Credit card delinquencies were down in 2012, the lowest in several years, but experts predict that trend won’t last throughout 2013. Credit card users are at risk of losing money on late fees and penalty interest in addition to credit score losses from late payment reporting to the credit bureaus. Credit card, auto loans, and student loans debt balances all continued to increase through the end of 2012. Increased debt balances means increased monthly debt payments....
Ten U.S. banks have agreed to pay $8.5 billion to settle charges that they wrongfully foreclosed on millions of homeowners in the aftermath of the housing bust, the Federal Reserve reported on Monday. Banks involved in the settlement are Aurora, Bank of America, Citibank, JPMorgan Chase, MetLife Bank, PNC, Sovereign, SunTrust, U.S. Bank, and Wells Fargo. Four other banks - HSBC, Ally, EverBank and One West - are still in negotiations.The sum includes $3.3 billion in...
Think you know about credit cards? Think again. Credit cards woo you and make you feel special, but certain things about credit cards you can’t take for granted. For example, you can't assume that... You’ll get approved just because you got a pre-approved offer. The credit card offers you receive in the mail are more like invitations to apply. The credit card issuer likely obtained your information from a prescreened list, but they haven’t actually approved...
Now that the holidays are over and the dust is settling, you may look at your bank account or check your credit card balance only to realize you spent far more than you intended to. It happens to many people every year and not just around the holiday season. What do you do when you realize you blew your budget? Here are a few suggestions. Assess the damage. Maybe it’s not as bad as you think....
When you’re starting out with brand new credit or you’re rebuilding after a bout with bad credit, odds are your current credit cards aren’t the best. People with new credit and bad credit typically have the least attractive credit card offerings, low credit limits, annual fees, and high APRs. You have to start somewhere, right? Once you’ve been using a “starter” or “rebuilder” credit card responsibly for several months, you may be ready to upgrade to...
There’s something so refreshing and motivating about the beginning of a new year. It’s why people pick this time of year to make major changes to their lifestyles – quit smoking or drinking, lose a few pounds, spend more time with the family, do better at work, stop procrastinating. The list goes on and on. Don’t forget to put a few of your financial bad habits on the list of things to leave in the old...
About 80% of consumers still aren’t checking their credit reports. According to a report from the Consumer Financial Protection Bureau only about 44 million of 200 million consumers checked their credit report in 2010 and 2011. Ordering a free credit report is fairly simple through AnnualCreditReport.com, the site setup by the three major credit bureaus to fulfill the annual credit report requirements. Despite the availability of these free credit reports, only 16 million ordered through the...
It’s quite common to hear about collection agencies scheming against consumers. Numerous collection agencies have been reprimanded, fined, or shut down by Federal agencies for collecting nonexistent debts from consumers, for charging consumers more than what they owe, or going outside the law to collect even legitimate debts. In a slight twist, one large collection agency has recently been found guilty of swindling not only the businesses that hired them, but also banks and investors. Several...
Anyone who’s ever had an application turned down due to bad credit knows the importance of having a good credit score. Unfortunately, turning a bad credit score into a good one can take several years, especially since you have to wait out the credit reporting time limit. Some people may turn to credit repair services to help them get faster results.What's Legal for Credit Repair CompaniesIt’s been continually stated that credit repair companies don’t have any...
Of all the financial-related things consumers are concerned about – making ends meet, saving for retirement, putting money away for kids’ college – the biggest worry is credit card debt, according to a survey from FICO, creator of the well-known credit score. Federal statistics, however, show that the amount of credit card debt has steadily increased throughout 2012, which brings some question about consumers’ financial priorities. TransUnion, one of the major credit bureaus, expects that credit...
