Yesterday we bemoaned HSBC’s online savings account dropping by .55 percentage points, and gazed hungrily at Emigrant Direct’s still-holdin’ strong 5.05%, so of course Emigrant Direct to cut theirs to 4.75% today. Until the impact of the federal rate cut sets in, don’t go rate chasing. [Emigrant Direct]
interest rates
Fed Cuts Rate by Half Percentage Point
By 9.18.07
The Fed cut interest rates by half a percentage point this afternoon, citing “tightening of credit conditions” that have the potential to “intensify the housing correction.”
Greenspan "Didn't Really Get" That Subprime Lending Could Hurt The Economy
By 9.14.07
Former U.S. Federal Reserve chairman Alan Greenspan told 60 Minutes that he “didn’t really get” that irresponsible subprime lending could be significant enough to hurt the economy, but he still defends the decision to keep interest rates low from 2001-2004.
Subprime Meltdown Spreads To "Jumbo" Mortgages
By 8.13.07
The New York Times has an interesting article that explains the affect the subprime lending meltdown is having on so-called “jumbo” loans.
Department Of Education: Student Loan Oversight Is Overrated
By 8.3.07
Remember that whole student loan scandal, where lenders illegally gave gifts to financial aid officers? The Department of Education doesn’t! A damning GAO report claims that the DOE:
Capital One Raises Your Interest Rate
By 8.2.07
We’re getting complaints that Capital One has raised interest rates across the board for its customers. One reader says his wife’s rate went from 9.9% fixed to a variable rate, making it about 15%.
NPR: Elizabeth Warren On The Credit Card Industry
By 3.28.07
Reader Jaime alerts us to an interesting interview from Fresh Air on NPR. In the interview Harvard Law Professor and credit card industry expert Elizabeth Warren dishes on abusive lending practices, the ever-malleable interest rate, universal default and all that fun stuff.
How About 5.3% Interest On Your Savings?
By 3.9.07
Consumerism Commentary has an update on the current online checking and savings rates.
Virginia House Passes Payday Loan Bill Without Interest Rate Cap
By 2.20.07
Gov. Timothy M. Kaine’s (pictured, putting out fire) is the last man standing between a bill hand-written by the PayDay loan industry and Virginia consumers.
Virginia Payday Lenders To Charge Infinity Interest
By 2.1.07
An aggressive campaign by the payday loan industry has paid off in Virginia. The House of Delegates approved a bill removing all caps from interest rates charged on payday loans.
The Geography of Usury
By 9.20.06
If you’ve ever wondered why your credit card bills are postmarked in Utah, Delaware, Virginia, or South Dakota, and why your interest rates are higher than you think should be legal, the map above might help.
What’s The Rates?
By 9.11.06
Many banks have updated their interest rates recently. Where’s the hotspots to parkk your checking and savings?
