Charging into a better economy? Credit card borrowing rising

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Americans reduced credit card debt in the first quarter of 2013 at a slower pace than the previous year, prompting concerns that the nation is about to punch the accelerator on debt this year. CardHub.com released its quarterly report on credit card debt and found Americans had more revolving debt than a year ago, despite […] [Read More]

Going up: Mortgage rates hit highest levels in a year

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The Mortgage Bankers Association said rates climbed to their highest levels in a year on expectations that the Fed is going to start tapering its asset buying program. The MBA noted that the economy is showing more strength as rates for 30-year fixed conforming loans rose to 3.9 percent, the highest level since May 2012. […] [Read More]

Mortgage rates, chickens and eggs

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The Mortgage Bankers Association reported this week that applications for home loans fell 7.3 percent last week on weaker refi and new purchase activity. At the same time, banks upped the interest rate for conforming loans to 3.67 percent, a rise of just 0.41 percent from the previous week. Is there a correlation between the […] [Read More]

Return of the debt crisis? Yale sues former students

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Bloomberg is reporting that Yale University joined other institutions of higher learning going after former students who default on loans. But Yale’s not the only school that’s struggling with debt. Statistics show that schools across the state, including nursing, community college and vocationals have people defaulting on debts. According to the U.S. Department of Education, […] [Read More]
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Harrisburg a cautionary tale for bond investors and mayors

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The SEC slapped Harrisburg, PA, with a cease and desist order Monday, saying the city’s government for allegedly violating securities law. Regulators found that city officials failed to come clean about the dire debt trouble at its Resource Recovery Facility and its general financial health while issuing bonds. This all happened in 2009 and since […] [Read More]

March home sales flat as prices flirt with income threshold

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The National Association of Realtors reported Monday that sales of existing homes were slightly down in March, compared to February, but up more than 10 percent from a year ago. NAR said there has been a 25 percent increase in people out shopping for homes, but a decrease in the number of homes on the […] [Read More]

New buyers push mortgage applications to three year high

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Buyers drove the Mortgage Bankers Associations‘ weekly index of purchase activity to its highest level in nearly three years. The MBA’s national report said total activity was up 4.8 percent last week, the highest level since January. There was a 5 percent increase in purchasing activity, raising the total amount of loan applications for new […] [Read More]

Mortgage rates down, home buying up

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Mortgage bankers across the country reported a 4 percent increase in applications for buying homes and a 6 percent increase in refinancing last week. The increase in activity, according to the Mortgage Bankers Association, came as interest rates fell. The average for a 30-year fixed rate mortgage fell to 3.68 percent from 3.76 percent. Those […] [Read More]

Back in grasshopper mode for American economy

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If Aesop were alive and writing today, the hard working Ant, who saves and preps for disaster, would get stepped on by Ben Bernanke and the Grasshopper, who lives for today, would get nothing but encouragement to keep on ignoring the future. The National Foundation for Credit Counseling released its seventh annual Financial Literacy Survey […] [Read More]

Aluminum cans outperform savings accounts in CT

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Saving for a house? Car or bike? A collection of old aluminum cans in Connecticut have lost value at a slower pace than the plunge in interest rates offered by banks for core savings products over the last two years. GoBankingrRates.com released its latest survey of savings rates in the nation and Connecticut banks offer […] [Read More]