The U.S. Consumer Financial Protection Bureau says that more than 80 percent of mortgage-related complaints submitted to the Bureau had to do with issues that arise when making payments, or when they were unable to pay their mortgage.
It won’t make for much of a monthly increase in interest charges, but it could add up to significant borrower costs over time, especially for those with high balances.
AmEx would be the first credit card issuer to raise the late-pay fee since the CFPB said earlier this year that the higher rate could go up by $1 to $38 starting in January 2017.
Nearly half (45 percent) of co-signers have done so on behalf of a child or stepchild. Co-signing for a friend was a distant second at 21 percent.
The Last Week Tonight host dedicated Sunday’s episode to taking down the debt-purchasing industry, and its often unscrupulous methods of getting people to pay off their debt, regardless of the circumstances that got them into debt.
These tough new rules would cover payday loans, auto title loans, deposit advance products, and certain high-cost installment loans.
U.S. credit card debt is on a path to reach $1 trillion this year, nearing the record high of $1.02 trillion set in January 2008, right before the financial meltdown.
The loans affected are those carrying repayment periods within 60 days of the date of issue, and those carrying annual interest rates of 36 percent or higher, Google said.
John Oliver took aim at the three major U.S. credit bureaus for their historical propensity for errors about consumers’ borrowing habits or other personal data.
The average household with credit card balances now owes $7,879, a surging trend indicating that consumers are reverting to pre-recession debt levels of more than five years ago.