With credit card debt inching back up again, many Americans could soon be in over their heads. Since the peak of the recession, consumers have been cutting back credit card use, but in September, the numbers started to rise, according to figures from the Federal Reserve. The Fed’s latest report — for October — shows revolving […]
Millions of consumers are always looking for ways to get out of debt as quickly and easily as possible, but experts say one problem many may face is that they simply don't know how to begin doing so the right way. Consumers who want to reduce debt and then keep their credit card balances low […]
Beginning in the near future, credit cardholders' complaints will be addressed by a new arm of the federal agency in charge of protecting consumers from predatory or questionable lending practices from financial institutions. The Consumer Financial Protection Bureau opened its Office of the Ombudsman on December 8, under the direction of acting ombudsman Wendy Kamenshine, […]
The new federal agency in charge of protecting consumers from financial institutions' predatory lending practices will have to wait at least another month for a chief executive. Richard Cordray, the former Ohio attorney general who was tabbed by the Obama administration to lead the new federal Consumer Financial Protection Bureau, will have to wait at […]
Millions of Americans have made significant progress in the last few months when it comes to getting their bills paid on time and taking steps to reduce debt, and that new trend may prompt lenders to further expand efforts to issue more cards in the new year. Declining rates of credit card default and increased […]
Most consumers who have gone shopping at major retailers in recent months have probably noticed that more are offering store-branded credit cards – usually with the promise of a moderate discount on the cost of their purchase that day. And those efforts will likely expand in the coming months. One reason for this is that […]
With millions of Americans still dealing with credit card debt on accounts they may not fully understand, the new federal bureau is asking for the public's help in shaping a new document to help clarify many aspects of a lending agreement. The federal Consumer Financial Protection Bureau is seeking public comment on its new proposed […]
For those who earn rewards such as cash back or points for every dollar of credit card debt they take on, it may often be difficult to determine exactly how they're earning those benefits. Experts say that a lack of disclosure from the nation's top credit card lenders might lead consumers to not earn as […]
The number of consumers who are comfortable taking on credit card debt this holiday season fell significantly even as Americans say they plan to spend more on gift shopping. The amount the average consumer plans to spend on holiday gift shopping has increased 22 percent from 2010, up to a total of $751, but at […]
The amount of credit card debt consumers carried nationwide increased once again in October. Americans' credit card debt climbed 0.6 percent in October, just as it did in September, according to the latest monthly statistics on consumer credit from the U.S. Federal Reserve Board. At the end of the month, consumers owed lenders a total […]