Posts Tagged ‘advice’

Consumers Speed up Card Replacement Cycle

Posted on August 11, 2017 by Laura Lam

Despite the heightened security that comes with EMV chips and tokenization, consumers remain worried about their personal data being exposed in a seemingly nonstop parade of breaches. This leads to many cardholders requesting a new card as a precaution, even if they have no evidence that they were directly affected by a particular breach. “It’s less about their cards being compromised than seeing news about a major breach at a place where they shop,” said Rob Dixon, product director at CPI Card Group.  “The customer wakes up and sees a report about a breach, and wants to have his or…

Most Americans Die With Debt

Posted on August 04, 2017 by Laura Lam

You’re probably going to die with some debt to your name. In fact, 73% of consumers had outstanding debt when they were reported as dead, according to December 2016 data provided to Credit.com by credit bureau Experian. Those consumers carried an average total balance of $61,554, including mortgage debt. Without home loans, the average balance was $12,875. The data is based on Experian’s FileOne database, which includes 220 million consumers. Among the 73% of consumers who had debt when they died, about 68% had credit card balances. The next most common kind of debt was mortgage debt (37%), followed by…

Digital Banks Take the Lead in Customer Satisfaction

Posted on July 07, 2017 by Laura Lam

Conventional wisdom once would have said consumers prefer a traditional bank with branches and humans while digital “direct” banks (those without branches) were only for rate chasers.  But the tide has apparently turned.  Consumers now rate their satisfaction with direct banks higher than traditional banks, according to a study released by J.D. Power. Direct banks scored on average 865 out of 1,000 in the consumer survey while traditional bank users scored their institutions at 824 on average. Scott Lippert, vice president/bank senior strategy officer at USAA, sees this as a side effect of society’s overall shift toward digital.  “We see…

The Cost of Attending a Wedding in 2017

Posted on June 16, 2017 by Laura Lam

Wedding season is upon us.  According to theKnot.com, the average cost of a wedding in 2016 rose to an all-time high of $35,329.  But modern weddings aren’t just ultra-expensive for the happy couple, they’re actually a serious, wallet-emptying affair for guests as well. According to the Knot’s 2016 Wedding Guest Study, the average bridesmaid/groomsman spent just over $1,500 last year, while wedding guests spent $888.  Here’s a breakdown of the costs: Average bridesmaid and groomsmen spend per wedding: $1,154 Wedding gift spend: $177 Wedding attire: $207 Wedding travel: $342 Wedding accommodations: $293 Average wedding guest spend per wedding total: $888…

73% of Americans Have Financial Regrets

Posted on June 06, 2017 by Laura Lam

Nearly 3-in-4 U.S. adults have financial regrets, according to a new Bankrate.com report. The most common is not saving for retirement early enough, followed by not saving enough for emergency expenses and taking on too much credit card debt. Taking on too much student loan debt is fourth, however, it tops the list among older millennials (27-36 year-olds). Fifth overall is not saving enough for your children’s education and sixth is buying more house than you could afford. Baby Boomers are the most likely to regret not saving for retirement earlier; remorse over this issue grows steadily from age 18-62. It’s…

What to Buy in June

Posted on June 02, 2017 by Laura Lam

Warm weather, wedding season, and hurricane season all bring discounts in June. Consumers will also find continuing sales on some items that were good deals in May. Here’s a look at the best things to buy this month from Cheapism.com. Tropical Vacation – June signals the onset of hurricane season and sweltering temperatures in the Caribbean. For travelers willing to take their chances with the weather, this is the perfect time to scoop up deals on cruises and tropical vacation packages, especially for last-minute bookings. Alaskan Cruise – Mid-June marks the end of the off-season for travel to Alaska, a popular summer…

Electronic Communications: A Growing Compliance Risk

Posted on June 01, 2017 by Laura Lam

The 7th annual Electronic Communications Compliance Survey from Smarsh reveals that finaical firms are struggling to keep up with the multitude of electronic communications channels.  More than half of respondents (52%) cited text messages as their current No. 1 source of non-email content compliance risk. About 33% of respondents cited social media communications as the greatest compliance risk, and 8% cited instant messaging. The survey also found that almost half of firms have no oversight or retention of text messages.  “Firms need to leverage new and emerging channels to communicate with their customers and stay competitive, but they’re failing to manage the risk,”…

The Top 10 Careers for First-Time Home Buyers

Posted on May 26, 2017 by Laura Lam

Although home prices continue to rise, one degree stands above the rest as being the best for those who wish to buy at home closer to the start of their career.  Of the top 26 degrees that would allow graduates to purchase a home in four years, 22 of them involve engineering, according to a recent study from Realtor.com.  The top degree enables buyers to purchase a home within 2.5 years of graduation. “When it comes to homeownership, degrees in engineering really pay off,” realtor.com Senior Economist Joe Kirchner said. “It shows just how powerful a high starting salary can…

American Households Spend 53% of Its Income On These Expenses

Posted on May 19, 2017 by Laura Lam

If there’s one fairly steady theme over the past couple of decades, it’s that consumers are saving less of their income and their household budgets are being pushed to the limit.  According to the St. Louis Federal Reserve Bank’s February data, the personal saving rating in America was a paltry 5.6%. Comparatively, U.S. workers were socking away more than 12% of their paycheck 50 years ago.  At the same time, a number of household expenses have largely outpaced the inflation rate and wage growth. These include healthcare costs, college expenses, and in recent years housing costs, since home prices have…