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Consumers are expected to get better control on their mortgage and credit-card payments next year as the economy slowly improves.
Chicago-based credit reporting firm TransUnion predicts that delinquencies, or late payments, on the two biggest major forms of borrowing will drop sharply again in 2011, after substantial declines seen in the second half of this year. Get the full story »
(Nhat V. Meyer/San Jose Mercury News/MCT)
The nation’s credit-card delinquency rate fell in the third quarter, to 0.83 percent, according to a report by Chicago-based credit reporting firm TransUnion. This represents a 9.8 percent decrease from the previous quarter in terms of borrowers whose accounts are 90 days or more delinquent, and a 24.6 percent decline from the year-ago quarter.
TransUnion also estimates that 8 million consumers stopped actively using bank-issued credit cards in the past year.
The trends stem in part from some seriously delinquent debt being classified as uncollectable, and in part by more conservative spending in lower risk segments of the population, the company said. Get the full story »
A new credit card rule that limits late fees will reduce annual earnings of Discover Financial Services by $80 million to $90 million a year, Chief Executive David Nelms said Thursday.
Under new Federal Reserve rules that kick in on Aug. 22, credit card companies can’t charge a late fee of more than $25, or $35 if a consumer has been late on one of their last six payments.
On its flagship Discover More card, late fees are currently $19 on balances up to $250 and $39 on balances of more than $250. Get the full story »
