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
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 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
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
Overall credit card debt fell for the first time this year during the month of March, according to data released yesterday by the Federal Reserve. Revolving credit, made up mostly of credit card debt, decreased in March at an annual … Continue reading
The radio commercials and online ads make them sound so tempting: a chance to reduce or wipe out completely credit card debt. But are debt settlement companies really worth it? Can they do what they claim? The Federal Trade Commission … Continue reading
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
Millions of American households will soon receive tax refunds. According to the IRS, the average tax refund last year was nearly $2800. It will be tempting to use the refund to buy some big-ticket items on your wish list or … Continue reading
Taking control of your credit card debt starts with properly managing your account. If you are carrying a large balance, your credit card account could be overwhelming you. It is important to take control in order to begin digging out … Continue reading
Middle-income Americans age 50 and older are now carrying more credit card debt on average than younger people, according to a 2012 study released by Demos. This is a reversal of the findings from the Demos survey which took place in … Continue reading
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
If you negotiated a debt settlement in 2012 on the balance of your credit card account, you may surprised to find that you owe taxes on the debt that has been forgiven. The IRS views forgiven debt of $600 or … Continue reading
Finding the right credit card for your credit profile is perhaps one of the most important things to do during your search for a new card. If you have poor credit, it does not make sense to apply for a … Continue reading
Young adults are carrying less debt than before the start of the 2008 recession, primarily because they own fewer major assets. A new analysis from the Pew Research Center released today shows that Americans under the age of 35 are … Continue reading
An increase in holiday spending drove up late credit card payments during the fourth quarter of 2012. The credit card delinquency rate, which represents the percentage of credit card customers that are at least 90 days overdue on their payments, … Continue reading
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
A new survey in the United Kingdom shows more consumers there are struggling with their finances, resulting in a further reliance on credit cards to pay for daily essentials. The sixth annual Post Office Consumer Credit Report shows that 42 … Continue reading
A new study shows that younger Americans are adding more credit card debt than previous generations and paying it off at a slower rate. The Ohio State study shows that a person born between 1980 and 1984 has an average … Continue reading
Banks Bury Fees in the Fine Print Pew's annual Safe Checking study has uncovered a number of items and fees that most consumers wouldn't have a clue about until they got hit with them. From mandatory arbitration clauses that waive jury … Continue reading
We are two weeks into 2013, and the majority of us have probably already forgotten or broken our New Year's resolutions. The two most popular resolutions are to lose weight and reduce debt. We can't offer many tips on cutting … Continue reading
A troubling survey shows that older Americans are now carrying more credit card debt than younger people, mainly due to job loss and medical bills, not because of a lack of financial responsibility. The study looked at 997 middle-income households … Continue reading
Why More Americans Will Fall Behind on Their Credit Card Bills This Year A quarterly report issued last month by the Federal Reserve Bank of New York said that, although our total debt dropped by $74 billion in the third … Continue reading
Credit card bills will soon arrive and show how much households spent during the holidays. Chances are good that many consumers added a few hundred dollars of debt to their credit card accounts which already averaged nearly $5,000 per cardholder. … Continue reading
Consumer Group Warns of Card Surcharges Credit cardholders must be on the watch for new check-out fees that merchants will be able to impose starting in January under a class-action settlement with Visa and MasterCard. But merchant trade groups say … Continue reading
A new year is just around the corner. Undoubtedly, millions of people will be making resolutions to lower their credit card debt in 2013. Here are five tips to help lower and manage your credit card debt in the New Year: Know Your … Continue reading
Have you been naughty or nice this holiday season with your credit card spending? If you haven't been keeping track, you'll most certainly find out when your credit card statements come in January. Here are seven naughty holiday pitfalls and the nicest … Continue reading
Credit card debt will still be the biggest financial worry for consumers in the new year, according to a new myFICO survey. The survey showed that almost a quarter of respondents said they will need more than three months to pay off … Continue reading
The fiscal cliff is getting closer to becoming a reality. The members of Congress and President Obama still seem far apart. Statistics and projections show the painful consequences with tax increases for many consumers. Higher tax payments will be bad … Continue reading
How Four Families Conquered Their Credit Problems A Federal Reserve Board report issued in June revealed that only about 39 percent of card holders carried a balance in 2010, down from 46 percent in 2007. Those balances average $2,600, compared … Continue reading
The holiday shopping rush is on. Paying with a credit card makes it is easy to be in the spirit of buying and giving without paying attention to how much money is being spent. But January credit card bills bring … Continue reading
The average credit card debt per American borrower increased to $4,996, up 4.9 percent in the third quarter from the year before, according to a report released today from TransUnion. Late payments at least 90 days overdue also slightly increased … Continue reading
The latest monthly report from the Federal Reserve shows that U.S. consumer credit increased by $18.12 billion to $2.726 trillion from July to August. Consumer credit rose at an 8.03% annualized rate. This was the fastest expansion in three months. Revolving … Continue reading
According to a new report from Equifax, the total consumer credit card debt is still declining in metropolitan areas recovering more slowly from the economic crisis. The report showed the nation’s overall credit card debt increasing 0.02 percent in August … Continue reading
A recent study by Demos, College on a Credit Card shows that student loans are not the only financial problem plaguing today's college students and their families. Many families are turning to credit cards to pay for part of their student's … Continue reading
Divorce is more than ending a marriage. It is also requires splitting up your finances, including credit card debt. No matter how emotional the divorce may be, dealing with the debt requires a solid plan and cool heads. It may … Continue reading
Hidden Good News on Credit Cards In a sign that consumers are getting back on their feet, new data shows that credit card debts are shrinking. Dig deeper into the fine print and there's better news: fewer credit card … Continue reading
New government reports give a glimpse into how consumers are handling their credit cards during these tough economic times. The latest monthly Consumer Credit Report from the Federal Reserve shows revolving credit, the majority of which is credit card spending, decreased $4.82 billion in July, … Continue reading
Card Swipes in Church Make Giving Easier It hasn't always been easy for administrators and lay leaders to get people to donate regularly and increase their contributions each year, no matter their faith. Over the last decade or so, entrepreneurs have seized … Continue reading
The delinquency rate on credit card accounts dropped during the second quarter of 2012 to one of its lowest levels since 1994.According to a TransUnion study released today, the delinquency rate--the percentage of credit card borrowers at least 90 days … Continue reading
When a spouse dies, the surviving mate may be burdened with more than just grief and loneliness. Credit card debt may also haunt the partner that is left behind. The responsibility for the credit card debt of a deceased spouse … Continue reading
Last Thursday, Capital One agreed to pay $12 million in a settlement over alleged violations of special consumer protections for military families. The Office of the Comptroller of the Currency and the Department of Justice took action against Capital One … Continue reading
Americans put more on their credit cards in May than in any single month since November 2007 (the month before the recession began). Credit card debt jumped by $8 billion and the level of outstanding debt is now $870 billion, … Continue reading
Should You Ditch Your Credit Cards? Consumers' reliance on credit cards appears to be at a turning point. Some reports suggest that more people are steadily paying down their debts or are even deciding to forgo credit cards altogether. Despite … Continue reading