Stock Market News

The stock market closed Thursday on a high note. Major indices surged over 2% in heavy trading, only to finish near the best levels of this session. Financials led the way higher, Thanks to upgrades and news the Fed is expanding on its earlier announced plan to create more liquidity.

The financial sector was off to a good start after Fannie Mae and Freddie Mac were upgraded.

Financials, as well as the market, got boosted even farther when the New York Fed said it was making modifications to Term Securities Lending Facility. The auctions now allow schedule 2 collateral, not the schedule 1 collateral. Schedule 2 collateral will include collateralized mortgage obligations and AAA rated commercial mortgage-backed securities

The Fed is going to lend banks high liquid securities in exchange for the less liquid assets. The banks are now able to use a greater range of collateral than was before announced. The first auction will be on Thursday, March 27 and offer $75 billion for a term of 28 days. There have been up to $200 billion in loans authorized. This positive development relieves holders with difficult to trade securities at least temporarily.

In a other stock news, Thrifts & Mortgages was a standout for three days in a row. They have jumped 53% from Monday’s. Investment Banks & Brokerages was a leader as well with a gain of 11.2%.

Choosing The Right Credit Card

What should you know about APRs when choosing a credit card?

Cards have different APRs for purchases, cash advances and balance transfers. Tiered APRs have different interest rates for different levels of your balance. A penalty is applied if you are late with your payments. An introductory rate is good for a fixed amount of time after opening the account. A delayed APR will give you a different rate later.

A fixed interest rate means the Annual Percentage Rate does not change. The interest on a “fixed rate” card may change after time, but the card company has to tell you before your APR is increased.

Other cards are variable, meaning the Annual Percentage Rate changes at times. The rate is usually relevant to the Prime Interest Rate or the Treasury Bill Rate. If the that rate changes, your rate may change.

What you should know about fees?

Annual fee - just for having the card

Cash advance fee - if the card is used for cash advances

Balance-transfer fee - if you transfer the balance of another card

Late-payment fee - if your payment is late.

Over-the-limit fee - if you go over the limit.

Limit-increase fee - if you request increase to the credit limit.

Set-up fee - for opening a new account.

Return fee - if the check you use to pay your bill bounces.

Other fees - most companies charge a fee for telephone payments. Some charge report to credit bureaus. Other charge just to review your account or provide customer service.

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Debt Consolidation Advice, Help and News from Debt Advisers Direct

• Government warns about rising credit card debt March 5, 2010
  The latest figures from the Bank of England (BoE) have shown that in January, the country`s total credit card debt stood at £61.5bn, the Press Association reports. At question time, Tory Lord Marlseford told peers that the total amount of credit card debt in January was £8bn higher than it was a year earlier. He went on to say that "the current int […]
• Debt - the 12-month view March 4, 2010
  In January, UK citizens - between them - borrowed £500 million more than they repaid, in terms of unsecured debt (credit cards, unsecured loans, etc.). After we repaid so much debt last year, this may come as a surprise. We repaid more than we borrowed in seven months of 2009 - when 2010 started, our unsecured debts were worth nearly £8 billion less than […]
• Amount of `bad debt` written off reaches 16-year high March 3, 2010
  The latest figures from the Bank of England (BoE) suggest that individuals and businesses defaulted on £6.1bn worth of mortgages and loans during the final quarter of 2009 - the highest amount since 1993, when the figures were first collected in this format, the Telegraph reports. Although bad debts on mortgages and credit cards did fall slightly, there wa […]
• Deeper into debt: middle-class poverty March 2, 2010
  The recession has also affected a lot of people with comfortable lifestyles, an article in The Independent reminds us. The article is largely based on the experiences of Andrew Newbury, a Manchester-based family solicitor who handles divorces. Mr Newbury explains that `a growing number` of people with a comfortable lifestyle (detached home, two cars, nice h […]
• Debt taken on by individuals increased in January March 1, 2010
  According to the latest figures from the Bank of England (BoE), the total amount of debt owed by individuals increased by £2.0bn in January. The figures revealed that the annual growth rate in the amount of debt taken on by individuals increased to 0.8%. Within the total increase, the amount of debt secured on dwellings rose by £1.5bn. This was above the […]