Archive for the ‘Fiscal Cliff’ Category

Subprime Student Loans Resemble Pre-Crisis Mortgage Loans

Posted on April 28, 2017 by Laura Lam

Millions of U.S. parents have taken out loans from the government to help their children pay for college … now a crushing bill is coming due.  Hundreds of thousands have tumbled into delinquency and default. In the process, many have delayed retirement, put off health expenses and lost portions of Social Security checks and tax refunds to their lender, the federal government. Student loans made through parents come from an Education Department program called Parent Plus, which has loans outstanding to more than 3 million Americans. These loan applications ask almost nothing about its borrowers’ incomes, existing debts, savings, credit…

Bad Money Moves from the Last Decade

Posted on July 30, 2015 by Saldutti

The 2000s gave us the iPod, Beyonce’s solo career, the dawn of American Idol, and the first Toyota Prius.  But the 2000s also brought us the housing bubble – which popped after we bought overpriced homes. We spent more on credit cards and college than ever before – and those weren’t our only mistakes.  There were quite a few more. Dave Ramsey, syndicated radio host and best-selling author, shares these 5 bad money moves from the 2000s. 1. Borrowing too much for a house – By 2006, home values in some parts of the country had increased as much as 160%….

Foreclosure Activity on Path towards Normalcy by Year-End

Posted on March 27, 2015 by Saldutti

Foreclosure activity in February fell to its lowest level in 9 years even though lenders repossessed more assets, according to data from RealtyTrac.  Foreclosure filings – default notices, scheduled auctions and bank repossessions – were reported on 101,938 properties in February. This is down from both a month earlier and a year ago by 4% and 9%, respectively. Despite the national decrease in foreclosures, 24 states posted a year over year uptick in overall foreclosure activity, including Massachusetts (up 53%), New York (19%), and Nevada (12%). Lenders took back more properties in February than the previous month. Realty Trac revealed…

U.S. Banks Supposedly Unscathed by $1B Cyber Heist

Posted on February 23, 2015 by Saldutti

No American banks were affected by a worldwide cyber ring that reportedly stole up to $1 billion from banks in 30 countries, U.S. officials and banking executives say.  Last week, a report shed light on a complex, multinational cyber crime group that had been infiltrating banks for two years, making off with millions of dollars from financial firms, including some in the U.S. Hackers spent months monitoring bank employees to learn their patterns and evade detection when transferring money out of the bank.  The malware used in the attack was dubbed “Carbanak.” In a confidential memo blasted to private companies,…

Are Americans Back to Their Bad Financial Habits?

Posted on April 14, 2014 by Saldutti

Are we creeping back into our bad, old financial habits? A survey released March 31 suggests so: The number of Americans who say they don’t prepare a budget is rising, while the number cutting their spending is falling. According to its 2014 Consumer Financial Literacy Survey, 60% of adults in the U.S. say they do not have a budget. The survey was commissioned by the National Foundation for Credit Counseling. Meanwhile, the percentage of adults spending less compared to the year before has steadily dropped since 2009, when, in the immediate aftermath of the recession, 57% of respondents said they…

It's National Consumer Protection Week – Know Your Rights!

Posted on March 06, 2014 by Saldutti

This week, March 2 – 8, is the Federal Trade Commission’s National Consumer Protection Week. Consumers are encouraged to visit AskDoctorDebt.org for free information to better understand debt collection and their rights. Many consumers are being contacted by third-party debt collectors to resolve duly owed financial obligations. According to the Federal Reserve, the total amount of consumer debt in the United States now exceeds $11.5 trillion. Whether a mortgage, medical bill, student loan, auto loan or credit card debt; the repayment of consumer and business credit is vital to the national, state and local economies. Based on a recent study…

Even the Wealthy Pinch Pennies This Holiday

Posted on December 19, 2013 by Saldutti

It’s not just low-income shoppers who are pulling back on spending for loved ones and themselves this holiday season. Wealthy folks are watching their dollars, too. While the most well-heeled shoppers still think nothing of dropping $4,600 on an Hermes tote, cracks have appeared in the $94 billion U.S. luxury market, especially for companies that cater to “Henrys” – High Earners Not Rich Yet. Coach Inc. has said customers plan to spend less on gifts and that mall traffic fell sharply last month. Analysts predict Nordstrom Inc.’s fourth-quarter sales may grow less than half the year-ago pace of 6.1%. Tiffany…

The American Dream in 2013: What Does it Mean?

Posted on October 25, 2013 by Saldutti

When you hear the word “American Dream,” what comes to mind?  Is it your 2.5 kids playing inside a white picket fence? Is it turning your business idea into a profitable company by age 30? Is it a gold watch and nap-filled retirement by age 65? In a new study, LearnVest and Chase Blueprint sought to define the American Dream today, asking people around the country what it means to them. Is it achievable? If so, for whom? And while we’re at it, in the wake of the recession, does the American Dream still exist? Here is an interesting infographic…

Sweet Savings on Halloween

Posted on October 22, 2013 by Saldutti

With a little over a week left until Halloween, it’s time to start stocking up on candy to hand out to trick-or-treaters, though we are well aware that this can be a costly venture.  According to the National Retail Federation, Americans are expected to spend $2.08 billion on Halloween treats this year.  Thankfully, there’s no award for having the best or biggest candy bars in your neighborhood, so if being budget-conscious is your utmost concern this Halloween, Eversave’s blog offers some tips to help you stay on track. Opt for sugar-based snacks over chocolates. While the kids’ dentists probably won’t…

What Is a Bad Credit Score?

Posted on October 09, 2013 by Saldutti

Most people have a gut feeling about their credit – it’s either great, good or bad. But what is a bad credit score really? First, it’s important to understand that there are many different credit scoring models out there and each may use a different scale – or numbers – to convey information. For example, all FICO score range between 300 and 850 with 300 being the lowest (or worst) possible score, while 850 is the highest (or best) possible score. The range for VantageScore credit scores has traditionally been between 501 and 990, with the higher number representing the…