It has been reported that credit card debt has decreased to it’s lowest level in 8 years, according to TransUnion, a credit reporting agency. This is actually a positive sign for the economy, as when consumers pay off more and more of their debt, they being to feel more confident about spending money again. It’s a cycle the economy goes through, where consumers spend, which increases credit card debt, but helps the economy, and then the consumer later pays off the debt, which slows the economy, but sets up the consumer for future spending to lead us out of an (Continued…)
Recently J.D. Power has released their annual credit card rankings. American Express came out on top as the credit card with the highest customer rating based on their extensive research. The study did mention that ratings for companies across the board did hit a 3 year low but have rebounded. It appears because of a rebound in the credit industry, credit card companies are behaving more favorably with consumers. Let’s hope this trend continues and more consumers can have access to more credit, as this is a the lifeblood of the economy. We will keep you informed on future updates (Continued…)
The New York Times has released an interesting article regarding the Federal Reserve’s database of credit card agreements that they have recently released to the public. This has drawn a lot of attention because of the unique way this information is given to consumers, which is usually kept private and not as well organized as we’re seeing here.
Give the article a read, it’s an interesting look at how the Federal Reserve is trying to make it easier for consumers to get access to useful information on making decisions regarding credit cards. At least it’s a step in the right (Continued…)
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