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:Future
, Credit Card
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:Credit Card
, Election
, Campaigns
, Funded
, Credit Card Debt
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:Credit Card
, College
, 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:Credit Card
, Calling
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
Capital One Seeks to Circumvent State Investigation as National Bank 2008-05-07 02:25:59 The California Attorney General has been investigating deceptive and misleading credit card practices at Capital One - and now, according to a Reuters article, Capital One hopes a court will declare that only the Federal Government can investigate deceptive practices at national banks. Is this an area for federal supremacy or does this tip the [...] Read more:State
, National
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:Second
, Interest
, Income
, Families
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
, Score
, Credit Score
, Credit Card
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:Crisis
, Credit Card
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
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