LowCards.com Weekly Credit Card Update–August 29, 2014

U.S. Late Payment Rate on Credit Cards is at the Lowest Level in Seven Years Americans are doing a better job of making timely credit card payments, even as many lenders increasingly extend credit to more people with less-than-stellar credit. … Continue reading

CFPB Now Accepting Complaints on Prepaid Cards and Gift Cards

The Consumer Financial Protection Bureau is now accepting complaints about gift cards, prepaid cards, benefit cards and general purpose reloadable cards. The bureau has also begun accepting complaints about other non-banked products, like credit repair services and title loans. Companies … Continue reading

LowCards.com Weekly Credit Card Update–June 13, 2014

Credit Card Use Surges in AprilAmerican consumers threw caution to the wind in April and ran up their credit-card balances at the fastest pace in almost 13 years. The amount of outstanding revolving credit--a figure that’s mostly credit card debt--rose … Continue reading

LowCards.com Weekly Credit Card Update–May 16, 2014

Airlines Make Less on Bag Fees While Promoting Credit Cards Airlines made 4% less on baggage fees in 2013 than in the previous year, according to federal statistics released last week. That sounds like great news for consumers, but it's … Continue reading

LowCards.com Weekly Credit Card Update–April 25, 2014

Michaels Confirms Data Breach Affecting 2.6 Million Credit Cards Three months after craft retailer Michaels announced it may have been the victim of a data breach, the company confirms the worst: nearly 2.6 million consumers' credit cards are affected. In … 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

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

Top 10 Credit Card Stories of 2013

Identity theft and actions by the Consumer Financial Protection Bureau dominated the credit card headlines in 2013. Below are the Top 10 news stories of the year in the credit card industry. One of the largest data breaches in history … Continue reading

LowCards.com Weekly Credit Card Update–December 6, 2013

Why You Should Use A Masked Credit Card To Shop Online Whenever you buy something with a credit card online, you also have to provide your name, number and address, information seen by the processing banks as well as the … Continue reading

CFPB to Supervise Nonbanks That Service Student Loans

Starting today, the Consumer Financial Protection Bureau will supervise nonbank student loans. This is new oversight for the large student loan market that serves over 40 million Americans. The Bureau currently oversees loan servicing at the largest banks, but now … Continue reading

LowCards.com Weekly Credit Card Update–October 25, 2013

Russian Credit Card Firm Jumps After IPO The initial public offering for Oleg Tinkov’s credit card company in Russion raised $1.1 billion, valuing the company at about $3.2 billion. Mr. Tinkov said he got the idea for the credit card business after … 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

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

LowCards.com Weekly Credit Card Update–October 4, 2013

CFPB Targets Banks' Campus Deals The Consumer Financial Protection Bureau is concerned that deals between banks and colleges steer students toward checking accounts and debit cards that come with high fees or other costs. Schools and the banks say any fees and other … Continue reading

Student Loan Law May Raise Interest Rates

In August, Congress made a plan to change federal student loan interest rates from fixed to market based. The worse the economy, the lower the interest rate would be. This may seem like a good idea at first, especially since … Continue reading

Credit Card Debt Falls Again

Consumers remain cautious about carrying credit card debt, but are borrowing more for auto and student loans. The latest Federal Reserve Consumer Credit Report showed that Americans continued to carry less debt on their credit cards in July. Revolving credit, … Continue reading

A Different Way to Pay Back Student Loans

The government offers a variety of ways for students to pay back their federal loans, yet according to a study by the Consumer Financial Protection Bureau, two-thirds of borrowers are on the standard 10-year repayment plan. The remaining one-third of … Continue reading

New Wells Fargo Credit Cards to Help to Customers Cut Debt

Wells Fargo is the fourth largest bank in the United States, but it has a relatively small credit card business under its umbrella. In an effort to change that, Wells Fargo has come up with an innovative credit card that … Continue reading

LowCards.com Weekly Credit Card Update–August 30, 2013

Facebook Friends Could Change Your Credit Score Choose your Facebook friends wisely; they could help you get approved--or rejected--for a loan. A handful of tech startups are using social data to determine the risk of lending to people who have … Continue reading

LowCards.com Weekly Credit Card Update–August 9, 2013

An $18 Million Lesson in Handling Credit Report Errors Julie Miller could not get the big credit bureau to remove a host of errors that it inserted into her credit report. So she tried suing and that worked. A jury in … 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

CFPB Analyzes Complaints on Student Loans

The Consumer Financial Protection Bureau has released a mid-year update that analyzes complaints from private student loan borrowers from October 2012 through March 2013. This identifies some of the challenges consumers face when dealing with their lenders and servicers. The CFPB … Continue reading

Money Management Tips for College-Bound Students

Many students will soon leave home for college, taking another step toward independence and managing money on their own. Students unprepared for new freedom can quickly go into debt and ruin their credit score. Parents need to make sure students … Continue reading

The CFPB’s Accomplishments in its First Two Years

The Consumer Financial Protection Bureau is celebrating its two-year anniversary with much calmer waters ahead. The CFPB has been the center of political firestorms ever since it was originally formed. Republicans first opposed Elizabeth Warren as the head of the … Continue reading

LowCards.com Weekly Credit Card Update–July 19, 2013

Wells Fargo Eyes a Credit Card Push Wells Fargo has the most retail banking branches in the country, and makes the most mortgages, small business loans, commercial real estate loans and auto loans, but it is small in credit cards. … Continue reading

Oregon Proposes Innovative Student Loan Repayment Program

With the average college graduate now carrying over $35,000 in student loans, states and financial aid providers are having to look for creative ways to help young adults combat these costs. The State of Oregon has a new model of loan … Continue reading

CFPB Cracks Down on Debt Collectors

Today, the Consumer Financial Protection Bureau is intensifying its efforts to stop unlawful and abusive debt collection practices. The CFPB will begin notifying banks, payday lenders, finance companies and other lenders that they will be held accountable for unlawful conduct … Continue reading

Student Loans Cause Decline in Home Buying

Student loans are having a big impact on the economy, and a new survey shows the real estate market is now being significantly impacted. According to a survey from One Wisconsin Institute, people with student loans are 36% less likely to … Continue reading

Interest Rates on Student Loans Set to Double on Monday

Student loan rates will double on Monday, July 1 from 3.4% to 6.8% since Congress and the President failed to come to an agreement on a way to lock in a lower rate. The issue has been a heated debate but Republicans, … Continue reading

Best and Worst College Majors for Student Debt Revealed

MarketWatch recently launched a report showing the three best and worst careers for student debt. It compares the amount of money a person can expect to earn with a certain job in comparison to the average student loans that person … 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

The Nation’s Highest Student Debt Is in Washington D.C.

According to the Federal Reserve's first quarter report for 2013,  Washington D.C. has the highest level of student loan debt in the country. More than 25% of the district's population is carrying student debt right now, which is a higher percentage … 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

CFPB Says Student Loan Restructuring Will Benefit Economy

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

LowCards.com Weekly Credit Card Update–March 29, 2013

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 Branches Beyond Credit Cards

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

Student Loan Servicers May Be Regulated by CFPB

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

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

Household Debt Increases in Fourth Quarter of 2012

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

Younger Adults Now Have Less Debt But Fewer Assets

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

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

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

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

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

Consumer Credit Figures Increase for Fifth Straight Month

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

Alarming Number of Student Loans Are Delinquent

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

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