Educate Yourself About Credit Repair
& Debt Management Services

As a consumer, you have many options when it comes
to repairing damaged credit, & improving your credit score.
Learn more about the credit repair process, repair services and
the steps you can take to get your credit back on track.


DIY Credit Repair
Many people with sub-standard credit ratings can easily take steps to start repairing their credit without needing debt management or credit repair assistance.

Learn More

Credit Repair Companies
For many people with challenging credit issues, hiring a reputable credit repair company is the best solution to help get their scores moving upward again.

Learn More

Credit Counseling Facts
For individuals who are unable to manage their money & finances, a credit counseling service can help create a budget and develop a personalized plan to solve your financial issues.

Learn More

Credit Repair Fraud
If you’ve been a victim of credit repair fraud we’d like to hear your story. Complete the form with as much information as possible, so we can help put these companies out of business.

Complete the Form

Credit & Debit Statistics

These consumer credit card statistics have been compiled over the past 6 years from various sources and include information on delinquencies, card interest rates, credit card debt, pre-paid credit cards, debit cards & more.

  • Average number of credit cards consumers had in 2012: 1.96
  • Average number of credit cards held by cardholders at the end of 2009: 3.7
  • Percentage of college seniors with a credit card in 2012: 60 percent
  • U.S. credit card 60-day delinquency rate in August 2012: 1.76 percent
  • Average APR on credit card with a balance on it: 13.11 in Aug. 2013
  • Average credit card debt per U.S. adult, excluding zero-balance cards and store cards: $4,878
  • Average debt per credit card that usually carries a balance: $8,220

Housing Debt

  • Originations, which we measure as appearances of new mortgage balances on consumer credit reports, dropped slightly to $549 billion.
  • About 168,000 individuals had a new foreclosure notation added to their credit reports between July 1 and September 30.
  • Foreclosures have been on a declining trend since the second quarter of 2009 and are now at the lowest levels seen since the end of 2005.
  • Mortgage delinquency rates have seen consistent improvements; 4.3% of mortgage balances were 90+ days delinquent during 2013Q3, compared to 4.9% in the previous quarter.
  • Delinquency rates on Home Equity Lines of Credit increased to 3.5%, up from 3.0% in 2013Q2.

Increasing Debt Concerns

Americans are busting out their credit cards again in a big way. In accordance with the Federal Reserve Bank of New York’s Family Debt and Credit Report, consumers took on $241 billion in new debt in the fourth quarter of 2013, the biggest quarterly increase since 2007.

The jump in debt is additional signs that fuel economic growth will be helped by their desire for debt and that consumers have mostly shaken off the effects of the downturn, though complete debt levels stay below their 2008 peak.

But was not it too much debt that helped create the monetary catastrophe? Well, yes, but debt is complicated. There’s great debt, there is bad debt, and then there is completely ugly debt.

So, what does the Federal Reserve’s data say about the state of the market in 2014?

MORE: How America’s inequality difficulty could be solved by a national sales tax

While we frequently give attention to the risks of an excessive amount of debt, debt is essential for a modern market to grow. Economist Richard Koo of the Nomura Research Institute has described how debt variables into a regular, strong market:

Consider a world where a family has an income of $1,000 and a savings rate of 10%. This family would subsequently spend $900 and save $100 … the saved $100 will be taken up by the monetary sector and given to a borrower who can best use the cash. When that borrower spends the $100, aggregate cost totals $1,000 … and the market moves on. Interest rates are lowered, which normally prompts a borrower to use up the remaining amount, when demand for the $100 in economies is inadequate. Interest rates are increased, prompting some borrowers to drop out, when demand is excessive.

But following a monetary disaster, the market does not act this manner. After the real estate bubble fit, for example, the worth of assets for both companies and people dropped substantially. In response to this, both companies and people used what income they’d to pay down debt, as opposed to taking out debt in any respect. Continues Koo:

In the world where debt is being minimized by the private sector, yet, there are not any borrowers for the saved $100 even with interest rates at zero, leaving just $900 in costs. That $900 represents someone’s income, and just $810 will be spent, if this man additionally saves 10%.

It takes years for companies and people to fix their financing following a fiscal catastrophe, so this dynamic can continue for several years, with the market growing steadily worse all the while. That’s why the recent increase in consumer debt is a superb thing. It indicates that people have ultimately fixed their private financing (at least in the aggregate) and feel like they are able to begin borrowing again. In this scenario, the market can actually start to grow again.

  • Outstanding student loan balances reported on credit reports increased to $1.027 trillion as of September 30, 2013, a $33 billion increase from the second quarter.
  • The 90+ day delinquency rate increased, and is now at 11.8%
  • Balances on credit cards accounts increased by $4 billion.
  • The 90+ day delinquency rate on credit card balances fell to 9.4%

The Student Loan Crisis

A third of graduate students at U of L and nearly half of undergraduates have removed student loans to finance their schooling, a report in the Office of Preparing and Institutional Research finds. The report was requested by the Cardinal depending on the latest data accessible.

Of the 15,893 undergraduates who were registered at U of L in the autumn of 2012, an overall total student mortgage. had been private by of 7,444 had taken a national What this means is that 4-7 percent of undergraduates at the college have removed student education loans.

These pupils taken a complete of $31.7 million in loans, with the norm taken sum at $4,156.57 for national loans and $5,622.62 for personal loans. Private loans made up just 7% of student loans for the autumn 2012 registration group.

Of the 4,157 graduate pupils registered during the same session, an overall total of 1,553 taken student education loans, meaning 3 7 percent of graduate pupils took on debt to fund their teaching.

U of L graduate pupils taken a complete of $13.7 million in loans, with the typical loan sum of $8,843.83 for national loans and $8,684.00 for personal loans. Private loans made up just 4% of pupil loans throughout the autumn.

Mike Abboud, associate manager of financial assistance, mentioned that freshmen are permitted receive up to $5,500 per annum in loans, but graduate students are qualified to obtain up to $20,500 per annum. U of L’s annually undergraduate tuition results in $9,750 for instate pupils, whereas annual in state graduate tuition is $10,788. Hence, although many undergraduates do, most graduate students don’t need to take 100 percent of the support package as a way to attend U of L.

Between the springtime 2013 sessions and the autumn 2012, registration figures reveal an 8 percent decline in registration, but a-13 percent improve in the overall value of pupil loans taken.

Assistant Director of Institutional Study Arnold Hook, who supplied the data-set, and Senior Investigation Analyst Linda Hou, who compiled it, stated they are not certain why this may be, which additional investigation would be needed to discover the solution.

Abboud said he would need certainly to work closely and widely with Hou and Hook for weeks to be specific of a conclusion, but his best guess was that student-loan qualifications altered between the autumn and the spring terms, so that more pupils were qualified for more higher-valued loans.

The information also demonstrated a larger difference between the typical loan value taken in personal and national loans for undergraduates than it did for graduate students.


Additional Resources