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Who is benefiting from rising interest rates?
Your traditional banks are sure to benefit from rising interest rates. The fragile economic recovery may be in danger if interest rates, both short and long-term rates were to rise above current levels. Interest rates including home mortgage rates are kept at a lower rate mainly due to the Federal Reserve’s $85 billion a month bond buying program as part of its Quantitative Easing (QE) program.... [Read more]
Is U.S. household debt load going down?
According to the U.S. Census Bureau, 69 percent of American households carry some form of debt. Luckily, this is a lower number of households that are burdened with debt compared to ten years ago which was 75 percent of U.S. households. Major causes of debt include unexpected medical expenses, credit card debt and student loans. The average mortgage debt of a U.S. household is $150,000 according... [Read more]
Closing credit cards to get a higher credit score could impact your FICO score negatively
We know that several factors can affect your credit score. Among them your payment history, balances, type of credit, and inquiries on your credit accounts are important. Many believe that having a balance on each credit card help to get a good score and others think that closing credit cards help increase the FICO score. Let’s dig a little deeper into these two. How outstanding balance to total... [Read more]
Prepaid debit cards are booming
Big money machines like JPMorgan Chase and American Express are entering the prepaid debit card business. Chase Liquid card which entered the market in July 2012, charges $4.95 a month for the card. The American Express introduced its Bluebird card in October 2012 and the cards are sold by Wal-Mart. They do not charge a monthly fee but gets percentage from the merchant. The card industry is... [Read more]
Two new healthcare related tax provisions for 2013
The 2010 Healthcare Act, known as “Obama care”, is being implemented gradually. Now that sitting U.S. President, Barack Obama, has been reelected for a second term and the U.S. Senate continue under Democrats, it is highly unlikely that the Act will be eliminated during the second term. Two new tax provisions will come into play in 2013. First, a $2,500 annual maximum contribution limit will... [Read more]
Few year-end financial actions
The end of year is only three months away and it is time to make certain key financial moves in order to save money. Simplify your finances: Most utilities, mortgage companies and other merchants allow online payments. You can also make automatic contributions to your retirement savings plan online. They save money and provide you with a discipline to stick to your financial goals. Make necessary... [Read more]
Refinancing for underwater mortgages
As of March 17, 2012, a new program known as HARP or the Home Affordable Refinance Program has been introduced by the U.S. Government to help underwater homeowners. In order to qualify for the program, prospects need to meet two following criteria. Your loan must be backed by Fannie Mae or Freddie Mac, and Your current mortgage must have a securitization date prior to June 1, 2009. If your current... [Read more]
Bankruptcy as an option to get out of debt
Debt problems don’t go away when you go to sleep. It will be there when you wake up. Debt problems can cause severe anxiety and uncertain future. Lingering issues of whether your wages will be garnished, what will happen to your financial situation in an emergency and whether you will have enough money to buy food and pay your rent are among many issues related to debt. Many solutions from debt-consolidation... [Read more]
Financial trouble for pension plans
The nation’s largest pension fund, the California Public Employees Retirement System (Calpers) recently announced that its investments earned a measly one percent for the fiscal year ended June 30. Other public pension funds throughout the country are expected to reveal similar results for the year. The Calpers is the nation’s largest pension fund at $233 billion. It expects to earn 7.5 percent... [Read more]
Paying down your mortgage debt
Many of us as home owners carry a mortgage as well as a home equity line of credit (HELOC). Some of us who were unfortunate due to many factors carry variable rate mortgages and HELOCs. As a result of housing market conditions, our rates are low at the moment and eventually will go up. We need to plan to be debt free at the time of retirement especially paid off the mortgage by the retirement.... [Read more]