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Consumer Default Rates Decline in June
HOW LOANRATEUPDATE WORKS
READ OUR DISCLOSURE
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
READY TO SPEAK TO A PROFESSIONAL?
LOANRATEUPDATE IS NOT A LENDER OR A BROKER BUT WE HAVE LOTS OF FRIENDS WHO ARE
Pick the service you desire below
Consumer Default Rates Decline in June
HOW LOANRATEUPDATE WORKS
READ OUR DISCLOSURE
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
LOANRATEUPDATE IS NOT A LENDER OR A BROKER BUT WE HAVE LOTS OF FRIENDS WHO ARE
Pick the service you desire below
Consumer Default Rates Decline in June

July 22, 2011 (Jeff Alan)

Consumers continued to exhibit financial fortitude in spite of high unemployment and fuel prices as default rates continued to decline across the major consumer credit categories according to the latest S&P/Experian Consumer Credit Default Indices.

The report shows that first and second mortgage default rates decreased in June to 2.02 percent and 1.40 percent, respectively, from 2.09 percent and 1.42 percent in May.

Mortgage default rates have been on the decline since March 2009 when second mortgage default rates peaked at 4.66 percent, followed two months later when first mortgage default rates peaked at 5.67 percent in May 2009.

Auto loans and bank cards also continued to see declines in default rates. Auto loan default rates fell to 1.29 percent in June, down from 1.34 percent in May and bank card default rates decreased from 5.93 percent in May to 5.69 percent in June.

“Default rates are continuing to decline across major consumer credit categories,” says David M. Blitzer, Managing Director and Chairman of the Index Committee for S&P Indices. “More importantly for the economy, the Federal Reserve reported that revolving credit – which includes bank cards – rose in May for the first time since 2008. Combined with the improving default experience we are seeing this is a positive sign for an economy suffering from a lack of consumer spending. Looking at the five leading cities highlighted in this report, the lingering effects of the housing bust can be seen in the Miami where default rates remain higher than the other cities.”

Despite the overall improvement, three of the five Metropolitan Statistical Areas (MSA) reported increases in month-over-month default rates. Chicago reported the largest increase from 2.37 percent in May to 2.59 percent in June, while Dallas and Miami reported moderate increases to 1.59 percent and 5.41 percent in June from 1.58 percent and 5.31 percent in May, respectively.

New York reported a decrease in default rates from 1.94 percent in May to 1.82 percent in June, while Los Angeles saw its default rates fall to 2.17 percent in June from 2.39 percent in May.

Tags: S&P, Experian, Consumer Credit Default Indices, mortgage default rates, auto loan default rates, bank card default rates

Source:
S&P

What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
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Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
Home loans can be confusing. There's a lot of options and we provide the information that makles it simple. Don't sign on that dotted line until you know. It could cost you.
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July 22, 2011 (Jeff Alan)

Consumers continued to exhibit financial fortitude in spite of high unemployment and fuel prices as default rates continued to decline across the major consumer credit categories according to the latest S&P/Experian Consumer Credit Default Indices.

The report shows that first and second mortgage default rates decreased in June to 2.02 percent and 1.40 percent, respectively, from 2.09 percent and 1.42 percent in May.

Mortgage default rates have been on the decline since March 2009 when second mortgage default rates peaked at 4.66 percent, followed two months later when first mortgage default rates peaked at 5.67 percent in May 2009.

Auto loans and bank cards also continued to see declines in default rates. Auto loan default rates fell to 1.29 percent in June, down from 1.34 percent in May and bank card default rates decreased from 5.93 percent in May to 5.69 percent in June.

“Default rates are continuing to decline across major consumer credit categories,” says David M. Blitzer, Managing Director and Chairman of the Index Committee for S&P Indices. “More importantly for the economy, the Federal Reserve reported that revolving credit – which includes bank cards – rose in May for the first time since 2008. Combined with the improving default experience we are seeing this is a positive sign for an economy suffering from a lack of consumer spending. Looking at the five leading cities highlighted in this report, the lingering effects of the housing bust can be seen in the Miami where default rates remain higher than the other cities.”

Despite the overall improvement, three of the five Metropolitan Statistical Areas (MSA) reported increases in month-over-month default rates. Chicago reported the largest increase from 2.37 percent in May to 2.59 percent in June, while Dallas and Miami reported moderate increases to 1.59 percent and 5.41 percent in June from 1.58 percent and 5.31 percent in May, respectively.

New York reported a decrease in default rates from 1.94 percent in May to 1.82 percent in June, while Los Angeles saw its default rates fall to 2.17 percent in June from 2.39 percent in May.

Tags: S&P, Experian, Consumer Credit Default Indices, mortgage default rates, auto loan default rates, bank card default rates

Source:
S&P

What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
THINKING OF BUYING
A NEW CAR?


WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
Calculate how much you can afford
BUYING OR SELLING A HOME
IS A BIG DECISION
WE MAKE IT EASIER
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
Home loans can be confusing. There's a lot of options and we provide the information that makles it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS

July 22, 2011 (Jeff Alan)

Consumers continued to exhibit financial fortitude in spite of high unemployment and fuel prices as default rates continued to decline across the major consumer credit categories according to the latest S&P/Experian Consumer Credit Default Indices.

The report shows that first and second mortgage default rates decreased in June to 2.02 percent and 1.40 percent, respectively, from 2.09 percent and 1.42 percent in May.

Mortgage default rates have been on the decline since March 2009 when second mortgage default rates peaked at 4.66 percent, followed two months later when first mortgage default rates peaked at 5.67 percent in May 2009.

Auto loans and bank cards also continued to see declines in default rates. Auto loan default rates fell to 1.29 percent in June, down from 1.34 percent in May and bank card default rates decreased from 5.93 percent in May to 5.69 percent in June.

“Default rates are continuing to decline across major consumer credit categories,” says David M. Blitzer, Managing Director and Chairman of the Index Committee for S&P Indices. “More importantly for the economy, the Federal Reserve reported that revolving credit – which includes bank cards – rose in May for the first time since 2008. Combined with the improving default experience we are seeing this is a positive sign for an economy suffering from a lack of consumer spending. Looking at the five leading cities highlighted in this report, the lingering effects of the housing bust can be seen in the Miami where default rates remain higher than the other cities.”

Despite the overall improvement, three of the five Metropolitan Statistical Areas (MSA) reported increases in month-over-month default rates. Chicago reported the largest increase from 2.37 percent in May to 2.59 percent in June, while Dallas and Miami reported moderate increases to 1.59 percent and 5.41 percent in June from 1.58 percent and 5.31 percent in May, respectively.

New York reported a decrease in default rates from 1.94 percent in May to 1.82 percent in June, while Los Angeles saw its default rates fall to 2.17 percent in June from 2.39 percent in May.

Tags: S&P, Experian, Consumer Credit Default Indices, mortgage default rates, auto loan default rates, bank card default rates

Source:
S&P

THINKING OF BUYING
A NEW CAR?


WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
Calculate how much you can afford
BUYING OR SELLING A HOME IS A BIG DECISION
WE MAKE IT EASIER
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
Home loans can be confusing. There's a lot of options and we provide the information that makes it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS