Owner: Credit Card Debt Law URL:http://www.creditcarddebtlaw.com Join Date: Sat, 10 May 2008 19:41:42 -0500 Rating:0 Site Description: 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. Site statistics:Click here
Credit Card Pins - Wave of the Future? 2008-05-10 04:35:03 Australia is implementing a system where credit card users may input a pin rather than sign their name, according to a report in the Sydney Morning Herald. With the current trend in the United States to do away with credit card signatures completely (at least for low dollar items) - I can’t see this [...] Read more:Credit Card
, Future
Election Campaigns Funded by Credit Card Debt 2008-05-09 18:03:44 The Kansas City Star reported that Hillary Clinton’s campaign had received $30 million in contributions via credit card payments over the internet through February. I wonder what percentage of those contributors maintain a balance on their credit cards and what the real cost of the contribution to the campaign supporter will be by the time [...] Read more:Campaigns
, Credit Card
, Credit Card Debt
, Election
, Funded
Credit Card Debt - Late and Higher 2008-05-09 04:57:14 Credit card debt increased by 5% in February and 7.9% in March, according to Marketwatch.
But that’s not rosy for credit card companies. Payments on 4.11 percent of credit cards at the largest six U.S. credit card companies are more than 30 days late, according to Bloomberg. That’s the highest average since November of 2004. Read more:Credit Card
, Credit Card Debt
, Higher
Dallas Morning News Supports Credit Card Reform 2008-05-09 04:30:13 The DMN editorial throwing its support behind credit card regulatory reform is worth reading - at a minimum - to thoroughly enjoy the line:
“It’s hard to take seriously the complaints of an industry that cavalierly pushes credit cards to virtually any person with a pulse.”
But heads up to the DallasMorning
News: Credit Card
companies [...] Read more:Reform
College Student Credit Card Debt 2008-05-08 17:54:57 A MonsterTRAK survey reported in the Arizona Republic found that 33% of 2007 college graduates had credit card debt in excess of $5000. That’s in addition to the 42% that had in excess of $25,000 in student loan debt.
What’s the result of students living with all this debt upon graduation? 65% have moved back in [...] Read more:College
, Credit Card
, Student
Calling the Credit Card Bluff 2008-05-08 04:05:49 The Los Angeles Times has an article responding to the statement of the ABA that it would be tougher for consumers to get credit after reform of the credit card industry. Essentially, it argues that credit card companies will still have every incentive to lend money to consumers after increased credit card regulation.
It also provides [...] Read more:Calling
, Credit Card
Fair and Justifiable Credit Card Interest Rate Act of 2008 2008-05-07 20:28:26 The Credit Card Companies had better watch out - the floodgates have opened and they are standing in the river bed.
The Fair and Justifiable Credit Card Interest
Rate Act of 2008 was introduced into the House of Representatives today. Arguing that the Federal Reserve proposal is a good first step but doesn’t go nearly [...]
Vigilence Key to Strong Credit Card Reform Bill 2008-05-07 17:45:20 Consumers Union, the publisher of Consumer Reports, came out over the weekend and said that public scrutiny of the proposed credit card reform initiative is critical to prevent the proposal from being watered down during the public comment period. So stand up, follow along, and be counted in favor of credit card reform! Read more:Reform
, Strong
Good Credit Only Need Apply 2008-05-06 20:59:31 Amidst the global credit crisis, a new report indicates that banks are increasing standards required before lending credit. Higher credit scores are required to get a loan - and higher interest rates are required for repayment of the loan.
Read More: Wall Street Journal, Chicago Tribune.
Unfortunately, for all the Feds efforts to ease the credit crisis, [...] Read more:Good Credit
Proposed Credit Card Reforms: Too Weak? 2008-05-11 06:03:06 The Albany Times Union has an editorial here that declares that the credit card reforms proposed by the federal reserve are too weak. The substance of the argument is that (a) they’ve let them get away with too much in the past; (b) they’re making lots of money; and (c) they still can charge a [...] Read more:Reforms
Second Start Proposes Low Interest Credit Card for Low Income Families 2008-05-11 04:49:17 Second Start
proposed that families earning less than $30,000 a year should have access to lower interest rate credit cards than those earning over that amount? This position seems to treat access to affordable credit as a right of all Americans. What do you think? In favor … or not … Read more:Families
, Income
, Interest
, Second
How to Build Your Credit Score without a Credit Card 2008-05-13 12:16:23 Whether you’ve misused your credit cards in the past and need to build your credit score or you can’t get a credit card because you don’t have any credit history, you’re problem is the same - you need to raise your credit score without a credit card.
TheStreet.com has just released a list of five ways [...] Read more:Build
, Credit Card
, Credit Score
, Score
Credit Card Reform Slogans 2008-05-13 07:03:20 Newspapers and consumer advocates have come up with a few catchy slogans to explain to Congress why it is so important to pass the credit card practices reform proposals.
With some re-wording:
The San Diego Union-Tribune: Credit Card
s are ticking time bombs in your pocket - some of which have already exploded.
The Press-Enterprise: Using a credit card [...] Read more:Reform
, Slogans
Other Credit Card Reform Proposals in Congress 2008-05-12 18:05:56 The San Diego Union-Tribune has a list of a few other measures under consideration by Congress
in its deliberations over credit card reform.
The measures include:
Restrictions on marketing to college students and those under 21 years of age.
7 percent limit on penalty interest rate increases.
Ban on fees for paying by phone or when using the internet.
