Credit Cards News
Displaying 100 news
Federal Reserve Rephrases Terms in Credit Contracts
[12:00:00 AM Thursday, December 31, 2009]
Federal Reserve is helping consumers understand the agreement they entered with credit companies by rephrasing terminologies in plain language.
Credit Reform Act Does Not Provide Protection for Small-Business Borrowers
[12:00:00 AM Wednesday, December 30, 2009]
Small-business cardholders are not included in the protection that shall be provided in the Credit Card Reform Act, which was signed into a law by President, Barack Obama, last May.
Senate Bill to Strip Off Powers from Federal Agencies
[12:00:00 AM Tuesday, December 29, 2009]
Senate Banking Committee head, Christopher Dodd, filed a proposed bill that will establish an independent agency to strengthen consumer protection rights by controlling financial products - such as credit cards and mortgages.
Consumers Ditch Credit Cards in Holiday Spending
[12:00:00 AM Monday, December 28, 2009]
More than 60 percent of American cardholders who participated in a survey said they will pay cash and avoid using credit cards in holiday spending. The study was done in October.
Stores Reintroduce Layaway Payment for Shoppers
[12:00:00 AM Sunday, December 27, 2009]
Stores are reviving an old method of retail practice as an option for consumers, who are financially-broke or have limited credit lines or closed credit accounts.
Banks and Credit Firms Will Not Comply with Credit Card Law
[12:00:00 AM Saturday, December 26, 2009]
About 75 percent of US banks will not comply with new rules in the recently-enacted Credit Card Accountability, Responsibly and Disclosure (CARD) Act, a law that regulates card issuers on increasing and imposing fees.
FTA Wants Tighter Regulations on Debt-Relief Firms
[12:00:00 AM Friday, December 25, 2009]
Federal Trade Commission expressed alarm on the rising complaint against debt-relief companies since many consumers claimed that firms do little to help them settle their financial woes.
Congress Drafts a Law for Debit Card Regulations
[12:00:00 AM Thursday, December 24, 2009]
The use of debit cards has become a popular alternative in purchasing, but like credit cards, it is also a subject for abuse by banks with overdraft fees.
Law on Gift Cards Will Take Effect on August 2010
[12:00:00 AM Wednesday, December 23, 2009]
Consumers will remain vulnerable to hidden fees on general purpose gift cards as regulations on the same will only take effect on August 2010.
Banks Rake Millions of Dollars through Prepaid Cards
[12:00:00 AM Tuesday, December 22, 2009]
A new form of payment system is re-emerging in the market in the form of prepaid debit card, which has been raking millions of dollars from 80 million consumers who have no access to bank accounts and not eligible to have credit cards.
Mail Solicitation for Credit Cards Drops By 71%
[12:00:00 AM Monday, December 21, 2009]
The increase in credit default and swelling rate of unemployment has caused banks and financial companies to slow down in their solicitations offering new credit cards to its customers and clients.
Survey Says Many Consumers are Not Aware of Gift Card Fees
[12:00:00 AM Sunday, December 20, 2009]
A recent study found out that most United States consumers are not aware that several general-purpose gift cards are subject to monthly fees and have expiry dates. This is what the Consumer Federation of America (CFA) revealed in a survey which they released yesterday.
Banks and Creditors to Take Off 40% of Consumers' Debt
[12:00:00 AM Saturday, December 19, 2009]
Though credit card balances are constantly dropping for the last 12 months, banks and credit unions expressed willingness to take off up to 40 percent debt of financially-stressed borrowers.
Legislators Say Card Companies Are Making Them Do It
[12:00:00 AM Friday, December 18, 2009]
When it comes to consumer rights, legislators know a thing or two about protecting borrowers from usurious practices of lenders. At least that is what they have shown this year, by pushing credit card reforms amidst strong opposition from lobbyists and banks. Unfortunately, they were not able to warn consumers about the consequences of tighter regulations, such as sudden interest rate hikes. Banks have also been drastically trimming down debt limits of consumers and writing off many cardholders to minimize risks and avoid losses as they prepare to cushion the impact of full implementation of the CARD Act. However, legislators say banks are gouging on remaining time before new regulations take full effect, the reason why they plan to move the effectivity date up by almost three months.
Credit Card Giant Performs Better than Expected
[12:00:00 AM Thursday, December 17, 2009]
American express company (AmEx) defied expectations through quarterly earnings they posted this Thursday. Trimmed costs, slower spending decline by consumers, and lower credit losses than forecasted all contributed to AmEx's better-than-expected performance this quarter.
American Consumers Facing a New Card Game
[12:00:00 AM Wednesday, December 16, 2009]
The First National Bank of Omaha is giving its clients a new option. Since some of its cardholders have not used their plastic in about two years, bank administrators are asking them if they would rather have their credit card account closed or if they would choose to pay annual fees in order to keep it.
