The number of consumers aged 55 and older has risen sharply in recent years, according to a report in USA Today. This new trend is due in large part to the fact that older consumers have about 50 percent more credit card debt than younger people. From 2000 to 2008, the average amount of debt […]
When shopping for the best deals, many consumers may be enticed by the offers of a retailer who will give them 10 or 15 percent off their purchase just for signing up for and using a new store-branded credit card to make a purchase. But according to a report in the South Florida newspaper the […]
Dorsey, now the CEO of mobile payment solutions firm Square, announced the release of his company's credit card reader, which works with iPads, iPhones and Android phones, according to USA Today. The device, which plugs into the devices' headphone jack, is smaller than a quarter and available free of charge, as is the program it […]
Citibank will begin testing a new type of credit card, one with buttons and lights, that will allow consumers to choose to take on credit card debt when making a purchase, or to use their rewards points, according to a New York Timesreport. To follow suit, other lenders may soon begin issuing cards that can […]
Americans have successfully cut down their credit card debt by 15.2 percent since the October 2008 peak of 708 billion, and currently consumer credit has returned to levels not observed since 2005, according to a Reuters report. As a result, the average credit score has climbed to 704.2, up 0.4 percent from last year, because […]
Obama has warned voters in a number of states that the sweeping reforms related to credit card debt and other financial industries could go away if Republicans take control of the House of Representatives or Senate, according to MSNBC. "We don't want them rolling back Wall Street reform, so now credit card companies can go […]
Bank of America said that its rate of charge offs, or credit card debt 90 days or more behind that it now considers uncollectable, fell sharply, from 11.72 percent in August to just 9.98 percent in September, according to a Businessweek report. It was the first time the company's default rate slipped below 10 percent […]
Many gas stations across the country are now charging more per gallon when a consumer takes on credit card debt to make a purchase, according to the New Bedford Standard-Times. Owners of these stations say they are doing so as a way to cut into the interchange fees they are charged by credit card lenders. […]
The rate at which all lenders wrote off credit card debt so delinquent that it was deemed uncollectable declined sharply from August to September, according to the latest Consumer Credit Default Indices released by Standard and Poor's and Experian. Altogether, defaults dropped 10.53 percent between the two months, to 7.04 percent. That figure was also […]
Discover Card saw the rate at which it charged off bad credit card debt that had gone 90 days or more without payment fell to 7.15 percent in September, down from the 7.89 percent observed in August, according to a Businessweek report. The company reported that the decline saved it $121 million in the month. […]