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

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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

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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

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Related News:

Beware of piling on the pounds with credit card debt
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