Recently, I caught and article in my local newspaper about the above mentioned topic. It brought back to me a number of memories about helping our customers decide what do about their debt problems and what resources are available to help and which ones they should choose. They article was written by Liz Weston from “Nerdwallet” a website that provides consumers with financial advice and information in a number of financial areas.
With many top card companies improving on the promotions they have offered to include more cash back, extra perks, sign up bonus rewards, its a great time to be in the market for a new credit card. That is, of source, if you are keen to go further into debt than you already are.
Big news!! Federal regulators and Congress are pressuring the major credit bureaus to adopt more inclusive scoring models into their systems and include non banking forms of credit. They are proposing that items such as rent and utility payments be included in the formulas, not just mortgages, car loans, and revolving credit devices like credit cards. The goal of the proposed legislation is to expand the scope of the scoring system so that individuals and families that don’t use revolving credit as much can have a better opportunity to qualify for mortgages.
In my many years of working in and around government I have been continually frustrated with the maze of bureaucracy and its constant growth. When I look at how many State and Federal agencies are listed in the various directories I often wonder how and why they were conceived and what the people who work there actually do!!
Last week I opened my monthly statement from my Discover card account and made an interesting discovery. Those of you that have this card know that Discover now monitors your credit score monthly and prints the number on your statement. So I looked at the credit score on my statement and immediately noticed that it had dropped thirty points from the previous month.