Trend Reversal? Mortgage Default Rates Rise for 4th Month

A national measure of consumer credit defaults – when borrowers stop paying back loans – recorded increases in most loan types for December, and a fourth straight month in first mortgage defaults. Bank card default rates were the only loan category to decline, from 4.91 percent in November to 4.60 percent in December, according to the S&P/Experian Consumer Credit Default Indices.

Read more

Chase, Citi and Capital One Vie for Sign-Ups to $100 ‘Cash Back Bonus’

You’ve probably already seen the promotion in your e-mail inbox, your actual mailbox or on countless website ads: A $100 “cash back bonus” if you sign up for a credit card. Three of the biggest card issuers – Chase, Citi and Capital One – are dangling the $100 bonuses and vying for new sign-ups to their rewards cards as the American consumer continues to become smarter about choosing the best rates and deals.

Read more

Mortgage Delinquencies Still High at 6.67% in Q2: TransUnion

Mortgage delinquencies – borrowers 60 or more days past due – posted a 14.8 percent increase in the second quarter of 2010 compared to the same quarter last year, according to credit reporting bureau TransUnion. The national mortgage delinquency rate was 6.67 percent — a level marginally lower than the 6.77 percent rate reported for the first quarter of this year.

Read more