How to Build Your Personal Emergency Fund

Do you have a personal emergency fund? Many consumers don't have one which is unfortunate because when the recent recession hit, many families were seriously stricken by the unexpected turn of events. Many workers have become unemployed and even those who are in high-paying positions have been let go by the companies they work for.

Hence, it is always smart to build a fund for emergencies. Even if you have a small salary, you should still set aside a portion for your personal savings.

Let's take a look at how you can build an emergency fund even if you live from paycheck to paycheck.

How to Build Your Personal Emergency Fund from Bad Credit Resources

U.S. Ex-Im Bank, nearing House vote, OKs $2.95 billion loan

(Reuters) - The U.S. Export-Import Bank said on Tuesday it has approved a $2.95 billion loan to support U.S. exports for a major natural gas project in Australia, as lawmakers neared a vote on renewing the bank's charter through September 2014.

Bank officials said the direct loan for the Australian natural gas project will help support an estimated 11,000 U.S. jobs and is the second-largest single-project financing in the institution's nearly 80-year history.

Leaders in the House of Representatives reached a deal on Friday to keep the bank operating past May 31, when its current charter expires.

The bill is headed to the House floor on Wednesday under an expedited procedure that requires a two-third vote for approval. Leaders rarely place a bill on the so-called suspension calendar unless they are confident it has enough support.

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Geithner makes case for reducing homeowner loans

(Reuters) - Treasury Secretary Timothy Geithner on Wednesday rebuffed a housing regulator's concerns that allowing mortgage buyers Fannie Mae and Freddie Mac to reduce homeowners' mortgages would only protect the big banks.

"There are some cases where principal reduction is not just good for the homeowner, not just good for the community, but it's good for the taxpayer too," Geithner told a congressional panel.

The Obama administration has been trying to use government resources to help the U.S. housing market. But it has faced resistance from the regulator for Fannie Mae and Freddie Mac, the Federal Housing Finance Agency's acting director Edward DeMarco.

DeMarco has maintained that his regulator's mission is to protect the taxpayer money that was used to prop up the mortgage buyers after massive losses at the companies threatened the global financial system.

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Some struggling homeowners more equal than others

Not all distressed home loan borrowers will benefit equally from the $25 billion national mortgage settlement filed in federal court last week.

Part of the settlement requires the five leading mortgage servicers to forgive at least $10 billion in principal that homeowners owe on mortgages. That will help underwater borrowers who owe more on their mortgages than their homes are worth. But the level of principal reduction they get may well depend on who owns their loan.

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Banks' loan changes will vary under mortgage settlement

Not all distressed home loan borrowers will benefit equally from the $25 billion national mortgage settlement filed in federal court last week.

Part of the settlement requires the five leading mortgage servicers to forgive at least $10 billion in principal that homeowners owe on mortgages. That will help underwater borrowers who owe more on their mortgages than their homes are worth. But the level of principal reduction they get may well depend on who owns their loan.

Some Bank of America borrowers will see their principal cut to the point where they will not be underwater.

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FHA hikes mortgage fees to bolster reserves

(Reuters) - The cost of government-insured credit will increase slightly for U.S. homebuyers, as the Federal Housing Administration on Monday said it would raise up-front fees on the mortgages it insures to shore up its dwindling reserves.

The premiums FHA charges to insure mortgages will rise by 75 basis points, or 0.75 percentage point, on most 30-year loans, acting Commissioner Carol Galante told reporters on a conference call. The higher premium will apply to loans taken out after April 1.

The changes, which will raise about $1.25 billion for the FHA, will be wrapped into the overall cost of mortgages to dampen the impact on borrowers, she said.

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UPDATE 1-U.S. consumer credit rises $19.3 bln in December

WASHINGTON, Feb 7 - U.S. consumer credit expanded much more than expected in December, a positive signal for the economy as people used their credit cards more and borrowed money to buy cars and go to school.

Total consumer credit grew by $19.31 billion, more than twice the $7.7 billion increase expected by analysts in a Reuters poll.

Non-revolving credit, which includes auto loans as well as student loans made by the government, accounted for the bulk of the increase as outstanding credit rose $16.55 billion during the month. That was the biggest increase since November 2001, when credit was surging in the wake of the September 11 attacks in New York and Washington.

But revolving credit, which mostly measures credit-card use, also climbed in December. It rose $2.76 billion for its fourth straight monthly gain.

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Coming loan changes could squeeze high-priced home markets

Time is short for some buyers and owners of more expensive homes to get the best terms on mortgage loans.

Starting Oct. 1, Fannie Mae and Freddie Mac will cut the size of loans they buy from lenders. That will force many future borrowers into more expensive and harder-to-get jumbo loans.

The Freddie and Fannie limits, which are generally $417,000 for single-family homes nationwide, were raised in 2008 in some high-cost housing markets to stimulate the economy. In many areas, the limits rose to $729,750 and next month they'll fall to $625,500. Limits will drop more sharply in some areas and less in others.

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Johnson working to keep Kings in Sacramento

Sacramento mayor Kevin Johnson, a three-time All-Star with the Phoenix Suns, talks with USA TODAY's J. Michael Falgoust about his progress in getting the financing options worked out for a new sports complex that will keep the NBA's Kings and owners Joe, George and Gavin Maloof from leaving:

So what are we going to see from you Thursday when you deliver your report?

We're going to release a report that shows a menu of options on the public financing side. We looked at 30 different things. We're narrowing it down to 10 or nine or eight.

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How Much Will a Payday Loan Cost You?

Payday loans are very popular in the market because many people need short-term financing. However, experts warn consumers against taking out payday loans in a hurry.  Although applying for a payday loan is quick and easy, you should also consider the possible risks.

Anyone can easily get approved for a bad credit payday loan regardless of credit rating.  Whether you have no credit history or poor score, you can still get the cash you need without a hassle.  Payday loans are sometimes called cash advance loan because it gives you the chance to get the cash you need today and worry about repayment later.

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