Inflation: Australian credit card spending could rock RBA’s economic plan

In recent years, the Australian people have had quite the love affair with their credit cards, with credit card purchases reaching a record high of 20 percent of GDP in 2008. Since then, Australians have gradually moved away from credit cards, reduced their outstanding balances and increasingly took advantage of various rewards programs rather than … Read more

The credit score you need to get an Apple Card for the new iPhone 14

What credit score do you need to get an Apple Card Anyone over the age of 18 can apply through the wallet app on their iPhone. Goldman Sachs, the bank behind the Apple Card, uses information from the credit bureaus to evaluate each application, including your credit score and your credit report, which shows your … Read more

Credit scores are at an all-time high, despite rising consumer debt

Consumers increasingly rely on credit cards to make ends meet, but this has not significantly affected their financial position – at least not when it comes to their creditworthiness. The national average credit score stands at an all-time high of 716, unchanged from a year ago, according to a new report from FICO, developer of … Read more

This is how US credit card debt has changed in 5 years | Smart Change: Personal Finance

How Much Credit Card Debt Have Americans Payed Off in the Last Five Years? Experian looked at the average credit card balance at the national and state levels. This is how US credit card debt has changed in 5 years How consumers’ credit habits have changed over time When convenience comes first, credit cards are … Read more

Shoppers spend more than $300 a month on impulse purchases, despite fears of recession

Pandemic store changes fueled impulse purchases Certainly, the pandemic has changed the way people spend money. “Consumers abandoned ingrained shopping habits, driving e-commerce into a hyperdrive,” according to an analysis by McKinsey & Company. Americans spend more on clothing, travel and experiences, the report said, and are now conditioned “to believe they can get what … Read more

Lower credit scores can lead to $104,000 more in mortgage costs

As today’s potential home buyers face high home prices and rising interest rates, there’s one thing they can do to save money: raise their credit scores. “This is something buyers can do to save a little money in this market,” said Amanda Pendleton, consumer finance expert at Zillow Home Loans. A new analysis from Zillow … Read more

Household indebtedness rises to $16 trillion as inflation rises and interest rates rise

A “For Sale” sign outside a home in Albany, California, US, on Tuesday, May 31, 2022. Home buyers face a deteriorating affordability situation with mortgage rates hovering around the highest levels in more than a decade. Joe Raedle | Bloomberg | Getty Images Household debt rose to more than $16 trillion for the first time … Read more

Nearly half of Americans are getting deeper into debt as inflation drives up costs

Higher prices have taken their toll. In an economy with the highest inflation since 1981, Americans struggle to keep up with spending and set aside less money for emergencies or long-term financial goals, several recent studies show. According to a recent analysis of household financial health and readiness by American Consumer Credit Counseling, nearly 40% … Read more

70% of Americans think a recession is coming. How to prepare

Woman pushing shopping cart on her back in supermarket aisle David Spiegel | Getty Images Experts weigh the odds of how likely a recession is and how quickly it could hit us. According to a new survey from MagnifyMoney, most Americans – 70% – already believe an economic downturn is imminent. The online survey was … Read more