In one way or another, sooner or later, the Fed’s rate hike, although only a quarter of a percent for now, will affect most U.S. consumers who borrow money.
The long-anticipated move by the Federal Reserve to raise its benchmark interest rate this week could have the biggest — and quickest — impact on credit card borrowers, especially those carrying large balances.
Of the 43 million families and individuals who rent their homes, 1 in 5 are considered “cost-burdened.”
The $21.3 billion in new credit card debt added in Q3 2015 is the largest third-quarter buildup since the Great Recession – 71% higher than the post-recession average.
After an 11 percent drop in expected holiday spending from $1,014 per consumer in 2013 to $900 in 2014, holiday shoppers plan to spend 3 percent more in 2015.
Lenders will sometimes ask your income when reviewing your loan application — and certainly a higher income may work in your favor — but your credit score doesn’t factor in your salary.
Sales of previously owned homes, or resales, slumped in October, despite average mortgage rates staying below 4 percent for the third straight month, according to the National Association of Realtors.
Auto loan balances increased for the 18th straight quarter, this time by $39 billion, and stand at $1.05 trillion as of the end of September.
Seven in 10 Americans said they will use either cash (39 percent) or a debit card (31 percent) for most of their holiday purchases.
Low interest rates, cheap gas and strong car sales have pushed auto loan balances over $1 trillion for the first time.