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
If you have a soon-to-be high school graduate planning to enter college this fall, there’s another reason not to let him or her get burdened by credit card debt. A new report by the Federal Reserve, in its March interest-rate … Continue reading
More consumers are turning to their phones to take care of their banking needs according to the latest data from the Federal Reserve. The study, entitled Consumers and Mobile Financial Services and done in late November, showed that 28% of mobile … Continue reading
Consumers are once again paying more in overdraft fees despite regulations designed to protect them from these charges. Last year, consumers paid $32 billion in overdraft fees, a $400 million jump from 2011 according to a recent study by Moebs … Continue reading
Lawmakers Target Unfair Overdraft Charges Democrats have introduced a bill that would limit the cost of overdraft fees and prohibit practices that increase the likelihood customers will overdraw their accounts. The Overdraft Protection Act would prohibit financial institutions from charging more … Continue reading
The nomination of Richard Cordray to again head the Consumer Financial Protection Bureau was approved by the U.S. Senate Banking Committee by a 12-10 vote that was split down party lines. Every Democrat on the Committee approved Cordray, every Republican … Continue reading
After this week's confirmation hearings, Republican senators continue to block the nomination of Richard Cordray to lead the Consumer Financial Protection Bureau. However, a Senate panel has scheduled a meeting for March 19 to vote on Cordray, as well as … 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
Young Adults Retreat From Piling Up Debt Total debt among young adults dropped in the last decade to the lowest level in 15 years. A typical young U.S. household, defined as one led by someone under age 35, had $15,000 … Continue reading
The Federal Reserve has issued a report on the effect on the Durbin Amendment which shows a drastic reduction has taken place in debit card interchange fees. As a result, the Federal Reserve does not plan to take any further action … 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
Since credit reports contain sensitive personal information, access to them is limited. The three main credit report bureaus--TransUnion, Equifax and Experian--can only provide your credit reports to people you seek to do business with. But the number of different people … 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
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
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
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 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
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
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 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
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
Consumers cut back on their use of credit cards again in September. The latest report on Consumer Credit released today by the Federal Reserve shows that revolving credit, made up mostly of credit card debt, fell $2.9 billion to $852.0 … Continue reading
Rise in Household Debt Might Be a Sign of Strengthening Recovery American households are taking on more debt than they are paying down for the first time since the recession started. Some economists even see an end to the long, … Continue reading
Consumers have applied for more credit cards and some big banks have eased the standards for credit card loans over the last three months. These were the major credit card findings of the monthly Senior Loan Officer Opinion Survey on … 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
Another day, another major fine for a credit card company. American Express will refund $85 million to customers and pay $27.5 million in civil penalties to settle regulators' accusations that the company violated a number of consumer protection laws. The … Continue reading
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
The Federal Reserve is again locking the lid on interest rates in an ongoing attempt to stimulate the economy. The Fed announced last week it would keep the federal funds rate at the historic low of zero to 1/4 percent, at … 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
The new Quarterly Report on Household Debt and Credit, published by Federal Reserve's Bank of New York, shows that credit card balances, delinquencies and number of accounts all showed declines in the second quarter from the previous quarter. Credit card balances are at $672 … Continue reading
U.S. Consumers Cut Back on Credit Card Use in June Americans cut back on credit card use in June, a sign that high unemployment and slow growth have made some more cautious about spending. Still, total consumer borrowing increased as … Continue reading
Consumers cut back on their use of credit cards in June. The latest report on Consumer Credit released yesterday by the Federal Reserve shows that revolving credit, made up mostly of credit card debt, fell $3.7 billion to $864.6 billion in June. … 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
Last Thursday, Moody's Investors Service cut the credit rating of fifteen banks due to their significant exposure to the volatility and risk to the global financial markets. Earlier this month, Standard & Poor's also warned that the United States could … Continue reading
A new Federal Reserve study shows the devastation of the recent recession on family finances. The average family's net worth dropped almost 40 percent between 2007 and 2010--from $126,400 in 2007 to $77,300 in 2010. The report estimates the recession eliminated … Continue reading