The nation’s economy isn’t faring well, and Americans know it. Three-fourths of working Americans are very concerned about their long-term financial futures, according to a study by Principal Financial Group. Perhaps it’s no coincidence that Principal’s grim findings hit the Internet the same week as the U.S. Census Bureau’s equally discouraging poverty report. America m
Tags: Economy, Pessimistic Economy
Household debt dropped in the second quarter, according to a recent release from the Federal Reserve Board.
The central bank said total debt dropped at an annual rate of 2.25 percent during the second quarter for American households. This measure has seen steady declines since last year, with the first quarter of 2009 witnessing a 1.7 percent dip.
Home loan debt also declined in the second quarter, the Fed said, falling 2.25 percent. The first three months of the year saw it fall 4.25 percent.
Consumer credit fell as well, dropping at an annualized rate of 2.25 percent.
While this could all mean consumers are paying off their debts, it could also be an indication banks have had to write off bad loans in the second quarter, as some people continue to struggle with their finances.
One of the major factors tied to consumers paying their bills is unemployment.
Tags: Household Debt, Quarter, Second Quarter
The National Football League (NFL) has recently announced the decision to move the leagues credit card business from the Bank of America to Barclay. Barclay is a bank in Britain who will takeover the management of the official NFL branded credit card in September of 2010. The change from the Bank of America to Barclay will present a few changes for cardholders.
Why the Change?
The reason for the change in banks is not entirely clear. The Bank of America and the NFL representatives failed to comment on the details surrounding the decision to stop their contract arrangement. The Bank of America simply reports that there was difficulty reaching an agreement on the credit card contract with the NFL. T
Tags: America, Bank America