Credit-card use lifts Discover Financial in 1Q

Posted by administrator | 21/03/12 | Tagged Credit Card

Credit-card use lifts Discover Financial in 1Q
News from Chicago Tribune:

Increased credit-card use helped Discover Financial’s first-quarter profit rise 36 percent. (Scott Eells/Bloomberg)

Discover Financial Services says its profit jumped 36 percent in its fiscal first quarter, as use of its namesake credit card increased, helping driving higher sales balances.

The Riverwoods company reported Wednesday that its net income after paying preferred dividends climbed to $ 624 million, or $ 1.18 a share, in the three months ended Feb. 29.

That compares with net income of $ 459 million, or 84 cents a share, in the prior-year quarter.

Revenue net of interest expense rose to $ 1.84 billion.

Analysts polled by FactSet were expecting a profit of 94 cents a shar…………… continues on Chicago Tribune

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Durbin targets private student loan defaults

Posted by administrator | 21/03/12 | Tagged Credit Card Debt

Durbin targets private student loan defaults
News from Washington Post:

A top Senate Democrat took aim at the private student-loan industry on Tuesday, calling for new rules that would allow the educational debts to be wiped away during bankruptcy.

Majority Whip Richard J. Durbin (D-Ill.) convened a Senate judiciary subcommittee hearing Tuesday to address what one consumer group has called the nation’s next potential “debt bomb.” Research by the Federal Reserve Bank of New York found that Americans owe about $ 870 billion in student loans — surpassing the amount of outstanding credit-card debt or auto loans. More than a quarter of borrowers had past-due balances, a higher figure than previously reported, the study found.

Of particular concern to lawmakers is the high rate of default on loans by students at private institutions, many of them for-profit colleges. Government data show that roughly 15 percent of students who attended for-profit schools defaulted on their loans in 2009, the most recent year available, more double the rate at public c…………… continues on Washington Post

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Susan Tompor: Debts May Be Forgiven, But Not Forgotten to IRS
News from LoanSafe:

(Source: By Susan Tompor Detroit Free Press (MCT) — Reminders of the financial crisis — little slips of paper called 1099-Cs, the Cancellation of Debt form — have been hitting mailboxes in time to create a few more headaches during tax season.

How could anyone possibly owe more taxes if they couldn’t pay their bills in the first place and needed to have a debt forgiven by a lender?

Well, that’s exactly what some consumers are asking.

Many people who found themselves overburdened by debt are now looking at some complex tax rules when they receive a 1099-C, a tax document issued by lenders when a car loan, credit card bill or other debt of $ 600 or more is forgiven or canceled.

The good news, though, is that there continues to be a limited tax break now related to foreclosures.

The Internal Revenue Service projects 6.3 million 1099-Cs will be issued for the 2011 tax year. T…………… continues on LoanSafe

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