May 2012

State Farm Launches New Auto Insurance Discounts

State Farm insurance is providing drivers with a new way to save on their insurance. Drivers can save up to 40% per year on their insurance based on their mileage, as State Farm has teamed up with Ford’s SYNC connectivity system.

Bank of America to Reduce Mortgage Debt For Select Few

Bank of America has recently announced that it will be reducing mortgage debt for homeowners who seemed to have bit off more than they could chew when it came to purchasing their abodes. For 200 000 homeowners, the company will reduce their debt by up to $150 000 each, according to the LA Times. While the move has been perceived as generous, many residents cannot help but believe that it is unfair to those who have their finances under control.

Average Credit Card Interest Rates Fluctuate

A recent report has published the average credit card interest rates for the week, marking a small increase in yearly charges. The fluctuating rates of balance transfer, business and student credit cards have caused the national average for interest rates to increase by .02% to 14.93%, according to the Sacramento Bee.

Idaho Students Required to Have Health Insurance

This week, the Idaho State Board of Education decided to uphold the requirement for all students to have health care coverage. The regulation was questioned by several schools, after a spike in premiums, but the board believes that students should not be uninsured.

For two years, Lewis-Clark State College, Boise State University and Idaho State University have worked together in a student health insurance consortium. The three universities purchased student health insurance in order to keep coverage costs down for students.

Mortgage Rates Increase for First Time in a Month

According to a recent report, mortgage rates have risen across the country for the first time in over a month. The demand for housing in America continues to decline, so mortgage lending rates are on the increase – bad news for those who are considering purchasing homes in the near future.

The average mortgage rate for a 30-year mortgage – the most popular option for home buyers – has increased to 3.9%. In February, the rate was just 3.87%,which is the lowest it has been since the early 1950s. 15-year mortgages saw an increase to 3.13% from 3.11%.

25% of Residents Do Not Have Health Insurance

Health care legislation is an important topic, as the federal election approaches, and a recent study has found that a large portion of Americans do not have health insurance. According to the research, which cites statistics from the Commonwealth Fund Survey, at least 25% of adults in the country (aged 19 – 64) did not have health insurance at some point during 2011.

American Express Profits Up By 7%

American Express is the biggest credit card provider in America, and the company is getting even bigger. According to recent reports, American Express has seen a 7% increase in profits over the course of the past year.

The company cites increased customer spending as the reason behind the jump in profits. It seems that individuals are using their credit cards to make important purchases, rather than cash. At a time when the economy continues to recover from a downturn, making purchases using credit cards seems to be a better financial solution.