Small business owners continued to seek loans in May. According to Reuters, the Paynet Small Business Lending index reported a 9% increase in the index since last year. This indicates that business owners are slowly recovering from the economic trials of the recession and cautiously moving forward. Small business loans are typically used to finance improvements which can lead to increased hiring, a good sign that economic activity and job creation may get a much needed jump start in the next few quarters. The increase in lending belies the fact that many small business owners have difficulty obtaining small business financing from banks. Horizon Business Funding provides options for small business owners outside of the traditional lending space that are fast and easy to obtain, even if they have bad credit or existing loans. The health of the US economy depends on the ability of small business owners to gain access to liquid capital to invest in improvement. The increase in lending last month is

While numbers have improved over the years relating to trucking accidents, the Federal government recently loaned truckers more break time in new regulations that have just gone into effect. The vast majority of truckers are against the mandated break time, saying that the down time cuts down on the number of paid hours they can book and loans a new threat to their livelihood. The working week for drivers has been reduced from 80 hours to 72 hours, with new mandated rest periods. The point of the legislation is to reduce driver fatigue,  which is backed by scientific research as being one of the main contributors to the 4000 truck crashes that occur each year in the US. However, with crash numbers already going down, drivers are saying these measures are redundant. Furthermore, drivers claim that the reduced hours will increase domestic shipping costs and congestion on roads. On the opposite side of the spectrum, the researchers who have compiled the data behind the legislation

We recently dug up this 2004 Frontline documentary on “The Secret History of the Credit Card.” While it is an understatement to say that a lot has changed in the nearly nine years since the piece first aired, it does offer some insight into how the modern credit and banking industry came to be. In the first chapter of the hour long documentary we learn why South Dakota has become a major credit card distribution center, why limits on the amount of interest a bank can charge are things of the past and how deregulation led to credit cards becoming most profitable sector in banking. Watch the first section here and the full documentary on PBS.org: Watch The Secret History of the Credit Card on PBS. See more from FRONTLINE.

In February, 60 Minutes ran a segment called “40 Million Mistakes: Is your credit report accurate?” The 12 minute piece explains in detail the sometimes years long challenge of bad or incorrect information removed from your credit report. In one scenario a nurse in Ohio spent nearly 10 years trying to convince a credit union to remove a woman with the same first name in Utah from her report. The mix up, almost as absurd as the plot of the recent film Identity Thief, kept the Florida nurse from refinancing her home, buying car and co-signing her childrens’ student loans — despite her own clean credit history. For the nurses full story and more on the frustrating business of bad credit reports watch this video:

'Business Insider' loans credit tips, news

Wednesday, 12, June , 2013 by

The average American household has $6,500 in credit card debt, according to a new article from Business Insider. The article explains that U.S. consumers are on track to take on $47 billion worth of credit card debt this year after paying back $32.5 billion to credit card companies in the first quarter. Click here to find out how these numbers compare to past years. In another piece this week  Business Insider  aggregated the answers Credit Karma CEO Ken Lin’s loaned to Reddit users’ credit questions. Lin, whose company we learned about earlier this month, has answer questions like: “Why is the formula for calculating credit scores so secretive?” “What are some tips/tricks to improve your score?” “Is there any harm to having too many cards or too much available credit?” Click here for his answers. 

In an AP article published yesterday by Philly.com a CEO of a business credit-reporting company advocates checking your company’s credit report often. He explains that to receive traditional bank loans both your personal credit and business credit must be up to par. The article loans this way of thinking about it: “Small-business owners need to be just as savvy about their companies’ credit reports as they are about their personal credit files. Whether you’re hoping to get a loan, have been turned down for one, or are just running your business, you need to stay on top of what’s in that file.” Not all small business financing requires perfect credit, but keeping a close eye on your credit is sound advice nonetheless. For the full story click here. 

Investors loan $30M to Credit Karma

Monday, 03, June , 2013 by

Earlier this year Credit Karma, a website that allows people to monitor their credit score for free, announced it has raised $30 million in second round of financing. This is according to a Tech Crunch article which explains, “The company has now grown its user base to 10 million, and increased revenue by over 4,000 percent since its Series A in 2009. In addition, Credit Karma is launching a new platform called Insight today, offering a real-time view into users’ overall financial health. Founder and CEO Ken Lin describes the Insight service as a way to look at all your finances in one place, for free. ‘Now you’ll be able to look at your credit scores, all of your accounts, all of your assets, and the transactional information that comes along with it,’ he says. ‘It’s an upgraded feature set that we thought was necessary.’” The article goes on to detail new features on the site and includes this demo video:

The credit crisis visualized

Saturday, 01, June , 2013 by

We recently came this clever video that uses crisp graphics and clear language to explain the credit crisis. This is worth watching If you are shaky on exactly went went wrong with banking, housing and credit industries.

A young writer describes her mission to bring her FICO score to 850. But what’s it worth? In a comical first person account writer Jacqui Kenyon details her “quest for the perfect credit score” for LearnVest.com.  Two years ago she learned the meaning of the therm “credit utalization” and her obsession with the number 850 (the highest possible credit score) began. Kenyon writes, “Credit utilization, one of the factors that has the highest impact on your credit score, is the percentage of your total available credit that you are currently using (you can calculate this by taking the total of your credit card balances and dividing it by the total of your credit card limits). Those with the best credit scores keep their credit utilization rate below 30%.” She explains that learning this led her to change her spending habits by putting slightly less of her expenses on cards and paying down her balance when it got near 30%. However, as Kenyon’s quest has continued

In a recent study the credit bureau Experian found that women are better at handling credit than men. Last week the company wrote in a press release, “When it comes to credit, who is winning the battle between men and women? The latest credit trends study, released today from global information services company Experian, compares the financial differences between men and women, revealing that, overall, women are better at managing their money and debt.” The study was the first of its kind for Experian and looked at figures from the organization’s database starting in December 2013. It found, Women have 4.3 percent less debt than men Women have a 2 percent lower credit utilization amount Men have 7 percent higher late mortgage payment incidents Men’s mortgage loan amounts are 4.9 percent higher The average credit score for men, however, is only one point lower than the average credit score for women. They are 674 and 675 respectively. On average men have over $1,100 more debt than women

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