As credit card use rises, many face red Christmas

Posted by administrator | 16/12/12 | Tagged Credit Card

As credit card use rises, many face red Christmas
News from MarketWatch:

CHICAGO (MarketWatch) — Here comes the credit-card crunch again. Consumers, and increasingly subprime borrowers, are taking on more debt and could find themselves slipping back into the black — or rather the red — hole of financial distress.

“Banks want to lend,” says Steve Chaouki, group vice president for the financial services business unit of TransUnion, the credit-rating bureau. “And there isn’t much demand for credit from prime consumers.”

Credit-card solicitations have fallen from their sharp increases a year ago and mailings to high credit scorers are dropping far faster than they are to those with below-prime scores, according to Ipsos, an international research firm.

“The higher-end FICO groups appear saturated or tapped out, leaving the appeal of direct mail to these groups less enticing,” says Roy Persson, the director of competitive tracking services for Ipsos.

Revolving credit, the bulk of which is credit cards, peaked in 2008 at $ 1.01 trillion, according to the Federal Reserve. That debt had recorded steady drops up until the beginning of this year when it started a slow upward crawl. In October, credit-card debt rose $ 3.38 billion, after a $ 2.19 billion decrease in September, to stand at $ 857.6 billion. That’s $ 6.2 billion more than the fourth quarter…………… continues on MarketWatch

… Read the full article

Related News:

Woman charged with theft, fraudulent use of credit card » Local News » The …
News from News Courier:

December 15, 2012

Woman charged with theft, fraudulent use of credit card

— An Athens woman was arrested Thursday after she allegedly used a stolen credit card at Walmart.

Athens Police said Misty Dawn Stults, 35, of 1500 U.S. 72, Athens, took the card from an acquaintance on Swan Drive, which she then reportedly used to purchase a laptop computer at Walmart.

Aft…………… continues on News Courier

… Read the full article

Credit-Card Debt Can Sink Your Credit Score

Posted by administrator | 16/12/12 | Tagged Credit Card Debt

Credit-Card Debt Can Sink Your Credit Score
News from Businessweek:

Your obligations to credit-card companies carry more weight on your credit report than bigger debts, such as home and student loans.

That’s one of the findings from the Consumer Financial Protection Bureau’s new report (PDF) on the credit scoring industry. The study examined how Experian (EXPGY), Equifax (EFX), and TransUnion calculate credit scores. To come up with scores, the companies use information from thousands of different sources. Taken together, the score allows lenders to assess a consumer’s likelihood of paying back a loan, whether to offer a loan, and to calculate loan amounts and interest rates. Besides mortgage, auto, and educational loans, credit scores are also often a de…………… continues on Businessweek

… Read the full article

Related News:

Beware of piling on the pounds with credit card debt
News from Spend & Save – Money … – The Independent:

A newly refurbished East Dulwich home with four bedrooms and a smart landscaped garden. £699,950

Five-bedroom former police station and court house with generous Victorian. £650,000.

Four-bedroom farmhouse with lots of original features and outbuildings on its grounds. £925,000.

http…………… continues on Spend & Save – Money … – The Independent

… Read the full article

How To Get Out of Debt Guide

How to Get Out of Debt Guide

Quickly eliminate your debt forever!
 Find financial freedom by using this 6 step How to Get Out of Debt guide.

Learn what a personal financial statement (PFS) is and why it is important.
Finances do not need to be complex. I show you what makes up a Personal Financial
Statement and how to read it. What a great and not so great financial statement
looks like.

Discover your true NET worth!
 You wil


© 2018. Credit Card Talk