Bank Credit Card Delinquencies Fall to 2002 Level, ABA Says

Bank-issued credit card delinquencies dipped slightly in the first quarter of 2010 – the first time such late payments have fallen below 4 percent since the second quarter of 2002, according to the American Bankers Association.

Community Bankers: Consumers Be Wary of Mortgage-Fix Scams

The Independent Community Bankers of America is issuing tips for consumers on avoiding fraudulent offers of foreclosure and refinancing assistance. The ICBA and nearly 8,000 community banks in the U.S. advise borrowers to contact their mortgage lender first if they are having financial troubles.

Chase Ultimate Rewards: 20 Billion Points Since May 2009

Chase’s Ultimate Rewards program has redeemed more than 20 billion points for more than 3 million items since launching in May 2009, and the largest credit card issuer has launched a multimillion-dollar ad campaign to further boost its customer base.

U.S. Consumer Bankruptcies Up 14% in First Half of 2010

U.S. consumer bankruptcy filings totaled 770,117 in the first six months of 2010 – a 14 percent increase over the 675,351 filings from the same period a year ago. The consumer filings for January-June of this year mark the highest total since 2005, when Congress enacted the Bankruptcy Abuse Prevention and Consumer Protection Act in an attempt to slow down the rate of filings

Chase Targets Bigger Share of Affluent Customer Business

JPMorgan Chase wants a greater share of its affluent customers’ business – a move the bank said could increases its pre-tax profits from $500 million to $1 billion annually. Chase said just 8 percent of its retail customers are “affluent,” defined as having deposits and investments totaling at least $500,000.

Discover: Cash Flow Issues Dim Small Business Outlook

Discover’s index that measures small business confidence dipped to 86.1 in June from 87.4 last month, as concerns mount over cash flow issues and the outlook over the economy declines. Small business owners reporting temporary cash flow issues jumped to 51 percent in June, up from 45 percent in May – the highest since January.

$10M Scam: Consumers Hit with Bogus Credit, Debit Charges

More than 1 million consumers have been hit with one-time bogus charges on their credit and debit cards totaling $10 million – and the payments routed to scammers in Eastern Europe and Central Asia, according to a complaint filed by Federal Trade Commission. The victims were mostly identity theft victims from the United States, but many may not have even noticed the micro charges, ranging from 20 cents to $10, the FTC said.

Fixed Mortgage Rates Hit Record Lows: 4.69%; 4.13%

After weeks of flirting with the record, the 30-year fixed mortgage reached a new low of 4.69 percent this week, down from 4.75 percent last week, according to Freddie Mac. The survey’s all-time low for the long-term rate was previously set Dec. 3, 2009 at 4.71. Freddie Mac has been tracking the benchmark rate since 1971.

Mortgage Applications, Existing Home Sales Decline

Two major indicators point to a sluggish housing market with more uncertainty for the summer months ahead as both mortgage applications and existing home sales are easing.
The Mortgage Bankers Association today said its overall applications index last week decreased 6 percent from the previous week. Despite mortgage rates at or near historic lows, even refinancing slowed.

J.D. Power: Ford Leads Domestics Over Imports in Quality Study

Domestic auto brands, led by a surging Ford, has overtaken perennial imports in J.D. Power and Associate’s newly released 2010 U.S. Initial Quality Study, an industry benchmark for measuring a vehicle’s propensity for problems within the first 90 days of ownership.

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