LowCards.com Weekly Credit Card Update–April 11, 2014

Heartbleed Threat Puts Passwords, Credit Cards, and Other Data at Risk Passwords, credit cards and other sensitive data are at risk after security researchers discovered a problem with an encryption technology used to securely transmit email, e-commerce transactions, social networking … Continue reading

Bank of America Must Pay $772 Million for Illegal Credit Card Practices

Today, Bank of America was ordered by the Consumer Financial Protection Bureau to refund $727 million to consumers who were deceived by the bank's marketing of credit card payment protection programs and others who were charged for credit monitoring services they never … 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

30% of Americans Have More Credit Card Debt Than Savings

A new survey indicates that nearly 30% of Americans have more credit card debt than savings. Only 51% of those surveyed said they had enough money in their emergency funds to pay off all of their current credit card debt. The … Continue reading

The Appeal of Prepaid Debit Cards

Two new surveys from the Pew Charitable Trusts show that prepaid debit cards have become a popular alternative to checking accounts for more Americans. Consumers loaded $64.5 billion onto prepaid debit cards in 2012, a 13% increase from the $56.8 billion in 2011, and … Continue reading

LowCards.com Weekly Credit Card Update–February 21, 2014

A Line of Defense Against the Theft of Personal Data Credit-monitoring is often backward-looking, informing you of new accounts that thieves may have already opened in your name. But a freeze prohibits the bureaus from releasing your credit reports to … Continue reading

Will Capital One Revise Policies in Credit Card Agreement?

Very few people ever read their credit card agreement, but there has been a public outcry over the fine print in Capital One's agreement with their cardholders. The updated contract says that Capital One "may contact you in any manner … Continue reading

LowCards.com Weekly Credit Card Update–February 14, 2014

Target Data Breach Pits Banks Against Retailers Banks and big retailers are locked in a debate over the breach of consumer data that gripped Target during the holiday season. At issue: Which industry bears more responsibility for protecting consumers' personal … 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

Millennials Cutting Back on Credit Cards, But Struggle with Credit Scores

Millennials are carrying far fewer credit cards with smaller balances than older consumers but are still struggling with their credit scores and debt utilization. Experian’s Fourth Annual State of Credit analyzed the credit card habits of four generations: Millennials (19-29), … Continue reading

Seniors Spending More Money on Credit Cards and Mortgages

According to new research from the National Center for Policy Analysis, senior citizens are spending more on mortgage loans and credit cards than ever before. The study compares data from 1989 to 2010 to assess how finances among the nation's … Continue reading

LowCards.com Weekly Credit Card Update–December 20, 2013

Target Says 40 Million Credit, Debit Cards May Have Been Compromised in Security Breach Target said Thursday that credit and debit card account information for 40 million of its customers may have been stolen during the height of the holiday … Continue reading

Service Personnel Have High Risk of Credit Card Debt

A recent survey suggests that young military servicemen are at a particularly high risk of developing credit card debt. Due to the nature of their pay schedule and the amount of time they spend away from home, many of these … Continue reading

Reducing Credit Card Debt in 2014

Christmas shopping has reached a frenzied pace, and millions of consumers are buying things they probably cannot afford. Many of us will enter January with credit card debt. Issuers are adding to the dilemma. Mailboxes have been filled with credit … Continue reading

LowCards.com Weekly Credit Card Update–December 13, 2013

Mobile Banks Gaining Popularity with Young Consumers The new alternative banks work with traditional banks to hold deposits, so the money in your account is FDIC-insured. GoBank is the mobile banking arm of the Green Dot Corporation, which holds the … Continue reading

Parents Willing To Take On Credit Card Debt For Happier Holidays

Many parents will go to great lengths to keep their children happy, even if that means going into credit card debt. According to the latest survey from Lexington Law, 57% of parents are willingly take on credit card debt to … Continue reading

Iowa Maintains Lowest Credit Card Debt Per Capita

According to a report from TransUnion, Iowa had the lowest credit card debt per capita during the second quarter of 2013. The average debt per borrower in Iowa was $3,885. To put this into perspective, states like Alaska reported per … Continue reading

LowCards.com Weekly Credit Card Update–November 15, 2013

Credit Card Debt Declines for Fourth Straight Month U.S. credit card balances declined for the fourth consecutive month in September, suggesting rising caution among the nation's consumers. Revolving credit, which largely reflects money owed on credit cards, fell by a … Continue reading

LowCards.com Weekly Credit Card Update–November 8, 2013

MasterCard 3rd-Quarter Net Rises 14% on Increased Purchases MasterCard said third-quarter earnings rose 14% as spending on its credit and debit cards continued to grow. MasterCard, like its larger rival Visa, operates a payments network that processes transactions made on … Continue reading

