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(Wall Street Journal) — Credit cards that give cash back prompt consumers to spend more and accrue more debt, according to researchers at the Federal Reserve Bank of Chicago. The initiation of a 1% cash rewards program yielded, on average, a $25 reward each month—and an increase in spending by $68 a month and in […]
The fed defends workers wondering what finances have to do with job performance.
(Wall Street Journal) — Mortgage rates, after hitting record lows this summer, are rising. But the rates are still tantalizing for borrowers looking to refinance out of an onerous loan. For the week ended Dec. 9, the average rate for 30-year fixed loans was 4.46%, according to Freddie Mac, up from 4.17% in early November […]
(LA Times) — The day is coming when lenders will no longer turn their clients loose after they leave the closing table, never to be heard from again unless someone misses a payment or two. Think of it as crisis intervention. Rather than waiting for previously solid borrowers to ask for help, lenders will monitor […]
(New York Times) — Credit card offers are surging again after a three-year slowdown, asbanks seek to revive a business that brought them huge profits before the financial crisis wrecked the credit scores of so many Americans. The rise is striking because it includes offers to riskier borrowers who were shunned as recently as six months […]
(AJC) — After her divorce a decade ago, it took Dot Reilley years to adjust to living on one income. She financed that lifestyle change on her four credit cards, she said, eventually reaching their limits of $5,000 to $7,000 apiece. And then 18 months ago, heavily in debt and headed for bankruptcy, Reilley did […]
(LA Times) — Death is no excuse for not paying your bills. But federal authorities say debt collectors have become increasingly aggressive — and often misleading — in their efforts to wring unpaid obligations from dead people’s next of kin. To rein in the practice, the Federal Trade Commission is preparing new rules that would […]
(New York Times) — If you needed a reason to keep balances low on credit cards without set spending limits, here’s one. The way certain issuers report the cards with no preset spending limit (like Visa Signature and World MasterCard cards) to the credit bureaus could have a negative effect on your credit score if you carry […]
(The Network Journal) — If you’ve been through a foreclosure, you may wonder if there is hope for you to become a homeowner again. Yes, but it will take awhile. “It doesn’t mean you’ll never be a homeowner again,” said Linda Davis-Demas, director of housing at Consumer Credit Counseling Service of Greater Dallas. But you’ll […]