List/Grid Tag Archives: Financial News

The Crazy Credit Catch-22

Remember Catch-22 and that “damned if you do, damned if you don’t” mentality? Well that is exactly how credit works these days. If you are responsible, pay off all your debts on time and live a relatively debt-free, all cash life, you can be penalized by mortgage companies when you want to purchase a home. or penalized by credit card companies if you want to get a credit card. This happens even if you are financially responsible and living completely within your means. Side note: If you are looking to increase your credit score, you can ...
Read more »

Unemployment and Politics

The unemployment extension package finally passed Congress but without any help from the Republicans who have stated that the unemployed are “spoiled”, have a disincentive to work, don’t want the jobs that are available, are “hobo’s”, and who will just take their unemployment benefits and “blow it on drugs”. Republican Sharron Angle, running for Senate in Nevada: “We have put in so much entitlement into our government that we really have spoiled our citizenry and said, you don’t want the jobs that are available.” Sen. ...
Read more »

Homeownership Myths For 2010

Times have changed on the homeowner’s front. The myths of homeownership that were probably always around to at least an extent are now something you should really take into consideration. Myth #1-A home will always appreciate. “Buy land. They ain’t making any more of the stuff” Will RogersCan’t argue with Will’s logic there but as we all know by now the price of homes will not continuously go up. And sometimes the prices come down, dramatically, as we have seen in recent times. Your home may or may not be a good investment but the fact ...
Read more »

One Page Mortgage Disclosure

If you have ever purchased a home with a mortgage, you will remember the stacks upon stacks of papers you needed to sign, bothe during the loan application and the closing, all the while supposedly knowing everything each paper said, even while there was not time to read them. Well now, Elizabeth Warren, the woman tapped by the President to create the Consumer Financial Protection Bureau, has stated that one of the first orders of business for the new Consumer Financial Protection Bureau is the create a one-page disclosure form for all home buyers. ...
Read more »

Mortgage Delinquencies Decline

The mortgages that are at least 30 days late decreased more last month than it has in over a year. Delinquencies in February 2011 were down 1.2 percent from January 2011 and 18.4 percent from last year at this same time. But the foreclosure inventories are still quite high and significantly higher than last year at this time. Right now there are approximately 2,196,000 foreclosures in the market and there is a total of 6.865,000 that are 30 delinquent or already in the foreclosure process. The states with the highest numbers of foreclosures ...
Read more »

Consumers Cutting Back On Credit Cards

According to a new study from the credit bureau, TransUnion, there are as many as eight million credit card accounts that are deemed “incactive” today. The inactive accounts are believed to have contributed to the 24.6% decrease in U.S. Credit card delinquency rates. The majority of the inactive cards were in the “high risk” category but consumers in every category have been cutting back and using credit cards less. Cash and debit card use has increased while the use of credit cards has declined contributing to softer profits for the credit ...
Read more »

CARD Act Deemed A Success

It’s been a full year since the complete implementation of the CARD act and so far it looks as if it has been a success. Even though the past year has brought on tighter credit availability and a rise in interest rates these have been attributed to economic downturns and not the CARD act. The CARD act has significantly increased the transparency of the credit card industry and has been a boon for consumers as they have been able to be more informed. It has essentially eliminated many of the nasty surprises of credit cards in the past such ...
Read more »

Double Dip In The Housing Market

Housing prices in many cities across the nation are at their lowest level in years. And while everybody has a theory as to why and the comments on the Internet have people blaming the banks, the homeowners, the legislature, the government, the truth probably lies somewhere in the middle. The fact is that is will most likely get much worse before it gets better. It is inevitable as there is an estimated 5 million mortgages right now that are at least 2 months in arrears. And there is also a huge inventory of foreclosures now that are already in ...
Read more »

Top of Page

Copyright © 2009 to 2017 by 724Credit. All rights reserved.