Reduce Credit Card Debt with Micropayments

Holiday shopping is just around the corner, and consumers need to have their credit card balances as low as possible in order to avoid costly interest charges. One way to do this is to make micropayments on their credit card … Continue reading

Young Credit Card Users Are More Responsible Than Their Parents

The common perception is that young adults are not financially responsible, mainly because they lack experience in dealing with money. But a recent study from Arizona State University suggests that college-aged credit card users are actually more responsible than middle-aged … Continue reading

Sen. Tom Coburn Tears Up America’s Credit Card

During the recent debates about the government shutdown and debt limit, Senator Tom Coburn performed quite a "show and tell" demonstration of America's debt. To underscore a point about America's erratic spending habits, the Republican Senator from Oklahoma cut a … Continue reading

Chase Cancels Credit Card Insurance Plan

For years, Chase Bank has offered its cardholders a chance to get insurance on their credit card balances for an additional monthly fee, usually less than one 1% of their credit card balance. Users who opt for this insurance, known … Continue reading

LowCards.com Weekly Credit Card Update–October 10, 2013

Americans Cut Back on Credit Cards Again Consumers cut back on using credit cards in August for a third consecutive month, a sign that consumers are still cautious about spending. Consumers increased their borrowing $13.6 billion in August to a … 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

CFPB Fines and Bars Leading Firm Over Debt Settlement Fees

The Consumer Financial Protection Bureau today fined one of the country's largest debt settlement payment processing companies $1.376 million for allegedly helping other firms collect millions of dollars from consumers in illegal upfront fees. Meracord LLC and its CEO, Linda … Continue reading

Debt Linked to Health Concerns in Young Adults

Heavy debt loads could be causing higher blood pressure in young people according to a new Northwestern Medicine study. The study found that high financial debt is connected with higher diastolic blood pressure and could affect physical and mental health … 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 Tips for Students

Student credit cards provide great opportunity for young adults to build credit and manage their money. But if used improperly, credit cards can lead these young adults on a path to financial hardship. If you develop the right habits early, … Continue reading

LowCards.com Weekly Credit Card Update–July 12, 2013

Is a Store Credit Card Right for Your Wallet? Store credit card offers sound tempting but smart shoppers should consider taking the application home and scrutinizing the terms and conditions before deciding whether to apply for the credit card. For … 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

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

Credit Card Debt Soars, Yet Delinquencies Fall

Two reports released yesterday showed how healthy the economy is for credit card issuers. Credit card debt posted its largest increase in a year, a sign that consumers may be more optimistic about their personal finances. In addition, American households … Continue reading

Common Mistakes for First Time Credit Card Customers

Being approved for your first credit card is a big financial step, but it can also lead you into a lot of debt if you are not financially responsible. It doesn't matter how old you are--you will most likely make … Continue reading

LowCards.com Weekly Credit Card Update–June 21, 2013

Young Americans Are Ditching Credit Cards The number of young Americans who are living without credit cards has doubled since the recession. About 16% of consumers ages 18 to 29 didn't have a single credit card by the end of … Continue reading

Financial Tips for Recent Graduates

Almost two million people recently graduated college and the fortunate ones are now entering a new chapter of life called the working world. For the class of 2013, the average graduate is already weighed down with $32,500 in debt when … 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

How Do Credit Card Companies Calculate the Minimum Payment?

When people get their first credit cards, one of the most frequently asked questions is "How do credit cards calculate the minimum payment?" This is the amount of money you have to pay if you have a balance on your … Continue reading

Personal Finance Tips for Newlyweds

June is a popular month for weddings, and couples are joining together to form new families. This season of celebration is also the time to set the household budget and establish financial priorities. Many couples begin marriage with one or … Continue reading

LowCards.com Weekly Credit Card Update–May 24, 2013

What's In Millennial's Wallet? Fewer Credit Cards Millennials are more financially cautious than the stereotype of the spendthrift twenty-something. Some experts say their habits echo those of another generation, those who came of age during the Great Depression and forged … Continue reading

Credit Card Debt & Delinquencies Fall in First Quarter of 2013

Americans are doing a better job of paying off their credit card debt, and they are doing so in a timely manner. According to the latest report from TransUnion, the average credit card debt per borrower fell 1.7 percent to … Continue reading

California Sues Chase Over Debt Collection Practices on Credit Cards

California Attorney General Kamala Harris filed an enforcement action against JPMorgan Chase last Thursday, alleging that the bank used illegal debt collection methods, such as robo-signing, against approximately 100,000 California credit card consumers from January 2008 through April 2011. "Chase … Continue reading

LowCards.com 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

New Smartphone App Helps Consumers Cut Debt

Millions of Americans fight with credit card debt every day, and many of them carry that debt to the grave. The non-profit organization National Debt Relief has now launched a smartphone app to help those consumers get back on their … Continue reading