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Three common myths about credit score
Myth: Bankruptcy ruins all your credit for ever It is true that bankruptcy stays in your credit history for several years. But don’t let that prevent you from rebuilding your credit again. After a bankruptcy, start to pay your bills on time. It will start to rebuild your credit again. Myth: All accounts in collection should be paid in full immediately to improve credit score Paying off an account... [Read more]
The SEC to continue tough financial reform under a new leadership
Mary Schapiro, appointed by President Barack Obama in 2009, who ran the Securities and Exchange Commission (commonly called SEC) under the first Obama Administration, left the agency on December 14, 2012. President Franklin D. Roosevelt created the SEC in 1934 under the Securities Exchange Act as an independent quasi-judicial regulatory agency during the thick of the Great Depression that followed... [Read more]
Understanding what cause your debt may help you to get out of it
Many don’t really understand how they racked up so much debt. Debt could come from many sources and understanding what caused a heavy debt load may help you to find some relief. Debt could come from many ways. For many, debt comes from a series of unfortunate events. One major reason for married people is divorce. Divorce result in cutting family income by half suddenly and may impact more... [Read more]
QE3 (Quantitative Easing three) to help with mortgages
The Federal Reserve introduced the long awaited QE3 in September 2012. Under the program, Feds will purchase $40 billion of mortgaged-backed securities a month with an aim to boost employment and housing. It is anticipated that the program will continue until the end of third quarter of 2013. The most immediate benefit of QE3 is the easing of the mortgage interest rate. Immediately after the... [Read more]
Life after a bankruptcy
In order to get relief from debt, you need to file a bankruptcy case with the courts. Those persons who are seeking a discharge of personal debt, it is a Chapter 7 filing and for those who are seeking court approved repayment plan, it is a Chapter 13 Bankruptcy Code filing. As soon as you file a case, an “automatic stay” goes into effect preventing creditors from further actions against you without... [Read more]
Handling past-due creditors for small businesses
Under the current economic conditions it is very difficult for someone to maintain their small businesses. Many small businesses as well as people get behind their payments and creditors get more aggressive. If you are faced with this situation, here are some guidelines to follow. Review how much you owe: Prepare a list of all what you owe. This will help you when you talk to creditors. Also,... [Read more]
What is quantitative easing?
There is so much talk about a third round of quantitative easing or commonly known as QE3 in news media. What is quantitative easing? Quantitative easing is generated by the Federal Reserve or central bank of a country to ease the supply of money to stimulate a country’s economy when normal economic conditions and growth is unable to generate economic growth. This may be done by the Federal Reserve... [Read more]
Securitization of your mortgage
When we need a loan to buy a home, we go to our bank to initiate a loan. Since most of us do our banking locally, the obvious place for a loan is the bank. Many banks have branches in many states and therefore, they are called national banks. In addition to all other loans such as equity lines and business loans, they do lend money to purchase homes. But many banks don’t keep your loan with them.... [Read more]
Don’t let debt control your finance and your life
An average family has a credit card debt of $7,000 according to published reports. However, given the economic slump that the entire world is facing, personal debt is rising at a faster than normal rate. As a result, the U.S. consumer debt stands at more than a trillion dollars. Temptations are all around us. We get pre-approved credit card offers in the mail every day. Most of us carry more than... [Read more]
Rating agencies
More than 97 percent of the global ratings come from three companies that dominate the rating industry. They are Standard & Poor’s (S&P) owned by McGraw-Hill, Moody’s Investor Service and Fitch Ratings. They have an immense influence over the $40 trillion global debt market including corporations, sovereign, municipal and structured finance. A good example to show their influence is... [Read more]