Saturday, July 16, 2011
Obama: I will keep on working and trying, I hope this debate has focused America's attention.
Posted by Linda H on 8:07:00 AM
Rhode Island to receive $12.7 million in US housing grants
Posted by Linda H on 8:00:00 AM
PROVIDENCE, R.I. (AP) — Twenty-five Rhode Island cities and towns will receive a total of almost $12.7 million in federal funding for public housing. The money is from the Department of Housing and Urban Development. It will allow local public housing authorities to build and renovate public housing facilities serving low-income residents.
Americans Willing to Take A Chance On Credit Again
Posted by Linda H on 8:00:00 AM
In what appears to be a rare piece of good news for today’s economic climate, the Federal Reserve reports that consumers are willing to carry a bigger balance on their credit cards. They report a 5 percent increase on the average credit card balance, making this only the second time in 33 months that the average credit card balance has increased. It is also the largest increase since June of 2008. Some are taking this as a sign of returning consumer confidence in the economy.
A few factors may be in play for this new sense of confidence. Many banks have relaxed their lending policies, and are aggressively offering non-revolving loans such as student, auto, boat, and trailer loans. Overall consumer credit, including both revolving and non-revolving loans, rose 2.5 percent to $2.4 trillion this May, and shows no sign of slowing. Rising levels of consumer credit have been notched in each of the last eight months, the longest consecutive rise in consumer debt since 2008.
As when any industry starts to fight for the consumer dollar, the consumer enjoys some nice benefits. Many lenders are not only relaxing their policies, but offering low interest rate credit cards as promotions. Combined with consumers renewed desire to pay down their debt as quickly as possible, the lower interest rates help to make this a possibility. Of course when the balances on credit cards are low, the more likely the consumer will make further purchases. This is the path politicians and the financial industry have been waiting for - the return of American confidence in the economy.
According to Equifax, an increased number of consumers are being offered credit, and the offers are not just for those with the best credit. Credit card applications are being approved for many who previously may have been rejected. While the qualifications for acquiring a credit card may be somewhat more lenient than in the recent past, they are nowhere near the easy lending practices that many feel contributed to the waves of delinquencies that hurt the banking industry over the last few years.
read source article
A few factors may be in play for this new sense of confidence. Many banks have relaxed their lending policies, and are aggressively offering non-revolving loans such as student, auto, boat, and trailer loans. Overall consumer credit, including both revolving and non-revolving loans, rose 2.5 percent to $2.4 trillion this May, and shows no sign of slowing. Rising levels of consumer credit have been notched in each of the last eight months, the longest consecutive rise in consumer debt since 2008.
As when any industry starts to fight for the consumer dollar, the consumer enjoys some nice benefits. Many lenders are not only relaxing their policies, but offering low interest rate credit cards as promotions. Combined with consumers renewed desire to pay down their debt as quickly as possible, the lower interest rates help to make this a possibility. Of course when the balances on credit cards are low, the more likely the consumer will make further purchases. This is the path politicians and the financial industry have been waiting for - the return of American confidence in the economy.
According to Equifax, an increased number of consumers are being offered credit, and the offers are not just for those with the best credit. Credit card applications are being approved for many who previously may have been rejected. While the qualifications for acquiring a credit card may be somewhat more lenient than in the recent past, they are nowhere near the easy lending practices that many feel contributed to the waves of delinquencies that hurt the banking industry over the last few years.
read source article
Apple Needs to Make it in America
