As of the end of February, there were 576 million credit cards in circulation in the United States alone, according to CNBC.
And US consumer revolving debt was $864.4 billion as of the beginning of the year, with 98% of it tied to credit card debt.
So who are the top issuers of all these credit cards?
Well, [...]
Yesterday, the latest set of new credit card rules went into effect. Among other things, they ban inactivity fees and limit credit card late fees to $25.
While it’s seemingly good news for consumers, the rules will clearly cost credit card issuers dearly.
And in an effort to offset those losses, interest rates on credit cards [...]
AT&T, Verizon, and T-Mobile are looking to replace the one billion outstanding credit cards in the United States with smartphones, according to sources familiar with the matter, who informed Bloomberg of their plan.
The system could possibly rely on Discover and British banking giant Barclays, allowing consumers to pay for items with a contactless wave of [...]
The Federal Housing Authority (FHA) recently proposed a number of tweaks to its flagship home loan program, including some significant credit scoring changes.
In order to better manage risk and continue supporting the fragile U.S. housing market, the FHA will require a minimum Fico score of 500 once the changes are accepted and ultimately implemented.
Prior to [...]
A staggering 25.5 percent of American consumers now have credit scores of 599 or below, according to statistics provided by Fico Inc., the founder of the Fico score.
That’s nearly 43.4 million Americans with subprime credit scores, meaning many can’t qualify for most mortgages or even auto leases, let alone get approved for a good credit [...]