Moyo Studio | E+ | Getty Images The Federal Reserve announced a half percentage point, or 50 basis points, interest rate cut at the end of its two-day meeting Wednesday. And, naturally, some Americans will want to make the most of the central bank’s first rate cut since the early days of the Covid pandemic. … Read more
Younger credit card users are unlikely to achieve a perfect 850 credit score — even with the best credit usage habits, credit expert John Ulzheimer tells CNBC Make it. That’s because the length of your credit history accounts for a sizable 15% of how your credit score is calculated. Since younger consumers likely haven’t been … Read more
The average American does a pretty decent job managing their credit. But if you want to boost your credit score, it’s important to avoid falling for a commonly held myth: Carrying a balance on your credit card each month helps improve your score. “This is not true,” Tommy Lee, FICO’s senior director of analytics and … Read more
Cultura Rm Exclusive/twinpix | Image Source | Getty Images Home equity is near all-time highs. But tapping it may be tough due to high interest rates, according to financial advisors. Total home equity for U.S. mortgage holders rose to more than $17 trillion in the first quarter of 2024, just shy of the record set … Read more
Klaus Vedfelt | Digitalvision | Getty Images If you plan to spend money on travel as the days get longer, sunnier and warmer, be careful: It could leave you with high-interest debt you will still be paying off through the fall and winter. Almost half (45%) of Americans plan to take a summer trip requiring … Read more
Although Americans’ average credit scores recently dropped for the first time in a decade, many appear to be maintaining a relatively healthy score. The average credit score dipped by one point, from 718 to 717, according to FICO’s March 6 blog post. Your FICO and VantageScore credit score can fall anywhere between 300 and 850, … Read more
Consumers have been increasingly relying on credit cards to make ends meet, and it may be finally catching up with them. The national average credit score, which has steadily increased over the last decade, fell to 717 from a high of 718 in the beginning of 2023, according to a report from FICO, developer of one of the … Read more
The days of double digit late fees for late credit card payments may be coming to an end. On Tuesday, the Consumer Financial Protection Bureau finalized a rule that will cap credit card late fees at $8. Currently, card users are typically hit with a $32 fee for late payments, according to the agency. The … Read more
Runstudio | The Image Bank | Getty Images Credit card interest rates have ballooned to record highs in recent years â and the growing portion of the formula that generates profit for card issuers is partly to blame, according to a new analysis by the Consumer Financial Protection Bureau. The average consumer paid a 22.8% … Read more
Total credit card debt in the U.S. has reached a record high â but people are putting less money toward paying it down. Americans collectively hold $1.13 trillion in credit card debt as of the end of December, according to the Federal Reserve Bank of New York’s latest Household Debt and Credit Report. On an … Read more
