Factoring Blog - For Small Businesses

If you want to check out a place for comparisons of CD rates, credit card offers, bank rates, etc., go to Bankaholic.com (”Bringing you the best in banking”).

As a business owner, you may find the reviews of business credit cards interesting. The design and layout is user-friendly and I think it is a good idea to use the blog platform as a main function of the site.

I like the outspoken attitude in the blog posts. Maybe John Wu has been trained by Jim Cramer of TheStreet.com. The site is “powered by TheStreet.com”.

As an example, read the post, Is Your Bank Safe from Collapse? and watch the embedded YouTube video. Here are some quotes by John Wu in an article (End of Cheap Credit Hits Homes, Businesses) by Steven Mufson of The Washington Post.

For a country of consumers addicted to debt, a possible sign of a change can be seen in places like the Web site Bankaholic.com.

Founded a year and a half ago by John Wu, who turned a project from his student days at the University of California at Berkeley into a rapidly growing business, the site offers a first stop for consumers shopping for credit cards and mortgages. About 750,000 people visit the site every month, Wu says.

But these days, Bankaholic finds that consumers are shopping more for savings accounts and certificates of deposit than credit cards — and, to lure them in, banks have boosted their ad spending on the site. “Banks really need depositors to put money in them,” Wu said. “They’re desperate to get more money.”

That could frustrate the Federal Reserve, which has been cutting interest rates to boost economic activity. But many banks aren’t passing the lower money costs made possible by the Fed along to consumers or businesses. The interest rates on credit cards have dropped modestly at best, and 30-year mortgage rates have not declined substantially, Wu said.

“People have been expecting that credit card rates would come down. But because there’s greater risk now in lending, credit card companies have been raising their rates a little bit as the Fed has been cutting,” Wu said. (Washington Post, 03/18/08.)

Please give us your tips on other interesting sites in the comment section.

P.S., remember, factoring is not debt. You can factor your invoices without taking on any more debt.

This entry was posted on Thursday, April 10th, 2008 at 9:23 am and is filed under Business Finance, Factoring. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.