Big Jump In Credit Card Debt in December

Consumers racked up a sizeable amount of new credit card debt during the Christmas holiday. Revolving debt, most of which is credit card debt, rose $5.8 billion during the month of December, an annualized rate of 7.9%. It was the … Continue reading

Credit Card Debt Falls for First Time Since February

Credit card debt fell slightly in August for the first time since February, dropping $208 million or an annual rate of 0.3%. These were the findings of the latest monthly Consumer Credit report from the Federal Reserve. Americans now have … Continue reading Weekly Credit Card Update–August 22, 2014

Visa Wants to Make it Even Harder for Thieves to Buy Gas with Your Credit Card Gas stations are among the easiest places for crooks to use stolen credit cards. Pumps are usually unattended, so all the thieves have to … Continue reading

CFPB Now Accepting Complaints on Prepaid Cards and Gift Cards

The Consumer Financial Protection Bureau is now accepting complaints about gift cards, prepaid cards, benefit cards and general purpose reloadable cards. The bureau has also begun accepting complaints about other non-banked products, like credit repair services and title loans. Companies … Continue reading Weekly Credit Card Update–May 12, 2014

Target CEO Steps Aside After Massive Data Breach A Christmas-season cyberattack on Target's computer systems did more than expose massive amounts of customer credit card data to potential fraud. It also turned up the heat on deeper troubles that simmered … Continue reading

Credit Card Debt Drops for Second Straight Month

The latest Consumer Credit report from the Federal Reserve shows that credit card debt has decreased for the second consecutive month. The February G19 report shows that revolving credit, made up mostly of credit card debt, decreased $2.4 billion from … Continue reading

Consumer Borrowing Jumps in December

Demands for auto, student and credit card loans experienced significant increases in December, according to the latest figures from the Federal Reserve. Consumer credit increased $18.8 billion in December, an annual rate of 7.3%. This was the biggest increase in 10 months. Over … Continue reading

How Can I Build Credit without a Credit Card?

Building credit can be a tricky process because it takes credit to build credit. Most people struggle to build their credit history without initially using some "starter" credit cards to get the ball rolling. How can you build credit without … Continue reading

Credit Card Debt Continues Steady Decline

Consumers continue to be very cautious with their credit cards. Revolving balances on credit cards declined for the third straight month in August, according to the latest Consumer Credit Report by the Federal Reserve. Balances have declined by over $6 … Continue reading Weekly Credit Card Update–September 27, 2013

Google Wallet Arrives on iPhone Google introduced the Wallet app to the iPhone, a move which will hasten the replacement of cash and credit cards. The iOS app will allow users to store gift and loyalty cards and send cash … Continue reading

Credit Card Debt Falls Again

Consumers remain cautious about carrying credit card debt, but are borrowing more for auto and student loans. The latest Federal Reserve Consumer Credit Report showed that Americans continued to carry less debt on their credit cards in July. Revolving credit, … Continue reading

New Wells Fargo Credit Cards to Help to Customers Cut Debt

Wells Fargo is the fourth largest bank in the United States, but it has a relatively small credit card business under its umbrella. In an effort to change that, Wells Fargo has come up with an innovative credit card that … Continue reading

Credit Card Debt Declines in June

Overall consumer credit increased at an annual rate of nearly 6% in June, but none of this was due to consumers charging more on their credit cards. In fact, consumers seem to be paying more of the balance on their … Continue reading

Consumers Scrap Vacation Plans Due to Stress from Debt

According to a recent poll , 35% of Americans delayed their vacations this past year because of stress related to debt. Over 1,000 people in a study conducted by Princeton Survey Research Associates International revealed that family vacations are taking a back seat … Continue reading

CFPB Cracks Down on Debt Collectors

Today, the Consumer Financial Protection Bureau is intensifying its efforts to stop unlawful and abusive debt collection practices. The CFPB will begin notifying banks, payday lenders, finance companies and other lenders that they will be held accountable for unlawful conduct … Continue reading Weekly Credit Card Update–July 3, 2013

