HSBC Might Begin Wind-Down of Credit Card Business

Credit Cards

HSBC Might Begin Wind-Down of Credit Card Business

HSBC Might Begin Wind-Down of Credit Card Business

The chief executive officer for HSBC recently said it would begin running down its $33 billion credit card portfolio if there is no buyer, largely in an effort to save money and cut its stake in consumer banking, according to a report from Reuters. This came after news last month that HSBC wanted to cut… Read More

Mega-Retailer Announces Mega-ATMs

Personal Finance

Mega-Retailer Announces Mega-ATMs

Mega-Retailer Announces Mega-ATMs

ATMs are coming to Walmart. And, just like everything the mega-retailer does, they will be supersized. The company announced last week that it will begin placing a “Money Center in a box” inside some of its stores, according to reporting by American Banker. For years Walmart has run Money Centers, staffed by human beings, which… Read More

Study: Student Debt Buys Self-Confidence

Students

Study: Student Debt Buys Self-Confidence

Study: Student Debt Buys Self-Confidence

When I was 22, I’d yet to conquer “needs versus wants” and was living beyond my means.  My monthly credit card statement was often a source of anxiety and regret. But young adults today don’t quite harbor the same emotions when it comes to debt. A new study suggests the more credit card debt and… Read More

Chinese Ratings Agency Says U.S. Already in Default

Personal Finance

Chinese Ratings Agency Says U.S. Already in Default

Chinese Ratings Agency Says U.S. Already in Default

The president of an upstart Chinese ratings agency says the United States already has defaulted on its debt. “In our opinion, the United States has already been defaulting,” Guan Jianzhong, president of Dagong Global Credit Rating Co., told the Global Times, a Chinese newspaper, as quoted by the Wall Street Journal. The U.S. government continues… Read More

Financial News Roundup: Experts Fear Another Recession, College Growing Too Expensive

Personal Finance

Financial News Roundup: Experts Fear Another Recession, College Growing Too Expensive

Financial News Roundup: Experts Fear Another Recession, College Growing Too Expensive

Today’s top news headlines feature data showing more consumers are securing 401(k) loans and gift ideas for Father’s Day. Plus, find out why some financial experts think the U.S. economy may face another recession. Rising College Costs Too Much for Medium-income Families CNN Money Families throughout the country are having trouble affording college as a… Read More

Mobile Banking? Yeah. Consumers Hate It.

Personal Finance

Mobile Banking? Yeah. Consumers Hate It.

Mobile Banking? Yeah. Consumers Hate It.

Bankers love mobile banking. Consumers? Not so much. According to a recent study by the Boston branch of the Federal Reserve, over 65% of Americans use online banking websites to manage their accounts and pay bills. But only 10% use smartphones and other mobile devices to do it. Not only that, people have been much… Read More

Credit Cards That Inspire Awesome Father’s Day Gift Ideas

Credit Cards

Credit Cards That Inspire Awesome Father’s Day Gift Ideas

Credit Cards That Inspire Awesome Father’s Day Gift Ideas

Father’s Day is almost here and if you’re stumped for a gift idea, maybe one of these rewards credit cards will trigger a light bulb moment. These suggestions range from the practical, like a power lawn tool, to the totally unpractical, like sending Dad to Rock ‘n’ Roll Fantasy Camp. For the Dad Who Loves… Read More

Federal Reserve Official Says Housing Recovery Taking Place Slowly

Personal Finance

Federal Reserve Official Says Housing Recovery Taking Place Slowly

Federal Reserve Official Says Housing Recovery Taking Place Slowly

In a recent speech, Federal Reserve Board Vice Chair Janet Yellen said there are several signs of recovery in the housing market, including drops in first-time delinquencies and near historic lows in both interest rates and home prices. These positive signs for the future come despite about 4.5 percent of mortgages in the U.S. being… Read More

Treasury: Top Three Banks Doing Poor Job at Mortgage Modifications

Mortgages

Treasury: Top Three Banks Doing Poor Job at Mortgage Modifications

Treasury: Top Three Banks Doing Poor Job at Mortgage Modifications

The nation’s three largest bank-owned loan servicers are doing such a poor job modifying mortgages for distressed homeowners that the federal government will stop paying them until they improve, according to a report released Thursday by the Treasury Department. Bank of America, JP Morgan Chase and Wells Fargo all need to make “substantial improvements” before… Read More

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