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Payday Loans—Still the Most Expensive Way to Borrow    July 2007
Countless advertisements on storefronts, on TV, in print media, and over the Internet entice cash-strapped consumers with offers of “cash today” with “no credit check”—just borrow against your next paycheck. Since my 2004 StraightTalk Report on payday loans, the industry has continued to grow dramatically, particularly on the Internet. Payday lenders hawk their loans as a useful “service” that helps consumers meet short-term, emergency needs for cash at a modest cost. The facts tell a different story. About ninety percent of revenue for payday lenders comes from borrowers who can’t pay off their loans at the end of their two-week term and pay additional fees to extend or “flip” the loan, according to a well-researched report by the Center for Responsible Lending. Annual percentage rates (APR) typically range from 400% to over 1000%. Borrowers of a $300 loan often end up paying back well over $700. Read more: Payday Loans—Still the Most Expensive Way to Borrow Thinking about Buying a First Home or Moving Up to a Larger Home?Lessons You Can Learn From Today's Housing MarketJune 2007
The housing market has been much in the news recently. After years of steadily rising home values, the market has cooled. In many areas, home values have leveled off; and in some areas, home values are actually going down. At the same time, a record number of home foreclosures have been reported to date in 2007. The press is full of news about rising default rates, particularly for “subprime” mortgages. As some of the heavily marketed “creative” financing products such as Option Adjustable Rate Mortgages (ARMs) “reset,” many homeowners suddenly face higher monthly payments they can no longer afford. The impact appears to be unsettling to the whole market. If you are thinking about buying a first home or perhaps a larger home to fit your growing family, what can you learn from what’s been happening in the housing and mortgage markets? For savvy consumers, recent events offer many sound lessons that lead to smarter decision-making. Read more: Thinking about Buying a First Home or Moving Up to a Larger Home? Tips for Improving Your Credit ScoreMay 2007
Whether your credit is already good or could use some improvement, managing your personal finances in ways that enhance your creditworthiness is always smart. Adopting sound practices that enhance your credit score is a good place to start. The topic of credit scores has been in the personal finance news since credit reporting agencies began to make such scores available to consumers a couple of years ago. Of course, this event also opened the door to a number of Web-based companies that offer to provide your score and charge outrageous fees for what may be inaccurate information and for what you can get yourself for much less. The StraightTalk Report, “What is a Credit Score, and How Can it Affect Your Credit?” explains credit scoring and tells you how to get accurate info about your scores for a reasonable fee. What Is a “Credit Score” And How Can It Affect Your Credit?April 2007
Credit Scoring is a system of statistically analyzing credit reports that provides a simple three-digit score comparing an individual’s past and current credit performance to that of similar consumers. Your credit score provides lenders, or other potential creditors such as insurance companies or landlords, a quick, fairly objective way to assess your creditworthiness—or likely ability to pay back a loan or mortgage or pay the rent. Knowing your credit score (along with regularly checking your credit report) is a smart thing to do. What is a credit score?A “credit score” is often called a “FICO score,” after the Fair Isaac Company, which developed the most widely used analytical system and software. It may also be called a “credit rating.” Although individual credit bureaus or credit reporting agencies (CRAs) adapt, add to or modify Fair Isaac models to suit their needs and provide their own credit score, most use the FICO score or system as a foundation. Read more: What Is a “Credit Score” And How Can It Affect Your Credit? Want a Quick Federal Tax Refund? Think E-Fileupdated March 2008
Expecting a refund on your 2007 federal income tax return? Want it quickly? Then e-filing your return is a smart choice. Get it even faster by having your refund deposited directly in your credit union checking or savings account. You may even qualify for free e-filing. How does e-filing work? This month's report profiles e-filing. Advantages of E-FilingThere are various reasons to file your taxes electronically. Here are a few:
Financing Higher Education—Checking Out Education LoansFebruary 2007
The cost of post-secondary education—college, university, community college or career or trade schools—continues to rise. But pursuing higher education can be worth the investment. A recent report "Education Pays 2006" from the College Board found that in 2005 women (aged between 25-34) with bachelor's degrees earned 70% more than women in the same age group who had only a high school diploma. Men in this age group with bachelor's degrees earned 63% more than male high school graduates. And on average how much more did the college grads earn? $14,000 a year. Most important, there are many sources of financial aid to help you pay for post-secondary education. The College Board reports that approximately two-thirds of all students receive financial aid. Although at the mention of "financial aid" most of us think "scholarships" or "grants" (assistance that does not need to be repaid), in fact, education loans of many types make up a substantial portion of the financial aid available to many students. This report takes a look at the most common loan opportunities available for higher education and provides information on how you can learn more. Read more: Financing Higher Education—Checking Out Education Loans Page 4 of 12 << Start < Prev 1 2 3 4 5 6 7 8 9 10 Next > End >> |
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