Stephen Brobeck
Stephen Brobeck
Stephen Brobeck is the director of the Consumer Federation of America...
aware believe build consumer debt trap
Most Americans are now aware of the consumer debt trap and the need to build wealth, but don't believe they can do so.
average banks billion cds consumers credit earn funds interest per recommend savings shift
We recommend that consumers shift their funds from traditional savings to CDs and from banks to credit unions. If everyone did so they would earn about $40 billion more in interest annually. That's an average of about $400 per household.
consumers coverage credit despite facts news past scores understand
Despite all of the news coverage about credit scores over the past year, many consumers still do not understand important facts about these increasingly influential numbers.
additional billions bottom consumers dollars higher interest line lower rates year yields
The bottom line for consumers is potentially billions of dollars a year in additional charges, fees, and higher interest rates and lower yields on savings.
balance bank bounce consumers hit maintain minimum simply
If consumers would simply maintain the minimum balance requirement, they wouldn't get hit with monthly fees and wouldn't bounce checks. You want to find a bank that has a minimum balance requirement you can meet.
account bank banks cd checking consumers credit demanding higher interest market pressure raise rates savings shift
If consumers started to shift money, however, ... from an interest checking or a traditional savings account into even a bank CD or from a bank to a credit union. That would place market pressure on the banks to raise those interest checking rates and those traditional savings rates. They (banks) do not feel as if consumers are demanding higher rates.
credit obtained scores
Those who have obtained their scores know significantly more about credit scores than those who have not,
high interest low rather savings small
On some small accounts, the fees are so high and the interest is so low that the savings dwindle rather than accumulate.
card debt shifting trouble
Shifting debt from one card to another can get you in trouble if you just accrue more debt.
despite grew hardly house net rise wealth
Net wealth hardly grew despite a substantial rise in house values.
basically charge traffic
You basically charge what the traffic will bear.
credit employee extending prevents services small unions
It prevents credit unions from extending their services to small employee groups.
attention changes pay terms
It's important to pay attention to any mailings from issuers for changes in terms and conditions,
buy event good industry protection sells small
It's a small industry that sells protection in the event you can't make your payments. Essentially, you buy it and it's very expensive; it's not a good deal.