Consumers whose credit trouble comes largely from a mortgage default, rather than delinquency across numerous accounts, are less likely to run into trouble when attempting to reduce debt on new accounts. Those consumers who have experienced defaults only on their mortgages allow new credit card accounts to fall delinquent far less often than those who […]
The number of consumers who are trying to reduce debt but still facing severely delinquent accounts fell once again in the first quarter of the year. The rate at which consumers fell 90 days or more behind in paying at least one of their credit card accounts slipped once again, to 0.74 percent in the […]
The total number of new credit cards issued in the U.S. rose more than 28 percent on a year-over-year in February, according to the latest statistics from the credit monitoring bureau Equifax. This was driven primarily by the number of new accounts granted to subprime borrowers, those whose credit scores were below 660. The number […]
While many consumers are attempting to reduce debt, a large number were also forced to use their credit cards during the month of April to afford rising gas and food prices. Credit and debit card purchases at retail locations increased significantly on a year-over-year basis in April, according to the latest monthly SpendTrend report from […]
Consumers have shown a greater willingness to use their credit cards in recent months, as all three of the nation's top payment processing networks have reported increased spending volumes during the first quarter of the year, according to a report from the New York Times. The higher levels of spending are viewed as not only […]
While many consumers have made conscientious efforts to reduce debt in the wake of the national recession, it was tighter lending restrictions that caused instances of defaulted accounts to fall so precipitously and steadily over the last several months. More stringent borrowing standards set by the nation's six largest credit card lenders have caused credit […]
A law intended to help consumers reduce debt and limit lenders' predatory practices seems to be working, as interest rates have stabilized and penalty fees now cost less. Credit card lenders have not instituted changes that many experts predicted would take place, but have instead made it easier for consumers to manage their debt, according […]
Consumers eager to reduce debt may soon find that they have more difficulty doing so because of major changes to the lending industry brought on by the implementation of new rules for debit cards. In an effort to recoup revenues that may soon be lost to a limit on debit card transaction fees, many of […]
In an effort to reduce debt resulting from fraud, one wing of the Florida legislature recently approved a bill that will increase the penalty for using a stolen account. Earlier this week, the Florida Senate approved HB 339, whichwill make using a stolen debit or credit card a third-degree felony in the state, according to […]
In an effort to reduce debt, many consumers may turn to using their debit cards more often than credit. However, banks say proposed changes to the fee structure for such transactions could end up costing consumers more money in the long run. U.S. Sen. Dick Durbin of Illinois recently said that banks should be willing […]