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,...
As the magic hour when the credit card bill becomes active approaches, credit card companies are scrambling to tighten up credit and raise interest rates to ensure that, with the bill in place, they can still keep their profit margins.
One of the most controversial amendments in the credit card bill will stop credit card companies from arbitrarily hiking up their interest rates and fees. As a result, most credit card companies are making their interest and fee changes now, while the credit...
The credit card bill was drafted for the purpose of protecting consumers from the dangers of overusing their credit which usually results in heavy debt. Case in point: the current credit crunch is a direct effect of the large defaults that credit card holders started to do once the economy tanked and consumers began losing income.
The legislation in the credit card bill will changes some of the fundamental rules on how credit card companies run their business. The primary target is the...
It is no secret that the credit card industry is currently having a hard time keeping their finances afloat. The economic crash and the resulting rapid increase in credit card delinquencies and write offs caught the credit companies highly exposed and, as a result many found themselves in the brink of a financial collapse. A timely bailout from the U.S. government has kept most of the major credit card companies afloat. However, the credit card crisis still remains and, as unemployment...
Continue readingThree Ways The Internet Can Help You Secure Your FinancesFrom school research to booking vacations, when you go online, you can find a solution for them all. With the current economic climate, one particular use for the internet is growing fast: securing finances.
Here are three ways how the internet can help you secure your finances.
Making A Budget
If this sounds like a no-brainer to you, think again. Making a budget can be a very complicated task and most people don't realize that...
With the recent signing of the credit card bill by President Barack Obama, it seems that consumer friendly credit cards will be on the way. Or will it?
Throughout the deliberations of the credit card bill, the credit card industry has largely been on hand providing dire warnings that the passage of the bill could have largely negative effect on the credit industry. According to credit card companies, with the passage of the bill, American consumers will experience a drying up of...