According to data reported by the FLA, both the new and used car markets picked up pace as far as car financing is concerned. The average loan in the new car market amounted to £23,000 and in the used car market amounted to £13,000, in the month of December 2019. Experts believe this uptrend in […]
Author: Akbar Lashari
Household Debt Crosses $14 Trillion In The US
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1,330 Properties Were Repossessed In The UK During Q4 2019, UK Finance
UK Finance has released data which has shown an increase of 17% YoY in the fourth quarter of 2019, taking the number of repossessed properties in the quarter up to 1,330. Regulatory changes seem to have pushed historic applications stuck in the backlog, as per experts. Low rates are also encouraging lenders to repossess properties […]
LEAs Going After Small Money Businesses To Crack Down On Drug Trade
According to findings by law enforcement agencies, drug barons are moving money around and out of the country through small money businesses as a result of lax regulation on the sector. This year, LEAs would go after SMBs and take action against those providing services to criminals and drug traders. It is believed that disrupting […]
Around 33% of Americans Spend Their Entire Income Before Next Paycheck Every Month, Survey Finds
The survey, conducted by Salary Finance, has revealed that around 33% of all Americans find themselves having used up their entire paycheck before their next payday. Many have reported suffering from financial stress, which is leading to anxiety and depression. Financial troubles have been reported across all income brackets, which experts believe is due to […]
Low Rates Have Led To Record Mortgage Origination Volumes Since 2005
The quarterly figure for mortgage origination volume stood at a massive $752 billion in the final quarter of 2019. Experts believe this increase has come due to historically low 30-year Treasury yield rates as well as technological advancements that have made it faster and easier for borrowers to make mortgage applications. According to data reported […]
Britain Must Comply With EU Regulations To Access Consumer Finance Markets: EU
Valdis Dombrovskis, who is the financial services chief of the EU, has said Britain would need to comply with EU regulations if its financial service providers wish to keep accessing EU-based consumer markets. Financial service providers risk losing access to EU-based markets following the expiration of the post-Brexit transition period in December 2020. The Brexit […]
Nationwide Steps Up To Provide Cheaper Loans For Greener Homes
Nationwide Building Society has created a £1 billion pool to provide loans and financing to borrowers who are willing to invest in homes that are more energy-efficient. Existing homeowners also qualify for loans up to £25,000, if they are willing to make renovations that would make their homes greener. The move is meant to incentivize […]
FICO 10 Is Here, But Experts Believe It Could Take Years Before It Impacts Consumers
The new FICO 10 credit scoring system would become available to big credit scoring firms and lenders by end of 2020. Under the new system, greater emphasis has been placed on borrowing trends, including the amount of outstanding credit card balances and number of payments made on time. Experts say the new system could take […]
Trump Announces Cuts In Relief Programs For Student Loans
In a recent budget announcement, Trump has highlighted cutbacks that would reduce support currently enjoyed by student loan borrowers. These include an overall cutback of around $170 billion, coming from a reduction in loan limits, elimination of loan subsidy for students in need, limited options to make loan repayments, and elimination of public service forgiveness […]