Most of us don’t realize how much our emotions are tied into our spending habits and our build up of debt. Both of which eat away at our future by reducing how much we are contributing and building for retirement. Many of our clients at No More Mortgage have felt the same way until…
Filed under News, No More Mortgage, debt elimination, nmm-blog by on Dec 9th, 2009. Comment. 
If you’re like most people, you think of the balances on your statements for your mortgage, credit cards, and other debts as what you owe.
Well, yes it is and no it isn’t. Yes, at one moment in time a statement can show what you owe if you were to pay it off completely. And no it isn’t when you factor in interest payments over time.
Filed under Financial Tools, News, Retirement, nmm-blog by on Nov 29th, 2009. Comment.
CREDIT CARD REFORM BILL TRIES TO HELP CASH-STRAPPED CUSTOMERS, BUT COMPANIES HAVE NEW WAYS TO BOOST PROFITS
Credit card companies are socking it to consumers left and right. They’re hiking interest rates to as much as 36% and doubling minimum monthly payments, frustrating customers who are already cash-strapped and credit-crunched.
Filed under News, credit cards, nmm-blog by on Nov 18th, 2009. Comment.
STEPHANIE S. RECENTLY RECEIVED ONE OF THOSE LETTERS THAT CREDIT CARD ACCOUNT HOLDERS DREAD; her 11% rate had been raised to 29.99%. And when she called Citibank to complain, she was placed squarely between a rock and a hard place. Accept the higher rate, she was told, or close the card and accept the damage to her credit score.
Filed under News, credit cards, nmm-blog by on Nov 17th, 2009. Comment.
In August, prices rose in 17 oF 20 cities. Only Charlotte, Cleveland and Las Vegas recorded month-to-month declines. In the past year, prices are down 11.3% in the 20 cities. Prices in all 20 cities were lower in August 2009 than in August 2008, but in general, year-over-year declines have lessened. “We do want to remind people of the upcoming…
Following are, in descending order, the price changes in each of the 20 cities in August:
Minneapolis, up 3.2%
San Francisco, up 2.8%
Detroit, up 1.9%
Chicago, up 1.7%
Los Angeles, up 1.6%
Phoenix, up 1.6%
San Diego, up 1.6%
Washington, up 1.4%
Miami, up 1.1%
Atlanta, up 1%
Denver, up 1%
Boston, up 0.9%
New [...]
Filed under Mortgage, News by on Nov 9th, 2009. Comment.
From an article found on The Daily Reckoning, we have some not-so-exciting news:
Take a look at this graph, from The Economist, which shows the industrial production of emerging Asia compared to the United States.
Click for larger image
Looks like Asia is recovering pretty well. The chart above clearly illustrates the “decoupling” that became such a [...]
Filed under Markets, News by on Oct 30th, 2009. Comment.
Census Bureau reports that Maryland had the highest median income level in 2008, at $70,545, while Mississippi ranked very last with $37,790. Maryland is the nation’s top-earning state for the third year in a row, with a median household income of $70,545 in 2008, according to a U.S. Census Bureau report released Monday. The states [...]
Filed under News by on Oct 26th, 2009. Comment.
It was very impressive, and exciting, to see Bryan Kariya make such big plays, and receive such high commendation from coaches and teammates for his performance in BYU’s win over Oklahoma. Bryan spent his summer working at NO MORE Mortgage as a Personal Finance Analyst, helping families put in place a disciplined and customized financial [...]
Filed under News by on Sep 11th, 2009. Comment.
The “real†cost of living is important in finding out which states are the cheapest, and which states are the most expensive. In other words, New York and California are TRULY the most expensive states in the nation. Alaska is #1.
According to 2006 census estimates from the American Community Survey, the median household [...]
Filed under News by on Sep 2nd, 2009. Comment.
NO MORE Mortgage urges each parent to give serious consideration to the financial education of their children. The attached is a great set of suggestions for parents to help their teens take more financial responsibility. The websites in suggestion #1 seem especially helpful.
Your kids are heading back to school to dive into stuff like math, [...]
Filed under News, No More Mortgage by on Sep 1st, 2009. Comment.
NO MORE Mortgage
BOSTON — The Federal Deposit Insurance Corp. reported Thursday that the number of distressed banks rose to the highest level in 15 years as its insurance fund continued to shrink.
More lenders ran into financial trouble during the second quarter with recession saddling banks with soured loans, according to the report.
The FDIC said [...]
Filed under News, No More Mortgage by on Aug 28th, 2009. Comment.
NO MORE Mortgage looks at the new FICO credit scoring model
New FICO model may boost some borrowers’ scores
Maybe a utility bill went unpaid after you moved and the missed payment went into collections. Or, perhaps there are unpaid library fines or parking tickets in collections that are hanging onto your credit history and affecting your [...]
Filed under News by on Aug 26th, 2009. Comment.
Wriston’s Law Still Holds
NO MORE Mortgage looks at the History, Predictions and Competition of technology and Industry.
Wriston’s Law is named after the late Walter Wriston, a giant of banking and finance. In his 1992 book, The Twilight of Sovereignty, he predicted the rise of electronic networks and their chief economic effects.
Wriston said capital (meaning [...]
Filed under News by on Aug 21st, 2009. Comment.
NO MORE Mortgage thinks that there is nothing worse than fear in the markets.
In the markets it is often said that stocks can climb a wall of worry, but when the mentality starts to turn, and people begin to fear that the rally is over-extended, and when there is really no fundamental change in the [...]
Filed under News by on Aug 20th, 2009. Comment.
NO MORE Mortgage and CARD
NO MORE Mortgage waits to see what the national effect is going to be on the legislation of Credit Card Accountability, Responsibility , and Disclosure act of 2009.
Consumer advocates and a banking-industry association are pointing to
bank regulations signed into law in May as the catalyst for a host of
new fees instituted [...]
Filed under News by on Aug 19th, 2009. Comment.
NO MORE Mortgage and the newest tax policies
NO MORE Mortgage continues to believe taxes are ON SALE right now, and those who have money in an IRA might well consider moving the money over to a ROTH. In our minds, the advantages of a ROTH far outweigh the benefits of a traditional IRA, and when [...]
Filed under News by on Aug 18th, 2009. Comment.
NO MORE Mortgage has found that most people that have refinanced in the last 3 years have an fha mortgage guaranteed by GNMA (The New Fannie/Freddie).
NO MORE Mortgage believes that every one with a mortgage should be well informed of the current news about mortgages.
For more information please visit www.online.wsj.com
NO MORE Mortgage
Filed under News by on Aug 14th, 2009. Comment.
NO MORE Mortgage has found a very interesting article about today’s housing market. The last line is very telling.
If the main prediction comes true (see paragraph 3) then there can be no economic recovery until this issue is fixed, and/or the bubble completely bursts.
Right now the markets believe we have “dodged the bullet†but [...]
Filed under News, No More Mortgage, Real Estate by on Aug 13th, 2009. Comment.
A family that consistently lives beyond its means, and cannot seem to budget sufficiently to live within its income, has two choices to cover the ongoing shortfall. It either finds a second job or it lives on credit cards. If a second job is not forthcoming, and the credit limits get maxed out, [...]
Filed under News by on Aug 7th, 2009. Comment.
