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Interest Rates
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YouTube Debtor's Revolt: Too Far or Totally Justified?
In the wake of the recession, it's become increasingly common for credit card companies to jack up interest rates — in some cases, without due cause. Typically, outraged customers seek an explanation via customer service representative – but one disgruntled card holder took her case to YouTube
In the now viral video, aptly titled Debtor's Revolt Begins Now, B of A customer, Ann Minch launches a heated attack on the bank, claiming that her interest rate was raised from 12.99 percent to a whopping 30 percent, despite diligent and timely payments. Her attempts to negotiate with the branch, where she has been a customer for 14 years, were dismissed — until her now infamous rant gained some serious media attention, and was finally seen by one of the Bank's executives, who re-adjusted her interest to its original rate.
I'm Asking: What's the Interest Rate on Your Most-Used Card?
All credit card rates are not created equally, whether it's due to your credit history, the carrier's unwillingness to budge on rates, your apprehension to ask for a lower one, etc. Most of you have one to three credit cards, and even among those your rates may vary. What's the interest rate on the credit card you use most?
Rate Reduction on Variable Student Loans This July
Forking over your monthly student loan payment is surely something that makes you sigh with irritation, but here's some news that may make those times of the month less brutal.
If you've already consolidated your student loans and haven't added any new ones then you're not eligible for a rate reduction, but if you haven't yet consolidated consider marking July 1 on your calendar. Find out what rates may be available as of the first when you read more
Interest Rate Cut Not the Best News For Your Savings Account
Yesterday the Federal Reserve announced its seventh interest rate cut since September, lowering the federal funds rate by a quarter-point to 2 percent. Interest rates are now at their lowest since 2004 and reflect the Fed's ongoing concern about a weakening economy. The prime lending rate that affects consumers and businesses dropped correspondingly, which could have a positive effect on some credit cards and loans.
Better to Put Your Money Under Your Mattress?
According to the American Bankers Association, the average interest rate on savings accounts has dropped to just .47 percent. The Federal Reserve interest rate cuts may help those homeowners with adjustable-rate mortgages to pay lower interest rates, but the rates on savings accounts have taken a hit as the Fed has taken its actions.
The New York Post came up with this eye-opening example that makes clear just how ineffective some savings accounts can be for someone trying to save.
Savvy ATM: What's Considered a Good Credit Score?
When Fair Isaac introduces its new formula for calculating credit scores this Spring, the new calculations are said to do a better job at sorting good borrowers from the risky ones. Having a high FICO score can save you thousands of dollars every year, because those with highest scores are rewarded with the lowest interest rates. But what type of score determines the good from the bad, anyway?
News Flash: Fed Cuts Interest Rate Again
The Federal Reserve cut its federal funds rate this afternoon to 2.25 percent, making its sixth cut in the last six months. A weakening labor market, slowdown in consumer spending, a loss of confidence and crisis in financial markets, and a tight credit market were reasons the Fed used to support this most recent cut. Acknowledging the issues of inflationary pressures alongside a slowing economy, they stated "Uncertainty about the inflation outlook has increased.
News Flash: Fed Makes Emergency Interest Rate Cut
In an attempt to avoid a financial market meltdown in the US, the Federal Reserve made an emergency rate cut on Sunday. The quarter percentage point cut applies to the discount lending rate to financial institutions, bringing the short-term lending rate from 3.5 percent to 3.25 percent. This cut only covers short-term loans that banks receive from the Federal Reserve and doesn't include loans to individual borrowers.
Money Tip: Get Your Credit Card Rate Lowered
A mall experiment by CBC News suggests that all it takes to get your credit card rate lowered is a phone call and a question. They approached 10 mall shoppers and had them dial their credit card company, and told the shoppers to say this: "I think I've been a good customer. I'd like to stay with you, but I really want you to lower the rate on my card.
News Flash: On a Euro High
Yesterday, the euro's value hit its highest point against the dollar since it was introduced in 1999. The currency is valued at $1.5057 and analysts say it could move even higher than its current record. The euro's escalation is attributed to negative economic reports from the U.S.
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