Source: MarketWatch

The US unemployment report paints a grim picture - more jobs were lost in June than in May, suggesting to many economists that a recovery by the end of the year is highly optimistic. 467,000 nonfarm payrolls were lost last month, compared to 322,000 jobs lost in May. Overall, the unemployment rate grew in June to 9.5% from 9.4% the previous month.

The country has continued to experience a bleak job market, while average salaries remained flat. This poses a danger as inflation could hit, causing an even bigger hit to the average American worker. The average workweek fell by 6 minutes to a record low 33 hours. The industries hit the hardest were construction, manufacturing, professional and business services, financial services and retail.

Despite all the brown bag lunches and coupon clipping, there are some necessary expenses that do not seem to be flexible at all, like high auto loan rates. Consumers are actively seeking ways to reduce their household budgets to more easily manage the economic downturn hitting them from all angles.

For most people, having their own means of transportation is a necessity, and for many, this is one of the most expensive things you will ever own. The amount that individuals are charged for auto loans can differ greatly from person to person, and the biggest factor contributing to your high auto loan rate is your credit score.

Before agreeing to loan anyone money, lenders need to gauge how risky a business proposal will be and checking your credit score as part of the application process is the route they generally follow. FICO (Fair Isaac Corporation) as developed an intricate mathematical equation based on several factors regarding how you use your credit. The result is a score ranging from 300-850, and like the SAT's, the higher the score the better off you are.

Because of the recent state of the economy and the credit crunch, the best auto loan rates are only given to those with outstanding credit generally at 700 or higher. The lower your credit rating, the more you need to pay to borrow money as the lender will consider you a higher risk. Ultimately, they want to get as much money as possible and if you have a lower credit score, the theory is you may ultimately default on the loan so they want to get as much from you before that happens.

Seacoast Commerce Bank is offering a 2.05% APY money market account rate for their Investor Money Market acounts. Here are some important details for you to consider:

• A minimum deposit of $10,000 is required to open an account
• Interest is compounded daily and credited to your account monthly
• Brokered deposits are not accepted
• A minimum deposit of $25,000 is required to maintain the APY

For more of the best money market rates, visit Go...

Jersey - local only. South Jersey Federal Credit Union is offering a 2.50% APY CD for an 18-month term. You can also open it as an IRA CD. A minimum deposit of $10,000 is required in order to open an account. Please visit their membership eligibility page to see if you qualify.

South Jersey FCU branches are located in the following Jersey cities:

• Deptford
• Camden
• Pleasantville
• Egg Harbor Township
• Vineland
• Voorhees
• Moorestown

For more of the...

Shopping for a new car can be an exhilarating experience! There is nothing like the promises of a smooth ride, fuel efficiency and new car smell to fully intoxicate the senses of a car-shopper. Aside from the perks of new car ownership, there is the down side of having to pay for the vehicle, as you cannot get something for nothing. One way to make the bitter pill of parting with your money easier to swallow is saving money on your auto loan...

NASA Federal Credit Union (NFCU) is offering a 4.00% APY CD for their longer 50-month term. This is a competitive rate on a higher term CD. Other shorter term rates include:

• 2.00% APY CD for 18 months
• 2.50% APY CD for 30 months

Here is some important information for opening a CD with NASA Federal Credit Union:

• Minimum deposit of $10,000 is required to open a CD
• The credit union has several associations you can join in order to be...

Alliant Credit Union is offering a 2.25% APY savings account rate on their regular savings account. To open the account you must have an initial deposit of $5 and must meet certain qualifications.

Benefits to the savings account are:

• There is a high dividend paid monthly on the average daily balances of $100 plus. (Dividends are paid on the last day of every month.)
• There is no maximum balance limit

To qualify for this account you must...

Tennessee Commerce Bank is currently offering a 2.30% APY on a savings account with balances that are up to $100,000.00. This is for both personal savings accounts and business savings accounts. This account is good for those planning on saving only and not planning on using the savings account as a transactional account, since there are limitations on the savings account.

Some restrictions on the savings account are:

• There are only 6...

First Security & Trust is located in Iowa and is offering a great 4.01% APY on their rewards checking account. The bank allows national accounts and they offer nation wide ATM refunds. To open the account there is a $100 initial deposit. This account is great because there is no service charge or minimum balance requirements. And account holders can also do online payments for free - which is very convenient. Features of the rewards checking...

Nationally available. Quantum National Bank is offering several hi-rate money market accounts. The rates include:

• 2.02% APY for deposits of $100,000 or greater
• 1.02% APY for deposits of $50,000 - $99,999.99
• 0.72% APY for deposits of $10,000 - $ 49,999.99
• 0.22% APY for deposits of $0.01 - $9,999.99

In order to qualify for the hi-rate money market accounts, you'll need a minimum opening deposit of $100. The deposit balances needed to...