Wise Spending Tips for the Holidays

The last few months of the year is considered to be the most profitable season for many merchants and businesses.  With four different holidays fast approaching, the Halloween, Thanksgiving, Christmas and New Year – many consumers are willing to spend a little more despite the limited budget.

Are you ready to face the holidays this year?  How can you survive the season without getting stuck in bad debt?  Consider the following suggestions:

Zero in your credit card balances.  Before the holiday season comes, make sure that you have no remaining balance in any of your credit card accounts.  If you’re planning to use your credit cards for holiday shopping, it’s best to start with zero balance. 

Read more Wise Spending Tips for the Holidays

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Report: Banks earned $13B from secret Fed loans amid crisis

Providing what it calls "a fresh narrative" of the financial crisis, Bloomberg Markets Magazine reports that banks earned $13 billion in secret cut-rate loans from the Federal Reserve and that one day in early December 2008 they needed $1.2 trillion to stay afloat.

As of March 2009, toting up loan guarantees and lending limits, the Fed had committed $7.77 trillion to rescuing the financial system. That was "more than half the value of everything produced in the U.S. that year," Bloomberg writes.

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The other student loan problem: too little debt

LONG BEACH, Calif. (AP) — Jesse Yeh uses the University of California-Berkeley library instead of buying textbooks. He scrounges for free food at campus events and occasionally skips meals. He's stopped exercising and sleeps five to six hours per night so he can take 21 credits — a course load so heavy he had to get special permission from a dean.

The only thing he won't do: take out a student loan.

"I see a lot of my friends who took out student loans, then they graduated and because of the economy right now they still couldn't find a job," said the third-year student, whose parents both lost their jobs in 2009 and who grew up in the boom-and-bust town of Victorville, Calif., on a block with several houses in foreclosure. "The debt burden is really heavy on them."

Even as college prices and average student loan debt rise, educators in some sectors of higher education report they're also seeing plenty of students like Yeh. After watching debt cause widespread damage in their families and communities, they're determined to avoid loans no matter what.

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U.S. House votes to raise FHA loan limits

WASHINGTON, Nov 17 (Reuters) - The U.S. House of Representatives on Thursday approved a bill to raise the maximum size of mortgages the Federal Housing Administration can insure, sending it to the Senate for final approval.

The measure would push the so-called FHA conforming loan limit in the highest-priced real estate markets back up to $729,750 through 2013, from $625,500, a sign of lawmaker concern over the still-depressed state of the housing sector.

The limits, which vary from market to market, were temporarily raised for FHA and Fannie Mae and Freddie Mac during the financial crisis when banks became reluctant to lend. They automatically dropped back on Oct. 1.

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What Is Online Cash Advance Financing?

Online cash advance financing is increasingly becoming popular these days.  Many people in need of immediate cash have been able to get the financial assistance they need by applying online.  Are you familiar with this type of loan?  If not, let us talk about the basic facts you should know about this form of lending.

What is Online Cash Advance?


Online cash advance is simply a payday loan offered through the internet.  But what is a payday loan?  As the name suggests, a payday loan is a short term loan payable by the borrower’s next pay check. Traditional payday loan lenders offer their services from a specific location. 

Read more What Is Online Cash Advance Financing?

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Bank earnings hit highest level in 4 years

WASHINGTON – Bank earnings rose over the summer to their highest level in more than four years, while the number of troubled banks fell for the second straight quarter, federal regulators reported Tuesday.

The Federal Deposit Insurance Corp. said the banking industry earned $35.3 billion in the third quarter. That's up from $23.8 billion in the same period last year. More than 60% of banks reported improved earnings.

The FDIC also says there were 844 banks on its confidential "problem" list in the quarter, or roughly 11.5% of all federally insured banks. That was down from 865 the April-June period, the first quarter in five years in which the number declined.

Banks with assets exceeding $10 billion drove the bulk of the earnings growth. They made up 1.4% of all banks but accounted for about $29.8 billion of the industry's earnings in the third quarter.

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TransUnion: National Credit Card Delinquencies Increase, but Remain Near Record Low Levels

CHICAGO, IL, Nov 15, 2011 (MARKETWIRE via COMTEX) -- The national credit card delinquency rate (the ratio of borrowers 90 or more days past due) increased in the third quarter for the first time since the fourth quarter of 2009, edging upward to 0.71 percent. Average credit card debt per borrower increased $63 in the quarter to $4,762, though it remains near record-low levels. This information is reported by TransUnion and is part of its ongoing series of quarterly analyses of credit-active U.S. consumers, evaluating how they are managing credit related to mortgages, credit cards and auto loans.

The Q3 2011 TransUnion data released today show credit card delinquency rates rising from the historic lows of last quarter. "This is the first quarterly increase we've seen in almost two years," said Ezra Becker, vice president of research and consulting in TransUnion's financial services business unit. "Even so, we are still well below historical norms. In fact, we're at the second lowest delinquency rate nationwide that we've seen in the past 16 years.

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