Millions of those who may be looking to reduce debt but still keep a credit card account for emergencies may have received offers for a new business account in recent months. However, these cards do not offer the same protections from predatory lending practices as those for consumers. As such, a group of four U.S. […]
One of the nation's most recognized credit card lenders recently announced that if it cannot find a buyer for its $33 billion portfolio, it will begin a rundown of operations for that business. HSBC chief executive officer Stuart Gulliver recently announced that the lack of a buyer for the company's large credit card business in […]
The financial problems suffered by many consumers over the last 10 years could lead to significant problems going forward, giving America its own version of Japan's infamous "Lost Decade." Industry experts believe the recessions suffered in the wakes of the terrorist attacks on September 11, 2001, and the subprime mortgage meltdowns could slow economic growth […]
While many Americans know that taking steps to cut credit card debt is a good way to successfully avoid bankruptcy, a new study has found that young adults who owe money to lenders generally have higher self-esteem. Consumers between the ages of 18 and 27 who carry credit card debt and student loans generally feel […]
Federal laws designed to reduce debt for consumers under the age of 21 have worked somewhat, but young adults are still acquiring credit cards by exploiting loopholes in the laws. Just 49 percent of students between the ages of 18 and 20 had credit cards in their name in 2010, down significantly from 76 percent […]
Even as they work to reduce debt on associated accounts, many consumers are still hoping to pile up rewards points to counter their credit card debt. But these days, that may not be as easy as it was in the past due to the changing financial landscape. Many financial institutions are now changing, reducing or […]
Consumers looking to reduce debt may have turned to using online payment services instead of traditional credit cards, and three of the nation's leading financial institutions are attempting to capitalize on the sea change in the consumer debt industry. Wells Fargo, JPMorgan Chase and Bank of America recently announced that they would launch an online […]
The retail and financial industries have fought hard over a proposed Federal Reserve Board rule – designed to help Americans avoid and reduce debt – that would restrict debit card interchange fees, and it's becoming apparent that consumers would be the ones that end up paying for it. Both industries have spent a significant amount […]
Banks have largely been hoping that consumers who want to reduce debt would adopt prepaid cards as an alternative payment method. Instead, some of the foremost users of these accounts are government agencies. Many financial institutions have set their sights on promoting prepaid cards in an effort to drive revenues lost to greater federal regulation, […]
As a result of the recent global recession, many adults have made more serious attempts to reduce debt on their credit card accounts and get spending under control. This behavior also seems to have rubbed off on teens. Fewer youngpeople now say they're knowledgeable about how credit cards work and how to manage these accounts, […]