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Mortgage Rates Hit New Low; Buyers Reluctant

June 29, 2010

Mortgage rates for 30 year fixed rate mortgage (FRM) loans have reached their lowest levels since the 1950’s. So where is the glut of buyers rushing to take advantage of these rock-bottom mortgage rates?  Although it seems logical that consumers would be applying for mortgage loans in droves, this isn’t the case. Here’s why.
Mortgage Loans: Economic [...]

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3 Benefits Of Credit Card Debt Consolidation

June 22, 2010

If you have multiple credit cards, you may need to consider a credit card debt consolidation loan. Credit card debt consolidation loans have 3 possible benefits: 1) you may pay off your debt faster, 2) you can start saving on interest, and 3) repayment is often more convenient.
Pay Off Debt Faster
A credit card debt consolidation loan may [...]

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Arrests for Mortgage Fraud Highlight Need for Caution

June 18, 2010

An incredible 485 recent arrests resulting from a federal mortgage fraud investigation emphasize the need for consumers to be vigilant when shopping for home loans and refinance mortgages. Mortgage fraud carries multiple risks including identity theft, loss of deposits, and potential implication in criminal activity. Here are some tips for detecting and avoiding mortgage fraud:

Don’t sign blank [...]

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Average Credit Card Debt Costs 16.81%

June 17, 2010

Why Interest Rates On Credit Cards Hit A Record High
The most recent credit card debt statistics show that the average interest rate on credit cards have hit a record high at 16.81%. There are three main reasons for this spike in rates: the Credit Card Act of 2009, which limited how quickly credit card companies [...]

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Mortgage Loans: You Can’t Buy a Home without Income

June 14, 2010

Would-be home buyers and homeowners seeking refinancing are facing a cruel irony. With mortgage rates near all time lows and home prices in many areas depressed, this could be a great time to buy a home. But with unemployment remaining high, and ongoing fears about layoffs and salary reductions, it may not be the ideal [...]

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US Debt To Be 102% Of GDP

June 9, 2010

What The Current US Debt Means To Employment
Many economists say that if the US carries a debt load of greater than 90% of GDP, it hurts employment numbers because it is a drag on the economy. This year, the US debt will reach 93% of GDP. By 2015, the US debt is projected to reach [...]

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Mortgage Down Payment Unaffordable for Many: Survey

June 5, 2010

In a blog for Forbes magazine, Gail Cunningham cites a recent poll conducted by the National Foundation for Credit Counseling (NFCC,) which yields disturbing news for US housing markets and would-be homeowners. 49% of poll participants stated that they couldn’t save enough for a down payment on a home. Although far from scientific, this poll [...]

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3 Ways To Prioritize Your Goals For Saving And Debt Relief

June 2, 2010

It’s easy to feel like you are behind the 8 ball of your financial goals. You may be thinking, “I need to pay off debt, save an emergency fund, put as much away as I can for retirement, and still have a life.” You can’t achieve all of these goals at once. Realistically, saving and debt relief [...]

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