Credit Card Debt Law

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 [...]

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 [...]

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 [...]

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!

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 [...]

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, [...]

David Kanis in an article in the Asheville Citizens Times believes that it is time to take a shot at renegotiating interest rates with credit card companies because the federal funds rate has fallen to 2 percent and the prime lending rate to 5 percent.  That would normally be correct - except that today’s tight [...]

The Christian Science Monitor has an article today about a second chance for subprime borrowers to establish good credit through debt collection company Genesis Financial Solutions credit card that provides normal interest rates on new debt and zero interest on old credit card debt.
This is an interesting manner of debt consolidation for credit card borrowers [...]

The News Journal has an article aptly titled Critics call proposals ill-timed as banking industry already struggling.  One of the critics is the American Bankers Association - which worries that credit card reforms will decrease the ability of Americans to get credit or increase their cost of doing so.
The ABA statement on the Federal Reserve’s [...]

It appears that consumers aren’t the only ones that rack up credit card debt.  The state of New Jersey is set to pay $1 billion over the next three years to credit card providers, according to The Record.