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There are two types of debt consolidation loans available. They are secured loans and unsecured loans. There is a huge difference in these two loan types and it is important that you understand the difference between the types of financing. Once you find out what all is involved a getting a loan, you may change your mind completely about borrowing money to pay off debt.

A secured loan is what the majority of debt consolidation loans are and the reason they are called secured is because they are secured with an asset. In most cases, this asset is your home. You will get a decent interest rate on these loans, the interest will be tax deductible and you will have to be credit worthy to quality for this type of financing. Full Article…

We respond to a recent question regarding returning a Toyota Camry to the dealer and the repercussions to your credit score and credit report.

A simple question

At Auto Credit Express, we recently received the following question from one of our readers:

“I have a Toyota Camry and with all the recalls I do not feel safe driving the car, even if they “fix” the problems. I went to try to trade it, and because it’s not a year old and has all the recalls, the car is worth $10,000 less than what I owe. Looking at my credit, I can finance a second car without trading. Someone told me that I should finance a new car and then turn in the Camry to Toyota. He said

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Though a credit card offer might boast the credit card is free, many credit cards come with hidden fees that increase the cost of having credit. If you want to avoid paying anything for using your credit card, you’ll have to use it just right – too much or even too little can be costly.

Annual fee

The annual fee is a common credit card fee that you pay simply for having the credit card open. Not all credit cards have annual fees, but they could become more common now that the new credit card rules are in effect. Some credit cards charge a flat annual fee no matter what. Oth

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Haggling – it is not a very romantic word,  it actually gives me a tense feeling as I envision the meaning of the word. How about “effective negotiation”? There, I like that better. But what really is haggling, and how can an individual use it to their advantage?

A recent article in the Washington Post discusses what is deemed to be a hot new trend - haggling for reduced prices for goods and services. According to Nancy Koehn, a Harvard Business School retail historian, the recession has forced people to become more assertive, and the increase in haggling is “the biggest sea change of consumer behavior since the end of the Second World War”.

But wait a minute, I’ve been “haggling” with street vendors and the locals down on the Mexican beaches for years in order to get $5 toe rings and ten tamales for a dollar! Apparently times have change

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This past Thursday the Federal Reserve board raised the discount rate one quarter percent to 0.75 percent. The discount rate is the rate banks pay for emergency loans. A higher discount rate doesn’t mean we will see higher CD rates, savings account rates and mortgage rates.

The change is part of the Fed’s action to normalize the Fed’s lending facilities. Now that the financial crisis is over and things are getting back to normal the Fed is pulling back the extraordinary liquidity it provided to get us through financial crisis.

The Fed also said the action won’t lead to tighter financial conditions for households and businesses and doesn’t signal any change in the outlook for the economy or monetary policy. The action won

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