Also called ?B/C Paper,? ?near-prime,? or ?second chance? lending, is a general term
that refers to the practice of making loans to borrowers who do not qualify for market
interest rates because of problems with their credit history. A sub-prime loan is
one that is offered at a rate higher than A-paper loans due to the increased risk.
Sub-prime lending encompasses a variety of credit instruments, including sub-prime
mortgages, sub-prime car loans, and sub-prime credit cards, among others.
Sub- (more…)
Whether it’s a personal dilemma, such as whether to change your job, a relationship, your address or a life change such as serious illness, unexpected unemployment, or death of a loved one, we make dozens of decisions everyday that can positively or negatively affect our credit history. Only after a traumatic event, which results […] (more…)
A reported 35% increase in recent foreclosure fillings may be a result of many homeowners feeling the squeeze of increased payments as their adjustable mortgage rates went up. Hybrid ARMs with interest-only and/or flexible payments options have allowed many homeowners to keep payments unrealistically low while increasing their overall mortgage debt. Unpaid interest […] (more…)
Congress is taking the credit card companies to task over fees and interest rate practices. Sen. Carl Levin, Chairman of the Senate Homeland Security subcommittee, said an investigation by his panel found “abusive” and confusing practices by credit card companies that can increase financial pain for many families.What Sen. Levin is doing is trying to […] (more…)