Consumers Switching to Prepaid Credit Cards
[12:00:00 AM Tuesday, December 15, 2009]
People can see it on YouTube, Twitter, and just about anywhere in the Internet - consumers are no longer happy with their banks. Major card issuers have been cutting debt limits without warning, raising interest rates, and even writing off clients for seemingly small reasons. Now, consumers are finding a way out of traditional bank accounts and credit cards in favor of a more versatile plastic: prepaid cards.
Speeding up the Card Act
[12:00:00 AM Monday, December 14, 2009]
Members of United States Congress are pushing a bill that would make the Credit Card Accountability Responsibility and Disclosure (CARD) Act take full effect at a much earlier date. The proposed legislation is fast becoming into a reality as it gets approval from several lawmakers in Capitol Hill this week.
The Ups and Downs of Credit Card Use
[12:00:00 AM Sunday, December 13, 2009]
Under the agreement between consumers and credit card companies, account holders are required to make a minimum monthly payment, which is 2%, or $10 at 10 percent interest. If these low and middle class consumers owe approximately $9,827 on their cards, it will take them more than twenty-six years to pay off their balance, including about $6,812 in interest payments.
Banks Abusing "Grace Period"
[12:00:00 AM Saturday, December 12, 2009]
A federal chairman accused banks of abusing the grace period they were given before the credit card Act of 2009 takes full effect. While banks may deny such claims, consumer advocate groups fear that he could not be more right.
Debt Consolidation Company Offers Aid to Consumers
[12:00:00 AM Friday, December 11, 2009]
Credit cards are gaining popularity these days. With customers' increased usage, the number of indebted consumers and size of their debts are also surging at a rapid pace. Almost every household in the United States experiences risks of debt problems plaguing them.
Dodd Offers Protection from Overdraft Fees
[12:00:00 AM Thursday, December 10, 2009]
Senator Christopher Dodd, the Senate banking committee Chairman, proposed a new bill last Monday to protect checking account consumers from excessive penalties.
Retailers Demand Lower Interchange Fees
[12:00:00 AM Wednesday, December 09, 2009]
The credit card act now stays on the back burner as retailers demand for tighter rules on interchange fees. Card holders were relieved when the US Congress eliminated the credit industry's profiteering practices through the enactment of the credit card act. Store owners, however, have long-time issues about the high transaction fees charged by banks and card companies.
Citibank Shows The Need for Credit Consumer Protection
[12:00:00 AM Monday, December 07, 2009]
Ed Myska, the executive VP of El Segundo's Bank of Manhattan, recently received a letter from Citibank informing him of the interest rate increase in their cards. Citi said the hike will allow them to provide customers access to credit.
American Debt Control Discusses Debt Settlement
[12:00:00 AM Sunday, December 06, 2009]
American Debt Control President, Zack Anderson, says those who take responsibility for their financial futures through developing financial discipline are nearly always successful in settling their debts. Many of the debt settlement problems consumers go through can always be avoided by employing a sound plan and completing it.
3 Myths about Interchange Rates
[12:00:00 AM Saturday, December 05, 2009]
The US Capitol grounds were jam-packed with demonstrators on September 30, to protest against high interchange fees. These people were franchisees of 7-Eleven who called themselves victims of surging fees that merchants pay to banks every time consumers use their credit cards. The crowd called for a limit on these fees.
Credit Card Federal Regulations Resolve Issues
[12:00:00 AM Friday, December 04, 2009]
Pro-consumers are hoping for the best and financial institutions are ready to support their stand. The House Services Committee resolved the first issue in the establishment of a federal agency for financial services regulation.
Credit Card Companies Change Reward Policies
[12:00:00 AM Thursday, December 03, 2009]
Recent interest hikes imposed by banks and credit card companies all boils down to their main goal. Seemingly, the usual drill follows a lure them, catch them, and leave them strategy. If a particular product or service does not produce enough profit to sustain a business, financial institutions end the program or raise fees.
High Interchange Fees Eating Into Business Profits
[12:00:00 AM Wednesday, December 02, 2009]
Manny Mourao, owner of Rose Bud Florists in Pawtucket estimates card payments eat about 2% for every $20 bouquet of flowers purchased. Like most merchants, Mourao reveals that his profit is cut by fees amounting to as high as 4%.
Credit CARD Act to Change Credit Card Industry Regulations
[12:00:00 AM Tuesday, December 01, 2009]
Johnnie George sought help from the Central Florida Community Development Corporation when he wanted to buy a house for his family. He is one of the millions of Americans who is in the depths of financial difficulties because of credit card debt.
More Banks Raise Credit Card Interest Rates
[12:00:00 AM Monday, November 30, 2009]
Citibank announces an interest rate hike to 29.99 percent, effective November 30. Customers are now receiving notices from banks regarding this increase, which is intended to continuously provide consumers with access to credit.
Wells Fargo to Raise Credit Card Rates
[12:00:00 AM Sunday, November 29, 2009]
Wells Fargo & Co. will raise its interest rates on majority of its credit card customers before the Credit Card Accountability Responsibility and Disclosure Act takes effect.
Banks Continue to Profit from Plastic
[12:00:00 AM Saturday, November 28, 2009]
If you have checked your credit card bill, you may notice how some banks have loaded up on new charges and imposed interest hikes. The financial industry seems to be rewriting the credit card scheme.
Card Providers Protect Their Profit
[12:00:00 AM Friday, November 27, 2009]
Consumers would be expecting a lot of changes in their credit cards' terms and conditions even before the new credit card law completely takes effect in February 2010. Because the rules stated in the new law could jeopardize most credit card issuers' profitability, they have started to act against them before they get implemented.
Financial Contributor Discusses the Pitfalls of Debit Cards
[12:00:00 AM Thursday, November 26, 2009]
As the issues on credit card rate increases surface, consumers are thinking of switching to debit cards to help manage their finances. However, there are risks involved in using this payment method that may cost card holders more money.
Bank of America Confirms Credit Card Fee Hike in 2010
[12:00:00 AM Wednesday, November 25, 2009]
Bank of America Corporation, one of the leading financial institutions in the United States, is now sending notices to some of its credit card customers to increase its annual fees starting next year. The hike, which will range from $29 to $99, is made to cope with market conditions, federal regulations and laws, and the rising costs of providing unsecured credit.
Auto loan delinquency rates increase in third quarter
[12:00:00 AM Tuesday, November 24, 2009]
In this year's third quarter, the auto industry is not looking so very well with the increase of car loan delinquencies. Banks, financial companies and automakers are seeing the risk of losing a total of $22.9 billion from distributing loans directly to consumers.
Financial Institutions to Implement Tougher Lending Rules
[12:00:00 AM Monday, November 23, 2009]
Banks and credit card companies will be enforcing new lending regulations to its customers anytime soon. This action was urged after the Financial Services Authority watchdog (FSA) conducted a thorough review of lenders' behavior towards consumers. FSA is currently advising financial institutions, like banks and lending companies, to impose these pro-consumer rules and ensure that they only provide financial aid to those who can afford repayments.
Holiday Shopping Tips for Consumers
[12:00:00 AM Sunday, November 22, 2009]
Christmas season is fast approaching. For those who grapple with limited finances, it is deemed important to prepare the budget for holiday shopping. Start planning today to avoid the Christmas rush and end up making bad choices.
JP Morgan Releases Third-quarter Earnings Report
[12:00:00 AM Saturday, November 21, 2009]
JP Morgan Chase & Co. claims strong third-quarter earnings as its business offset rising loan losses that were predicted to continue in the future. JP Morgan is considered one of the strongest banks as it was able to surpass its difficulties despite last year's economic turmoil, when its competitors were selling off assets.
Growth in Credit Card Interest Rates Builds Up National APR
[12:00:00 AM Friday, November 20, 2009]
A Weekly credit card Rate Report shows that the card providers increasing interest rate movement caused the country's total annual percentage rate to swell by 12.28 percent. The figure reflects banks adapting to both economic challenges and federal legislation created to lessen credit card abuse.
Experts Suggest Ways to Raise Credit Scores
[12:00:00 AM Thursday, November 19, 2009]
According to the experts, there are above 30 million people in the United States who have credit scores below 620. They say that given this situation, it is as if that the people are forgetting the basics of the concept of credit score. According to them, what is needed is to simply master the fundamentals - and they say it is easy.
National APRs' Little Increase changes nothing
[12:00:00 AM Wednesday, November 18, 2009]
Just recently, shocking news about the country's overall annual percentage rate hike was revealed. However, it has slightly gone down in a week after several banks decided to stop increasing additional rates temporarily.
Credit Card losses Soar
[12:00:00 AM Tuesday, November 17, 2009]
According to a study produced by Standard & Poor, the national credit card losses have decreased in July. However, it is believed that with the increasing number of people losing their jobs, bad credit records are on their height.
Obama Signs New Credit Card Law
[12:00:00 AM Monday, November 16, 2009]
President Barack Obama takes the first step towards consumer protections by signing the new credit card law on Friday. The provisions stated in the new law take effect as early as August.
TransUnion and ID Analytics Team Up
[12:00:00 AM Sunday, November 15, 2009]
TransUnion, one of the country's three most trusted credit bureaus announce on October 5 a team up with ID Analytics, a company that creates identity risk management solutions. The credit bureau will start to employ the company's collections, credit, and identity risk solutions in TransUnion's portfolio of service offerings.
Consumer Spending Drops Over Saving
[12:00:00 AM Saturday, November 14, 2009]
While the country struggles in the recession with consumer credit diving to $21.5 billion in July, data shows that people are not only shying away from borrowing but are actually keeping their cash in their wallets.
Credit Providers Feed country's APR Increase
[12:00:00 AM Friday, November 13, 2009]
America's consumer credit drops due to the interplay of two major factors. While consumers are keeping their credit card usage to a minimum, credit providers on the other hand are steadily increasing their interest rates.
Consumers Not Ready to Lift the Economy
[12:00:00 AM Thursday, November 12, 2009]
Consumer credit report received by the Federal Revenue shows that the people's total amount of debt has plunged in the month of June. The amount of credit outstanding fell by a record $21.6 billion in July, the sixth straight month of decline. A huge portion of the total debt comes from revolving credit which comes from credit card usage. The decline is considered to be the greatest since the Federal Reserve started receiving reports in the past. Other than that, the rate of decrease in overall consumer credit is approximately four times what the economists predicted.
Fat Bankruptcy files reported in Nevada
[12:00:00 AM Wednesday, November 11, 2009]
Apart from the interest rates, bankruptcy files are also on the rise in the formidable economic fall. During the third quarter of 2009, bankruptcy claims have piled up almost reaching the 2005 pace ¨C the year which holds the record in American bankruptcies according to Automated Access to Court Electronic Records.
Rise and Fall: Interest Rates and Client Satisfaction
[12:00:00 AM Tuesday, November 10, 2009]
As if the worsening economic situation is not enough to stress the public, credit card providers strip off consumers' access to credit. While the new credit card law has not yet completely taken effect, many lenders have sought out means to make a profit while it lasts. This is evident in the continuous rise of interest rates, late payment fees, painful and sudden cuts to total available balances and account cancellations.
Consumer Credit Drops
[12:00:00 AM Monday, November 09, 2009]
The most recent data from the Federal Reserve says that credit card balances have dropped sharply in the month of June. This decline could very well be attributed to the fact the both consumers and banks have become more cautious in handling excessive debts.
There is a Growing Confidence in the Economy while Consumer Spending is Less
[12:00:00 AM Sunday, November 08, 2009]
Just because the consumers are staying positive about the country's recovery from its economic topple doesn't mean they can't wait to spend once again.
Bankruptcy Files Hit the 1.4 Million Mark in 2009
[12:00:00 AM Saturday, November 07, 2009]
Despite the Bankruptcy Abuse Prevention and Consumer Protection Law of 2005 (BAPCPA) created to make it difficult for consumers to file bankruptcies, bankruptcy reports are in a steady increase. The first nine months of the year introduced a staggering 1.04 million individual bankruptcies according to the U.S. Bankruptcy Court statistics.
How to Handle Credit before New Law Takes Effect
[12:00:00 AM Friday, November 06, 2009]
On May 22, President Barack Obama signed a new credit card law which is considered to be the toughest credit card law ever created. However, according to Gail Cunningham, spokeswoman for the National Foundation for Consumer Credit (NFCC), "changes aren't going to take effect anytime soon." It is believed that the new law which will limit the number interest hikes to a few circumstances will kick off on August 20.
Lending Companies Up Their Standards
[12:00:00 AM Thursday, November 05, 2009]
It has become more difficult to get lending companies and credit card issuers to approve your requests. They now offer their services to only those who have reached their standards. Those requests that have been filed by people who did not reach this standard will find it difficult to look for a credit card company who will approve their requests.
Public Warned On Low Rate Catch
[12:00:00 AM Wednesday, November 04, 2009]
The flourishing of low interest rates on credit cards is now enticing more credit card holders without realizing that they actually tend to pay more than they expect. Financing analysts have recently warned the public on offers made by low-interest credit card companies as they have been found out to be robbing off the client with more cash than those high-interest offers.
The New Credit Card Law and its Two Sides
[12:00:00 AM Tuesday, November 03, 2009]
On August 20, the new credit card law which was created to protect consumers against increasing interest rates and other expenses takes effect. The question many consumers ask is whether the new law actually helps them or proves to be more hurtful. Of course, the answer varies greatly when you ask the people who are most affected by it: credit card providers and credit card holders.
FTC busts Two Fraudulent Credit Repair Companies
[12:00:00 AM Monday, November 02, 2009]
Two companies offering illegitimate credit repair services to consumers were busted by the Federal Trade Commission. These establishments claimed that they were qualified by the Commission to deliver such services. However, the FTC identified that they had no such services.
Debt Collectors No Longer Allowed to Harass Debtors
[12:00:00 AM Sunday, November 01, 2009]
These days, Seena Rosenberry is wary in responding to her calls and messages. She was harassed by a debt collector until she was forced to pay more than $9,000 for a credit card debt that wasn't hers to begin with.
