Posts Tagged ‘credit card debt’

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…

Consumer Debt Rises with Age

Posted on March 03, 2016 by Laura Lam

Debt held by consumers in the U.S. as they age is rising, according to an analysis by the Federal Reserve Bank of New York.  From 2003 to 2015, debt of borrowers between ages 50 and 80 increased by approximately 60%, according to the Fed’s researchers. Researchers also found that aggregate debt of younger borrowers declined modestly from 2003 to 2015 “with a debt portfolio reallocation away from credit card, auto, and mortgage debt, toward student debt.”  “This shifting of debt from younger to older borrowers is of obvious relevance to markets fueled by consumer credit. It is also relevant from a loan performance perspective…

What's in Your (Consumer Loan) Wallet?

Posted on October 23, 2014 by Saldutti

A new TransUnion study found that the consumer loan wallet – the composition of loans that people typically carry – has materially changed for both the youngest and oldest segments of the population during the last decade.  (The consumer loan wallet consists of the total of mortgage, auto, card, home equity line of credit, student and all other loan type categories.) The study found that student loans have left the greatest imprint on those consumers ages 20-29, with their share of the consumer wallet nearly tripling in the last nine years. In 2005, student loans made up 12.9% of the total loan…

Student Loans and Home Mortgages Don't Mix

Posted on February 26, 2014 by Saldutti

An April 2013 New York Fed study found student loans were preventing many recent graduates from buying their first home. Now another study, from the home loan industry, has similar conclusions. An analysis by the Mortgage Bankers Association (MBA) found that loan applications for home purchases have slipped nearly 20% in the past four months compared with the same period a year earlier. “This is a huge issue for us,” David Stevens, chief executive of the MBA. “Student debt trumps all other consumer debt. It’s going to have an extraordinary dampening effect on young peoples’ ability to borrow for a…

Reduce Credit Card Debt in '12

Posted on January 10, 2012 by Saldutti

Trimming the fat may be the most popular New Year’s resolution out there, but trimming your debt is not far behind for a lot of people.  “Getting out of debt is more strategic than simply writing a check to your creditors,” said John Ulzheimer, President of Consumer Education with SmartCredit.com.  You can save hundreds or thousands of dollars by prioritizing your debts.   You can also get the benefit of a higher credit score by being smart about what you pay first. Ulzheimer recommends these ground rules for those who are serious about reducing their debt in 2012: REMEMBER THE BASICS – Make…

6 Credit Report Items That Scare Lenders

Posted on September 20, 2011 by Saldutti

You pay your bills on time and never miss a payment. If you’re still having trouble with credit, something on your credit report could be scaring lenders.  Everyone knows the big gremlins that haunt credit reports: items such as bankruptcies, foreclosures and even late or missed payments. But less dramatic items can also spark some anxiety in skittish lenders. When you apply for a loan or a card account, lenders review your credit score and pull your credit report. Or they may take that report and pump it through one of their own scoring systems.  If they don’t like what they…

Sign of the Times: Economic Decline

Posted on April 26, 2011 by Saldutti

The United States is in the middle of a devastating long-term economic decline and it is getting really hard to deny it.  Until we understand exactly how bad our problems are we will never be willing to accept the solutions.  The truth is that our leaders have absolutely wrecked the greatest economic machine that the world has ever seen. Most Americans just assume that we will always experience overwhelming prosperity, but that is not anywhere close to the truth.  We are not guaranteed anything.  Our manufacturing base has been gutted, the number of jobs is declining, more Americans are dependent…

Plan to Be More Financially Fit in 2011

Posted on January 24, 2011 by Saldutti

A recent TransUnion survey on consumers’ 2011 financial goals found that two out of three consumers said they plan to improve their financial position this year. Effective budgeting, saving more and paying down credit card debt were the top three methods selected to achieve this goal. These results validate what consumers have done in managing credit card debt over the last 12 months. Tracked by TransUnion’s Trend Data, the average credit card borrower debt dropped 11.5% from the 3Q09 to 3Q10 ($5,612 to $4,964). The survey, conducted by Zogby International, also found that a quarter of the respondents had no…

Credit Cards & Debt: 25 Cold-Hard Facts

Posted on July 06, 2010 by Saldutti

Credit cards can be your best friend or worst enemy. They are one of your life’s major financial assets and you need to know how to make it work for you, not against you.  Here are some interesting facts about these small pieces of plastic (courtesy of CreditCards.com)  Average credit card debt per household with credit card debt: $15,788 Total credit cards in circulation in U.S: 576.4 million, as of yearend 2009 Total debit cards in circulation in U.S: 507 million, as of yearend 2009 Average number of credit cards held by cardholders: 3.5, as of yearend 2008 Average APR…