A credit report is a specially-designed statement that includes specific information about past and current credit activity which has a direct impact on an individual’s capability to receive loans, financing, and other types of monetary assistance. Credit...
Tax season is in full swing. Electronic tax returns are now being accepted by the Internal Revenue Service. This year alone, 155 million returns are expected to be filed. As a result of the immensity of this number, tax fraud is anticipated and heavily weighing on the...
In 2017 alone, the Federal Reserve increased the interest rate not once, twice, but a total of three times. As a result of this fact, the interest rates associated with credit cards is expected to increase. “Credit is a system whereby a person who can’t pay, gets...
At the start of the New Year, we here at Somerville National Bank acquired a State Charter. We are now pleased to announce that we are now Somerville Bank. Essentially, this means that we are authorized for the state, by the state and we are capable of engaging in...
According to information released in November of 2017, the average household in the United States has $6,662 in credit card debt. In addition to this, it has been estimated that the consumer who uses a credit card for holiday shopping spends in excess of $1,000. As a...
According to the yearly consumer survey by the National Retail Federation, holiday spending in 2017 will increase from an average of $936 to an average of $967. That is a 3% increase from spending averages in 2016. Many individuals find that it is easier to utilize...
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