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| Credit Card Debt Law |
| Follow current Federal Reserve and Congressional efforts to reform credit card industry practices, as well as other topics related to credit cards, personal debt, and the law. |
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| Interest Rates on Citibank Credit Cards No Longer Safe |
| 2008-07-04 07:08:32 |
In its effort to save itself from the credit crisis, Citibank is risking alienating the majority of its customers and federal legislators and regulators as well. Citibank started with a controversial new student loan policy announced after the Federal Reserve proposed regulations that would prohibit the announced practices.
Now, Citibank feels comfortable reconsidering promises made to [...]...
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| Marketing Credit Cards to College Students |
| 2008-07-02 12:00:55 |
Congress held hearings last week examining marketing practices of credit card companies to college students in conjunction with its consideration of credit card reform. Here are a few of the articles from the past week covering the issue:
Taking Charge - Student Credit Card Issuers Under Investigation.
Washington Post - Too Young to Handle Credit?
Center for American [...]...
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| Stories from the Frontline |
| 2008-07-01 13:58:10 |
A New York consumer is facing a lawsuit from Citibank to recover an interest rate of 56 percent on cash advances, according to WCBS.
A Las Vegas consumer owes ~ $1,200 on a credit card that she never used, according to the Herald-Leader....
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| Credit Cards Lose Federalism Battle in New York |
| 2008-07-01 06:33:09 |
New York’s Court of Appeals last week reversed a lower court decision that claimed that the Federal Truth-in-Lending laws preempted the state’s consumer protection legislation in a victory for consumers (read the Forbes article for more information).
Banks, including Capital One and probably others - have been trying to jump on the federalism bandwagon to have [...]...
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| High Income Households Join Credit Party Too |
| 2008-06-30 17:58:50 |
“We had a credit party …”
A report from CNBC indicates that 15 million Americans are either receiving phone calls from creditors are are considering filing for bankruptcy. And, according to the article, it’s not only the low income that are at the credit party. Even high income households can get in trouble with credit card [...]...
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| From the Campaign Trail |
| 2008-06-30 05:47:30 |
The Washington Post interviewed Obama on consumer debt and the housing crisis.
A Taking Charge article revealed that while the McCains pay zero percent interest on the American Express credit cards with the majority of their $200,000+ credit card debt, they pay a 25.99 percent interest rate on their Chase credit card - ten percentage points [...]...
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| Fed Decision Keeps Interest Rates Steady - Or Will It? |
| 2008-06-29 10:58:08 |
Even though the decision of the Federal Reserve not to increase Rates">interest rates last week should mean that consumers are safe from credit card interest rate increases (read more at Taking Charge), Pioneer Press reports that “[n]ervous banks are raising interest rates for almost any reason.”...
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| Credit Card Industry Lobbying |
| 2008-06-29 09:47:29 |
Disclosures for lobbying spending in the first quarter of 2008 have been in for a couple months now - the data has been compiled and sifted and here are a few of the spending figures from credit card issuers and credit card payment processors:
Citigroup - $1.45 million (over a range of issues).
Visa spent $860,000 [...]...
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| How Long Until Credit Card Reform? |
| 2008-06-28 08:35:45 |
An Orlando Sentinel article tells consumers not to hold their breath for credit card reform from either the Federal Reserve or from Congress. It’s an election year and the credit card industry is putting strong pressure on Congress and the Federal Reserve to weaken reforms....
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| Credit Scores Just One Factor In Determining Credit Worthiness |
| 2008-06-27 08:12:36 |
The Wall Street Journal reported in an article titled Card Issuers Get Personal to Check Credit that credit card companies are going well beyond credit scores in examining whether you should get, or keep, your line of credit. They are now looking at items as varied as what part of the region that you [...]...
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| The Best Ways to Fight Sneaky Fees |
| 2008-06-26 08:06:15 |
Here’s the start of a series from Kiplinger’s Personal Finance and the Washington Post on how to complain to the organizations that love to charge you for anything and everything....
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| How Many Credit Cards Should You Have? |
| 2008-06-25 07:56:12 |
The Modesto Bee attempted to address the age old question of how many credit cards is too many this past weekend but the resounding answer - it depends - won’t help much in the debate. The article, found here, is a good discussion of the many factors in the calculation as well as this interesting [...]...
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| Credit Card Websites |
| 2008-06-24 07:43:18 |
Here’s the link to an ABC News article that has links to organizations and resources that can help you manage your credit card debt or report possible credit card fraud. It has links to a variety of types of organizations - from consumer groups to regulators to credit counseling firms to Congressional leaders working on [...]...
