Fighting for Middle-Class Finance Protection - Other News

ADVERTISING DISCLOSURE

ADVERTISING DISCLOSURE:
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from most credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » News » Other » Fighting for Middle-Class Finance Protection

Fighting for Middle-Class Finance Protection

Fighting for Middle-Class Finance Protection

Bank of America certainly caused surprise when it declared that it had doubled a “goodwill impairment” cost for its credit-card unit to $20.3 billion to show a heightened worsening situations. Many of these negative situations are attributed to the new laws and regulations concerning credit cards.

We all want someone who will fight in our best interest. When it comes to the majority of us, middle class Americans, Elizabeth Warren said that she is fighting for our view to be heard on the importance of fair credit. She has been sticking up for consumers who are at the mercy of whatever interest rate and fees are decided by banks.

Warren was named special adviser by President Obama last year, he asked her to superintend the new Bureau of Consumer Financial Protection. The Bureau was created last year as a result of Dodd–Frank Wall Street Reform and Consumer Protection Act, a new law started a year ago, was produced in an effort for financial regulatory reform. Many in the industry find the CARD Act to be undesirable because the Federal Reserve is planning to cap debit processing fees since the new law mandated it last year.

Senior Analyst Mitchell Delaine at www.Credit-Land.com, estimates that the credit card industry lost about $10 billion in annual revenue as a result of the CARD Act, mostly from its restrictions on how lenders can raise or change interest rates. “It has definitely reflected in new credit card approval volumes, as we see a decline down from 29 percent to 15 percent”

Warren has become unfavorable by banks because she has advocated for more to be done about interest rates and giving consumers more information so that they compare products and make the best decision about the product. She is continuing to fight for financial reform of the country alongside President Obama. In an interview for CNN, she said that she had been given all the tools she needs by the president to do the job that he asked her to do.

Picture a perfect place where every bill is paid on time. Having a hard time picturing it? Me too but mostly because my perfect place would have no bills. Even the best of us might be late once in awhile with a single credit card payment or some unassociated bill. Life is full of surprises that could cause a person to forget at least once in a lifetime. Many credit card companies have been able raise interest raise for late payment that has nothing to do with the credit card company. The new law and Warren, who is working with the new bureau, made it much more difficult for credit card issuers to raise interest rates for such reasons. After all, there should be some grace for unforeseeable events that could cause a late payment anywhere.

It appears that Warren has mostly shined in this new position. A new problem concerning credit has caused consumers not necessarily be giving Warren a high-five yet. While interest rates are getting better, it seems that initial credit rates and fees could be making it harder to obtain a credit card in the first place nowadays. Perhaps, there is a secret which entails not giving so many Americans credit in the first place.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
Add to Favorites:

Related News:

Masterpass Comes to BJ’s Wholesale Club

Posted: April 25, 2018

Have you been wondering when you would be able to use Masterpass, to check out at BJ's Wholesale Club? If you have, you don't have to wonder any more. The pair recently inked a deal, bringing Masterpass, MasterCard's digital wallet, to ... Continue reading
A New Unified Marriott and SPG Rewards Program is Coming

Posted: April 24, 2018

When Marriott acquired SPG, it was unclear what would happen with their rewards programs. But now the cat is out of the bag. SPG, Marriott Rewards and Ritz-Carlton Rewards will all become one loyalty program this August. At that point, all ... Continue reading
The New Marriott Rewards Premier Plus Credit Card Coming Soon

Posted: April 23, 2018

Chase and Marriott have joined forces to launch the Marriott Rewards Premier Plus credit card. It will offer cardholders 6x the points when booking stays at Marriott hotels, and double points on all other purchases. It will also offer ... Continue reading
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
We'll match all the Miles you've earned at the end of your first year. For example, if you earn 30,000 Miles, you get 60,000 Miles.
For Excellent, Good Credit
Earn 5% cash back at different places each quarter like gas stations, grocery stores, restaurants, Amazon.com, or wholesale clubs up to the quarterly maximum each time you activate.
For Excellent, Good Credit
Our application is quick and easy with instant pre-qualification available
For Fair / Good Credit
You've successfully subscribed!

Please specify the following:All these fields are optional

Your Credit History
Themes you are interested in:

By providing this information you help us make our news letters more useful and informative. Thank you!