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 [...]
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 [...]
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 - [...]
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 [...]
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 [...]
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:
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 [...]
Congress and the Federal Reserve 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 [...]
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 [...]
What are the odds for passage of one of the Congressional 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 [...]
