A debt-troubled economy knows no age: The average elderly American in the low- or middle-income bracket is carrying about $10k in credit card debt, which is a 26 percent rise from 2005 figures. In this Banktime article, older Americans are increasingly turning to either re-employment or continued employment to supplement their Social Security. The story [...]
Credit cards can seem like helpful little elves around the holidays, with as many as 8.6 pieces of magic plastic in your wallet. The Experian credit agency put out a report in 2007 that revealed 1 in 7 Americans have more than 10 credit cards, with a typical household possessing around 12 cards. The average [...]
Credit card reform cannot seem to happen quick enough for consumers or the Obama Administration. CNNMoney.com was the first to cover the story about the House passing a bill to speed up the CARD Act – or more formally known as the Credit Card Accountability, Responsibility, and Disclosure (Credit CARD) Act – from the original [...]
Credit card reform cannot seem to happen quick enough for consumers or President Obama’s Administration. CNNMoney.com was the first news source to cover the story about the a House passing a bill to speed up the CARD Act – or more formally known as the Credit Card Accountability, Responsibility, and Disclosure (Credit CARD) Act – [...]
With the passing of new credit cards regulations come forced changes or practices from the credit companies. Under the Credit Card Accountability Act (CARD), creditors can no longer increase interest rates because a consumer defaulted on a different card. Nor can the credit agencies force you to accept a higher APR without a 45-day notice [...]
It’s getting more expensive to own plastic: Many credit cards will now cost you money to maintain. The number of solicitations for cards with annual fees increased to 27 percent in 2009 from just 9 percent in 2008, according to the financial research company Synovate. This increase in card ownership – along with other similar [...]
With the holiday season lurking around the corner, consumers are flocking to this reported emerging new trend of affording Christmas gifts – layaway plans. Toys-R-Us, the nation’s largest toy and baby store, recently announced the company will be offering this purchase-now/take-later style of obtaining needed household or clothing items and those extra wants. Aside of [...]
President Obama signed the credit card accountability act today. The bill offers more protection for card holders and limits card companies practices considered by many to be deceptive. “Consumers are not going to get a free pass,” President Obama said. “But institutions have to act responsibly.” The new law bans rate increases deemed to be [...]