Student loans being shown as income to card issuers
According to the regulations of the new Credit Card Act, 2009, students below 21 years of age had to show either income proof, or a co-signer, before signing up for a credit card.
View ArticlePrime Time for the Sub-Prime as Lenders Court New Customers
The segment of the population known as "sub-prime" may be having their prime time as lenders scramble to acquire new customers. Equifax reports that due to eager lenders, even people with...
View ArticleSoaring Student Loan Debt Inspires New Debit and Credit Card Marketing...
The newly announced SmarterBank Visa debit card promises to help people pay down their student loans, but can encouraging students to spend money really help them pay off debt?
View ArticleDropping Default Data May Mean Decreasing Debt
In the first quarter of 2012, default rates dropped on all consumer credit accounts except for credit cards, which rose only slightly and are still near recent low rates. State by state, we analyze...
View ArticleBanks Add Credit Card Debt to Student Loan Crisis
At the same time that debt is falling in every area except student loans, banks are partnering with colleges to offer students credit cards and debit cards and give them a taste for their financial...
View ArticleBanks as Payday Lenders: Overdraft Fees in Overdrive
Banking overdrafts fees are coming under fire from consumer advocacy groups, who say the program fees come with unclear disclosures and are unfair to customers, who are paying exorbitant fees for...
View ArticleEconomic Recovery Elusive Even as Credit Card Use Rises
Credit card use saw a big surge in May, with more purchases charged to credit cards than any month since the recession began in November 2007. Still, unemployment remains high, credit card use is below...
View ArticleCredit Card Delinquencies Still Declining as Customers Pay Down Debt
New numbers from the American Bankers Association show credit card delinquencies at their lowest rate since 2001, with less than three percent of all bank card accounts running more than 30 days...
View ArticleBanks Post $37.6 Billion in Third Quarter
The Federal Deposit Insurance Corporation (FDIC) reports that banks posted a net income of $37.6 billion during the third quarter of 2012, a good sign the economy is turning around.
View ArticleConsumer Credit Surpasses October Expectations
The Federal Reserve reported that consumer credit was up $14.2 billion in October, beating economic forecasts.
View ArticleDiscover Card Earnings Up in Fourth Quarter
Discover Financial Services’fourth-quarter earnings were up 6% from last year. Charge-offs for the credit card issuer were at an all-time low in the final quarter of 2012.
View ArticleCredit Continues to Increase, Improving Economic Outlook
November numbers released by the Federal Reserve show a rise in credit for the fourth month in a row.
View ArticleCredit Applications Expected to Boom in 2013
A FICO survey of bankers indicates that there will be a rush of consumers applying for new credit and requesting credit increases in the first half of the year.
View ArticleFICO Sounds Alarm on Student Loan Debt
Students are putting their future credit on the line by taking on too much student loan debt. According to FICO, student loans and default rates are up.
View ArticleCFPB Credit Card Complaint Database Expanded
The number of complaints logged by the Consumer Financial Protection Bureau in its searchable online database is close to the six-figure mark. And now it has more details on the credit card problems...
View ArticleCollege Students Using Less Credit Cards
Credit card use is down among college students according to a Sallie Mae study. Those who do have credit cards, use them carefully it says — three-quarters carry an average balance of less than $500,...
View ArticleCredit Card Use Declined in March
Consumers are cutting back on their use of credit cards, according to the latest report from the Fed. Borrowing in March saw its smallest increase in eight months—and even that slight uptick was due to...
View ArticleFICO Credit Forecast
Consumers may be ready to take on more credit in the coming months, according to the latest quarterly report by FICO. With income and spending edging upward, and the recession recovery slow and steady,...
View ArticleCollege-Bound Grads Need a Money 101 Course
High school graduates may be well versed in math, science, English and humanities, but a new study points out one glaring omission in their educations—financial literacy.
View ArticleCredit Default Rates Down
Consumer credit default rates fell in March and the retail sector showed some gains, according to the S&P/Experian Consumer Credit Default Indices.
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