Back in May when Ben Bernanke and the Federal Reserve proposed changes to rules related to credit cards, they did so under the theory that “improved disclosures alone cannot solve all of the problems consumers face in trying to manage their credit card accounts.” Others in favor of credit card reform argued in support that [...]
The San Francisco Chronicle noted that credit card companies are sometimes taking the collection of credit card debt that is in arrears into their own hands. No longer waiting for consumers to bring the account up to date on their own because of the threat of a damaged credit report or litigation, the credit card [...]
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 [...]