Controversies Surround Credit Card Interchange Fees
[12:00:00 AM Saturday, October 31, 2009]
Some victims of interchange fees demonstrated in the grounds of the U.S. Capitol. These interchange fees are the amount which the customer pays to the banks and card networks. The protesters are calling the government to limit these fees.
Small Business Hit the Ground due to Credit Pullback
[12:00:00 AM Friday, October 30, 2009]
The jobs offered by small businesses comprise beyond half of the total working population in America. However, with the effects of recession burning up all sorts of funds here and there, small business owners have raised their voice to the scarcity of credit made available to them. Small business entrepreneurs are saying that banks are not giving them access to that much credit to work with. In turn, these entrepreneurs are saying that banks are literally a world away from extending the credit that they once extended to the real-estate companies that went bankrupt and pushed America and the rest of the world into this global recession we are now experiencing.
Credit Industry Remains Arid with Unstable Debt-securitization Markets
[12:00:00 AM Thursday, October 29, 2009]
Roughly a year after Washington came to the rescue of the big dogs in American finance, it seems the difficulty in securing loans has not let up one bit. It is easy for people to say that the problem lies with banks, as they are quite wary about extending credit to consumers right now. Yes, part of the problem does lie with banks and other lending institutions. However, the problem actually goes much deeper than that.
Consumers are Constantly Robbed off via "Swipe" Fees
[12:00:00 AM Wednesday, October 28, 2009]
Unfair practices and astoundingly high bank fees continue to heat up debate in the credit card industry. In truth, this can all be summed up into one sentence: consumers are fed up with being constantly robbed off via the "swipe" fees that come with credit card usage. And as more and more consumer advocacy group and business organizations rally against these unfair practices, are the chances of Congress mandating credit card companies to modify their practices and play fair indeed higher?
The Changes that Come with the 2009 CARD Act
[12:00:00 AM Tuesday, October 27, 2009]
Since the creation of the CARD Act or the credit card Accountability, Responsibility, and Disclosure Act, some of the new rules and modifications have already been implemented. The rest of the modifications will be implemented once the CARD Act is enacted this coming February 2010, though there is still that distinct possibility that the enactment would be moved sooner ¨C as early as December 2009 even.
The Good and the Bad of the Credit Card Act
[12:00:00 AM Monday, October 26, 2009]
The credit card Act of 2009 that is being proposed by the federal government has attracted a lot of criticisms from both sides of the fence. Regardless of these statements being positive or negative, the 2009 Credit Card Act is, by far, the largest reform that has ever been imposed on the industry. This move is aimed towards more efficient and more reliable consumer protection. However, this move could mean some expenses for certain credit cardholders ¨C especially the ones who have good credit standing.
Consumer Protection in Congress Just Might Gain Support
[12:00:00 AM Sunday, October 25, 2009]
Despite the opposition from the financial industry, there is hope indeed for consumer protection in Congress. It has been proposed that a federal agency be set up with the aim to protect all consumers from financial practices that have largely contributed to the global economic meltdown we are experiencing today. More importantly, federal officials say that this proposed federal agency should be able to obtain approval by the end of this year and should be up and running by the middle of 2011.
Battling Credit Card Fraud and Identity Theft
[12:00:00 AM Saturday, October 24, 2009]
While governments all over the globe are forced to take on certain measures aimed at preventing the further decline of today's growth rates, hackers and cyber crooks are using the implementation of these measures to cash in.
Mark Your Calendars for Protect Your Identity Week
[12:00:00 AM Friday, October 23, 2009]
Identity theft is not rampant just in America. It is growing rapidly in other parts of the globe as well, affecting hundreds of credit users each day. More sophisticated technology and more reliable security systems have been developed, making it harder for identity thieves to steal the identities of victims. However, thieves have also become more creative in their attempts to access the personal information of victims, thereby using this to open loan and credit accounts. Identity theft is a very serious crime and should be treated with more vigilance than credit account theft. When a credit card is stolen, all the victim has to do is shut it down to prevent further abuse. But when a victim's identity is stolen, the thief can use the identity to open all sorts of accounts, which translates to violation of huge proportions.
Credit Spending Habits Show Frugal Times Up Ahead
[12:00:00 AM Thursday, October 22, 2009]
For the 7th straight month this August, stats show that consumers have reduced their borrowing, with more focus placed on paying off their debts and with banks reducing the credit card limits of more and more credit users these days.
