Delinquencies

You're Late: Credit Card Debt Rises - and So Does Delinquency

Americans cranked up their use of credit cards in the third quarter, racking up more debt than a year ago, while also being less diligent about making payments on time. But though delinquency is rising, it's still significantly below historic norms.

How Much Will One Late Payment Hurt Your Credit Score?

Oops! You open your credit card statement and discover you forgot to make last month's payment. Or a collections agency calls about a bill you didn't even know you had. How bad is it? How much does a single late payment affect your credit score?

Distressed Homeowners Aren't Using Help

In the last few years, outreach events by banks and nonprofits have been held all over the country, offering help to distressed homeowners. But even when they get personal invitations to these events, the vast majority of people who need mortgage modifications or short sales aren't showing up.

Can't Get Credit? You May Be Living in the Wrong State

Credit is ever so personal, and ultimately it's your responsibility -- but it's not solely about you. Your state's creditworthiness can impact you too. For that reason, CardRatings.com's recently released rankings of the 10 Best and Worst States for Consumer Credit is worth a look-see.

Fewer Deadbeats = Higher Profits for Capital One

Capital One's credit card charge-off rate -- the percentage of debt that it's unable to collect -- fell to 4.97% in April. That's the lowest default rate for the company since 2007. Trefis already thought COF stock was undervalued: See what they think the stock's upside is in light of this trend.

What Moms Teach Us About Money

Research shows that what our parents teach us about money lays an important foundation for our future financial fitness, and the anecdotal evidence is just as strong. So if you're a rainy-day saver or a coupon clipper, you probably have mom to thank.

BofA to Stick Customers With 30% Late Fee

Bank of America credit card holders, beware. If you're late on a monthly payment, that little "oops" might become a big "ouch": Your future balances could be subject to a penalty rate of nearly 30%. But the penalty rate will not be applied to previous balances.

Putting Consumer Debt Into a Bigger Perpsective

Before the Great Recession, U.S. consumer debt had risen fairly steadily for more than a decade. With the downturn, it finally dropped...until December's small rise. However, a longer look at the trend of ever-rising debt shows that America is still extraordinarily overextended.

Pimco Planning $1 Billion Fund to Buy Past-Due Debt

Pacific Investment Management Co., the manager of the world%u2019s largest bond fund, plans to launch a fund worth at least $1 billion to buy distressed loans from banks. The fund will buy up past-due debt including commercial and residential mortgage loans, Bloomberg News said without naming its sources. Pimco, as the asset manager is known, plans to then work with a loan servicer to renegotiate the terms of the debt with creditors.

Home Mortgage Modifications Decline in July

Fewer Americans received home-loan modifications in July under the Obama administration's program to reduce foreclosures and delinquencies. A report released Friday showed that 36,695 households received long-term mortgage modifications, compared to more than 51,000 in June.

Report Forecasts Over 1 Million Foreclosures in 2010

Over 1 million households could lose their homes to foreclosure this year as mortgage lenders process a massive backlog of delinquent loans. Nearly 528,000 homes were taken by lenders in the first half of this year, The Associated Press said, citing a report by RealtyTrac Inc., a foreclosure listing service. Last year, lenders foreclosed on 900,000 homes.

Lenders Write Off More Credit Card Debt

The percentage of credit card balances that lenders have written off as uncollectable rose in November, said Moody's, which predicts even higher levels of delinquency and charge-offs ahead in 2010.

Credit card delinquencies still rising

Credit card delinquencies continued to rise in the first quarter of 2009, according to the latest data. The Wall Street Journal reports (subscription...

Delinquent loans soar to record levels

Some 8.2% of consumer loans are either delinquent by at least 30 days, or in default -- meaning that the lender has written off the debt. The Federal...