Credit-HQ News

Survey results expose more of the same bad conduct from credit card issuers:DEMO

admin — Mon, 27 Jul 2009 07:18:07 +0000

On July 8th, Credit.com released the summary results of a survey they commissioned, which exposes a continuing pattern of abusive practices of many credit card issuers. The results are troubling. Even despite a new series of restrictions on credit card practices that will become enforceable law near the end of February of 2010, a third of consumers say their credit card issuer has recently done one or more of the following to their account terms:

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Americans in 37 states see income fall:DEMO

admin — Mon, 27 Jul 2009 07:16:59 +0000

Now, new statistics from the U.S. Bureau of Economic Analysis demonstrate how job losses are affecting Americans’ personal incomes.

Income dropped by 0.5 percent in the first quarter of the year, with 37 states seeing declines, according to the bureau. This compares to the 0.4 percent decrease seen in the fourth quarter of 2008.

Job losses and low interest rates set by the Federal Reserve were two of the largest factors that brought incomes down, the report states.

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Mortgage applications, housing prices on the rise:Demo

admin — Mon, 27 Jul 2009 07:15:33 +0000

The Mortgage Bankers Association (MBA) figures released Wednesday show that for the week ending July 17, mortgage loan applications increased 2.9 percent compared to the week prior. These numbers are also up over the same period last year with last week’s figures showing a 6.6 percent rise over the same week in 2008.

Homeowners looking to refinance also appear to have increased as the MBA says refis rose 4 percent over the previous week.

These applications rose despite the fact that mortgage rates also increased, according to the MBA. The weekly report finds that the 30-year fixed-rate increased from 5.05 percent to 5.31 percent while the 15-year fixed-rate rose from 4.59 to 4.80.

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Retirement savings a top consumer concern:Demo

admin — Mon, 27 Jul 2009 07:14:07 +0000

With so much public scrutiny on credit card debt, rising account balances and recent actions by card issuing companies, have other financial concerns been put on the back burner?

According to new research from the Hartford Financial Services Group, consumers remain concerned about setting aside money for and worry that their lifestyle during the so-called golden years will be affected based on the current economy.

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Credit conditions will improve next year, economists say:Demo

admin — Mon, 27 Jul 2009 07:12:34 +0000

It’s no secret that consumers across America have faced tough credit conditions over the past several months, but the question that many analysts are trying to answer right now is: when will the borrowing climate improve?

A new report from research publisher BNA found that most economists believe the U.S. economy will turn around in the second half of this year and begin a gradual recovery in 2010.

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Consumer credit falls for fourth straight month:Demo

admin — Mon, 27 Jul 2009 07:11:10 +0000

It would appear that Americans have learned a lesson during the current recession and cut back on their credit card debt as new figures show that consumer credit fell in May for the fourth straight month.

The statistics released this week from the Federal Reserve show that consumer credit fell 1.5 percent in May with the amount of total debt falling to just over $2.5 trillion. While this is still a massive number to most Americans, the amount of debt consumers have been cutting back on may be just as staggering.

Since the beginning of 2009, U.S. consumers have reduced their total amount of debt by just under $42 billion – a drastic change over the last few years when Americans continued to rack up credit card debt, mortgages, car loans and other forms of debt.

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