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Credit: Consumer borrowing grows in September, but credit card use falls

Americans borrowed more in September to buy cars and attend college, but they charged less to their credit cards for a third straight month. The figures suggest that consumers are growing more cautious about taking on high-interest debt in a weak economy.

Total consumer borrowing rose $7.4 billion in September, the Federal Reserve said Monday. In August, it had fallen the most in 16 months. The September figures reflected a 5.8% increase in borrowing in the category that includes car and student loans. But the category that covers credit card purchases dropped 1% after larger declines in July and August.

Credit card use has fallen nearly 19% since September 2008, the height of the financial crisis. For many consumers, adding debt with high interest rates is too risky when jobs are scarce, pay raises are few and unemployment has been stuck near 9% for more than two years.

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Banking: Bank of America blindsiding cardholders?

Credit card issuers have drawn fire for jacking up interest rates on cardholders who aren’t behind on payments but whose credit scores have fallen for other reasons. Now, some consumers complain, Bank of America is increasing rates based on no apparent deterioration in their credit scores at all.

The major credit card lender in mid-January sent letters notifying some responsible cardholders that it would more than double their rates to as high as 28%, without giving explanations for the increases, according to copies of five letters obtained by BusinessWeek.

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U.S. Bank Mortgage Help

U.S. Bank operates in 24 states offering consumers and businesses investing, brokerage and banking services. With more than 3,000 banking facilities, the corporation reported assets of more $280 billion in 2010.

Making Home Affordable

U.S. Bank is participating in the federal government program designed to assist eligible homeowners in modifying or refinancing their mortgage. The bank has developed two different programs to accommodate their clients who are eligible: Home Affordable Refinance and Home Affordable Loan Modification.

Hardship Loan Modification

Eligible homeowners must provide documented proof of a financial hardship, such as a pay cut or temporary unemployment. The modification can be one of the following, or a combination of, rolling delinquent payments and interest into the existing loan, reducing the interest rate or increasing the mortgage payment temporarily.

Repayment Plan

The repayment plan allows homeowners to make regular and additional payments toward delinquent payments and fees during a set amount of time. This plan is ideal for clients who have a large surplus of funds at the end of the month.

Short Sale

U.S. Bank offers homeowners who cannot afford their mortgage the option of selling their home at a discounted mortgage amount. The sale price of the home typically falls short of the balance of the loan, however, enables a homeowner to protect their credit and make smaller payments until the balance is paid in full.