Consumers may want to think twice about where they shop and the type of purchases they make to avoid getting hit with a lower credit limit, reports ABC’s Good Morning America (”‘GMA’ Gets Answers: Some Credit Card Companies Financially Profiling Customers,” Jan. 28, 2009). (more…)
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We’re learning the hard way to reign in our spending and reduce our debt, and we’re not always responding well, says Gaetano Vaccaro, deputy clinical director of Moonview Sanctuary, a treatment center for emotional and behavioral disorders (more…)
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Half of all troubled homeowners face foreclosure only six months after lenders reduce their monthly mortgage payments, said a top banking regulator when commenting on the state of the housing crisis (“Homeowners Re-defaulting After Getting Aid,” Reuters, Dec. 8, 2008). (more…)
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A new study conducted by a British professor at the University of Warwick indicates that the amount a person pays toward their credit card bill is significantly influenced by the bill’s suggested minimum payment, causing consumers who typically only pay a portion of their bill to hold on to their debts longer and pay more overall (more…)
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The Florida attorney general has reached a settlement with a Florida lawyer accused of defrauding thousands of consumers in a debt relief scheme, according to a report by NBC 6 (“Judge Bars Lawyer From Doing Debt Consolidation Work,” Nov. 25, 2008). (more…)
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The credit crisis and shaky economy are forcing us to change our spending habits. As credit card companies roll back card limits and the majority of us keep watching our wallets, we’re moving away from the days when we just kept racking up more and more credit card debt, charging anything we wanted but didn’t have money for — stainless steel appliances, high-definition plasma TVs, new wardrobes, four-star vacations — and going back to actually saving up for our purchases and sticking to things we can afford.
Now, with Christmas just two months away and most of staring at limited holiday budgets, some retailers are offering us a budget-friendly, no-debt alternative to credit cards for our holiday shopping. (more…)
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A CreditCards.com poll has found that eight out of 10 Americans are reluctant to talk openly about their level of credit card debt with someone they just met (“Poll: Credit Card Debt the New Taboo Topic,” July 8, 2008). More surveyed adults are uncomfortable with the idea of discussing their credit card debt than any other topic, including their love life, salary, religious views, (more…)
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A new report, issued by the research firm Innovest Strategic Value Advisors, predicts that as the fallout from the credit crunch continues, consumers will be increasingly likely to default on their credit cards, forcing banks to write off nearly $100 billion in credit card debt over the next year (more…)
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A recent monthly performance report issued by discount mega-retailer Target is showing that, in the ongoing economic downturn, more of the company’s customers have stopped making the monthly payments on their Target-branded credit cards. Not just that, reports the Minneapolis Star Tribune, but those customers who are making payments are paying smaller amounts (more…)
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