Consumer hotline errors preventing some complaints from reaching banks

Technical glitches in the Consumer Financial Protection Bureau's new consumer hotline have led some credit card complaints to never reach banks, according to Bloomberg. The news source states the hotline, which has been in place since the end of July, was part of the Dodd-Frank Act, and aims to provide consumers with an outlet for […]

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Consumer debt totals rise for tenth straight month

American consumers increased their debt load in July, according to the latest numbers released by the Federal Reserve Board. Debt levels in July increased to a seasonally adjusted $12 billion, what amounts to a 5.9 percent annual rate of increase, the report found.The increase in consumers' financial obligations is the tenth straight monthly rise and […]

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CFOs expect to hire more in fourth quarter

While the rate of job growth has been stagnant throughout much of 2011, some of the nation's leading chief financial officers are optimistic that hiring will increase in the fourth quarter. Approximately 12 percent of executives expect to add jobs to their payrolls between October and December, while 7 percent say they'll likely be reducing […]

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Credit improvement myths

While consumers may believe closing old accounts or making payments earlier than the due date can help boost a credit score, financial experts tell Bankrate that these "quick fixes" are myths. With respect to closing accounts, doing so can shorten a consumer's credit history, leaving the individual with a smaller amount of credit that's available […]

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Consumers’ credit card debt falls in July

Consumers kept their credit cards in their pockets a bit more often in July and opted to pay for goods and services with cash, according to a new report from the Federal Reserve. Credit card debt fell 5 percent in July to $792 billion, preventing what would have been three straight months of gains. Keith […]

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Net job growth zero in August

For the first time since 1945, non-farm payrolls recorded a net growth rate of zero, according to the Labor Department, which recently released employment figures for the month of August. The report also found that the unemployment rate held at 9.1 percent. "August was a pretty rough month for the economy," Ryan Sweet, a senior […]

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One-third don’t save for Christmas

While the Christmas shopping season may be more than three months away, consumers should start thinking about saving now, according to TransUnion, one of the three major consumer reporting agencies. Approximately 32 percent of consumers do not put any money aside heading into the holiday season, a recent poll conducted by the credit bureau indicates. […]

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Creditors seeking payment from next of kin

Soon after a family member passes away, some individuals are being bombarded with statements from the deceased's creditors demanding remuneration for unpaid debts, according to CNNMoney. "I find this not only ethically abhorrent, but also irresponsible," Denise Townley told the news outlet. Townley said her mother recently passed away, and within two weeks, she was […]

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Tips for recognizing loan scams

Due to significant damage, many homeowners have had to apply for loans to repair what they've lost after Hurricane Irene hit the East Coast. However, some lenders have turned out to be scam artists, according to the Consumer Financial Protection Bureau. To help unsuspecting borrowers avoid unsavory businesses, the CFPB offers a few suggestions. Among […]

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Credit card usage tips

While disposable income levels have risen in recent months, purchasing things with a credit card continues to be one of the most common forms of payment for many Americans because of its ease of use and versatility. However, effectively managing credit can lead to problems if not used carefully. Thus, financial news website Business Insider […]

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