Second Chance Bank Account vs. Prepaid Card

second chance checking account

Even in case your bad track record prevents you from opening a checking account, there are financial institutions which may still want to deal with you.

The company that maintains an information database on over 300 million holders of checking accounts, ChexSystem, reports that nearly 15 percent of people applying for bank accounts are denied and offered prepaid cards or “second chance” checking accounts instead.

Second Chance Checking Account

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5 Saving Tips For Parents Whose Kids Head To College

saving tips for students' parents

When you read articles related to college tuition, especially its financial aspects, the information is usually not very comforting as the news contain such words as ‘debt’, ‘loans’, ‘increasing costs’, ‘over $1 trillion’, etc. However, there are several ways to save some money when your children go off to school. This advice won’t make up for the big tuition check you had to write, but still it will help you feel at least a bit pleased. So, there are five tips that will help you to save some cash and they are as follows:

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Oklahoma Is A Leader In Payday Loan Usage

Oklahoma is leading in payday loan usage

Pew Charitable Trusts held the research that showed that within the last five years 5.5% of adult Americans used payday loans nationwide. However, the rate among the residents of Oklahoma is the highest in the U.S. and comprises 13%.

These small personal loans which are made for a short term and secured against the next paycheck are usually provided with exorbitant interest rates and fees. Critics consider that payday loans are predatory while proponents claim that they are used by individuals who are unable to get traditional loans.

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How To Find Cheap College Loans

tips to find cheap student loans

American families which have to borrow for college tuition have an increasing number of low-cost alternatives to federal student loans. In times of financial aid shortages and tuition hikes this news is a really good one. This year the rates on subsidized Stafford loans were reduced in the last minute and this cut helps only students who are in financial need – those young people who don’t get eligible are still paying the rate of 6.8 percent (plus 1 percent in fees).

Among other options are for-profit loan lenders like Wells Fargo or Sallie Mae which market parent loans with the fixed interest rates of 5.5 percent. more

Defaults On Loans From 401(k)s Reach $37 Billion

Americans borrow from 401(k)s

The latest research found out that American consumers borrow large amounts of money from their 401(k) retirement plans and then face serious problems with repaying their debts. Following the recent analysis, in recent years defaults on 401(k) loans have already totaled as much as $37 billion per year – that is a far higher rate comparing to that estimated previously.

The Los Angeles Times reports that in the twelve months through May the default rate was calculated to be 17.4% – a slight decline comparing to the peak of 19.8% estimated in mid-2010, though a dramatic increase if compared to 9.7% estimated in mid-2008, before the global financial crisis.

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