New research suggests that credit card minimum payment warnings could be prompting some consumers to pay less than they would otherwise.
If it’s been a while since you applied for your last credit card, you could be in for a shock the next time you start comparing APRs. Average rates on new card offers have ballooned in recent years — rising from an average of 11.54 percent in 2008 to just over 14.98 percent in 2013. And, chances are, they’re just going to keep going up.
You may want to take a closer look at your bank’s fee schedule next year — particularly if you’re working with a smaller bank or lender.
Last week, the Wall Street Journal reported that small lenders, including regional banks and credit unions, are cautiously increasing the fees they charge on a variety of services in order to make up for lost revenue.
Guess who’s less likely to seriously default on a credit card: A 44-year-old who has been handling credit since before Ronald Reagan left office? Or a 19-year-old college student who wasn’t even born until well into the Clinton administration?
Surprisingly, it’s the college-age student, says a new study, calling into question the wisdom of the Credit CARD Act of 2009’s restrictions on granting cards to the younger crowd.