The deep recession may be steadily winding down, but the banking industry still faces financial challenges that should generate further changes in 2010 and beyond. The effects of the collapse of the real estate and mortgage market causes long-term problems for the entire banking industry.
Jun
20
Jun
18
In the last article I gave you some tips on how to use your credit cards in a smart way. These tips covered education and interest rates. Now I will write about late fees. Credit card late fees can vary from fifteen dollars to as high as thirty nine dollars. And as if this weren’t enough, if you are late on a payment, most credit card companies will raise your interest rate on top of your late fee. Experts tell us that nearly a third of credit card business revenue comes from late fees. But want to know a secret? Most credit card companies will waive your late fees if you call and ask them to.
If you are aware that you might be late on a bill, call in advance and request a grace period. A
Jun
18
College and university graduates this year face a difficult job market, and their mortarboards come with a heavy debt burden, Freedom Debt Relief vice president Kevin Gallegos said this week, making it more important than ever that grads know how to handle their debt. Two-thirds of students graduated with some educational debt in 2008, with an average debt of more than $23,000. With average cumulative educational debt increasing by 5.6 percent a year, that total is likely almost $26,000 this year.
Jun
15
Your financial crisis might lead you in a situation where you might face a major cash crunch. So, if you are looking for fast cash source to meet your sudden expenses on time, the dependable as well as viable way out for your financial trouble can be hassle-free payday loans. This financial arrangement might offer you instant financial help without taking into account your credit situation and occupancy type. Payday loans allocate fast cash to the borrowers who are in dire need to meet with their crisis well in time. Hassle-free payday loans are the best source of getting short term cash loans without going through any difficulty.
Jun
15
One and one half million families in 2007 and a projected two and one half million families in 2008 are facing the problem of foreclosure because they are caught in a subprime mortgage that they were granted in spite of the fact that they had bad credit.
Easy credit seemed like the perfect solution at this time, especially when there was no down payment necessary and the initial rates were pretty attractive tickler rates.
Now that home prices are falling, and the reset rate on these adjustable rate mortgages are rising, many of these homeowners are facing real problems.
Some of these loans could have rates approaching 10%, which translates to over $2,000 on even a modest mortgage of $200,000.
Jun
15
A retirement organisation has welcomed the latest announcements by the government on pensions, although it has called for more flexibility in the area.
Pensions secretary Iain Duncan Smith recently announced that he is looking into phasing out the current retirement age so that individuals can save up the money they need once they do stop working.
Just Retirement has welcomed the development, although it has also suggested that more action needs to be taken to enable people to be more flexible with their pensions.
David Cooper, marketing and distribution director at Just Retirement, said that the pensions system should reflect the needs of the population.
He added: “The ability to reflect a change in health with an increased income will come at a time when those concerned are likely to be facing new and significant costs.
“Any review of pensions should take this into account in order to ensure individuals are able to meet their needs in retirement.”
An independent policy advisor recently suggested that the basic state pension needs to be lifted further as it is still among the lowest in the developed world. Full Article…