This Week in Credit News: Banks Under Fire

Personal Finance

This Week in Credit News: Banks Under Fire

This Week in Credit News: Banks Under Fire

The biggest news this week is centered around a series of cyberattacks on the major American banks. Major Banks Hit With Biggest Cyberattacks in History Have you had trouble accessing your bank account online this week? That might be because your bank of choice has been under attack from hackers. JPMorgan Chase, Bank of America,… Read More

Credit.com in the News 9/29/12

Personal Finance

Credit.com in the News 9/29/12

Credit.com in the News 9/29/12

This week the experts from Credit.com contributed to a wide range of publications on subjects including credit cards, identity theft, data hacking and debt. Check out the hits… The Alarming Ties Between Debt Collectors and District Attorneys Adam Levin, Credit.com’s chairman and co-founder, unravels a twisted tale in which public officials illegally lend their credibility… Read More

One in Five Households Have Student Loan Debt

Students

One in Five Households Have Student Loan Debt

One in Five Households Have Student Loan Debt

Millions of Americans know all too well that student loans can be burdensome when it comes to taking care of all their financial needs and establishing some independence, and the number is rising considerably. Through the end of 2010, about 19 percent of all households across the country had some amount of student debt, more… Read More

Fixed-Rate Mortgages Hit Record-Low 3.4%

Mortgages

Fixed-Rate Mortgages Hit Record-Low 3.4%

Fixed-Rate Mortgages Hit Record-Low 3.4%

Freddie Mac announced Thursday morning that 30-year fixed-rate mortgages hit a new record low of 3.4 percent this week, dropping from last week’s record-tying low of 3.49 percent. That wasn’t the only mortgage product to hit a new low, however. Every other mortgage product surveyed by Freddie Mac dropped to a new low this week… Read More

Credit Card Debt Inches Up in August

Managing Debt

Credit Card Debt Inches Up in August

Credit Card Debt Inches Up in August

The amount of credit card debt being carried nationwide rose very slightly in August, despite the fact that some of the areas hit hardest by the recent recession continued to slash their balances. The total combined credit card debt for every borrower in the country climbed 0.2 percent on an annual basis in August to… Read More

Debt Consolidation vs. Credit Counseling: What’s the Difference?

Managing Debt

Debt Consolidation vs. Credit Counseling: What’s the Difference?

Debt Consolidation vs. Credit Counseling: What’s the Difference?

When escaping the country and hiding from the law are your best ideas for dealing with debt, you know you’re in trouble. Pamela has gone through “a few bad years,” she says. Hurricane Katrina hitting her Gulf Coast community followed by a series of low-paid jobs left her with almost $60,000 in debt. Pamela has… Read More

The States With the Biggest Income Gaps

Personal Finance

The States With the Biggest Income Gaps

The States With the Biggest Income Gaps

Income inequality is becoming the centerpiece of the election, with both President Obama and former Governor Mitt Romney stumping around the country on economic issues. In fact, both presidential candidates have released long-form commercials recently laying out their economic arguments. Perhaps this is because the real economic recovery isn’t quite hitting home yet. A recent Census… Read More

Consumers: Credit Scores Shouldn’t Inflate My Insurance Costs

Credit Score

Consumers: Credit Scores Shouldn’t Inflate My Insurance Costs

Consumers: Credit Scores Shouldn’t Inflate My Insurance Costs

Many Americans consider it more than fair for institutions that issue consumer loans or credit cards to use their credit rating when weighing the decision on whether to extend financing, but feel less satisfied when insurance companies do the same. The majority of consumers disagree with insurance companies using a credit score to determine eligibility… Read More

How Refinancing Can Affect Your Credit

Credit Score

How Refinancing Can Affect Your Credit

How Refinancing Can Affect Your Credit

It hardly seems possible that mortgage rates can get much lower, but they have. Homeowners are taking notice and refinancing their mortgages. Freddie Mac reports that 30-year fixed-rate mortgages have reached an all-time record low at 3.4 percent for the week ending September 27, 2012, down from last week’s 3.49 percent. So if you’re on the… Read More

20% of Consumers Get Different Credit Scores Than Lenders

Credit Score

20% of Consumers Get Different Credit Scores Than Lenders

20% of Consumers Get Different Credit Scores Than Lenders

When consumers seek a line of credit, they may be fairly confident that they know where they stand with regard to their rating, but this might not always be the case. Anywhere between 20 and 27 percent of the time, credit scores consumers see are meaningfully different than the credit scores lenders use, and that… Read More

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