economic news

Real Estate Recovery Being Held Hostage By Credit Scores

September 28, 2010

Nearly a third of all Americans are unable to secure a mortgage in these challenging times. According to the real estate website, Zillow, people with credit scores below 620 were unable to secure mortgage financing even when they had a solid source of income and offered a down payment of 15-25%. According to myFICO.com as [...]

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Spending Up But Debt Down

August 31, 2010

Credit card spending is up this year over the same time as 2009 indicating a bit more confidence from consumers; however, credit card debt has dropped to the lowest level in eight years. The last time spending was up was the third quarter of 2008 right before the financial meltdown hit the most people. Read [...]

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Economic Tweets Worth Mentioning

August 20, 2010

Funny and insightful tweets about the economy, credit cards and more. Enjoy! From Sherrill3773, SybilBillings, Maryjo8019 and many, many more…. · Blaming Obama for the economy is like blaming your hangover on the guy making breakfast. From FoxTrot1984 · New FN poll shows majority of Americans think Obama should stop blaming Bush on the economy [...]

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Not The Kind Of Double Dip That You Want

August 17, 2010

Not like a double dip ice cream cone on a hot summer day, no the kind of double dip that some economists say is on the horizon is much more ominous. Some economists are now predicting a double dip recession, meaning that just when you thought it was getting better, it is going to get [...]

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The Credit Card Companies Can Still Get You

August 13, 2010

The CARD act has improved things. No longer can your rate be randomly increased without advance notice. And there are a few other things that have been improved. But as we have reported before the credit card companies are doing whatever they can to maintain their dwindling profits. And dwindling they are since they can [...]

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How Would You Fix The Economy?

August 12, 2010

There seems to be some huge political disagreements about how to handle the current recession. Do we stop spending all together in order to halt the growing national debts? After all, who’s gonna pay in the future? Are we mortgaging our kids future?? Or do we put some money back out into the economy, thereby [...]

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Bringing Back The Past With Lay-away Plans

August 11, 2010

Back in the day, shoppers used to use special plans at the stores in order to purchase things like back-to-school items and Christmas presents. It was called a “lay-a-way” system or a “Christmas Club” program. The merchandise would remain at the store and the consumer would make payments on them until they were paid off [...]

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Debt Reduction In America

August 10, 2010

Overall consumer debt not tied to real estate has seen a steady decline for the past 21 months in a row. American’s are reducing their debt consistently in response to the sluggish economy and the weaker labor market. Credit card balances are now at their lowest level since late 2005 as per the Federal Reserve’s [...]

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Small Business Loan Setback

August 9, 2010

At least part of the problem with the current recession is the fact that right now it is next to impossible for small businesses to borrow money. And many small businesses are ready, able and willing to expand, if they just had the money to help them get started. If small businesses were able to [...]

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And Lower And Lower And Lower They Go

August 4, 2010

Mortgage rates that is…last week it was reported that mortgage rates fell to an all-time low of 4.54%. 15 year rates are also at a record low of 4%. But it doesn’t appear that the housing market is rebounding as of yet. The problems seem to be a glut of inventory, too many houses for [...]

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