The Consumer Financial Protection Bureau fears that the rising debt from student loans could begin to significantly affect the economy, and is calling for more flexible repayment plans for the millions of Americans struggling with private student loans. After studying … 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
What You Need to Know About Credit Card Processing Here is a series of posts about a search for an honest and affordable processor of credit card transactions. My own search began when I was tipped off that I was … Continue reading
Discover Financial is best known for its work in the credit card industry, leaving most to assume the company is a one-trick pony. While the company does generate 80% of its revenue from credit cards, new business ventures have allowed … Continue reading
The Consumer Financial Protection Bureau has proposed a new rule that would allow it to supervise some nonbank student loan servicers and bring new regulation to a quickly expanding market. The new rule would let the CFPB access the whole process … 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
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
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
N.J. Calls Off Credit Card Pitches to Students at Public Colleges Companies that issue credit cards can no longer market them to students at New Jersey public colleges under a law Gov. Christie signed Thursday. The new law prohibits public … 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
For the second time this week, a study by a credit agency shows delinquency rates on student loans are climbing. According to a TransUnion study, more than half of student loans are in deferred status where the loan payment has been … Continue reading
A new FICO study reveals that student loan debt has increased dramatically and the default rates on these loans are now much higher than previous years. These loans pose a greater risk now due to the higher debt loans and a … 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
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
Battle Plan Shifts on Dodd-Frank President Barack Obama's victory means the 2010 Dodd-Frank law will stand. But the finance industry could still cut some parts of the law because changes now are politically less risky for the administration and Democrats in … 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
The Libor financial scandal has been bumped from the headlines, but governments and regulators around the world are reacting through regulations and legislation that will reshape Libor and how rates are set. Investigations into banks and criticism of public officials … 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
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
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
In its first 14 months of operation, the Consumer Financial Protection Bureau has not received as many credit card complaints as it anticipated. Yesterday, the director of the CFPB, Richard Cordray, presented his semi-annual report. He told Congress, "We have … 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
London is shining in the spotlight as the host of the Olympics, a welcome distraction from the Libor (London Interbank Offered Rate) rate-fixing scandal that threatens to rock the financial world. The Libor scandal is far reaching for both consumers … Continue reading
It is almost time for high school graduates to go off to college, moving away home for the first time. As parents give last-minute lessons about independence, money management should be an important part of these discussions. It is critical … 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
Despite protests from the financial industry, the Consumer Financial Protection Bureau is making its online credit card complaint database available to the public today. The information can show which issuers have had the most complaints on their cards and how … Continue reading