As Rules Change, More Retailers Offer Discounts for Cash Payments Some gas stations and merchants are now offering discounts for cash payments since new rules from a January 27 settlement allow businesses to charge up to 4 percent more on … Continue reading

CFPB Orders $6.5 Million in Refunds to Service Members for Auto Loans

The CFPB ordered U.S. Bank and its nonbank partner to pay nearly $6.5 million to members of the U.S. military who were misled about terms and fees of their auto loans. Service members who participated in the Military Installment Loans … Continue reading

Women Better at Handling Credit

Women may earn less than men but they are better managers of credit. According to a new report from Experian, women earn 23 percent less than men, but men have 4.3 percent more debt than women. Women also have a slightly … Continue reading Weekly Credit Card Update–May 10, 2013

Credit Card Companies Battle in China The Ms. Magic credit card from China Citic Bank is dotted with crystals and offers free beauty treatments and health insurance. Huaxia Bank's Pretty Lady card entices women with triple points for cosmetic purchases … Continue reading

CFPB Warns Lenders About Discriminatory Auto Loans

The Consumer Financial Protection Bureau is turning its attention to auto lenders. The CFPB says some lenders may be giving auto loans through auto dealerships that charge minorities above-market interest rates. It says the potentially discriminatory markups in auto lending … Continue reading

Consumer Credit Increases for Sixth Straight Month

New data from the Federal Reserve shows that consumer credit rose for the sixth consecutive month in January, fueled almost entirely by auto and student loans. The $16.2 billion increase, which equates to an annual rate of 7 percent, is … Continue reading

Household Debt Increases in Fourth Quarter of 2012

Americans are slowly borrowing more to finance purchases like homes and cars. Household debt, which includes mortgages, credit cards, auto loans and student loans, rose 0.3 percent or $31 billion to $11.34 trillion in the fourth quarter of 2012, the … Continue reading Weekly Credit Card Update–February 8, 2013

California Supreme Court Makes it Easier for Apple, Online Businesses to Collect Personal Data A divided California Supreme Court ruled that online merchants such as Apple and Ticketmaster can require consumers to furnish personal information to make credit card purchases. … Continue reading

Consumer Credit Figures Increase for Fifth Straight Month

U.S. consumers increased their debt in December by a seasonally adjusted 6.3 percent or $14.6 billion, according to the monthly G19 report from the Federal Reserve. This was the fifth consecutive monthly increase in consumer credit. In November, consumer borrowing … Continue reading

Bank Credit Card Delinquencies Hit 18-Year Low

The delinquency rate on credit cards issued by banks fell to an 18-year low, according to the latest data found in the American Bankers Association Consumer Credit Delinquency Bulletin. Data for the third quarter of 2012 shows that delinquent bank … Continue reading

Fourth Straight Monthly Increase in Consumer Credit

Outstanding consumer credit increased by $16.1 billion in November, the second straight month of significant gains, according to the latest Consumer Credit Report from the Federal Reserve. This also represented the fourth straight month of increases in consumer credit. Consumer credit increased … Continue reading

The Good News & Bad News in the Latest Debt Figures

At first glance, the latest Federal Reserve figures are encouraging, showing that household debt fell by $74 billion or 0.7 percent in the third quarter. However, the decrease is almost entirely from mortgage debt which is the largest factor of … Continue reading

Consumer Credit Default Rates Near Post-Recession Lows in August

The August 2012 S&P/Experian Consumer Credit Default Indices showed that default rates continue to decline for most loans, including the national composite, which has now declined for eight consecutive months. Most of the loan types posted their lowest rate since the … Continue reading

Largest Increase in Household Debt in Four Years

Household debt rose at a seasonally-adjusted annual rate of 1¼ percent in the second quarter, according to the Federal Reserve Flow of Funds Report released Thursday. This was the largest increase since the first quarter of 2008 but only the second … Continue reading