Proposed Reforms should be for Improved Consumer Experience
[12:00:00 AM Wednesday, October 21, 2009]
The hearing just this Thursday showed how a lot of small retailers support Representative Peter Welch's stand in ending the abusive practices when it comes to credit card payment processing. Rep. Welch aired out his sentiments to the House Financial Services Committee, in the hopes of getting rid of the major credit card companies' practices that have done nothing but abuse small retailers in the industry. One of Welch's many supporters even testified just how unfair the structure of credit card interchange fees are, saying that these fees only take away more money out of the pockets of the retailers, when they have so little to begin with.
Rep. Frank Proposing to Implement Credit Card Bill Earlier
[12:00:00 AM Tuesday, October 20, 2009]
The latest statement sent out by Rep. Barney Frank focuses on the need to usher in the credit card Bill earlier this year. The Credit Card Bill was scheduled to be implemented February 2010, giving banks a grace period during which they would implement changes to cope with the effects that the bill would have on their operations. The major change here entails the limitation of freedom that banks would have regarding when and how they would hike their interest rates.
Credit Card Bill to be Enacted Earlier
[12:00:00 AM Monday, October 19, 2009]
Liberal Rep. Barney Frank is adamant about the rewriting of the rules that govern Wall Street and is taking aim at the big banks in the industry. Frank says that big banks should play nice or else Congress will enact and implement the dreaded credit card Bill earlier than originally planned. Frank has observed that the big corporations in the industry are not playing nice to their consumers, which has prodded him to consider enacting the Credit Card Bill much earlier, thereby making life for these banks more difficult.
Wells Fargo and Co Raise Interest Rates Despite the Odds
[12:00:00 AM Sunday, October 18, 2009]
In spite of the ultimatum issued by Representative Barney Frank, which serves as a warning to the rampant practice of large banks hiking their interest rates during the grace period given by the Congress, there are still banks doing the exact same thing. This is a strong indication that some of the banks operating in America are still adamant about increasing their interest rates as much as they can, despite the threat to move the enactment of the dreaded credit card Bill from February 2010 to as early as December 2009.
Bank of America Not Increasing Interest Rates until 2010
[12:00:00 AM Saturday, October 17, 2009]
Ever since the enactment of the proposed credit card Bill has been announced to take place in February 2010, banks, credit card companies, and lending institutions have been running amuck with the changes that they are incorporating during this grace period given by the Congress. Representative Barney Frank has been clearly adamant about the need for changes to be implemented, to give the consuming public a breather from the high interest rates and sudden hike increases that they have been dealing with all these years. In turn, there are large banks that are noticeably increasing their interest rates during the given grace period, as an attempt to offset the limitations that await them, come the implementation of the bill.
Experts say Credit Cards Good for Short Term Business Expenses
[12:00:00 AM Friday, October 16, 2009]
Financial experts and credit industry specialists say that business credit cards can provide entrepreneurs much needed advantage in certain circumstances. According to analysts, many small businesses often fail because of mounting credit debts. Recent studies suggest that higher debts can mean a higher probability that a startup can fail in its first few years. Experts say that mismanagement of credit cards can result in too many expenses and too little profit to pay off debt.
Credit Cards Blamed for Lower Holiday Sales
[12:00:00 AM Thursday, October 15, 2009]
Retailers across the U.S. are blaming credit cards for projected drops in expected sales this coming holiday season. According to the National Retail Federation (NRF), many Americans are becoming increasingly reluctant to use their credit cards for shopping. Analysts believe that cardholders are becoming wary of the effects of the credit crunch and are taking steps to minimize potential debts.
Cardholders Warned Against Giving Up Cards
[12:00:00 AM Wednesday, October 14, 2009]
American credit cardholders are being cautioned by financial experts against getting rid of cards they consider problematic. Despite the volatile economic environment, cardholders are being told not to dispose credit cards even if they pose a potential threat to the financial health of the cardholders. Experts say that unused credit cards still have a significant role in credit ratings and scores and getting rid of them too soon can hurt credit scores.
Research Shows More Students Using Credit Cards
[12:00:00 AM Tuesday, October 13, 2009]
An informal survey conducted by a university based in the U.S. discovered that more and more students are relying on credit cards to pay for school-related expenses. According to the latest study on credit card usage by college students, a large majority of the student population now own credit cards. In comparison, only a handful of freshmen owned and maintained cards two decades ago, experts say.
Card Issuers Scramble for Student Cardholders
[12:00:00 AM Monday, October 12, 2009]
With the implementation of the Obama administration's CARD act due in February of next year, card companies across the U.S. are stepping up efforts to find new cardholders from universities and colleges. Part of the law's provision would prohibit Americans under the age of 21 from owning credit cards. Of course, consumers with ample source of income or have co-signors can still get credit cards. Even so, a large majority of college students are expected to miss out on plastic when the law takes effect.
Borrowers Advised to Seek Debt Relief
[12:00:00 AM Sunday, October 11, 2009]
Cardholders in the U.S. are being advised by credit industry experts and financial analysts to consider approaching debt relief companies for help. With the volatile economy still undergoing major changes, cardholders may have to endure more financial hardships in the near future. However, experts point out that American consumers can find comfort in knowing that there are existing ways to help them cope with growing credit card debts.
Shares of Card Companies Expected to Rise
[12:00:00 AM Saturday, October 10, 2009]
Economic analysts have recently disclosed that the share prices of many major credit card companies are expected to increase with news of an improving economy. According to economists and experts familiar with the stock market and the credit industry, there is growing optimism that card firms will regain their losses and see "normalized" earnings as early as 2011.
Critics Say Federal Credit Programs Benefit Large Firms
[12:00:00 AM Friday, October 09, 2009]
Critics of the federal government's programs to jumpstart the economy have expressed dismay over what they say are unjust policies. They argue that government regulators favor large corporations over small businesses, resulting in more job losses over the past year. Detractors of the multi-billion dollar federal grants say that because the government has prioritized larger credit card companies, many small enterprises are missing sough-after assistance.
Moody's Fear FDIC Protection can Harm Card Ratings
[12:00:00 AM Thursday, October 08, 2009]
One of the best financial analysis groups in the U.S., Moody's Investors Services, expressed concern that cardholders under banks receiving federal aid can suffer declines in their credit card ratings. According to a report published by the analysis group, the Federal Deposit Insurance Corporation (FDIC) and its uncertainty over the fate of several banks under the receivership of federal aid grants can lead to lower ratings for millions of credit cards across the U.S.
Cardholders Warned of Debt Forgiveness Fine Print
[12:00:00 AM Wednesday, October 07, 2009]
American credit cardholders are being cautioned against trusting card companies offering debt forgiveness so easily. According to industry experts and tax analysts, millions of cardholders may feel as though they have dodged paying full credit debt but in reality, they may have to pay the taxes on the remaining debt.
Study Shows Fewer Credit Cards Issued
[12:00:00 AM Tuesday, October 06, 2009]
A recent survey conducted by financial organizations has found out that the credit card market has shrunk significantly since the start of the economic crunch. Credit industry experts believe that because of the financial crisis, banks and lenders have scaled down the number of credit cards they have issued in an effort to minimize losses.
U.S. Sees Record-high Delinquencies
[12:00:00 AM Monday, October 05, 2009]
The credit card industry is expected to post higher losses this quarter as a result of the latest figures from the American Bankers Association (ABA). According to the financial organization, credit card delinquencies in the U.S. have reached a record high level during the second quarter of this year. Many analysts believe that the increase in delinquencies is due to the declining employment figures. Experts now say that the unemployment rate in the U.S. can reach the 10-percent mark by the end of this year or early in 2010.
Cardholders in Georgia Decry Merchants Credit Card Minimums
[12:00:00 AM Sunday, October 04, 2009]
Consumers in the state of Georgia are calling for an end to the minimum amounts many merchants and businesses require before accepting credit card payments. Cardholders say that the practice of imposing a certain minimum amount to be able to use credit cards is unfair and unjust. Many argue that the policy is unwarranted and that it actually favors the merchants.
Analysts say Credit Crunch Far from over
[12:00:00 AM Saturday, October 03, 2009]
Financial experts, led by Meredith Whitney, cautioned Americans against being too complacent in the face of better job figures. Even with some indication that the economy is improving, Whitney and other analysts say that the credit crisis is far from being over. In fact, Whitney says that credit market crunch may just be halfway through the tumultuous financial cycle it regularly undergoes during tougher economic environments.
Lawmaker Wants Card Rules Earlier
[12:00:00 AM Friday, October 02, 2009]
The chairman of the House Financial Services is calling for the earlier implementation of the CARD Act of 2009 and the tougher regulations that come with it. Rep. Barney Frank (D) of Massachusetts says that the federal government should hasten the implementation of new rules designed to curb the unfair practices of the credit industry.
Card Firms, Retailers, Battle over Interchange Fees
[12:00:00 AM Thursday, October 01, 2009]
The card industry and the merchants' disagreement over credit card interchange fees has escalated into a full-grown public relations war as card companies and large retailers vie for public support. Analysts familiar with the disagreement say that both sides have now resorted to TV ads, newspaper ads, and even internet campaigns to convince the public to side with them.
Poor Job Figures Lead to More Card Losses
[12:00:00 AM Wednesday, September 30, 2009]
The credit card industry suffered another major blow in August as losses skyrocketed over news of higher unemployment figures. Analysts say that major card companies have reported higher charge-offs and losses last month compared to previous months. The main reason, they point out, is the worsening job market and unemployment rate in the U.S. Federal government agencies say that the jobless rate reached a 26-year high of 9.7 percent this August. There are fears that the 10-percent mark may be breached by the end of the current year or earlier next year.
