A third of all credit cards issued in the first quarter were to subprime customers.
Banks and other lenders are wooing risky credit-card borrowers more aggressively than they have since the financial crisis in a bid to jolt revenue in a period of sluggish growth and tight regulation.
Continue reading… “Credit card lenders pursue subprime borrowers”
Nationwide, the average time it takes to process a foreclosure climbed to 674 days from 253 days just four years ago.
Delinquent borrowers facing foreclosure are learning that they can stay in their homes for years, as long as they’re willing to put up a fight.
Continue reading… “Delinquent borrowers keep homes without paying”
Debt collectors have found a way to help lenders get their money after the debtor has died.
Linda Long’s husband died of colon cancer in 2010. After his death the phone calls poured in. Linda is a 68-year-old retired office worker o whsays she got as many as 10 calls a day from a debt-collection firm asking for $16,651.52 that her husband, Millard, had racked up on a Bank of America Corp. credit card.
Continue reading… “Death-debt collectors chase down mourners”
Banks charging fees for services once free.
From credit unions to online and pawn lenders, alternative finance firms are gaining traction as banks turn off the tap for easy cash and start charging fees for services that customers have had for free.
Continue reading… “Alternative lenders gain traction as banks squeeze customers”
The student loan default rate for fiscal 2009 surged to 8.8%, up from 7% in 2008.
Two years ago critics warned that government-backed student loan defaults would rise. The question was how soon would taxpayers feel the pain. This month, the U.S. Department of Education provided part of the answer when it reported that the default rate for fiscal 2009 surged to 8.8%, up from 7% in 2008.
Continue reading… “Student loan defaults continue to grow and the worst is yet to come”
The increase in the number of foreclosure actions could be the beginning of a new trend.
Banks are stepping up their actions against homeowners who have fallen behind on their mortgage payments and setting the stage for a fresh wave of foreclosures.
Continue reading… “Mortgage default warnings surge setting stage for new foreclosure wave”
Late payments are at a 17 year low.
The rate of late credit card payments fell to a 17-year low in the second quarter, another sign of household belt-tightening.
Continue reading… “More credit card users paying their bills on time”
The “fourth bureaus” track your everyday transactions including your magazine subscriptions.
Mike Mondelli, an Atlanta entrepreneur, has access to more than a billion records detailing consumers’ personal finances — and there is little they can do about it.
Continue reading… “‘Fourth bureau’ – little known companies track data used in credit scores”
Mortgage-only defaulters are less likely to then default later on new car loans or credit cards.
People who have defaulted only on their mortgages and no other debts are not as risky as expected, according to a new study from credit monitor TransUnion.
Continue reading… “People Who Default Only on Their Mortgages May be Safe Credit Risks: Study”
Consumers are avoiding racking up debt.
Credit card delinquency rates fell at major U.S. lenders in November as fewer consumers fell behind on their bill payments, signaling they are recovering from the stress of the financial crisis.
Continue reading… “Credit Card Delinquencies and Usage Both Fall”
Only about 0.5 percent of Americans manage to land the perfect 850.
A major league pitcher dreams of throwing a perfect game. High schoolers eyeing the Ivy League study furiously in hopes of earning 2400 on the SAT. Meanwhile, Chris Peplinski is pursuing his own brand of flawlessness: an 850 credit score.
Continue reading… “In Pursuit of the Perfect Credit Score”
A quarter of Americans have a credit score below 599.
Credit scores of millions of Americans are sinking to new lows. Figures provided by FICO Inc. show that 25.5 percent of consumers — nearly 43.4 million people — now have a credit score of 599 or below, marking them as poor risks for lenders. It’s unlikely they will be able to get credit cards, auto loans or mortgages under the tighter lending standards banks now use.
Continue reading… “43 Million American’s Credit Scores Now a Poor Risk for Lenders”
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