Gift card purchases are expected to increase to $27.5 billion this year. Do you know what that means for retailers and consumers?
The CARD Act went into effect in 2009 as a way to protect college students and their credit scores from the danger of too easy debt sweetened by branded swag. The results have been dramatic and part of a larger trend in the credit industry.
When it comes to sending credit card promotions in the mail, credit scores are only one data point among many used by card issuers to target mailboxes for their avalanche of offers. You might be surprised when you find out why you have so many limited time offers in your mailbox.
Major security breaches have become too common of a story, with retailers and websites hacked with alarming frequency. It has become so common that it can often take a fairly egregious breach – think SONY in 2014, or Target in 2013 – for something to become a high-profile news story. It also comes with a high price tag.
There’s a prevailing cliche that exists about Millennials: they’re prone to living beyond their means, credit-illiterate and slightly irresponsible, enjoying the spend-now, consequences-later era of their early youth. New data shows that may not be true.
Consumer debt levels keep hitting all-time highs. But Credit Karma data looking at average consumer debt for our more than 40 million members shows there are still some cities where borrowing isn’t spiking so high.
Until recently, it could be expensive and confusing for the average consumer to access their credit scores and reports. A side effect of this was a proliferation of rumors about the best way to manage credit. Like any good urban legend, it’s hard to know exactly where these got started. Since Credit Karma launched in 2008 we’ve heard a lot of them and have done our best to put them to rest.
Looking at Credit Karma data around national credit limits, from our more than 40 million members, we’ve found two commonalities: people with the highest credit limits tend to live in cities with both higher than average incomes and retail sales.
In the world of finances, old wounds appear to be healing. Well, not completely, but there’s reason to be optimistic about the credit card debt that many Americans accumulated during the recession.
How are Americans spreading their debt around? The number of open accounts a person maintains can impact how much of a risk lenders consider then when offering a loan.