July 24, 2008 |
Overdue debts at the six largest U.S. credit card lenders rose in June after falling the two previous months as the effects of tax rebates faded, data compiled by Bloomberg show. Loans on which payments were late by at least 30 days averaged 4.03% of all credit card debt in June, 0.05 percentage points higher than May.
July 9, 2008 |
Consumers boosted their borrowing in May, mostly reflecting heavy credit card use. The Federal Reserve reported that consumer credit increased at an annual rate of 3.6% in May, roughly the same pace as logged in the prior month. The pickup pushed total consumer debt up by $7.8 billion to $2.57 trillion. That was a bit more brisk than the $7 billion over-the-month increase economists had been expecting.
June 2, 2008 |
Investors examine the same key economic reports at the start of every month -- on manufacturing, the service sector and employment. This week, they'll be looking at these indicators for inflation clues as much as they will for insight into economic growth. Inflationary pressures have overtaken recession as Wall Street's primary concern, at least for now. The market has been mercurial lately, convinced that it has a lot to worry about but not completely sure what to worry about most.
May 30, 2008 |
More than 160 million Americans would be able to learn their all-important credit scores at no charge -- and with no strings attached -- under a settlement by credit reporting giant TransUnion Corp. of a long-running class-action lawsuit. The agreement would entitle consumers to at least six months of a TransUnion monitoring service, giving them access to the latest information in their credit reports as well as their current scores at any time.
May 16, 2008 |
EBay Inc. has launched the PayPal Pay Later credit service, allowing certain U.S. buyers financing with no payments for 90 days. The deferred-payment option is available for purchases from $50 to $199. The program is a partnership with GE Money Bank, a unit of General Electric Co., EBay said. San Jose-based EBay is trying to steer more users to its PayPal system for Internet transactions as it competes with Amazon.com.
May 11, 2008 |
When Best Buy offered Mike Walker the chance to take home a television set and make no payments, interest or otherwise, for 12 months, it seemed like a great deal. Walker had shopped with Best Buy for years and had great faith in the retailer, so he barely glanced at the 13-page booklet that came with his new Best Buy credit card. It wasn't until a few weeks ago -- when the 12 months were nearly up -- that he found the catch.
May 7, 2008 |
I just love it when the credit card industry threatens to take its toys and go home. That, in effect, was what card issuers said in response to the announcement by federal regulators last week that they planned to crack down on some of the industry's more consumer-unfriendly practices.
April 11, 2008 |
Goldman Sachs Group Inc. Chief Executive Lloyd Blankfein said Thursday that markets are probably in the late stages of the global credit crisis that began last summer. "We're closer to the end than the beginning," Blankfein said at the bank's annual shareholder meeting. He wouldn't forecast how long the crisis would persist. In the meantime, Goldman is cutting deep into its ranks, eliminating posts in mortgage and investment banking as the credit crunch saps demand. The company declined to quantify the latest round of head-count reductions, which are taking place this month.
April 8, 2008 |
Alan Greenspan says don't blame him for the U.S. housing bubble, the sub-prime meltdown and the resulting credit crisis. The real culprits are professional investors, the former Federal Reserve chairman wrote in an article published Sunday in Britain's Financial Times newspaper. Some critics have asserted that the easy U.S. monetary policy during the last several years of Greenspan's Fed tenure was responsible for the rapid rising in U.S. housing prices.
April 4, 2008 |
More Americans have fallen behind on consumer loans than at any time in nearly 16 years as credit problems once concentrated in mortgages spread into other forms of debt. In a quarterly study, the American Bankers Assn. said the percentage of loans at least 30 days past due rose to 2.65% in the fourth quarter from 2.44% in the third quarter and from 2.23% a year earlier. The rate of delinquencies was the highest since a 2.75% rate in the first quarter of 1992.