Small Businesses to be Protected by Credit Card Bill
[12:00:00 AM Tuesday, September 29, 2009]
A proposed bill is expected to provide some form of protection to small businesses who may be suffering from low credit lines and other forms of credit industry practices deemed unfair. With the Obama administration's CARD Act of 2009 set for implementation this coming year, lawmakers are mulling the creation of another set of legislation that would guarantee the protection of small business owners and their rights.
Card Firms, Retailers Argue over Safer System
[12:00:00 AM Monday, September 28, 2009]
Despite the prevalence of identity and credit card theft in the credit industry, plans for the adoption of a new and safer system have hit a snag, according to industry experts. Questions are now being raised regarding the $8 billion price tag for an overhaul of the credit industry's security system. While most card companies admit that there is a need for a better system to be set in place, experts believe that card firms are actually downplaying the actual losses they are incurring from credit thieves.
Veterans Warned Against Card Fraud
[12:00:00 AM Sunday, September 27, 2009]
The Department of Veterans' Affairs is cautioning veterans against unscrupulous scam artists who may be targeting older cardholders. According to officials of the government agency, fraudsters are posing as employees of the veterans' affairs office and asking for valuable credit card information through the phone.
Card Companies Offer Simpler Cards
[12:00:00 AM Saturday, September 26, 2009]
Major credit card firms across the U.S. are changing their long-standing policies and card accounts to accommodate the growing demand of cardholders. In a dramatic shift in industry practice, large card firms are now starting to trim down highly elaborate and sophisticated card features and turning once-costly plastic into affordable cards.
Cardholders Warned Against Scams
[12:00:00 AM Friday, September 25, 2009]
Security experts and credit industry representatives are warning cardholders against trusting fraudulent scam artists with their credit cards. Analysts say that the current economic environment is making more and more American consumers on the edge regarding their finances. As a result, more cardholders are on the lookout for credit debt reduction services. This is where scammers come in and prey on the vulnerability of consumers needing assistance with their mounting debts.
Consumers Told to find Credit Cards after Bankruptcy
[12:00:00 AM Thursday, September 24, 2009]
Contrary to public perception, declaring bankruptcy does not necessarily mean the end of a good credit history. While records of a bankruptcy will remain in credit histories for a substantial period of time, seven years to be exact, American cardholders can still find good credit cards. Most experts would say that a bankruptcy can be a red flag or a potent warning for financial firms to stay clear of consumers. However, new studies suggest a shift in industry practices.
Debt Settlement Considered Better than Bankruptcy
[12:00:00 AM Wednesday, September 23, 2009]
In the quest for credit card relief, millions of Americans are considering filing for bankruptcy. In fact, the number of cardholders heavily in debt has grown substantially since the start of the economic crunch. Financial analysts and economists say that rising unemployment figures coupled with higher rates and fees have resulted in many consumers unable to pay off their balances. The number of Americans filing for chapter seven or personal bankruptcy has even grown significantly in the past few months.
Cardholders Told not to Charge Certain Purchases to Credit
[12:00:00 AM Tuesday, September 22, 2009]
Displaying 100 news
The increasingly worsening economic situation is forcing many Americans to trim down expenses and maximize savings. In the same manner, card companies and banks are looking forward to scale back unwanted expenses and maximize revenues. Unfortunately, the need to cut back on expenses can mean kicking out some cardholders that card issuers may consider to be liabilities, analysts say.
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Credit Advice for Students
For the past few years, college campuses have been a very promising market for banks and credit companies. There has been a lot of talk about the pros and cons of student credit card applications. While some people believe that student credit deals are nothing but a dangerous financial weapon, the others consider credit cards for students as the integral part of financial freedom. Anyway, credit deals for students were readily available in the recent years, but things have changed greatly. And now in tough economic times, youth folks may find it more difficult to get access to credit. So, the question becomes: how to apply for a student credit card in difficult economic times?
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All through our lives, we move from one stage to another, and just like that we move from no credit to excellent scores in hopes of getting low interest rates and deals with good terms. When beginners apply for their first credit card, they want to get access to credit and build a solid payment history that will let them borrow money on favorable terms. But even if your FICO is almost perfect, it doesn't mean that you can sit back and relax. Good credit requires much work to be done and if you have good scores, you should know how to manage your credit responsibly without getting far into debt. Read more tips on how to maintain your good credit rating.
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Choosing Credit Card Offer
When choosing between numerous credit card applications, we want to get the most of our new card. Even though there’s no card that is right for everyone, many credit offers present some tempting features designed to entice you to submit your application online. Whether it’s a large amount of complimentary bonus rewards points or zero interest rates for a certain period of time, you may be enticed to apply for the product that doesn’t fit your individual needs. The question is, how to choose the card that is right for you? Read more about the terms and conditions you should look at when selecting the best credit card.
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