Oct
2014

Equifax Reports Auto Loan Growth Continues, Subprime Bubble Not Occurring

Year-to-Date Originations at Record Highs

ATLANTA, Oct. 6, 2014 (GLOBE NEWSWIRE) — According to the latest Equifax Inc. (NYSE:EFX) National Consumer Credit Trends Report, while year-to-date auto loan growth rates have slowed compared to last year, totals for new credit and the number of new loans originated for auto purchases are at all-time highs.

  • The total number of new loans originated through June is 12.5 million, an increase of 4.9% from same time a year ago; and
  • The total balance of new loans is $254.2 billion, an increase of 6.9% from same time a year ago and representing nearly half of total new non-mortgage credit originated.

...

Oct
2014

Paying for College Tuition with Credit Cards Can Be Costly

Despite the convenience that comes with paying for college tuition with a credit card, the choice to do so could be costly.

According to a new research study, the average convenience fee for colleges that accept credit cards is 2.62%. This fee is lumped into your balance so it can cost even more with interest payments if not paid in full by the end of the month.

The reason why colleges charge convenience fees is because they are charged a fee from the credit card company. It might be labeled convenience, but it is really designed to ensure that the school makes their money even if a credit card is used for payment.

The survey included a total of 300 schools, including...

Oct
2014

The Economist explains

LAST week Barack Obama issued an executive order requiring the federal government to issue new chip-and-PIN credit and debit cards. The administration describes the order as part of an effort to help drive the market towards more secure payment systems. Thats right: like most Americans credit cards, the cards that the government sends to millions of people for social security payments, government-employee pensions, and veterans benefits use the old-fashioned technology of magnetic strips and signatures. European readers, who are used to using PINs with their microchip-enabled credit cards, are no doubt aghast. Why has it taken America so long to adopt the anti-fraud measures that continental...

Oct
2014

The party of checkbooks vs. the party of credit cards

As we barrel toward the November election, its worth taking a step back from all the noise for a broader view. Much of the Democrats messaging is an attempt to characterize conservatives as being against all government, as though anyone who wants to cut spending or lower taxes is an anarchist. While this is easy rhetoric to mislead voters especially when you have no real agenda of your own its a bizarre and unfair distortion.

The one belief unifying conservatives isnt opposition to all government. Its not even a complete rejection of all new programs or expanding existing programs. Its a philosophy that government programs should be paid for, that government should live within its means,...

Oct
2014

Why Many Americans Will Soon Be Getting Microchip Credit Cards

NEW YORK (TheStreet) — If you travel overseas regularly or live in a state like Florida or Nevadawhere credit card fraud is rampant, you are likely to get a new Visa
(V) , MasterCard
(MA) , or American Express
(AXP) credit card in the mail very soon.

The new cards contain a computer chip in place of the magnetic stripe youre used to. Half of all merchants are expected to be usingthem by next year.

Must Read: 10 Stocks Billionaire John Paulson Loves in 2014

Oct
2014

Is Gas Mileage Really The Primary Factor When Buying A Car?

The cost of fuel and environmental concerns have made gas mileage a more important factor for new-car buyers, but how much more important?

There are plenty of things to evaluate when buying a new car, from how pleasing it is to drive and look at, to its crash-test ratings and price, but where does fuel economy rank among them?

MORE: Electric Car Buyers Slam Dealer Experience; Dealers Dont Like Em Either

According to a new study from the American Chemistry Council (via The Car Connection)–an advocacy group for the chemical industry–its right at the top.

Conducted in partnership with research firm Kelton Global, the study results show that 79 percent of respondents...

Oct
2014

Obama signs order to tighten security for federal credit cards

WASHINGTON (Reuters) – US President Barack Obama signed an executive order on Friday to beef up security measures for federal credit cards, and urged banks and retailers to follow suit in an effort to combat the growing threat of identity fraud.

The order, which Obama signed before a lively, packed crowd of regulators at the Consumer Financial Protection Bureau, will add microchips and PIN numbers to government credit cards and debit cards starting in January.

The president also announced that several major companies will take steps to make their own systems more secure and offer more customer protections.

The idea that somebody halfway around the world could run up thousands...

Oct
2014

100 Tips for New-Car Shoppers

Shopping for a car is easier than ever, but there are times when a quick tip or two can make all the difference. Here are 100 such tips, covering everything from car research to financing to knowing what to do in the finance and insurance office. Got a tip of your own? Share it in the comments.

Getting Started
1. Take your time when youre car shopping. Dont buy in a hurry unless you really have to.

2. Get preapproved for a car loan. This lets you know what you can afford and the interest rate for which you qualify. It allows you to negotiate for a car as a cash buyer.

3. Before you commit to buying a new car, call your insurance company to get a price quote...

Oct
2014

It’s getting easier to get a credit card with bad credit

Consumers with below-average credit scores have had an easier time getting credit cards in the last few years, compared to the immediate aftermath of the financial crisis when credit availability was very limited. Still, credit availability remains below pre-recession and recession levels, according to a report from the American Bankers Association: There were 330 million outstanding credit card accounts in the first quarter this year, compared with 380 million at the same time in 2009, 427 million in 2008 and 374 million in 2007.

As the credit industry opens up after several years of limited access, borrowers with subprime credit (ie the borrowers with low credit scores) have seemingly...