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

• Compare debt solutions: IVAs, debt management and debt consolidation March 16, 2010
  Different debt problems require different solutions. Someone who`s genuinely unable to repay what they owe is in a completely different situation to someone who just doesn`t want to spend time keeping track of multiple debts when they could replace them all with a single, larger debt. Here`s a brief look at three of the most common debt solutions: IVAs (Ind […]
• Will consolidating my debts affect my credit rating? March 16, 2010
  If you have multiple debts and you`re finding it hard to keep track of all your outgoings - or if you want to reduce your outgoings and improve your financial wellbeing - you may have considered taking out a debt consolidation loan. Debt consolidation loans can make a big difference to your finances - but remember that they`re not right for everyone, and yo […]
• Debt: living on `financial precipice` March 15, 2010
  According to research by YouGov, commissioned by credit reference agency Callcredit, 26% of mortgage holders would be unable to make repayments to their mortgage debt if their monthly income was to drop by up to £300. The findings also revealed that one in eight adults aged 35-44 has deliberately `over-inflated` their income so lenders would allow them to […]
• Cost of servicing fixed-rate mortgage debt at six-year low March 10, 2010
  According to figures from the Bank of England (BoE), the cost of servicing a two-year fixed-rate mortgage debt fell to a six-and-a-half-year low in February, The Independent reports. The figures revealed that the average cost of a two-year loan fell from 3.97% in January to 3.88% in February - its lowest level since July 2003. The cost of servicing a five- […]
• Rise in cost of taking on unsecured debt March 8, 2010
  According to figures from the personal finance group Defaqto, the cost of taking on unsecured debt - specifically personal loans - has jumped by 42% over the past two years, The Independent reports. The figures revealed that the APR (Annual Percentage Rate) on a £5,000 loan has increased from 9.8% to 13.9% during the past two years. This means the cost of […]