How to Avoid Used Car Loan Gotchas

Auto Loans

How to Avoid Used Car Loan Gotchas

How to Avoid Used Car Loan Gotchas

Used cars have always appealed to the budget-conscious shoppers because of their low prices, but there’s always been a drawback — used car loans. Until recently, bank loans for used cars were tricky to get, and were much more expensive than new car loans. But that’s changing. With car dealers successfully edging banks out of… Read More

What Keeps Some Consumers Stuck in Bad Credit

Credit Score

What Keeps Some Consumers Stuck in Bad Credit

What Keeps Some Consumers Stuck in Bad Credit

Credit cards and other loans can serve as a lifeline, when making ends meet may seem out of reach during times of financial hardship. Unfortunately, relying too much on these types of loans can actually damage already poor credit, and recent data indicates that this kind of problem could be getting worse. New data from… Read More

Most Americans Have Bad Credit, Study Finds

Credit Score

Most Americans Have Bad Credit, Study Finds

Most Americans Have Bad Credit, Study Finds

For all the headlines about the improving economy and record-low mortgage rates, most consumers aren’t in a position to benefit from them, according to a report from the Corporation for Enterprise Development (CFED).  The study found that 56% of consumers have subprime credit scores. That means they are unable to take advantage of the best — or… Read More

Nation’s Biggest Buy-Here, Pay-Here Dealer Fined $8 Million

Managing Debt

Nation’s Biggest Buy-Here, Pay-Here Dealer Fined $8 Million

Nation’s Biggest Buy-Here, Pay-Here Dealer Fined $8 Million

It’s been a bad week for debt collectors who employ questionable tactics. The largest buy-here, pay-here car dealer in the nation must pay an $8 million civil penalty after an investigation by federal authorities found it had repeatedly harassed consumers and furnished incorrect information to credit bureaus. DriveTime Automotive Group offers car purchase agreements that… Read More

The Cities With the Lowest Credit Scores

Credit Score

The Cities With the Lowest Credit Scores

The Cities With the Lowest Credit Scores

The average U.S. consumer credit score increased 2 points from 2013, according to Experian’s Fifth Annual State of Credit study. Americans have an average 666 VantageScore 3.0, up from 664 last year, on a scale of 300 to 850. That’s generally considered fair credit. With this increase in score came an increase in consumer debt,… Read More

It’s Getting Easier to Get a Credit Card With Bad Credit

Credit Cards

It’s Getting Easier to Get a Credit Card With Bad Credit

It’s Getting Easier to Get a Credit Card With Bad Credit

Consumers with below-average credit scores have had an easier time getting credit cards in the last few years, compared to the immediate aftermath of the financial crisis when credit availability was very limited. Still, credit availability remains below pre-recession and recession levels, according to a report from the American Bankers Association: There were 330 million outstanding credit… Read More

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