Once widely seen as money of last resort, reverse mortgages are fast entering the mainstream of retirement income. Boomers are turning to reverse mortgages earlier to pay off debt or improve their lifestyle, according to a report …
Borrowing
The Declining Economic Might of the Once Coveted 18-to-34 Demographic
For years, retailers, marketers and businesses of all shapes and sizes have gone out of their way to try to win over that “all-important” 18-to-34-year-old demographic. Now that this age group is broke and facing huge student …
5 States With the Worst Credit Scores
What’s in a number? When that number is your credit score, it’s the key that gives you access to credit cards, mortgages and other loans. Anything below 720 can make it tougher or more expensive to get a loan now, which means a …
All Signs Point to a Big Year for Car Sales: New Cars, Used Cars, You Name It
After years in which tons of dealerships closed, auto brands disappeared, natural disasters caused vehicle production disruptions, and consumers just didn’t have the money or desire to drop big bucks on cars, 2012 looks to be a …
Are Young People Too Afraid of Debt?
Following the Great Recession many young people have become not merely respectful of debt, as we would wish; but fearful of it, which could set them back.
How Obama Plans to Stop Big College Tuition Hikes
President Obama said in his state of the union speech that it’s time to cut federal aid to any college that does not keep tuition increases in check. The hope is that they will then find ways to cut costs and make college more …
Fixing the Housing Market: What to Expect from Obama’s SOTU Speech
What’s President Obama’s plan for getting the housing market back on track? Look for proposals—but not necessarily solutions—in tonight’s State of the Union address.
Does the Decrease in Defaults Mean Homeowners Are Getting Their Financial Houses In Order?
The social stigma of going into foreclosure seems to have decreased in the last few years as almost three-quarters of U.S. households found themselves underwater with their mortgages, and “walking away” from a home became …
Zombie Debt: A Real-Life Horror Story
A person with blemished credit and a history of defaulted debts will have trouble getting a credit card, so an unsolicited credit card application can seem like a lifeline. But some of these cards come with some very sneaky fine …
Money Milestones: What Kids Should Know About Money and When
President Obama and his top financial advisers in November were handed a blueprint for what kids at certain ages should be expected to know about money. The document is still a work in progress. But it’s far enough along to …
CFPB’s First Move with a Director in Place: Confront ‘Nonbanks’
One day after President Obama appointed Richard Cordray as director of the Consumer Financial Protection Bureau over the objections of Senate Republicans, the bureau announced the launch of a new “nonbank supervision program.”
4 Ways to Start Your Kids with Credit
Most parents with heavy credit card debt want their kids to avoid the same mistake. But they are not sure how to coach them and, according to a new survey, would love for credit card management to be a required class in high school.