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If it means anything to you, NJ banks for the most part are in good shape. I am a bankaholic and recently shifted things around due to the financial crisis, so I did some research. Hudson City was in the news that they have a profit and were not part of the sub prime mortgage nonsense. They are rated 5 stars by Bankrate.com and BauerFinancial. Some other banks rated 4-5 stars are: Investors Savings Bank, Valley National Bank, RSI, and Columbia Savings. Some of these banks have memos out reassuring customers they are not part of the mortgage problem. Go to Valley National Bank and view the video clip from NJ12News.
If it means anything to you, NJ banks for the most part are in good shape. I am a bankaholic and recently shifted things around due to the financial crisis, so I did some research. Hudson City was in the news that they have a profit and were not part of the sub prime mortgage nonsense. They are rated 5 stars by Bankrate.com and BauerFinancial. Some other banks rated 4-5 stars are: Investors Savings Bank, Valley National Bank, RSI, and Columbia Savings. Some of these banks have memos out reassuring customers they are not part of the mortgage problem. Go to Valley National Bank and view the video clip from NJ12News.
Any positive comments would be appreciated as we need good news for a change!!
I use Valley for all of my auto loans..great bank! I also use a small..well use to be small community bank out here in NW Jersey. great service..free checking... etc. I use Skylands Community Bank for both my personal as well as the business - they scored 4 stars on bankrate.
Thing is, never before in the history of banking have banks charged so much interest on credit cards. At the same time, banks have never been able to pay so little on deposits to savers, or borrow money so cheaply from other banks or the Federal Reserve. The end result is that the spread on what banks have to pay, and what they charge, is at an ASTRONOMICAL, ALL TIME HIGH. Banks are gouging consumers and engaging in USURIOUS practices with credit cards.
This has also spilled over into auto loans, business loans, and all sorts of other loans. Any wonder that people with good credit aren't borrowing ? Why would anyone who doesn't need to borrow willingly pay such high rates to these banks and financial companies for credit ? The answer is that they are refusing to borrow because borrowing is still a bad deal for the borrower.
More than ever the government needs to regulate the out-of-control credit card industry to get the spreads back down to reasonable levels. At this stage, with the banks paying depositors as little as 1/10 of 1% on savings, and borrowing from the Federal Reserve for as little as 0%, there is absolutely no reason why credit card rates should be any higher than 4% for most borrowers, and up to 10% for riskier borrowers. Instead, many credit card companies have raised credit card rates to 20% to 35%.
I'm amazed that people aren't demanding that the banks lower the credit card rates to below 10% - after all they are using our (practically free) taxpayer money to attempt to loan us our money back, and then wanting massive premiums (that are higher than ordinary income tax rates) to do so.
Thing is, never before in the history of banking have banks charged so much interest on credit cards. At the same time, banks have never been able to pay so little on deposits to savers, or borrow money so cheaply from other banks or the Federal Reserve. The end result is that the spread on what banks have to pay, and what they charge, is at an ASTRONOMICAL, ALL TIME HIGH. Banks are gouging consumers and engaging in USURIOUS practices with credit cards.
This has also spilled over into auto loans, business loans, and all sorts of other loans. Any wonder that people with good credit aren't borrowing ? Why would anyone who doesn't need to borrow willingly pay such high rates to these banks and financial companies for credit ? The answer is that they are refusing to borrow because borrowing is still a bad deal for the borrower.
More than ever the government needs to regulate the out-of-control credit card industry to get the spreads back down to reasonable levels. At this stage, with the banks paying depositors as little as 1/10 of 1% on savings, and borrowing from the Federal Reserve for as little as 0%, there is absolutely no reason why credit card rates should be any higher than 4% for most borrowers, and up to 10% for riskier borrowers. Instead, many credit card companies have raised credit card rates to 20% to 35%.
I'm amazed that people aren't demanding that the banks lower the credit card rates to below 10% - after all they are using our (practically free) taxpayer money to attempt to loan us our money back, and then wanting massive premiums (that are higher than ordinary income tax rates) to do so.
JG183 - Tony Soprano is offering ''better terms" than Visa and Mastercard!
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