Credit Card Debt Declining
According to the Federal Reserve, consumer credit card balances saw the largest dollar value drop since records began in 1968 and the biggest percentage drop of 18.5% since December 1974.
The Federal Reserves monthly G-19 Report considers various components of consumer debt which include revolving debt, consisting mainly of credit card debt, and non- revolving debt, [...]
New Consumer Protection Agency To Monitor Lenders
The Massachusetts Public Interest Research Group recently released a report which revealed practices of lenders who offer private or student loans. Private loans differ from Federally based loans. Private loans have no capped limit on interest rates and some lenders are charging significant up front fees in order to originate the loan.
Because of these practices, [...]
