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Many of us have made credit cards our way of life and we can't imagine our life without them.  However, after the recent economic crisis, a large number of people are taking a stand against it. They have started believing that credit cards don't have to be the way of life. If a person properly manages his or her finances, it is possible to live without credit cards.

Here are 3 tips on how to you can achieve this goal:

A large number of homeowners are in a dilemma to take an investment decision with their extra cash. They cannot decide whether they should pay down their mortgage or take advantage of the low rates and invest the money in stocks.

The Federal Housing Administration (FHA) has come up with a new low cost reverse mortgage product which will be known as "HECM Saver". In the HECM Saver program, the upfront mortgage insurance premium (MIP) that will be charged to the borrowers will be 0.01% compared to 2% MIP that is charged on normal HECM product.  The product will also have an annual MIP of 1.25%.

Opinion of experts on impact of HECM Saver on market…

Most people think that there's no harm to borrow from the 401k account to pay off mortgage. However, it is not a good option to tap the retirement funds to pay off home loan balance. This is because when you borrow from a 401(k) plan, you can relieve yourself from the pressure of one emergency and create another pressure for yourself.

Reasons why you shouldn't tap 401k to pay mortgage

The House of Representatives has finally passed the Financial Reform Bill that provides the high changes of financial regulation since the Great Depression. It is expected President Obama will sign it into law fairly soon. The Financial Reform Bill will have certain affects on the mortgage market. This bill will bring into affect new lending rules which will protect the consumers. Let's take a look at some of them.

Though the rescission has ended, it has been found that the situation in the real estate market has not improved much. It has been noticed that home values have dropped so low that the loan amount is more than the price of the property. Around 11.2 million homes which are underwater and 2.3 million homes are close to slipping underwater. California, Nevada, Arizona and Florida are some of the worst affected states.

There are a number of consumers who believe that they might be eligible for government bailout. However, it is not so. You may see a large number of ads mentioning about some "Obama credit card bailout program" but that's completely misleading. There are no government-backed consumer bailout programs for your personal credit card debts. You'll have to manage your credit cards responsibly and pay off the bills on time.

However, if you're in severe credit card debt, there are some ways you can get relief. Let's take a look at what they are:

Earlier, it was quite easy to become a mortgage officer. However with the introduction of the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act), things are changing. The SAFE Act will help in increasing consumer protection and reducing fraud. The last date for the states to have the licensing and registration system in place was July 31, 2010.

Here are some of the major highlights of SAFE Act:

Misconceptions or myths regarding credit reports are quite common in the market and most consumers tend to get affected by them. Thus, they do certain things which can negatively affect their credit report. Let's take a look at 5 credit report myths that one should be aware of:

Due to the present economic crisis, it's quite difficult to plan for a budget and save money. The worst affected people in this situation are the single mothers. Being the sole earning member of the family, they need to look after the family expenses as well as the kids and their needs.

Here are 5 helpful tips from my end which can help single mothers plan their budget and save money in a better way: