The United States isn’t the only country where consumers are having difficulty with credit card debt and rising expenses. I previously discussed the problem with credit card debt in Great Britain. And numerous news stories have focused on the growing problems with credit card debt in other countries in the world.
Australians owe a national record [...]
Credit card companies have pretty much always felt free to adjust the interest rate on their fixed rate credit cards. That is, until last year when Citibank decided that the fixed interest rate on its credit cards would no longer be increased at any time for any reason. Citigroup has since rethought that [...]
The United States isn’t the only country where consumers are having difficulty with credit card debt and rising expenses. I previously wrote about the problems with credit card debt in Great Britain. And several new news articles have focused on the spreading consumer debt crisis around the world:
Australians owe a national record $44.2 billion 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 [...]
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.
Even though the decision of the Federal Reserve not to increase interest rates last week should mean that consumers are safe from credit card interest rate increases (read more at Taking Charge), Pioneer Press reports that “[n]ervous banks are raising interest rates for almost any reason.”
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 [...]
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 [...]
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 …
