The biggest news this week revolves around credit cards getting friendlier for consumers, while consumers are getting better at handling the credit cards as well.
Consumer Cut Up Credit Cards, But Buy Cars
A new report from the Federal Reserve Bank of New York was released this week, highlighting the increasingly responsible borrowing behaviors of consumers.
Specifically, credit card balances and delinquencies are both on a decline from their Great Recession highs and household debt is also dropping. The one loan area on the rise is auto loans, with consumers taking advantage of increased credit availability.
Consumers weighed in on their favorite credit card issuers for a new study from J.D. Power and Associates on the credit issuers with the highest customer satisfaction ratings.
American Express came out on top, with Discover closely behind. Overall, customer satisfaction ratings are on the rise.
“There has not been a lot of change in the past year in fees, credit limits and card terms — the things that often affect customers in a negative way,” said Jim Miller, senior director of banking services at J.D. Power and Associates. “After a series of dramatic changes, credit card customers are enjoying a time of stability.”
Meet the Credit Expert Behind Our New Forums
The newest place to discuss credit cards, debt and personal finance issues is here at Credit.com. We recently launched the Credit.com Forum, where you can ask our credit experts any money questions you’re currently struggling with and we can help you get the answers you need.
As part of the launch, we introduced Barry Paperno, our newest credit expert and the man behing the forums. Barry has been working tirelessly to create a forum in which consumers can get direct access to answers that can benefit the entire community.
Image: NS Newsflash, via Flickr