Should You Pay Your Mortgage or Your Credit Card?

Mortgages

Should You Pay Your Mortgage or Your Credit Card?

Should You Pay Your Mortgage or Your Credit Card?

In what might be a sign that Americans’ finances are getting back to normal, consumers are now less likely to be late paying their mortgages than their credit card bills, reversing a troubling trend that began in 2008. Traditionally, consumers have made paying their monthly mortgage bills a top priority. When the Great Recession struck,… Read More

Auto Loan Delinquencies Edge Up Slightly

Auto Loans

Auto Loan Delinquencies Edge Up Slightly

Auto Loan Delinquencies Edge Up Slightly

Late payments on car loans remain low, but there has been a shift in momentum. After several quarters of consecutive year-over-year declines, delinquency rates ticked up in the fourth quarter of 2013 to the highest levels in a few years, according to data from the Experian-Oliver Wyman Market Intelligence Reports and Experian’s IntelliView tool The delinquency rate is… Read More

5 Myths About Late Payments & Your FICO Scores

Credit Score

5 Myths About Late Payments & Your FICO Scores

5 Myths About Late Payments & Your FICO Scores

Recently I had the opportunity to interview Tom Quinn on my weekly podcast.  Tom is the credit expert for Fair Isaac Corporation, the creator of the FICO credit score, and he also is a former contributor to Credit.com. There are few people who know more about FICO scores than Tom. The interview yielded a number… Read More

Consumers Making Fewer Late Payments

Managing Debt

Consumers Making Fewer Late Payments

Consumers Making Fewer Late Payments

The recent economic downturn caused many Americans to take a hard look at how they handle their finances, changing many of their spending and borrowing habits. That, in turn, has led to the massive declines in delinquency and default during the past few years, and this trend continued through the end of the first quarter… Read More

Credit Card Delinquencies Hit 18-Year Low

Credit Cards

Credit Card Delinquencies Hit 18-Year Low

Credit Card Delinquencies Hit 18-Year Low

Delinquency by consumers declined in the fourth quarter of 2012 and bank card delinquencies hit an 18-year low, according to the Consumer Credit Delinquency Bulletin by the American Bankers Association. The ABA tracks delinquencies, or accounts at least 30 days past due, in eight loan categories to create a composite ratio. This ratio dropped 17… Read More

Is There a Season for Delinquencies?

Managing Debt

Is There a Season for Delinquencies?

Is There a Season for Delinquencies?

It may seem hard to believe, but right around the same time every year, a lot of people become delinquent on their auto loan payments. Using data from the Experian-Oliver Wyman Market Intelligence Reports and Experian’s IntelliView tool, we noticed a trend in auto loan delinquencies —  accounts 30-59 days delinquent have peaked in the fourth quarter and bottomed out… Read More

Why ‘No Late Fees’ Isn’t an Excuse to Pay Late

Credit Cards

Why ‘No Late Fees’ Isn’t an Excuse to Pay Late

Why ‘No Late Fees’ Isn’t an Excuse to Pay Late

When Discover introduced their latest product, the Discover it card, the company highlighted the fact that there was no late fee for cardholders’ first late payment. But savvy cardholders were already aware that most banks will waive an occasional late fee when asked. Nevertheless, other cards such as the Citi Simplicity, American Express Clear, and… Read More

Late Payments Slip in 3rd Quarter

Managing Debt

Late Payments Slip in 3rd Quarter

Late Payments Slip in 3rd Quarter

The rate at which Americans fell 30 days or more behind on their payments, both for revolving and nonrevolving accounts, slipped in the third quarter of 2012 as borrowers continued to get their finances under control. The overall delinquency rate across many types of borrowing slipped to 2.16 percent of balances between July and September,… Read More

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