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Credit Card Balances Decrease Dramatically

Posted by: RateAPY Bank Rates News
January 11th, 2010

Between 2004 and Q3 of 2008, American revolving credit card debt increased steadily. Only a couple of years ago, Americans were known as having a debt-friendly culture. Beginning in Q4 of 2008, the trend reversed. Debt is no longer in vogue, and saving money has replaced the previous mindset.
In the month of November 2009, revolving ... Read more »

Credit Cards Evolving in the New Economy

Posted by: RateAPY Bank Rates News
December 25th, 2009

Banking is going through a lot of changes. Banks are trying to attract new customers while at the same time reducing their risk of losses. Many of their losses have come from defaults on credit card balances. New credit products are sure to emerge that both attract clients and limit losses. Old products are also ... Read more »

The Importance of a Six- to Nine-Month Emergency Fund

Posted by: RateAPY Bank Rates News
December 20th, 2009

If you have credit card debt or a mortgage balance, you may think that paying those debts down is priority number one. But, if the last two years has taught Americans anything at all, it is the importance of having an emergency fund that covers your expenses for six to nine months. You should keep ... Read more »

Current Mortgage Rates Are the Lowest of 2009

Posted by: RateAPY Bank Rates News
December 7th, 2009

According to the Freddie Mac Primary Mortgage Market Survey of December 3, 2009, the average interest rate on a 30-year fixed conforming mortgage loan is 4.71% with 0.7 points. This is the lowest that mortgage rates have been all year. Now is a great time to take advantage of historic ... Read more »

Special Holiday Gift Idea

Posted by: RateAPY Bank Rates News
December 1st, 2009

You might think that the young person in your life will call you a square if you give them an online savings account as a holiday gift–but believe it or not, saving money is becoming trendy. Americans are saving at a far higher rate than in past years. The ... Read more »

Business Credit Card Interest Rates Are Lowest

Posted by: RateAPY Bank Rates News
November 30th, 2009

Only six months ago, the average interest rate on a business credit card was the highest out of ten categories of credit card types, at 16.74%. Currently, the average APR on a business credit card is now the lowest of those same ten categories, ... Read more »

Consumers Are Handling Credit Card Debt Better

Posted by: RateAPY Bank Rates News
November 26th, 2009

Credit card delinquencies fell 6% from the second quarter of 2009 to the third quarter of 2009, according to the credit reporting agency TransUnion. Historically, delinquencies have increased between the second and third quarters of the year, so the timing of this improvement is significant. One possible reason for fewer delinquencies may be that consumers ... Read more »

$25 Cup of Coffee?

Posted by: RateAPY Bank Rates News
November 24th, 2009

Don’t worry, inflation hasn’t gone ballistic overnight. A cup of coffee still costs about $2. However, if your checking account has no money in it–possibly as a result of the recession–your bank may approve your debit card purchase and then charge you a $23 overdraft fee.
Federal Reserve Says Customers Must Consent
The Read more »

How the Fed Affects Consumer Rates for Credit Cards, Mortgages, and Deposits

Posted by: RateAPY Bank Rates News
November 12th, 2009

The Federal Reserve sets monetary policy. One way the Fed does this is by raising or lowering the Fed Funds Rate–the interest rate at which banks lend to one another. As the Fed Funds Rate adjusts, so does the Prime Rate, which affects everyday life on main street: mortgage ... Read more »

Charging Full Speed Ahead on Credit Card Rules

Posted by: RateAPY Bank Rates News
October 23rd, 2009

Speeding up implementation of new consumer protection rules on credit cards could produce unintended consequences, Federal Reserve Chairman Ben Bernanke told Congress.
The House Financial Services Committee is considering a proposal to move up the effective date of the Credit Card Accountability, Responsibility and Disclosure (CARD) Act to Dec. 1. Most provisions are scheduled to go ... Read more »