During today’s challenging economic times you may be struggling to keep your head above water. And looking back on the financial mistakes you’ve made, you wonder if you’d be on better financial footing if your parents had done a better job teaching you about money. (more…)

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The Federal Deposit Insurance Corp. is under pressure from Congress to show how the more than 5,000 banks it regulates have used $350 billion they’ve received in government aid to help homeowners avoid foreclosure, reports The Wall Street Journal (“FDIC Pushes Banks for Reports on Use of Government Aid,” Jan. 12, 2009). (more…)

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In an attempt to help millions of homeowners mired in foreclosure and to stabilize a slumping real estate market, Citigroup is negotiating the details of a mortgage modification agreement with federal lawmakers, The Wall Street Journal reports (“Citigroup, Senators in Talks to Let Judges Modify Mortgages,” Jan. 8. 2009). (more…)

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In today’s current economic climate, consumers who are struggling with overwhelming personal debt, job loss, and mortgage foreclosures are increasingly turning to bankruptcy protection, reports CNNMoney.com (“Consumer Bankruptcies Jump in 2008,” Jan. 6, 2008). (more…)

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Hoping to offer lenders a more effective way of predicting which consumers are likely to default on their accounts, the Fair Isaac Corporation, has revamped the 20-year-old formula it uses to determine a consumer’s FICO score — the credit score most lenders use to determine who can qualify for a loan or new line of credit. (more…)

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In an attempt to increase the availability of credit for homebuying and to reduce borrowing costs, the Federal Reserve has begun buying troubled mortgage-backed securities as part of an initiative the central bank originally announced in November (more…)

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Credit card companies are increasingly forgiving borrower’s debts or are working with consumers to pay their debts in anticipation of record credit card defaults in 2009, reports The New York Times (“Credit Card Companies Willing to Deal Over Debt,” Jan. 3, 2009). (more…)

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Interest rates on 30-year fixed-rate mortgages have fallen to their lowest level in more than four years, averaging 5.33 percent, according to financial publishing company HSH Associates. (more…)

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Homeowners in the United States are on track to see over $2 trillion in home values disappear by year’s end now that one in seven, or 11.7 million, homeowners are currently “under water,” owing more on their mortgages than their homes are worth, according to a report released by real estate website Zillow.com. (more…)

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We’re learning the hard way to reign in our spending and reduce our debt, and we’re not always responding well, says Gaetano Vaccaro, deputy clinical director of Moonview Sanctuary, a treatment center for emotional and behavioral disorders (more…)

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