Consumers Cut Credit Card Use for 2nd Month

Posted by administrator | 12/09/12 | Tagged Credit Card

Consumers Cut Credit Card Use for 2nd Month
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7 things worth knowing about reward credit cards
News from CBS News:

CHICAGO — This has truly been a golden era for credit card rewards programs.

Card issuers have been dangling rich offers of points, miles and cash back for the past year and a half or so in the quest to improve revenue and profit.

The targets of this fierce competition: customers with good to excellent credit records. They are the best kind to have in a stodgy economy, especially in the wake of the CARD Act that cut back on the fees that companies can pocket.

More than 60 percent of all credit-card offers include some type of reward, according to Brian Riley, a senior research director at research and consulting firm CEB TowerGroup.

But it’s been the size and availability of some of the biggest incentives ever that have titillated rewards program junkies. Airlines have offered as much as 100,000 miles when customers spent a required amount on new cards. Bank cards have offered $ 200 cash back for spending $ 500. Another gave $ 250 in gift cards when customers spent $ 1,500.

Specific rewards come and go, and have been scaled back somewhat in recent months. Concerns also have arisen that the pending settlement between Visa and MasterCard and retailers could cause a pullback in rewards programs. That’s a potential consequence if retailers impose bigger surcharges on rewards-cards purchases, which cost them more in transaction fees.

But it’s just as…………… continues on CBS News

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Credit card use declines

Posted by administrator | 12/09/12 | Tagged Credit Card

Credit card use declines
News from Beloit Daily News:

WASHINGTON (AP) — Americans cut back on their credit card use in July for the second straight month, suggesting many remain cautious in the face of high unemployment and slow growth.

Total consumer borrowing dipped $ 3.3 billion in July from June to a seasonally adjusted $ 2.705 trillion, the Federal Reserve said Monday. The drop in credit card debt offset a small rise in a measure of auto and student loans. 

The Fed also said Americans have borrowed much more than previously estimated after it revised consumer borrowing data back to December 2010. June’s figure was increased to $ 2.708 trillion, or $ 130 billion higher than initially thought. It’s also well above pre-recession levels. 

Consumer debt declined even though Americans boosted their spending in July by the most in five months, according to government data released last week. 

Still, the job market has weakened substantially from the start of the year, which is keeping downward pressure on spending. In August, employers added just 96,000 jobs, down from 141,000 in July and well below the average 226,000 jobs a month in the January-March quarter.

Consumers have been using credit cards much less since the 2008 credit crisis.  Four years ago, America…………… continues on Beloit Daily News

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Credit-card use down 2 months in a row
News from Cherry Hill Courier Post:

WASHINGTON — Americans cut back on their credit-card use in July for the second straight month as many remain cautious in the face of high unemployment and slow growth.

Total consumer borrowing dipped $ 3.3 billion in July from June to a seasonally adjusted $ 2.705 trillion, the Federal Reserve said Monday. The drop in credit-card debt offset a small rise in a measure of auto and student loans.

The Fed also said Americans have borrowed much more than previously estimated after it revised consumer borrowing data back to December 2010. June’s figure was increased to $ 2.708 trillion, or $ 130 billion higher than initially thought. It’s also well above pre-recession levels.

Consumer debt declined even though Americans boosted their spending in July by the most in five months, according to government data released last week.

The job market has weakened substantially from the start of the year, which is keeping downward pressure on spending. In August, employers added just 96,000 jobs, down from 141,000 in July and well below the average 226,000 jobs a month in the January-March quarter.

Consumers have been using credit cards much less since the 2008 credit crisis. Four years ago, Americans had $ 1.03 trillion in credit-card debt, an all-time high. In July, it was $ 850.7 billion — or 17 percent lower.

During that same ti…………… continues on Cherry Hill Courier Post

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