Georgia Mortgage Recovery Plan Not Working As Hoped
May 20th, 2012 
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Early in 2011, a number of states most affected by the recent housing market crisis received as much as hundreds of millions of dollars in federal money to help stem the flow of consumers losing their homes to foreclosure. But in one of those states, many problems still persist. HomeSafe Georgia, the program launched in the wake of that state receiving close to $340 million to help unemployed homeowners duck foreclosure, has recently drawn criticism for doing alarmingly little to help those financially disadvantaged consumers, according to a report from the Atlanta Journal-Constitution [Continue reading...]
The Biggest Factor in the Future of Mobile Payments: You
Many consumers may be looking forward to a day when mobile payment technology becomes available and usable on a widespread basis, but for the companies developing these platforms, there is some concern about the way current spending habits might shape the future of mobile wallets. While there is a sufficient buzz about the various mobile wallet payment systems currently being developed by companies in various industries, there is also a fair bit of uncertainty about exactly what type of payment technology will eventually win out and become ubiquitous, according to a report from the Credit Union Times . [Free Resource: Check your credit for free before applying for a credit card ] Because so many companies are designing their own systems, each with its own features, technologies, benefits and drawbacks, it’s currently unclear which will be the one consumers find they like best. [Continue reading...]
Debt Diva: Keeping on Budget When Chaos Hits
I’m facing budget challenges in these times of the streamlined workforce. I have been working 10-12 hours a day, including weekends and taking work home. We are short on professional staff; a 5-day a week/8-hour day would not dent the work [Continue reading...]
Auto Loans Paid Before Credit Cards, Mortgages
In recent months, a number of studies have shown that consumers are prioritizing their credit card payments ahead of those on their home loans, but it seems that another type of credit is becoming even more important to borrowers. These days, consumers are putting more effort into making sure their auto loan bills are paid on time if they can only afford one or two other types of payment every month, according to new data from the credit monitoring bureau TransUnion. In examining the credit payment histories of about 4 million consumers who had at least one auto loan, credit card and mortgage in their name during each quarter last year, it found that when finances got tight, the payment hierarchy started with car payments, then fell to credit card bills and, finally, home loans . [Continue reading...]
Don’t Use Credit to Live Beyond Your Means
There are many different ways to use a credit card , but some behaviors may be putting consumers at greater financial risk than others. Consumers who only use their cards sparingly, such as in the event of a financial emergency or only to make larger purchases, will typically not face the same kinds of financial risks that those who use their credit cards to make everyday purchases will [Continue reading...]
Bankruptcy Filings Continue to Decline in 2012
Economic conditions are improving significantly nationwide, and because of this, fewer consumers are in such dire financial straits that they need to seek protection from their creditors. The first three months of the new year lent a lot of credence to earlier predictions that bankruptcy filings would fall considerably throughout 2012, according to new data from Fitch Ratings . In the first quarter of the year, bankruptcies are about 8% or 10% lower than they were during the same period in 2011, though that rate is expected to level off soon. [Continue reading...]
Retired and Underwater On My Former Home
Continuing declines in the housing market in some parts of the country have left many homes still “underwater” across America. While these homes may not be physically floating in water, their owners no doubt feel like they are drowning in debt. [Continue reading...]
Cardholders Charging Less, Making Payments on Time
Consumers are now handling their credit card accounts more responsibly after going half a year with more troubling statistics coming out about their spending and repayment habits. Instances of consumer credit card delinquency — defined as accounts that have gone 90 days or more without a payment — declined between the fourth quarter of 2011 and the first of 2012, according to the latest consumer credit statistics from credit monitoring bureau TransUnion. Now, that rate stands at 0.73 percent of all accounts, down from 0.78 percent a quarter earlier [Continue reading...]
Credit Unions Are Easily Forgiven – Banks Not So Much
To err is human and to forgive is divine, but some consumers find it harder to be godly when it comes to their money. The Temkin Group, a business that consults on and researches customer experiences, has done a new survey of 10,000 consumers to determine which businesses customers are most and least likely to forgive [Continue reading...]
Stay-at-Home Parents Fight Back Against CARD Act Rules
These days, there are significant consumer protections in place for Americans, but at least one segment of the population might have a little trouble as a result of the increased safeguards against predatory or misleading lending practices. One of the provisions of the Credit Card Accountability, Responsibility and Disclosure Act required lenders to consider individuals’ income when they apply for a credit card so as to ensure they can afford their payments, but this has been problematic for many stay-at-home parents, according to a report from CNNMoney . Stay-at-home parents who rely on their partner’s income to cover their expenses might have need of a credit card in their own name, but will be denied unless they can prove to lenders that they have their own source of income. [Continue reading...]
