07 Feb
Posted by Admin as Credit Cards
A report regarding consumer credit in December showed that people are making further strides regarding trying to pay off their credit cards in an attempt at debt management.
According to the Federal Reserve Board, revolving consumer credit fell at an annual rate of 11.7 percent during December. Overall, revolving credit – which is mostly credit card debt – declined from $874.5 billion in November to $866 billion in the last month of the year.
The drop in revolving consumer credit may come as a surprise to some, especially since the numbers reflected the time of the holiday shopping season, where people may bust out their credit cards to make purchases. Read more…
In the past, we brought you our top picks for the best balance transfer cards, frequent flyer cards, low fee credit cards, and even the top five Australian credit cards overall. Now we’re going to take a step back and compare credit card issuers rather than individual cards. Who offers the most good deals to choose from? Which credit card company is most likely to have the credit card you really want? What companies are most competitive when it comes to landing your business in the credit card market?
We’ve looked at factors such as the variety of credit card offers a company provides, where their interest rates tend to fall in relation to comparable offers, and more in choosing these — our top five picks for the best Australian credit card issuers.
1.
Many credit card holders aspire for a higher credit card limit. The obvious reason for this is that a higher credit card limit enables the purchase of otherwise unaffordable merchandise. Below are 7 useful guidelines to improving your chances of gaining a higher credit card limit.
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Many credit card holders aspire for a higher credit card limit. The obvious reason for this is that a higher credit card limit enables the purchase of otherwise unaffordable merchandise.
First and foremost, credit card holders need to remember that to get a higher credit card limit, they must abide by the terms and conditions of the credit card company or bank.
05 Feb
Posted by Admin as Credit Cards
Despite the fact that some may feel the economy is in a poor state, a recent survey shows that consumers are feeling a bit better about their own personal finances and budgeting abilities.
According to the Discover U.S. Spending Monitor, 56 percent of consumers said the economy is “poor,” which is a point below what was reported in December. However, 49 percent of those polled said they felt that conditions in the economy were going to get worse, which is a point higher than was shown in the previous survey.
The survey also showed that a majority of consumers plan on cutting back on discretionary purchases as they continue spending restrictions they put forward after the holiday season.
“Consumers appear to be holding steady on their spending patterns,” said Julie Loeger, senior vice president of brand and product management for Discover. Read more…
More Americans are putting off mortgages loans in favor of credit card payments, according to a recent study by TransUnion. The study points to the housing bubble effect among reasons for this “flip,” which runs counter to conventional wisdom about payment hierarchy.
“The implosion of the mortgage industry over the last 24 months, the resetting of adjustable-rate mortgages and the weak job market have all come together to redefine how consumers are managing their finances and meeting (or not meeting) their credit obligations,” said Ezra Becker, director of consulting and strategy in TransUnion’s financial services business unit.
The trend emerged during the first quarter of 2008 and is more pronounced in states such as California and Florida, where foreclosure rates soared. Read more…