I was interested to read this Wall Street Journal article describing a boom among pawnbrokers. It’s interesting to see that as credit cards clamp down on credit lines and banks aren’t lending new money, even high net worth Americans and business owners are turning to pawn shops for short-term loans to get through rough spots. Have you used a pawn shop for a short term loan? Would you? Read the rest of this entry »

If one of your financial resolutions is to improve your credit score, you can make a lot of progress on building a better credit score in a year’s time. The key is to commit yourself to a few simple habits, take it one day at a time, and track your progress monthly. Read the rest of this entry »

Last December I wrote this post entitled the “best credit cards for young people in 2007.” I decided to update it for 2008/2009, as things have changed dramatically in the credit card lending market. Many of the cards that were the best deals a year ago have jacked their rates–or stopped accepting new cardmembers altogether. A few cards, however, really stand out today. Read the rest of this entry »

Just how tight is the credit market these days? Quite. Credit experts now estimate it will take a credit score of between 750 and 770 to qualify for most loans—even auto loans! Just a year ago, borrowers with credit scores in the high 500s and low 600s could easily drive off the lot in a new car with an auto loan at a decent interest rate. That day is gone. Read the rest of this entry »

Do you, by choice, not carry (or use) a credit card at all? I would like to hear from people who have made the decision to go credit card-free. How long have you been without plastic? Why did you kiss credit cards goodbye? How has living credit card-free working? Has it created any problems? Read the rest of this entry »

The federal funds rate is just 1%—as low as it has been in fifty years. Theoretically, credit card interest rates should be at all-time lows, too. Trouble is, major credit card issuers, battling soaring delinquencies and charge offs, are raising, not lowering, rates. Pay your credit card over time? The difference between 8% and 15% interest will add up. Here are two credit cards with a couple of the lowest regular credit card APRs I’ve seen—6.5% and 8%. Read the rest of this entry »

Exciting news for people with excellent credit—Advanta just released a version of its popular Kiva Business Credit Card for non-business owning professionals (i.e., everybody). Read the rest of this entry »

Consumers are feeling the pinch of a credit card crisis as card issuers raise rates and restrict credit, reports the New York Times.

It’s no news to me. Even readers with excellent credit are telling me Bank of America is raising APRs and American Express is slashing credit lines by 50% or more. Learn why the credit card crisis is upon us, what it is, and what you can do about it. Read the rest of this entry »

In today’s article Survive the Credit Card Crisis I talk about how credit card companies are approving fewer and fewer credit card applications. It is still possible, however, for consumers with decent credit to get new credit cards with good terms—you just need to know which cards offer your best chance of approval. Read the rest of this entry »

Two years ago I wrote several articles about peer-to-peer lender Prosper and the debt consolidation loan I secured through the site.

But this year Prosper and competing lender Lending Club have been forced to temporarily suspend their lending operations as they pursue registration with the Securities and Exchange Commission (SEC).

While LendingClub reopened its site last week, Prosper just recently shut down and may remain down for several months. What does this mean for lenders, borrowers like me, and the future of peer-to-peer loans? Read the rest of this entry »