This Week in Credit 12/2/2011
“The cost to protect debt issued by U.S. banks from Bank of America Corp. to Goldman Sachs Group Inc. jumped after Standard & Poor’s lowered their long-term credit ratings as it revised criteria for the banking industry.”
“Earlier this week, a company called CoreLogic introduced a new type of credit file, which is based on the giant repository of consumer data it maintains on, well, just about everything that most of the traditional credit bureaus do not: missed rental payments that have gone into collection, any evictions or child support judgments, as well as any applications for payday loans, along with your repayment history.”
“Credit experts say you need to resist the draw to pay low and instead shell out for as much as you can afford in order to break the hold of card debt. That attraction to pay less, Salisbury says, has a greater impact on people who have the money to pay the bill, because they could afford to pay the full amount, but dont, and end up spending money on interest instead.”
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