Credit News
December 2007
December 2007
Consumer Credit Increases Significantly in October
December 7, 2007
The Federal Reserve has released its monthly Consumer Credit
Report that tracks how much consumers are borrowing. The
report shows that consumers are borrowing more with revolving
credit which includes credit cards and lines of credit. Revolving
credit increased 8.3% in October to a total of $928.5 billion dollars.
MasterCard Reaches MasterCard® PayPass™ Milestone
December 10, 2007
MasterCard® announced that they have issued over 20 million
MasterCard® PayPass™ devices globally. MasterCard®
PayPass™ is now accepted in 20 countries and at over 80,000
merchants. PayPass has been growing in popularity with
consumer due to it convenience that allows consumers to simply
tap their credit card that is equipped with the PayPass technology
on the PayPass reader and their transaction is complete.
PayPass does not require consumers to sign a receipt on credit
card purchases under $25. PayPass has also grown in popularity
in sports venues and the transportation sector including taxi cabs
and other mass transit vehicles.
Federal Reserve Lowers the Federal Funds Rate by .25%
December 12, 2007
The Federal Reserve lowered an important short term rate for the
third consecutive time. The Federal Reserve has lowered the
federal funds rate, an overnight bank lending rate, by .25% to
4.25%. The rate cut will affect interest rates that consumers pay
on credit cards, auto loans, and home equity lines of credit. The
rate cut will help consumers who have a variable interest rate on
their credit cards save money because the rate cut will affect the
interest rate they are charged on such credit cards.
Target Still Considering Change of Ownership for its Credit
Card Receivables
December 19, 2007
Target announced today that it is still reviewing the possibility of
changing the ownership of part or all of its credit card receivables.
The process is taking longer then expected due do market
conditions but Target will announce its decision in the 1st quarter
of 2008. Targets credit card receivables includes the Target
Credit Card and Target Visa Card products. Target first
announced that it was reviewing the ownership change of it credit
card receivables business on September 19th.
December 7, 2007
The Federal Reserve has released its monthly Consumer Credit
Report that tracks how much consumers are borrowing. The
report shows that consumers are borrowing more with revolving
credit which includes credit cards and lines of credit. Revolving
credit increased 8.3% in October to a total of $928.5 billion dollars.
MasterCard Reaches MasterCard® PayPass™ Milestone
December 10, 2007
MasterCard® announced that they have issued over 20 million
MasterCard® PayPass™ devices globally. MasterCard®
PayPass™ is now accepted in 20 countries and at over 80,000
merchants. PayPass has been growing in popularity with
consumer due to it convenience that allows consumers to simply
tap their credit card that is equipped with the PayPass technology
on the PayPass reader and their transaction is complete.
PayPass does not require consumers to sign a receipt on credit
card purchases under $25. PayPass has also grown in popularity
in sports venues and the transportation sector including taxi cabs
and other mass transit vehicles.
Federal Reserve Lowers the Federal Funds Rate by .25%
December 12, 2007
The Federal Reserve lowered an important short term rate for the
third consecutive time. The Federal Reserve has lowered the
federal funds rate, an overnight bank lending rate, by .25% to
4.25%. The rate cut will affect interest rates that consumers pay
on credit cards, auto loans, and home equity lines of credit. The
rate cut will help consumers who have a variable interest rate on
their credit cards save money because the rate cut will affect the
interest rate they are charged on such credit cards.
Target Still Considering Change of Ownership for its Credit
Card Receivables
December 19, 2007
Target announced today that it is still reviewing the possibility of
changing the ownership of part or all of its credit card receivables.
The process is taking longer then expected due do market
conditions but Target will announce its decision in the 1st quarter
of 2008. Targets credit card receivables includes the Target
Credit Card and Target Visa Card products. Target first
announced that it was reviewing the ownership change of it credit
card receivables business on September 19th.
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