, July 17, 2012

Payments by credit card prevails over cash

Consumers could expect to see more chances to save money by paying cash for merchandise, following a landmark settlement reached between credit card companies and retailers.

Monday, July 16, 2012

Business credit and personal cards issuers looking at the same time

Just because you keep your work and home finances separate doesn't mean your credit cards do.

For many small businesses, a business credit card is an important way to separate work purchases from personal ones for tracking, accounting and tax purposes. While there are many ways card issuers can check the financial health of a business -- from annual business income to commercial credit scores -- issuers typically take a peek into your personal credit when you apply for a business card. Business card issuers "ask for a Social Security number, which gives them the opportunity to check an individual's credit before issuing a card," says Linda Sherry, director of national priorities for Consumer Action.

Friday, July 13, 2012

Pay by credit card in different time zones!

Legal changes have standardized the bills from credit card companies, but there's still one area in which card issuers have different policies: the time of day that your payment is due.

It might sound like a trifling issue -- what difference do a few minutes or hours make? However, consumers nowadays are more likely to use multiple credit cards, and advances in technology have allowed people to schedule bill payments online with more precision. Experts believe more people are probably holding off paying until the actual day the payment is due.

Thursday, July 12, 2012

FICO did new mortgage consumer credit score!

A new FICO mortgage credit score unveiled Tuesday casts a wider net to capture consumer behavior not previously considered in whether to grant a home loan. The agency says it will make more people eligible for a mortgage, but critics say that wider net may pull in new inaccuracies and create additional privacy concerns.

Wednesday, July 11, 2012

Payday cash advance loans Fast Money in bad Times

Quick payday loans are classified as the small scale loans which are used to fund the unexpected emergencies. Many of us need some extra cash before our pay day to bridge the gap till we get out next pay check.

Tuesday, July 10, 2012

Payday Loans Fast !

Payday loans are typically small, short-term loans (usually two weeks, or until payday) provided by cash advance stores, with one-time fees attached -- generally $15 to $25 per $100 borrowed. Nearly unknown 15 years ago, payday loan stores now in some place outnumber fast food franchises.

Monday, July 9, 2012

7 small steps to improving credit card history!

Does improving your credit score seem daunting? It doesn't have to be. Taking a few small steps now can mean the difference between a 550 and a 780. Follow these tips to see your score improve.

Friday, July 6, 2012

Barclays the euro salvage plan, the real tragedy of the scandal is the apparent lack of ethics!

You might have missed the latest bank scandal, the one involving Barclays (BCS), in the hubbub of the U.S. health-care ruling and the euro salvage plan. If so, here’s what you need to know: On June 27, Barclays, the U.K.’s second-largest bank by assets, admitted that it deliberately reported artificial borrowing costs from 2005 to 2009. The false reports were used to set a benchmark rate, the London interbank offered rate, or Libor, which affects the value of trillions of dollars of derivatives contracts, mortgages, and consumer loans. The bank agreed to pay a hefty $455 million to settle charges with U.S. and U.K. regulators, and on July 2, Chairman Marcus Agius resigned.

Thursday, July 5, 2012

Home Loan Mortgage Refinancing vs Home Equity Loan?

 If you are considering borrowing against your home's equity, then you have two main options. One option is to do a cash-out refinance of your current mortgage. The other options is to take out a second mortgage, either a Home Equity Loan (HEL) or a Home Equity Line of Credit (HELOC).  Depending on your particular situation, one option may be better for you than the other.

Small-business owners now see bank loans as their primary option

Small-business owners seeking funding now see bank loans as their first option, not business credit cards, says a June 2012 Pepperdine University study, reversing the findings of the same survey in 2011, when credit cards were seen as the business owners' first choice for loans. Business owners turn to bank loans, not business cards, for financing

Wednesday, July 4, 2012

Mortgage Rates To Hold All-Time Lows Ahead

Mortgage Rates were roughly unchanged today, essentially fighting broader bond market weakness in order to remain in all-time low territory.  With an early close for markets today and the Independence Day holiday, it wouldn't have been abnormal for lenders to be a bit more conservative in terms of pricing.  Indeed some lenders were weaker today, but only slightly.  On average, things remained right where they were yesterday with 30yr Fixed Best-Execution firmly into 3.625% territory and some lenders in 3.5% territory.

Tuesday, July 3, 2012

Barclays (BCS) Chairman Marcus Agius resigned in the latest attempt to limit the damage!

Barclays (BCS) Chairman Marcus Agius resigned today in the latest attempt to limit the damage rocking the bank since it agreed to a record $455 million settlement last week. As part of the settlement with British and U.S. regulators, Barclays admitted to manipulating a key interest rate that underpins $350 trillion worth of car loans, mortgages, and other debt.

Monday, July 2, 2012

Mortgage Rates To NEW All-Time Lows

Mortgage Rates moved slightly lower today but it was enough to officially hit new all-time lows.  Some perspective is in order though.  Certain lenders' rates are unchanged on the day, and some are even slightly higher, but the average moved lower.