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| Credit Card Counselors Find Average Net Worth of Clients Negative |
| 2008-06-23 07:29:26 |
Atlanta-based Consumer Credit Counseling Service released an interesting statistic as part of an article about its housing counselors in the Atlanta Journal-Constitution:
“In 2007, the average client’s net worth was $23,569; today, that number is a negative: -$48,095.”
It would be interesting to know what caused that dramatic decline in net worth. Are clients waiting longer before [...]...
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| Make Savings Automatic and Invisible |
| 2008-06-22 07:17:34 |
That’s the advice of Stuart Vyse, a Connecticut College psychology professor with a new book in 2008 called Going Broke. Vyse puts the blame for American credit card debt on a combination of a lack of self control and the many temptations to spend money.
Although the advice that Vyse gave to the Hartford Courant in [...]...
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| Credit Card Boycott - Is it Time for a Day Without Credit Cards? |
| 2008-06-21 00:12:45 |
Scanning Google News today and reading this story about the Associated Press in its fight against bloggers has me wondering whether it has come time for a one day credit card boycott in order to protest the deceptive and misleading practices of credit card companies?
It’s one way that I can think of demonstrating to credit card companies that they need [...]...
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| Credit Card Bill of Rights has Bipartisan Support |
| 2008-06-20 00:01:50 |
Representative Peter Welch (D-Vermont) said that the Credit Card Bill of Rights has bipartisan support and that he expects it to pass, according to WCAX-TV News. This is in contrast to previous reports from others who were less optimistic about the prospects of meaningful Congressional legislation on credit card reform. Nevertheless, it is good to hear....
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| Obama’s Credit Card Platform |
| 2008-06-18 23:10:27 |
A recent ABC news story did an in depth examination of Democratic Presidential Candidate Barack Obama’s platform on the issue of credit cards, deceptive practices, usury laws, and credit card debt. Get the full coverage on his platform here....
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| Cash Discounts at Gas Stations |
| 2008-06-17 05:17:33 |
The Connecticut State Legislature passed legislation last week (my previous discussion is here) regarding gas station discounts for cash paying customers. Estimates have suggested that the difference between the price of gasoline for cash paying customers and credit/debit card customers may become as high as 10 cents per gallon. However, reports from gas stations in [...]...
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| The Ultimate Credit Card |
| 2008-06-16 23:42:07 |
If you thought that you had the best credit card for rewards, gas discounts, or airline miles - you may need to rethink your credit card choice. Apparently, Citibank unveiled the Ultimate Credit Card today. The credit card is “a lifestyle experience with unbeatable international and local offers … to keep cardholders at the cutting [...]...
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| Credit Card Debt Support Groups |
| 2008-06-16 05:40:14 |
The Wall Street Journal had an article last week about the growing popularity of support groups for those with credit Debt">card debt problems. It points to several online discussion forums and in person organizations that provide financial advice and moral support to individuals trying to turn their credit card problems around. Although support organizations have [...]...
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| More on Credit Card Debt of McCain |
| 2008-06-15 15:40:06 |
There has now been more coverage regarding the credit Debt">card debt and personal finances of the presidential candidates. I have already commented about the credit card debt of the presidential candidates - so here are a few links to other news articles on the matter:
New York Times
Reuters...
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| McCain’s Credit Card Debt - $100,000+ |
| 2008-06-13 17:44:49 |
Senator and Republican Presidential Nominee John McCain and his wife reported over $100,000 in credit Debt">card debt, according to The Hill. Democratic Presidential Nominee Barack Obama and his wife reported no liabilities in Obama’s financial disclosure.
Aren’t Republicans supposed to be in favor of fiscal responsibility and Democrats in favor of spending?...
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| Cash Discounts at Gas Pumps |
| 2008-06-12 19:01:28 |
The trend recently has been for credit card companies to reward consumers for using plastic at the pump with discounts through gas rewards. Now, the Connecticut government may be instituting a different kind of reward - for using cash.
Connecticut is considering legislation to allow gas stations to give discounts to consumers paying cash - [...]...
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| Obama Speaks on Credit Card Debt |
| 2008-06-11 18:40:22 |
Democratic Presidential Candidate Barack Obama came out swinging today on the issue of credit cards and predatory lending. Obama criticized Republican Candidate John McCain for siding with the credit card companies and called for measures to end deceptive credit card practices. Obama supports a Credit Card Bill of Rights and wants to implement [...]...
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