LowCards.com Weekly Credit Card Update–October 24, 2014

Staples Investigates Reports of Possible Credit Card Data Breach The world's biggest office-supply retailer is investigating reports of a possible data breach of Staples customers' credit cards after banks detected a pattern of unusual charges concentrating on a group of … 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

Household Net Worth Reaches Record $77.3 Trillion

Household net worth hit a record high of $77.3 trillion at the end of the third quarter, according to the Federal Reserve’s Financial Accounts of the United States. This was an increase of $1.92 trillion over the second quarter figure. … 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

Credit Card Balances Predicted to Increase

The majority of bankers in a recent survey expect the average credit card balance to increase over the next six months but only about a quarter of them predict that delinquencies will increase. These are the results of the latest … Continue reading

LowCards.com Weekly Credit Card Update–June 14, 2013

4 Reasons Excessive Overdraft Fees Just Won't Go Away Despite regulatory reform aimed at reining in checking account overdraft fees, the penalty is still a cash cow for banks--to the tune of about $31 billion a year. The CFPB thinks … Continue reading

LowCards.com Weekly Credit Card Update–April 26, 2013

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 … 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

Default Rate on Bank Credit Cards Lowest Since 2006

The default rate on bank credit cards dropped to its lowest level of the post-recession era in December. According to the S&P/Experian Consumer Credit Default Indices, the default rate on bank credit cards declined to 3.53 percent, down from 3.58 percent … 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

Consumer Credit Increases 6.2 Percent in October

Consumer added more debt again in October according to the latest monthly report from the Federal Reserve. Consumer credit rose by a seasonally adjusted $14.2 billion, a larger increase than economists had predicted. This is the third straight monthly increase. An … Continue reading

Households Cutting Debt, Increasing Net Worth

The latest Flow of Funds Report from the Federal Reserve points to several positive economic trends. Household net worth rose by $1.7 trillion to $64.77 trillion. This was a 2.7 percent  increase and was mainly due to higher home prices. … Continue reading

LowCards.com Weekly Credit Card Update November 9

Consumer Credit Growth Cools, Credit Card Use Sags In September, growth in consumer credit cooled as households appeared to use their credit cards less frequently. According to Federal Reserve data released this week, consumer credit grew $11.36 billion in September, lower … 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