Archive for the ‘’ Category

2014 Penalty Rate Survey: The price of being late

November 24, 2014 Comments off

2014 Penalty Rate Survey: The price of being late

Those who fall 60 days behind in credit card payments face an average penalty interest rate of 28.45 percent, according to’s survey of major 100 U.S. credit cards.

That’s down slightly from a 28.60 percent average penalty APR in 2012 — but still expensive.

For example, consider a cardholder who carries a $4,000 balance on a card charging 11.82 percent — the average APR for those carrying a balance, according to the Federal Reserve. At the 28.45 percent average penalty rate, the cardholder would have to pay an extra $665.20 in interest a yea

Credit Card Tuition Payment Survey 2014: Fees, restrictions wipe out dreams of rewards

October 10, 2014 Comments off

Credit Card Tuition Payment Survey 2014: Fees, restrictions wipe out dreams of rewards

Students and parents looking to pay a large college tuition bill with a credit card to earn rewards should expect to add a 2.62 percent convenience fee for the privilege of doing so, according to a survey.

That fee, which would add $262 to a $10,000 tuition payment, is big enough to make paying tuition by credit card unattractive to rewards cardholders, since the fee more than wipes out most rewards.

The survey looked at tuition payment options offered by 300 U.S. private, public and community schools — the largest 100 of each class of school, based on attendance.

Overall, 260 schools (87 percent) accept credit cards for tuition payments under at least some circumstances. However, tuition payment policies and fees vary greatly among the types of schools and between individual institutions.

2014 Retail Credit Card Survey data

August 19, 2014 Comments off

2014 Retail Credit Card Survey data

Higher APRs, more use-anywhere cards and fancier, tiered rewards are now prominent features of retail store credit card programs, according to the 2014 Retail Credit Card Survey.

The chart below provides details of the 61 retail credit cards issued by the 36 largest retailers in the U.S. that offer cards. Both the retailers’ store-only cards and their general use (co-branded) cards are included.

Credit card statistics, industry facts, debt statistics

July 10, 2013 Comments off

Credit card statistics, industry facts, debt statistics

This page contains credit card statistics — including statistics on credit card debt, credit card delinquencies, credit scores, credit card interest rates, bankruptcies, average credit card debt and more — compiled by the staff. Statistics on this page will be updated regularly as we receive new or updated credit card data. Some data may appear multiple times on the page because the information is applicable in multiple categories.

State by state bankruptcy statistics, 2005-2011: Interactive map shows Chapter 7, Chapter 11 filings by state, jurisdiction

July 18, 2011 Comments off

State by state bankruptcy statistics, 2005-2011: Interactive map shows Chapter 7, Chapter 11 filings by state, jurisdiction

Consumer bankruptcy filings have continued their downward march for the first half of 2011, but it doesn’t necessarily mean the economy is turning around. In fact, the dip in bankruptcies may reflect the opposite: Unemployed people are too broke to file.

The numbers at first glance seem encouraging: Bankruptcy filings fell by 8 percent in the first six months of 2011 compared to the first six months of last year.

But Jean Braucher, a law professor at the University of Arizona, says, “Oddly enough, if you see a jump (in filings), things are actually getting better.”

Some of the 14 million Americans who are currently unemployed may need to continue to run up their debt simply to survive. So they hold off filing for bankruptcy until they land a job, Braucher says.

Henry Sommer, a Philadelphia attorney who is the former president of the National Association of Consumer Bankruptcy Attorneys, agrees. Many experts see bankruptcy as a lagging indicator. “People tend to file when they go back to work,” he says.

Often they can’t afford to file before that time because they don’t have the cash to pay filing costs and attorney’s fees, Sommer says.


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