Money Talk: Options for Building Credit Score
Question: I am selling my car to an old friend with no credit history. (The used car salesman wanted to charge her 6.5 percent interest.) Is there a way that I can report her timely payments to the credit reporting services to help her build her credit? Answer: It’s not really practical for individuals to report payments, since subscribing to credit bureaus is expensive. The rate your friend was quoted actually isn’t bad given her...
Domestic Car Sales for 2015 Poised to Be a Record
Despite pollution-spewing Volkswagens, exploding Takata airbags and failing GM ignition switches, domestic car sales for 2015 appear poised to be the best in U.S. history. Industry experts predict, based on year-to-date sales and projections for December, that the year’s total sales will top 17.4 million vehicles, beating the previous high sales mark set in the year 2000. “The economy is strong, interest rates are low, and fuel prices...
Most Won’t Feel Fed Rate Increase
Washington — For anyone considering whether to buy a home or car, the Federal Reserve’s interest rate increase Wednesday shouldn’t make much difference. The rates that most people pay for mortgages, auto loans or college tuition aren’t expected to jump anytime soon. The Fed’s benchmark interest rate has limited influence on those things. Still, the Fed’s move to lift its key rate by a quarter-percentage point will raise short-term...
Seaweed: Maine’s Hot New Product
Biddeford, Maine — It’s green, it’s gooey and it’s giving Maine’s famous lobsters a run for their money. Well, not really. At least not yet. But when it comes to seaweed production, Maine is the country’s No. 1. The state now supports more than 20 companies that grow or collect seaweed, about double from 10 years ago. Maine harvesters collected 17.7 million pounds of seaweed in 2014 — the most ever recorded for the state and more than...
Using Retirement Funds To Pay for House Is Risky
Washington — The housing market is expected to be busier than usual this winter as some home buyers rush to act before the Federal Reserve raises interest rates. Some consumers who haven’t yet been able to save the money for a downpayment may be tempted to raid their retirement accounts for the cash. For people with decent retirement savings, that can be a way to diversify investments. But people considering the move should consider...
