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Boost Your Credit, Boost Your Quality of Life
Please focus on increasing your FICO credit scores whether or not you currently own real estate or dream to one day buy your first home. With average credit card APRs( Annual Percentage Rates includes rates and annual fees) hovering in the 35 % to 45 % APR ranges today for many consumers, it can be very challenging to pay off this unpaid and compounding consumer debt as well as to set aside enough cash reserves for a down payment and closing costs for home purchases.
Earlier this year, the average store merchant credit card rates were closer to 28.93 % before the Federal Reserve cut shortterm interest rates by 0.75 %. In spite of the 0.75 % rate cuts by the Fed, several big box retailer merchant card rates rose by 7 % to today ' s 35.99 % rate average in recent months, according to USA Today.
In normal economic times, credit cards rates would ' ve fallen after the Fed cut shortterm interest rates. However, many of these same merchant credit card rates rose by almost 7 %. This may be completely unprecedented as I can’ t think of any other time in U. S. history
when credit card rates rose so quickly and at such a large 7 % rate increase following two Federal Reserve rate cuts for shortterm rates that usually lowers credit card rates.
These rates don ' t include annual fees, so the true APRs( Annual Percentage Rate) are probably closer to 40 % to 45 %+ as most credit card issuers don ' t have to follow usury laws.
Usury: the illegal action or practice of lending money at unreasonably high rates of interest.( Source: Dictionary. com)
Credit card default rates are reaching alltime record highs for some credit card issuers. As a result, they are seemingly
Image from Canva Pro punishing the credit card customers who are still making their payments on time to cover these credit card issuer losses with higher rates and fees for both the good and bad paying customers.
If possible, please pay off any doubledigit debt as fast as possible. Then, focus on boosting your credit scores. Once achieved or if you need some free credit repair advice from me and a new mortgage, please contact me for more details. I’ m easiest to reach via email at info @ realloans. com.
MEET RICK TOBIN
Rick Tobin has worked in the real estate, financial, investment, and writing fields for the past 30 + years. He’ s held eight( 8) different real estate, securities and mortgage brokerage licenses to date and is a graduate of the University of Southern California. He provides creative residential and commercial mortgage solutions for clients across the nation. He’ s also written college textbooks and real estate licensing courses in most states for the two largest real estate publishers in the nation; the oldest real estate school in California; and the first online real estate school in California. Please visit his website at Realloans. com for financing options and his new investment group at SoCal Real Estate Investors for more details.
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