More than 9300 consumers and creditors have weighed in on the Federal Reserve’s proposals for change in the credit card industry, according to Marketwatch. The deadlines for comment are July 18th and August 4th - so if you have anything to say, you had best say it now. Instructions on how to comment are available [...]
Credit card debt (or so called revolving credit) grew by an annual rate of 7.14 percent in May, while consumer debt grew by an annual rate of 3.64% in May, said the Federal Reserve - according to Forbes.
From what I have read, Democratic Presidential Candidate Barack Obama likes to proclaim that he is free from the influence of big businesses. But Obama is in debt to credit card companies for much of his fundraising success, and the cost of processing those credit card donations over the internet is surprisingly high.
In May, I [...]
Barack Obama called for revisions to the Republican-led bankruptcy reforms passed in 2005. The proposal focused on assisting individuals declaring bankruptcy due to debts related to health care/medical procedures, military personnel and their families facing debt due to extended deployment, frequent moves, or predatory lending, and protecting the elderly against losing their home in bankruptcy. [...]
Credit card companies may have been printing money for the past few years, but their access to the profit train may be limited in the near future. Despite Discover’s second quarter profit announcement, CNN Money has an indepth article on the increasing loan loss provisions, charge off rates, and potential deterioration of profits in [...]
In its effort to save itself from the credit crisis, Citibank is risking alienating the majority of its customers and federal legislators and regulators as well. Citibank started with a controversial new student loan policy announced after the Federal Reserve proposed regulations that would prohibit the announced practices.
Now, Citibank feels comfortable reconsidering promises made to [...]
Congress held hearings last week examining marketing practices of credit card companies to college students in conjunction with its consideration of credit card reform. Here are a few of the articles from the past week covering the issue:
Taking Charge - Student Credit Card Issuers Under Investigation.
Washington Post - Too Young to Handle Credit?
Center for American [...]
A New York consumer is facing a lawsuit from Citibank to recover an interest rate of 56 percent on cash advances, according to WCBS.
A Las Vegas consumer owes ~ $1,200 on a credit card that she never used, according to the Herald-Leader.
New York’s Court of Appeals last week reversed a lower court decision that claimed that the Federal Truth-in-Lending laws preempted the state’s consumer protection legislation in a victory for consumers (read the Forbes article for more information).
Banks, including Capital One and probably others - have been trying to jump on the federalism bandwagon to have [...]
