Tag: Credit

Categories
Meeting Needs Member Connections

Credit Scores at All Time High- And Consumer Debt is Rising

Credit Scores at All Time High. The average American's credit score reached 700 in April, an all-time high. It's never been higher, but consumer debt level is rising. Then what is going on? According to a U.S. News & World Report article from May 30, 2017, "America's Shifting Debt Dilemma" by author Andrew Soergel, "Scores have been bolstered in part by years of consumer wariness after the housing bubble collapsed and the U.S. plunged into the Great Recession. In the Federal Reserve Bank of New York's May 17, 2017 Quarterly Report on Household Debt and Credit, the reported that total household debt reached $12.73 trillion in the first quarter of 2017. As a result it finally surpassed the $12.68 trillion peak reached during the recession in 2008. “Almost nine years later, household debt has finally exceeded its 2008 peak but the debt and its borrowers look quite different today. " Summarizing the current situation, Soergel wrote: "The average American's credit score has never been higher, but rising levels of consumer debt have some analysts worried a bubble is forming." What About You? Is your debt level going up? Is your credit score up as well? A better credit scores can make borrowing more affordable, and your existing debt less costly. Can your credit score use a boost?

Credit Scores at All Time High The average American’s credit score reached 700 in April, an all-time high. It’s never been higher, but consumer debt level is rising. Then what is going on? A CNN Money post on June 20, 2017 by Anna Bahney titled “Americans: Your Credit Score is Going Up“, stated: “The average FICO […]

Categories
Good Friends Meeting Needs

Challenges Beyond Credit Accessibility

The Credit Invisibles: 4 Challenges Beyond Credit Accessibility | Who Are the Credit Invisibles Infographic

The Credit Invisibles: 4 Challenges Beyond Credit Accessibility By: Kimberly Roy, National Endowment for Financial Education® (NEFE®). I met a teacher at a conference recently who shared a viewpoint we sometimes hear from other educators. He claimed that students should be taught never to use credit. He said we should teach every student that if […]

Categories
Meeting Needs Member Connections

Cash Still Popular?

Study Finds Cash Still Popular

Study Finds Cash Still Popular, But Differences In How It’s Used By Generation, Gender From Credit Union Today, 2/1/2016 HOUSTON–Despite consumer access to a wide variety of payments methods, cash retains a prominent place in the consumer payments landscape. But there are differences in how different generations use cash, a new survey has found—including a […]

Categories
Achieving Dreams Meeting Needs

Millennials: Rethink Credit vs. Debit

Millennials: Rethink Credit vs. Debit- Mother and son at outdoor market

Millennials: Rethink Credit vs. Debit There is a generational divide when it comes to shopping: A CreditCards.com survey indicates that boomers and millennials both choose plastic, but for the older cohort the word is “credit,” and for the younger it is “debit.” Do millennials need to rethink credit vs. debit? Both systems work well but […]

Categories
Meeting Needs

Give Your College-Bound Student a Personal Finance Crash Course

Give Your College-Bound Student a Personal Finance Crash Course- Parents and High School Graduate Daughter with Diploma

Does your young-adult student need a crash course in personal finance? A recent financial literacy survey by the National Foundation for Credit Counseling (NFCC) reveals that the majority of adults say they learned the most about personal finance from their parents. Should you give your student a personal finance crash course? Basic Financial Knowledge Checklist […]