Interchange fees, which credit networks charge for everything bought with a credit or debit card, were recently the subject of a settlement between the Department of Justice and both Visa and MasterCard, according to a report in the Seattle Business Journal. These charges typically run between 2 and3 percent of a purchase price. But under […]
Many consumers are finding themselves buried under a pile of mounting debt. With interest accumulating month after month in addition to late fees being charged, many consumers are finding it difficult to make just the minimum payments on their credit cards. Although this may seem like an endless battle, with a strict budget and some […]
However, a new study found that these accounts typically have far higher interest rates than those for traditional cards. U.S. Representative Anthony Weiner's office conducted a survey of 35 major retailers in New York City to determine the APR on credit card debt for store-issued accounts, and found that the average rate is 23.83 percent, […]
American Express said the current economic climate, in which consumers seem wary of dealing with credit card debt, has many major lenders uncertain about the future, according to a report from the Wall Street Journal. In particular, banks are concerned about boosting the number of credit card accounts they handle. In the wake of tighter […]
There are a numerous options for consumers who want to start getting their finances under control after accumulating large amounts of debt, which could inevitably lead to credit problems further down the road. Consumers who are in control of most aspects of their finances, but still feel like they could use additional help managing their […]
Only 27.6 percent of consumers said they will use their credit card accounts as their primary method of payment this holiday season, according to a new poll from the National Retail Federation. Instead, 43 percent say they will lean on debit cards, and 25.7 percent reported cash will be their preferred way to buy gifts. […]
The total charge offs Chase dealt with in October reached the lowest point this year, according to a report on the lender's filing from the Associated Press. The month saw seriously delinquent credit card debt dip to 7 percent, down from 7.78 percent in September. The yearly high was 10.91 percent, observed in January. Meanwhile, […]
Given the current unstable economy and high unemployment numbers, many Americans are taking steps toward credit card debt reduction. Capital One, Discover Financial and Bank of America reported today that late payments on credit cards fell to their lowest levels of the year. The October numbers are a signal to many economists consumers are conducting […]
Most major lenders say they will soon enact greater rewards programs in an attempt to convince more consumers to take on credit card debt this holiday season, according to a report from Bankrate. Many are offering 5 percent cash back on purchases with rewards cards at popular retail locations such as electronics stores, department stores, […]
National consumer credit card debt has shrunk to $822 billion in recent months, and now makes up just 6.4 percent of all outstanding balances Americans owe to financial institutions, according to a report from CNN Money. That's down from 7.6 percent in 2004. In addition, the total has fallen 15.5 percent since the beginning of […]