In its attempt to encourage more consumers to utilize their smartphone to deal with credit card debt, one of the world's leading online transaction processing networks recently purchased a mobile payment startup. PayPal recently purchased the Boston, Massachusetts-based mobile payment startup Fig Card in an effort to expand its presence in the industry, according to […]
Major U.S. lenders such as American Express and Citi have recently added significantly to their existing rewards offerings, according to a report from USA Today. Consumers who qualify – those with credit scores high enough that they're more likely to pay their credit card debt each month – will likely see not only more points […]
Bank of America, one of the nation's top controllers of credit card debt, recently announced that it would increase the penalty interest rates on accounts that fall delinquent to 29.99 percent, according to a report from Reuters.Cardholders will be given their 45 days advance notice of the change – which is mandated by federal law […]
Across all of the nation's top credit card lenders, instances of delinquent and defaulted credit card debt slipped in the month of March, according to the latest statistics from Moody's Investor Service. Charged off accounts – those 90 days or more behind on payments – fell to 7.35 percent of all balances, down from 7.56 […]
Many Americans in their 20s and 30s now have significant amounts of both credit card debt and student loans, putting them in dire financial straits, according to a report from the Arizona Republic. In addition, the problems have only been worsened by a job market that has made it difficult for many young adults to […]
Americans are making more money these days than they were during the depths of the national recession, and the improvement in their financial situation has led them to increase their spending, according to a new report on credit card spending from comScore. In addition, card companies have tried toentice consumers to open news accounts by […]
As a result of provisions of the Credit Card Accountability, Responsibility and Disclosure Act, a large number of Americans, such as stay-at-home parents, are now having trouble obtaining a credit card, according to a report from U.S. News and World Report. The new laws require lenders to consider the personal – not household – income […]
Charged off credit card debt accounted for 7.7 percent of all accounts at the end of the fourth quarter of last year, according to a report from the Center for American Progress. That marked a decline of 29.4 percent from the all-time peak observed in the second quarter of the same year. However, this rate […]
Capital One Financial's latest regulatory filing showed that it had to write off fewer accounts as being uncollectable, as consumers may have been more conscientious in paying down their credit card debt, according to a report from Dow Jones Newswires. The company's charge off rate slipped to 5.87 percent in March, down from 5.91 percent […]
American Express recently gave $19 million to mobile payment firm Payfone in an effort to expand its existing Serve platform, according to a report from the Wall Street Journal. In doing so, it will potentially allow consumers who have credit card debt or prepaid cards from American Express to link those accounts to their mobile […]