FTC, Florida AG Take Action Against Robocall Operation
The FTC and the Florida Attorney General’s office have charged a web of related defendants with bombarding consumers with illegal robocalls in an attempt to sell them bogus credit card interest rate reduction and debt relief services.  more »
Credit card issuers were among the worst performing U.S. stocks Tuesday after Synchrony Financial said it expects higher write-offs within the next year as consumers struggle to repay loans. more »
Outstanding consumer credit, a measure of nonmortgage debt, rose by a seasonally adjusted $13.4 billion in April from March, according to the Federal Reserve. more »
U.S. card issuers lose $10.9 billion each year to card fraud, according to research released Tuesday by LexisNexis Risk Solutions. more »
Access to credit helps unemployed consumers by giving them more time to find a new job with higher pay, according to research by economists from the University of Minnesota and Dartmouth College. more »
Consumers applying for a new mortgage are on average two to three times more likely to open a new auto loan or credit card account over the next 12 months, according to a new TransUnion study. Many of these consumers open these accounts as soon as one month after their existing mortgage payoff. more »
Overall household debt rises while consumer repayment rates improve, according to the Federal Reserve Bank of New York's latest Household Debt and Credit report. more »
As Columbia Law School professor Robert Jackson noted in an op-ed on Thursday, there needs to be a source of real competition for the credit-card pushers, namely online marketplace lenders, so consumers with below-average credit scores can have access to credit at somewhat reasonable rates. more »
Data through April released by S&P Dow Jones Indices and Experian shows a consumer credit default composite rate of 0.86% in April, down seven basis points from March. more »
U.S. consumers sharply increased their use of credit cards in March, pushing up total borrowing at the fastest pace in 15 years. more »
"Many banks and financial companies avoid accountability by putting arbitration clauses in their contracts that block groups of their customers from suing them," said CFPB Director Richard Cordray.
In a major setback for banks, credit unions, credit card companies and many other financial firms, the Consumer Financial Protection Bureau on Thursday issued a proposal that would ban the use of arbitration clauses that prevent consumers from bringing class-action lawsuits. more »
Consumers are boosting the balances of their personal savings accounts and are also more likely to rollover their monthly credit card balances, according to the 2016 Consumer Financial Literary Survey. more »
Forty percent of newly married people who responded to an Experian survey on finances reported they did not know their spouse’s credit score. One in three said their spouse’s spending habits were not what they expected. more »

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