Intuit Credit Karma
U.S. consumers average credit scores dropped three points to 667 since May 2010, while credit card debt plunged by 15% to $6,740 in the same period, according to data Credit Karma released Thursday.
Hawaii residents lowered their credit card debt by an average of $337 in May, according to consumer credit advocate CreditKarma.com. Hawaii residents’ average credit card debt was $7,063 last month, down from April’s average debt of $7,400 and May 2010’s average of $9,006.
“Free” in many cases actually means “conditionally free”, which really means it ain’t free. Last week I wrote about credit related processes that are 100% free but are often included in fee-based subscription services. This week I’m writing about the very limited number of websites where you can actually get a free credit score, with no strings attached.
"The penalties are typically charged by predatory lenders because they want you to be locked in to paying the high interest rate on the loan," Ken Lin, CEO of CreditKarma.com, says.
"...It isn't easy, but I'll be happy when I'm sitting beachside without worrying that I emptied my savings account or put everything on credit to get there." says Justine Rivero Credit Advisor for Credit Karma in Forbes.
While the offers might not steer you into products you don't need, they could sway you to choose one company over another, said Ken Lin, CEO of credit management website Credit Karma.
Kenneth Lin, chief executive of the credit management service CreditKarma.com, says consumers in their early 20s have an average score of 617 out of a possible 850. Scores inch up as graduates learn about the importance of credit and how everyday transactions can harm their finances, he says.
In the past, banks had a strong incentive to reward customers for using their debit cards, says Ken Lin, chief executive of Credit Karma.com, a website that helps consumers improve their credit scores.
CreditKarma Chief Executive Ken Lin attributes the decline to foreclosures, which are eliminating high mortgage debt incurred during the boom years when housing prices were high.
"As college tuition costs skyrocket, consumers are forced to take out larger student loans to meet the increase in price," said Ken Lin, CEO of CreditKarma.com.