According to figures recently released by the Federal Reserve, consumer credit card debt has declined further. In May, credit card debt annual rates decreased by 3.65%. Consumer personal savings are on the rise as well. Personal savings rate, a measure of the amount American consumers set aside from their disposable income for savings, climbed to 6.9%.
The April figures placed savings at 5.6%. These figures show a trend of American consumers moving towards a financial habit of frugality,...
According to a recent study, college students comprise one of the many groups of cardholders that have been hit the hardest by credit card debt.
According to a survey by Sallie Mae, a lender focusing on student borrowers, this April of 2009, college students on the average own four credit cards or more. Most college cardholders are also not very good at keeping up with their monthly payments. A majority of college cardholders regularly get hit by large monthly finance charges because they...
Like most things, a credit card can both be your friend and your foe. If you are not very good at balancing your finances and paying off your monthly credit card bills, then you may be having debt problems right now. However, if you have kept your finances up to date and you have no outstanding debts, then you might be one of the few who are heaving a sigh of relief over your financial standing, considering the economic situation right now.
If you are good with your finances, chances are,...
The highly popular credit card bill has finally passed from the Senate with a vote of 90-5. Earlier, the senate had promised that they would get the bill ready for the President's desk by Tuesday and they have delivered.
The credit card bill of the Senate aims to correct many credit card industry practices, which consumers have found to be unfair and deceptive. Among many things, it will stop the industry practice of arbitrarily raising interest rates and requiring disproportionately large...