U.S. Amasses Big Data on 10 Million People, Banks Protest
The CFPB is working towards monitoring how millions of Americans use credit cards, take out mortgages, and overdraw their checking accounts, but bankers aren't happy about it. The CFPB wants access to records from the banks and is buying anonymous information about 10 million consumers from companies including Experian. Banking executives question why the bureau is collecting so much without being more specific about the benefits. The CFPB says its goal is to sharpen enforcement and rule-making. Story by Carter Dougherty for Bloomberg News.
5 Reasons You Shouldn't Give Up On Credit Just Yet
The rise of electronic payments has revolutionized the way people spend money, but there are many benefits that old-fashioned credit cards have over newer payment methods. As long as you pay off your outstanding balance every month (admittedly, a big caveat), using a credit card is often the smartest way to pay. Story by Dan Caplinger in Business Insider.
Consumer Loans Surge Across Asia
Lenders from around the world are fueling a boom in short-term loans across Asia, helping push debt to record levels as a burgeoning middle class strives for a better lifestyle and banks look to diversify away from the slow-growing West. Companies from around the world are issuing credit cards or stepping up lending for cars, motorcycles and home appliances from India to Indonesia. Nonmortgage consumer credit in Asia outside of Japan rose 67 percent in the past five years. Story by Kathy Chu for the Wall Street Journal.
Managing Your Finances During Each Stage of Your Life
April is Financial Literacy Month. This is a good time to review your financial health and make the necessary changes in the way you manage your money. According to the 2013 Financial Literacy Survey, 77 percent of respondents admitted to having financial worries. In addition, 57 percent of Americans indicated they are worried over a lack of savings and 43 percent are worried about not having enough "rainy day" savings for an emergency. Here are some tips for managing finances during each stage of your life. Story by Bill Hardekopf for LowCards.com.
Smartphones Easily Skim Credit Card Information: A CBC Investigation
A technology designed to make it easier to pay with your credit card may be putting Canadians at risk of fraud and identity theft. But the chips that allow customers to tap the card and make a purchase can also be read with a a smartphone. The information could be read through wallets, pockets and purses. Story by Leif Larsen for the Huffington Post.
Your Credit Card Data Is Up For Auction
For years, your credit card data has been sold by companies like American Express and MasterCard to online advertisers who want to target you with specific ads. Credit card companies are not selling your identifiable data. But they can group you into a certain number of people in your area who buy similar knickknacks in a given week. Advertisers want to target people who will logically buy their products. Story by John Oldshue for Lowcards.com.
Customer Spending, Credit Quality Boost Discover Results
Discover's first-quarter profit beat analysts' expectations as customer spending rose and credit quality improved. The company, which has been trying to aggressively expand its various businesses, launched Discover It, and made partnerships with online companies such as eBay and Google to boost its payment services business. The company's net profit rose to $673 million, or $1.33 per share, in the first quarter, from $650 million, or $1.21 per share, a year earlier. Story by Ashutosh Pandey for Reuters.
LowCards.com Weekly Credit Card Rate Report
Based on the 1,000+ cards in the LowCards.com Complete Credit Card Index, the average advertised APR for credit cards is 14.24 percent, slightly below last week's average of 14.26 percent. Six months ago, the average was 14.26 percent. One year ago, the average was 14.27 percent.