Factoring has been practiced for centuries. The Romans sold promissory notes at a discount as did the Phoenicians. The word factor comes from Latin, the language of Rome. It means to do or to make. The Pilgrims journeys to America were financed by advances from a Factor who provided the funds to pay for the journey. The Pilgrims repaid the money with earnings from America. Factoring to this day is an extremely common business practice in Europe whereas many American bu…
Time to Consider Your Home Equity Line of Credit?
Interest rates are rising, and that will increase the payments on your home equity line of credit. Is it time to consider exchanging that useful financial tool for something else?
New Credit Score System Supposed to Simplify, Not Confuse
The three main credit bureaus, Experian, Trans Union, and Equifax, have finally come up with a unified credit scoring system. It is supposed to simplify credit scoring, but so far, not everyone gets it.
Free Credit Card Bonuses Are Pricey if You Fail to Pay Your Bill
Many credit cards offer all kinds of bonuses that may make it worth your while to choose one card over another. Just remember that if you fail to pay your bill in full, you are paying more than the bonuses are worth.
Home Equity Lines of Credit Be Careful
Appreciation rates for real estate have been phenomenal in many parts of the country for the last five years. This creation of massive amounts of equity has lead to interest in home equity loans.
Credit Counseling Clients Hurt by New Bankruptcy Requirements
The new bankruptcy law, while well-intentioned, is probably harming indebted consumers by requiring credit counseling. The result is a counseling system that is helping no one.
Credit Repair Scheme Promises Fast Score Increases But May Be Illegal
A well-advertised scheme to increase the credit scores of consumers with bad credit may work, but it is expensive and probably illegal. Those with bad credit should probably avoid this one.
Credit Reports and Scores Often Confuse Consumers
Most people realize that the credit bureaus maintain a credit report on them. But there are many misconceptions about what sorts of things can affect their reports.
Credit Score Improves by Paying on Time
It may seem obvious, but one of the easiest things you can do to improve your credit score is to start paying your bills on time.
Credit Cards From Oil Companies Are No Bargain
The interest rates charged by oil companies on their gasoline credit cards are much higher than those charged by bankcards. You should use those instead.
Credit Card Introductory Rates Can Bite You
That 3% introductory interest rate offered to entice you into applying for a credit card may turn out to be more expensive than you realize.
Credit Card Shopping Easy if You Know What to Look For
All credit cards are no the same. If you are looking for a card, you would do well to compare the features and read the fine print in the agreements.