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Americans are more likely to pay their credit card bills than their mortgages, according to a study from TransUnion LLC. The trend, which began during the Great Recession, reflects the lingering affects of the housing crisis.
Many experts expected the payment behavior to revert by now to the old dynamic of consumers paying their mortgages first, but that has yet to happen, the Chicago-based credit score agency said. Get the full story »
Riverwoods-based Discover Financial Services said Monday it has reached a deal with Puerto Rico’s largest commercial bank to expand acceptance of the company’s Discover card in that territory. Get the full story »
Discover Financial Services reported a quarterly profit of $350 million on Thursday as consumers spent more on their credit cards and the company expanded its non-lending lines of business. The credit card lender and transaction-processing network said it earned 64 cents per share in its fiscal fourth quarter ended Nov. 30. Get the full story »
Mobile phone companies Verizon Wireless, AT&T Inc and T-Mobile USA are poised to announce plans for a venture offering mobile payments services, people familiar with the matter told Reuters on Monday.
Discover Financial Services and Barclays will also announce they are participating in the joint venture, which will allow consumers to pay for purchases with their cellphones, the people said. Get the full story »
First Midwest Bancorp Inc., the $8.38 billion-asset parent of First Midwest Bank, missed Wall Street’s expectations for its third-quarter results, sending the Itasca-based lender’s shares down 13.7 percent in mid-afternoon trading.
By some measures, credit trends took a turn for the worse. Get the full story »
Discover Financial Services reported a higher-than-expected quarterly profit on Monday as charge-offs fell and consumers spent more on their credit cards, sending its shares up about 3 percent.
The credit card lender and transaction processing network reported profit of $260.6 million, or 47 cents per share, well above analysts’ average expectations of 38 cents per share. Get the full story »
Credit card company Discover Financial Inc. says third-quarter net income fell, but profits in the year-earlier period received a big boost from a lawsuit settlement.
Net income was $258.2 million, or 47 cents cents per share. That compares with $552.9 million, or $1.07 per share, last year, which included a $287 million settlement of antitrust litigation involving Visa and MasterCard. Get the full story »
A major league pitcher dreams of throwing a perfect game. High schoolers eyeing the Ivy League study furiously in hopes of earning 2400 on the SAT. Meanwhile, Chris Peplinski is pursuing his own brand of flawlessness: an 850 credit score.
The 37-year-old stay-at-home dad from Rogers, Ark., has already nabbed 813 on the FICO scale, the credit scoring system most lenders use in sizing up potential borrowers. Get the full story »
U.S. consumers are slightly more satisfied with their credit cards after a new disclosure law came into effect in February, with American Express being the top pick for the fourth year in a row, followed by Discover cards, an annual survey showed. The J.D. Power and Associates poll released Thursday showed that satisfaction rebounded from a 3-year low in 2009. Get the full story »
Aon Corp. said it entered into credit agreements for up to $2.5 billion to fund its recent acquisition of Hewitt Associates.
The world’s largest insurance brokerage said it entered into a three-year unsecured term loan facility of up to $1 billion and also for an unsecured bridge loan of up to $1.5 billion. Get the full story »
Illinois employers will no longer be able to run credit checks on those applying for jobs under a measure Gov. Pat Quinn signed into law today. Supporters say the move is aimed at preventing employers from turning away job seekers due to poor credit amid an economic crisis that has left many unemployed and struggling to pay the bills.
Boosting credit to struggling small businesses is vital to keep a tepid U.S. recovery on track but wary banks can’t be forced to lend from their bountiful reserves, Federal Reserve officials said Monday.
Fed Chairman Ben Bernanke underlined the need for companies — many working their way back to health from the deep recession — to be able to get loans when they need them to expand and to hire. Get the full story »
General Motors Co. plans to file its initial public offering in mid-August, a source familiar with the situation said Friday.
General Motors is also in talks with banks for a revolving line of credit worth $5 billion. Bank of America Corp., Citigroup Inc., JPMorgan Chase & Co. and Morgan Stanley each have agreed to provide $500 million worth of credit. Get the full story »
From CNN | While Washington moves ahead on reforming the nation’s financial system, bank lending appears to be going nowhere fast.
Many banks have been reluctant to make new loans in recent months, in part, because of uncertainty about just how harshly lawmakers would crack down on the industry. But last week’s ironing out of a Wall Street reform bill may do little to revive the flow of credit. Get the full story »
