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Posted: July 27th, 2008, 8:03am CDT
CHAMPAIGN – This year didn't get off to a good start for the Electrical Workers 601 Credit Union in Champaign. The 54-year-old credit union, with 815 members, reported a staggering $202,000 loss for the first quarter of 2008. The credit union had a high percentage of loans classified as "nonperforming" – loans where principal and interest payments weren't being met.
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Posted: July 27th, 2008, 2:01am CDT
Mike Larson takes a closer look at the declining second quarter earnings of both big and small financial institutions. In this issue of Money and Markets, Mr. Larson discusses how although there is bad news for financial institutions, finance and real estate companies aren't doing that badly.
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Posted: July 26th, 2008, 7:21pm CDT
The economy isn?t at its best, oil prices are painfully high, foreclosures are really hurtfully high, job growth in many areas is sluggish or worse ... but over all, it?s not all that bad.
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Posted: July 26th, 2008, 3:20pm CDT
Rising interest rates, bad loans and globally-induced volatility in stock and bond markets have combined to hit the country's banks hard, according to early indications coming from their quarterly earnings.
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Posted: July 26th, 2008, 2:35am CDT
After weeks of one negative report after another, the economy finally got some news Friday that wasn't half bad. Wall Street, which suffered a stomach-churning drop Thursday, managed a modest gain. Oil prices hit their lowest point since early June, and gas...
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Posted: July 25th, 2008, 9:00pm CDT
In the U.S. housing market, all signs point to a buyer's market. But the economy's also in a credit crunch - which doesn't favor buyers. Kelly Cobiella has a few tips for prospective buyers in this Hitting Home .
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Posted: July 25th, 2008, 5:30pm CDT
After weeks of one negative report after another, the economy finally got some news Friday that wasn't half bad.
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Posted: July 25th, 2008, 8:26am CDT
As losses mount at American banks and the pain of the credit crisis spreads from housing and finance to the broader economy, many small companies complain it is increasingly difficult to obtain loans.
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Posted: July 24th, 2008, 11:42am CDT
Surprise will offer another ''Understanding Your Credit Score'' financial fitness class on Aug. 7. See this and other city news briefs.
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Posted: July 24th, 2008, 7:08am CDT
As big banks such as Wachovia , Citigroup and Bank of America continue to post multimillion-dollar writedowns to cover mortgage loan losses and other bad investments, credit-card holders are increasingly getting squeezed. Card issuers such as American Express have started taking a closer look at the math that determines how much credit is available to each customer, and some are cutting their ...
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Posted: July 16th, 2008, 7:48am CDT
July 16 (Bloomberg) -- The global bear market in equities will deepen from New York to London to Tokyo in the next six months as credit losses prolong the economy's slump and inflation erodes profits, a survey of Bloomberg users showed.
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Posted: July 16th, 2008, 7:36am CDT
New research has indicated that the credit crunch is likely to have more bad effects on small businesses before the problems ease.
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Posted: July 16th, 2008, 5:50am CDT
Good credit can improve your financial health in a lot more ways than most people realize. You're one of the lucky ones in the financial pecking order: Your credit score is high. Really high. But what if you want perfection?
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Posted: July 16th, 2008, 5:18am CDT
If it could happen to the state treasurer ... "I was on a two-week vacation, and when I got back my credit-card bill was already overdue," Richard Cordray said. He tried to get the charge canceled but wound up paying a minimal charge.
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Posted: July 16th, 2008, 1:29am CDT
Bad Credit Score? Here's How to Fix It Building or rebuilding a credit score seems like an impossible task. Young people starting out think they'll never qualify for the best interest rates. Homeowners who may be facing foreclosure think their scores will never recover.
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Posted: July 15th, 2008, 5:32pm CDT
Inflation is not necessarily a bad word. So it seems for the micro-credit industry if its growth trajectory and first quarter credit offtake are benchmarks
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Posted: July 15th, 2008, 3:58pm CDT
Times are good to cash in on the misery of others. As Americans acquire bigger and bigger mortgages and credit card bills, more and more of their debt is going bad.
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Posted: July 15th, 2008, 8:22am CDT
U.S. Bancorp said on Tuesday mounting credit losses led to a larger-than-expected 18 percent decline in quarterly profit, and that tough economic conditions will cause bad loans to increase further.
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Posted: July 15th, 2008, 8:03am CDT
July 15 (Bloomberg) -- U.S. Bancorp , the sixth-largest U.S. bank, said second-quarter earnings slumped 18 percent on rising bad loans. The shares fell 9 percent in early New York trading.
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Posted: July 13th, 2008, 12:05pm CDT
THE WAY THE BANKING IS wired at the moment, there seems to be no real and lasting happy ending to a bad credit history.