Sunday, November 19th, 2017

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Credit & Debt

Bank of America Customers Beware: Your Credit Card Penalty Rates Could Soar

If you’re a Bank of America customer, your dander will definitely rise within seconds. The North Carolina-based bank said it could begin charging customers who miss a payment on their credit cards a higher penalty interest rate on future purchases, according to a recently published report. The Wall Street Journal reports that Bank of America […]

Experts Advise How to Make Instant Improvements to Your Credit Score

Having a good credit score is incredibly important, especially if you’re looking to borrow money for a car loan or mortgage, among other things. During the recession, the credit scores of many Americans were hurt by their failure to pay the principal on loans they had. As the economy recovers and consumer spending improves, there […]

Home Equity Loan Defaults Soar as Housing Values Drop

A sea change is under way in Americans’ debt habits: They are changing how they borrow, how they pay their loans, how they get out of debt and when they default. It used to be that smaller, revolving credit loans – like credit card debts – were the most likely to go unpaid. Now, it’s […]

How to Select a Legitimate Credit Counseling Agency

The last thing a consumer needs when struggling financially is to fall into the hands of an unscrupulous credit counseling agency. If you’re considering using a credit counselor, shop around, and ask each agency the following questions. More importantly, be certain that you are comfortable with their answers before you book that first appointment. A […]

Top Misconceptions that Young People Have about Money

When well-known financial commentator Ben Stein was asked whether he worries about having enough money in the future, he confidently replied that he does not. That’s because he asserted that his “young self” made sure to take good financial care of his “old self.” His celebrity notwithstanding, Stein isn’t burdened by his financial future because […]

Your Credit Score: Why it Matters

Imagine that you’re a loan officer at the local bank. Two customers, Mr. Rich and Mr. Buck, come in to borrow money. You check Mr. Rich’s history; he has an excellent credit score, 800. Mr. Buck’s score is an embarrassingly low 300. To whom should you lend money? Mr. Buck’s low credit score indicates that […]

Rules for Credit Accounts Announced by Fed

New credit card regulations from the government may have already affected young people, and the Federal Reserve Board announced new rules recently that affect these accounts. According to the central bank, credit card companies will have to review interest rate increases made since January 1, 2009. If the causes of these interest rate rises have […]

Dad’s Advice May Not Be That Far Fetched

Really, what does dad know anyway? As it turns out, quite a bit, according to a recent release from the Federal Trade Commission. In honor of Father’s Day, the regulator highlighted how some traditional pieces of fatherly advice may actually help younger people deal with their security and personal finance goals. Take, for example, that […]

Credit Card Debt Tumbles Again in April

CARD Act limits credit offers to young people

One way young people can help establish a personal finance history is through a credit card, although new federal rules may make it more difficult for them to acquire an account. The Credit Card Accountability, Responsibility and Disclosure Act requires that people under 21 find a co-signer for credit card accounts unless the young consumer […]