Home loan delinquencies all across the country are skyrocketing, even in the nation’s largest city, New York, where the number of home loan defaults is only projected to get worse, reports NYDailyNews.com (“Late Bills Soaring in City: Debts Rise on Credit Cards, Auto Loans,” Dec. 3, 2008). (more…)

Popularity: 10% [?]

American consumers are in trouble, according to a new study by BadCreditOffers.com. More than 110 million borrowers in the United States with delinquent accounts are now affected by a negative credit history after taking on more debt than they could handle and falling behind on mortgages, car loans, and credit card payments (“Bad Credit on the Rise: 110 Million Americans Now Affected, According to BadCreditOffers.com Study,” Business Wire, Dec. 4, 2008). (more…)

Popularity: 7% [?]

With less consumer credit available, as many credit card issuers reduce spending limits and raise fees, consumers are increasingly turning to debit cards or cash at the checkout counter, reports The Associated Press (“More Customers Resume Using Old-Fashioned Cash” Nov. 23, 2008). (more…)

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Fannie Mae and Freddie Mac, the nation’s two largest mortgage holders, have announced that they’re temporarily suspending evictions and foreclosures during the holidays, reports BusinessWeek (“Freddie Mac and Fannie Mae Planning a Foreclosure Holiday,” Nov. 20, 2008). (more…)

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Citigroup Inc. lost $1.44 billion during the third quarter from credit card debt it packaged and sold as bonds, the financial services giant reported in a recent regulatory filing (more…)

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Nevada has the highest percentage of U.S. homeowners with mortgages that are currently “under water,” where the mortgage debt still owed exceeds the current estimated value of the home (more…)

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Hawkeye Financial Group, an Oregon debt collection agency, was recently shut down by state authorities for violating Oregon law and fined $13,400 in civil penalties, (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…)

Popularity: 7% [?]

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…)

Popularity: 7% [?]