Have you ever thought about why so many of the people you know are struggling with debt? Do you ever wonder why banks keep lending to certain individuals, even when they are falling behind on their payments? Did you know that debt problems are a leading cause of major societal problems, such as stress, divorce […]
Social Security taxes were cut in January, but the month only saw consumer spending increase 0.2 percent despite a 1 percent increase in incomes, according to a report from Bloomberg News, which cited data from the U.S. Department of Commerce. However, spending likely remained relatively unchanged because Americans put more of their money into paying […]
While many consumers are getting a better handle on their credit card debt, some are still having so much financial trouble that they're missing payment on at least one of their major monthly bills, according to the latest statistics from the Consumer Reports Trouble Tracker Index. Overall, 9.7 percent of consumers reported that financial constraints […]
The rate at which consumers had trouble paying down their credit card debt declined by 0.9 percent in the fourth quarter of 2010, according to the latest statistics from the credit monitoring bureau TransUnion. This marked the fourthconsecutive quarter in which consumer credit risk declined, and left the company's Credit Risk Index 3.13 percent lower […]
The amount of revolving credit – the type most commonly associated with consumer credit card debt – carried nationwide spiked in December, reversing a trend of continued declines that had lasted more than two years, according to the latest monthly statistics from the Federal Reserve Board. Overall, credit card debt climbed 3.5 percent to $800.5 […]
While these Americans were likely unable to find lines of credit for some time following such an incident, they may find that they are once again being approved by lenders. However, consumers with spotty credit histories may find that the new lines of credit for which they are now being approved will have heightened interest […]
The newly created Consumer Financial Protection Bureau is now accepting the public's suggestions for changes to the credit card lending industry, and is soliciting ideas via a number of online channels. Suggestions can be sent through its new website, www.consumerfinance.gov, as well as throughemail, Twitter and even YouTube. In conjunction with this, the agency recently […]
The idea of being able to use a smartphone equipped with a near-field communication chip to take on credit card debt when making purchases has gained prominence in recent months, as many companies have tested such systems in small groups, according to a report from CNBC. However, it's a question of "when," not "if," this […]
Both Visa and MasterCard posted significant profit increases in the final three months of last year as consumers used the companies' branded debit cards and took on more credit card. MasterCard saw its profits surge 41 percent in the fourth quarter of 2010 as the number of transactions it handled rose 6.3 percent over the […]