Proposals [...] Read more:Reform
Credit Card Cancellations Pose Problems During Credit Crisis 2008-05-15 13:49:45 CNN reports that the inability of individuals to access other types of credit - such as home equity loans - is forcing an increase in credit card debt during today’s tough economic times as people use credit cards to pay the day to day bills. The article talks about the problem with concern only about the debt [...] Read more:Credit Card
, Crisis
Odds of Credit Card Reform in Congress 2008-05-15 05:44:29 What are the odds for passage of one of the Congress
ional credit card reform bills?
Roderick Hills, professor of public law at NYU, told TheStreet.com that although Republicans would work hard to water down the CARD Act, they are less likely to filibuster in an election year after credit cards and banking have been in the [...] Read more:Credit Card
, Reform
Fingerprint Activated Credit Cards 2008-05-14 07:19:45 Just the other day I wrote that I thought that credit card pins would not catch on in the United States. Today, I found an article about a company that is betting that fingerprint scanning technology embedded in credit cards will replace signatures and pins. Smartmetric predicts that fingerprint credit cards will protect [...] Read more:Cards
, Credit Cards
Video about Credit Card Interest Rate Increases and Reforms 2008-05-16 11:50:06 Business Week has put together a video with the basics about the credit card industry practices, why the credit crisis has escalated the problem of increasing interest rates, and a brief discussion of the credit card reforms in Congress. Here is the video: Read more:Credit Card
, Interest
, Reforms
Risk Based Pricing Disclosure for Credit Cards and Other Loans 2008-05-16 05:15:42 The Associated Press reported last week that the Federal Reserve and the Federal Trade Commission announced its consideration of regulations requiring credit card companies and others making loans to disclose to consumers when the lender is using the borrower’s poor credit history to justify an increase in interest rates.
The notice would not be [...] Read more:Cards
, Disclosure
, Loans
, Pricing
Citibank Gives Federal Reserve The Middle Finger 2008-05-15 23:06:52 Congress and the FederalReserve
are currently considering legislation and regulation to alter potentially deceptive and misleading practices in the credit card and banking industry. If you haven’t seen the proposals already, and would like more information, then you can get find it at the Federal Reserve’s press release here and the subsequent press [...] Read more:Citibank
Two Tips to Lower Credit Card Debt 2008-05-18 14:24:48 The Nashua Telegraph is running a weeklong series on personal finance, and that includes topics related to credit card debt. There were some helpful reminders already for those trying to get a handle on their mounting credit card debt.
Keep track of your expenses. Writing down all of your payments (including the discretionary spur of the [...] Read more:Lower
Penalty Fees Profit Center for Credit Card Companies 2008-05-19 14:24:49 The Epoch Times has an article about the new credit card reform proposals - but it is the couple credit card statistics in the article that are very interesting to me.
Credit card companies spent $1.2 billion in the first three quarters of 2007 on advertising alone.
Credit card companies took in $18 billion in penalty fees [...] Read more:Center
, Companies
, Penalty
Credit Card Companies Benefit From High Gas Prices 2008-05-23 06:44:23 It’s just too convenient to use credit cards at the gas pump these days. And the increasing cost of filling up just isn’t helping matters.
A Providence Journal article labeled credit card companies as a major beneficiary of high gas prices. When gas prices are high, 80 to 90 percent of consumers use credit cards to [...] Read more:Companies
, Credit Card
, Credit Card Companies
, Gas Prices
, Prices
Interchange Fees: Can Retailers be the Consumers Ally? 2008-05-21 14:57:05 Retailers are currently lobbying Congress to decrease interchange fees - the money paid by the retailer to Visa / MasterCard to process the credit card transaction by the consumer. Their bill is known as the Credit Card Fair Fee Act. Consumers are also lobbying for credit card reform. Does it make sense for [...]
Credit Card Counseling Services: For Profit or Non-Profit? 2008-05-20 14:41:36 Pennsylvania is currently considering expanding the offerings from credit card counseling services allowed in the State of Pennsylvania. Nonprofit organizations run the show currently - but some are arguing to allow profit companies to step in and help consumers try to lower and reorganize their credit card debt.
Maryland is considering a similar proposal - [...] Read more:Counseling
, Credit Card
, Services
Boston Globe Editorial Advances Case for Credit Card Reform 2008-06-01 06:13:26 A BostonGlobe
editorial over the weekend pretty effectively advances the case for credit card reform by Congress and the Federal Reserve. It argues that we shouldn’t wait for the credit card industry, with record credit delinquencies, to stumble the way the mortgage market did. And in response to credit card industry concerns that it [...] Read more:Credit Card
, Reform
Credit Card Arbitration Bias Subject of Lawsuit 2008-06-03 04:37:30 Among the terms in the fine print of credit card policies is almost always a clause requiring private arbitration. And based on the following news story, it’s no wonder why:
San Francisco is suing the National Arbitration Forum on behalf of California consumers, alleging bias. Apparently, the credit card companies did not lose a single case [...] Read more:Credit Card
, Lawsuit
Credit Card Rewards Under Fire 2008-06-02 15:53:29 Although I haven’t alterations of the credit card reward system under consideration by Congress or the Federal Reserve, a Consumer Reports survey released today (June 2, 2008) found that credit card rewards were more trouble than they are worth because of confusing rules and restrictions on when rewards are accumulated and how to redeem them. [...] Read more:Credit Card
, Rewards
Turkey Also Considering Credit Card Reform 2008-06-02 04:20:19 The United States isn’t the only country currently considering reform of credit card practices. A proposal is under consideration in Turkey
that would limit the interest rate on credit card debt upon default to twice the normal interest rate. Read more in Today’s Azman. Read more:Reform
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