How Rising Interest Rates Can Impact You

Interest rates have slowly started picking up and this will have a huge impact on your personal finances. It will increase the costs of your debt while giving you better returns on your savings.

During the economic recession, the Fed pumped in money into the economy. It kept the banks that were struggling because of high risk mortgage loans afloat by giving huge loans. It also made purchases of mortgage backed securities and kept the money supply in the economy at a high level. The economy seems to be on the road towards recovery and most of the banks were saved. [Read more…]

Understanding Hidden Costs of Credit Cards

Credit cards can prove to be very expensive if you do not handle them cautiously. When you take a card, there would be various hidden costs that you need to understand. Most people ignore the terms and conditions document that they get with the card, but this could prove to be quite costly. [Read more…]

Negative Impact of the CARD Act

Various reforms are being introduced by the CARD Act for the credit card industry. For consumers there are many good news but there are many bad news as well. The most important change is that as banks would not be allowed very aggressive tactics anymore, there could be higher fees and charges now so that they can compensate for their losses. [Read more…]

Falling Credit Card Debt Numbers Could Be Because of Charge Offs

It has been reported recently that credit card debt is falling, which we are told is a clear sign that the financial situation of consumers is improving. These reports emerge from the data released by the Fed, showing that revolving credit on the books of financial companies is falling. But these figures could be misleading. [Read more…]

Credit Card Charge Offs and Delinquencies Show Positive Trend

Data released by five leading credit card companies in the US has shown a positive trend in delinquency and charge off rates. The rates were found to be either lower than before or stayed at the same level, highlighting the improved financial situation of customers when compared to the last two years. [Read more…]

CARD Act Brings Good News for Credit Card Holders

The Credit Card Accountability Responsibility and Disclosure Act, or the CARD Act, is good news for all credit card holders. The act contains many provisions which are beneficial to card holders, especially pertaining to revision of interest rates by the lender. [Read more…]