The amount of debt held by households is equal to 85% of GDP

Consumer spending's Economists now expect consumer spending to rise significantly in 2013 propelled by a rebound in consumer borrowing. The high water mark is 3.5% economic growth on the back of a recharged consumer who has repaid debt and is ready to spend once more.

Mortgage Rates Hold 3.25% rates availability

Mortgage rates held steady on Wednesday despite slightly weaker levels in the underlying secondary mortgage market.  Prices of the mortgage-backed securities that most directly affect mortgage rates have held inside very narrow ranges so far this week, building the sense that markets are waiting for guidance from Friday's major employment data. 

Bank of America announced that it would drop its controversial product!

Bank of America announced that it would drop its controversial product intended to backstop consumers when they cannot make a payment on their credit card. The product, known as debt-cancellation, is a type of insurance whereby customers accept a small monthly charge to have their debts reduced, forgiven, or requirement to pay suspended in the event of a job loss or disability.

Discover refund the money to its customers who participated in the above programs from December 2007 to August 2011.

Discover Joins Rivals in Regulatory SettlementsDiscover Financial Services will refund $200 million to customers and pay a $14 million fine as part of a new settlement that targets non-credit card financial marketing. The settlement comes after Capital One settled over a program that sold payment protection insurance to its customers.

Credit Scores Show in Experian Report no consolation

After losing out to Wausau, Wis., in 2011, Minneapolis reclaimed its top spot this year among U.S. cities with the highest credit scores.