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According to new reports released by the Federal Reserve, banks in the US are beginning to make loans more readily available to consumers. Over the past three months, there was an increased demand from businesses and consumers for lending.

How Does Credit Card Interest Work?

If you have a credit card, you’ve heard of interest. But you may not know exactly how it works. Many consumers operate without actually knowing how the interest on their credit cards is calculated. But it is important to understand how interest works, so you can be an educated consumer and use your credit card effectively.

Weekly Tip: ALWAYS Read the Fine Print When Signing Up for a New Credit Card

When you’re applying for a new credit card, it’s easy to go for the most popular cards or the ones with flashy promotions. But before you get stuck with a credit card you may not want, read the fine print.

on Thu, 2014-01-30 13:58

The Better Business Bureau issued a fraud alert on Friday regarding a new scamming scandal. Some consumers have identified an unexplained charge of $9.84 on their account that showed up sometime during the holiday season. The charge is listed on the bill as an unfamiliar website or a landing page that offers customer support. It may look legitimate with a phone number and email that customers can call; however, this website is a scam.

Where is Discover accepted?

Discover is a great credit card company that offers excellent customer service and rewards, but it has a reputation for not being widely accepted. As a result, some consumers have shied away from getting Discover credit cards. In the past, this may have been true. But Discover’s merchant acceptance has spread dramatically over the past couple years, and the idea that they are not widely accepted is simply no longer true.

According to a recent report from the Wall Street Journal, some lending companies are starting to use social media when determining a borrower’s eligibility for a loan. Lenders will look at potential borrowers’ Facebook, Twitter, LinkedIn, and other social media profiles to gauge their financial risk and insure that their information is valid. For example, you might claim to be employed but post a Facebook status about quitting or getting fired from your job. Lenders will be able to see this and may not want to loan you the money.

Weekly Tip: Is it Bad to Miss a Credit Card Payment?

Missing a credit card payment may not seem like a big deal, but it can easily sink your credit score. When you skip a payment or make a late payment on your credit card, mortgage, or loan, creditors will think that you are not financially responsible. Even if it just happens once or your payment is just a few days late, you can end up in a lot of trouble.

on Wed, 2014-01-15 10:08

According to a new report from the Federal Reserve, consumer borrowing in the US increased in November by $12.32 billion. The largest portion of this rise came from non-revolving credit, which mostly includes auto and student loans. Non-revolving credit climbed to $11.9 billion, while revolving credit, such as credit cards, increased by only $458 million. This advance follows a $17.9 billion rise in October, so it was a slower pace than many analysts expected. Economists had estimated that total consumer credit would rise by $14.3 billion, instead of just $12.3 billion.

Weekly Tip: Set a budget for yourself

2014 is the year to get your finances under control and save money, right? Like many New Year’s resolutions, this task may seem daunting. It is hard to save money and change your spending habits, but it’s not impossible. By setting a budget for yourself, you can easily stay on track throughout the year and fix your finances.

on Tue, 2014-01-07 15:58

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