Free Online Money Management Tools
Effective money management used to require tons of paperwork. But with online management tools such as Quicken, Mint, and Microsoft Money, the process became a lot easier. With so many software applications available, users can get confused as companies battle it out to get a larger share of the market. Some of the biggest names in money management have even introduced free software products to attract more clients.
Falling CD Rates
The "bad news" part of the interest rate story is that CD rates are falling. What helps when you want a mortgage, hurts when you want to earn money on your savings. But fears of inflation and the need for banks to attract money could cause rates to go up later. Some banks have been offering their best rates on medium term CDs, so you don’t absolutely have to lock in for the longest term to get the best rates.
Bank Card Babel: Choosing A Bank Card From A Bewildering Array Of Options.
Have you tried picking a new bank card lately? It is more than a little bit confusing choosing between all the different offers. Bank of America's web site says “Choose from more than 400 credit cards.” Banks offer so many choices it seems their goal is to have a different deal for everyone. Capital One even lets you design your own card, basically letting you pick your combination of the options instead of making you go through a long list to find the card with exactly the options you want. But even at Capital One, at the bottom of the web page that displays the choices, there is a link saying “Not finding what you want? Browse cards at capitalone.com”
Potential First Time Homeowners: Take Note of Buyers’ Market
With the shaky economy and the housing market in shambles, many would-be first time home buyers feel it's better to wait out the bear market before purchasing a house. Although a sound strategy for some, it doesn’t apply across the board. If your credit score is 700+, your employment status secure and you earn (at least) a middle-class salary, there are great housing options available. In fact, these options continued to improve as recently as last week. On December 18, the average interest rate on a 30-year fixed mortgage dipped to 5.19 percent, the lowest rate ever reported by Freddie Mac in its 37-year history of surveying mortgage rates. This newest average is also significantly lower than the 6.00+ percent rates present throughout much of 2008.
How Low Can Mortgage Rates Go?
Mortgage rates have fallen to 5.19% on 30-yr mortgages, according to Freddie Mac's December 18 Weekly Primary Mortgage Survey. This is fallen from a high of 6.46% in their October 30 Survey. HSH Associates has slightly higher rates. They show a 30-yr fixed rate at 6.1%*, but the trend is still down. Adjustable Rate Mortgages are also down, and the amount above the index is also down. 5/1 ARMs were down to 5.60%, one year ARMs were down to 4.94%.
New Credit Card Rules
The Office of Thrift Supervision, the Federal Reserve, and the National Credit Union Administration announced new rules for credit cards on Thursday, Dec 18. The rules were coordinated so banks, thrifts, and credit unions would all have the same rules. Some opponents claim the rules will hurt the economy by reducing the amount of credit available, but the new rules don’t go into effect until July 2010. Opponents say credit card providers will raise rates and cut lines of credit before then. Consumer advocates worry the rules do not do enough or go into effect fast enough.
Quarter Million Jobs Cut – Enough to Save US Banks?
According to the latest projections, more than 250,000 jobs will be lost in the American banking sector due to the ever deepening economic turmoil. That Merrill Lynch, which in 2008 held assets in excess of $1 trillion, can be pulled under the leaking umbrella of Bank of America in search of shelter, is a telling indicator indeed of the how deep the wounds inflicted on the financial sector have become.
Countdown to Inauguration: Updates on the US Economy
More than a month before he officially takes his seat in the Oval Office, President-Elect Barack Obama's already towering economic to-do list is still growing by the minute.
As anticipated, people are looking to him as the go-to guy now more than anybody else. Even the upward and downward swings of the financial markets are largely dependent on Obama’s moves, rather than on what the current president has to say in his final days in office.
How to Lower Credit Card APR
If you're looking for a credit card, one of the critical factors you need to look into is the annual percentage rate (APR). The APR is a good indication of the amount of money you need to pay every time the credit card is used. It will also give you an idea about how much a cash advance and balance transfers will cost. A single credit card may have multiple APR including:
Is it Possible to Lower Your Mortgage APR?
Mortgage APR Using the annual percentage rate (APR) to determine the actual cost of the mortgage loan is better than using just the interest rate. This is because APR takes into consideration the discount rate, origination fees, mortgage insurance premiums, and prepaid mortgage interest when calculating the total amount. The Truth in Lending Law requires mortgage companies to disclose the APR on the loans when they advertise their rates. This prevents them from advertising misleadingly low interest rates.
Merrill Lynch, Morgan Stanley Battle Independent Brokerages For Wealthy Investors
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Commerce Bank of Southwest Florida Fails, Becomes 123 Bank to Close in 2009
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