Joe Sixpack and the Subprime Crisis

The Subprime Crisis is a broken promise to Joe “Sixpack”. One Day in early 2006, Joe was feeling pretty darned good about himself. He was making $65,000 a year at a job he held for over 6 years. He had $30,000 saved up in the bank. He had no credit card debt. He owned his car free and clear. He looked at his pregnant wife [more...]

Date: 2008-10-11 20:31:04

Blog posts (214) | Videos (109)
 

Trends in Business Credit Cards for 2009

The year 2008 was a rotten one for the banking business. What began as a “mortgage crisis” mushroomed into a full-blown, across-the-board “credit crisis.” This has led to banks pulling back on all types of credit, but an even greater pullback [more...]

Date: 2009-01-17 22:38:54

Another Bad Day Dawns in Asia

As of this writing, the Nikkei is down nearly 500 points. Singapore is least trashed, down 3%, the Hang Seng is down over 6% ... no confidence in Paulson's latest folly, the "let's bailout credit card debt so the banks can let consumers ... in at least 15 years, according to Credit Suisse AG. ``Besides [more...]

Date: 2008-11-13 04:32:03

E*Trade on the Brink - Seeks $800 Million from TARP to Stay Solvent

Battered E*Trade banking on government fundsFri Nov 21, 2008 5:15pm ESTBy Jonathan SpicerNEW YORK (Reuters) ... U.S. government funds that would bring some relief to its book of bad mortgage loans.Shares ... situation. E*Trade Bank offers credit cards, savings and checking accounts, and mortgage and home equity [more...]

Date: 2008-11-22 21:26:00

How Bad Is It?: Leveraged Loans at Slowest Volume Since 2002

How Bad Is It? is a Deal Journal feature focused on confirming or debunking the worst fears about the credit crunch ... after the credit crunch hit, investment banks still are facing full trash bags of old leveraged ... of high-yield debt for Canadian telecommunications operator BCE; $4.3 billion for credit-card processor [more...]

Date: 2008-08-20 12:22:00

Dealing with a bad attitude

Dealing with a bad attitude Posted in Better Living by Seth Barnes on 1/7/2009 WARNING - If you're hoping for inspiration, ... that my credit card company hadn't received the online payment I'd sent from my bank on December 19. Instead, they'd charged me a finance charge. So I called the credit card people. What's annoying [more...]

Date: 2009-01-07 14:13:06

Non ChexSystems Banks

by Dan Moskel If you have been placed into chexsystems you are in a difficult spot ... a review of the tribute credit card an unsecured bad credit mastercard. ... you do have an alternative to a checking account. You can get a prepaid credit card that will give [more...]

Date: 2008-12-02 13:43:19

Voter Registration Scam makes hay while the Election-Sun shines on the horizon

Photo by: Aaron13251 With elections looming in the horizon, ... from their bank or credit card accounts. Connecticut BBB, in a press release, sought to remind voters ... the course of the registration process. Those visited upon by the scam are encouraged to report [more...]

Date: 2008-08-13 14:39:15

Fed Announces $800 Billion in Homeowner, Consumer and Small Business Aid

The U.S. Federal Reserve and Treasury Department announced yesterday (Tuesday) ... often taken for students, car owners, credit card ... directly into U.S. banks and insurance companies, firing off a flurry of takeover deals – [more...]

Date: 2008-11-26 15:26:47

Sellers think you don't have to lower prices or offer closing help? The next shoe is dropping, this time Credit Cards!

With the stock market down big today and oil back up I have to admit it's been a downer of a week. I did have to chuckle though today in reading this story about just how bad it's getting for the banks. Lenders have long relied on consumers' credit scores to decide whether to approve card [more...]

Date: 2008-06-21 05:23:51

Senate Housing Bill to Require Collecting of Online Payment Information

While the Wall Street Journal has noted one disturbing aspect of Sen. Chris Dodd (D-CN)’s sprawling mortgage industry bailout bill (HR 3221) ... , and Google Checkout (along with banks and credit card networks such as Visa, MasterCard and Discover [more...]

Date: 2008-06-23 21:47:12

U.S. Launches New Assault on Consumer Recession, Backtracks on Toxic Mortgage Assets Bailout

The United States is now waging an all-out war against clogged credit markets and attacking each troubled artery head on. Earlier this week U.S ... to student loans, credit cards, auto loans, and small business loans. In the absence of a broad-based ... contracting economy by injecting funds into distressed credit markets where banks remain reluctant [more...]

Date: 2008-12-02 14:47:14

Dialectic of Exaggerations

This posting is from D&S collective member and frequent blogger Larry Peterson. To see more of his posts, click here ... firms, financial (non-bank, insurance, credit-card, what have you) and even industrial (auto firms [more...]

Date: 2008-11-13 22:10:06

The Bank “Gaming” Culture

There is a “gaming” culture in the US Banking system that is has survived the Financial Meltdown - call it “the never give the suckers an even ... divestment. Citi as credit card provider lasted for two years when I found their practices so bad ... : Now lets be clear - I have never dealt with Citibank except through a credit card which [more...]

Date: 2008-11-28 21:15:39

Protect Yourself from Identity Theft When Applying for Jobs Online

Online identity theft is certainly not new. Most people are aware of it and try to be cautious when shopping on the internet ... , credit card number or banking stuff, just take their contact info. Then you can look them up online [more...]

Date: 2008-11-26 20:25:01

Banks, Mortgages Show Impact Of Job Losses

DELINQUENCIES HIT RECORDS AMID DISMAL LABOR STRAITS Banks, consumer credit providers, ... at at trying to repair the beaten home business. As payroll losses accelerated - a total of 1.2 ... ), one of the biggest issuers of consumer credit cards, has fallen 4%. Visa (V), with its own exposure to credit [more...]

Date: 2008-12-05 18:31:54

Headline News - January 14, 2009

Wall St. Journal: Bank of America to Get Billions in U.S ... AIte Group Report: U.S. Credit Unions: Seize the Opportunity Note: Throughout the day, as Payments ... Services Acquires Private Label Credit Card Program of Canadian Luxury Jeweler Birks Bank Systems [more...]

Date: 2009-01-14 13:26:41

Breaking News: Washington Mutual to be Acquired by JPMorgan Chase (Update1)

Update1: From USA Today… JPMorgan Chase (JPM) acquired the banking operations of Washington Mutual, (WM) ... Credit Card? » WaMu Increases Online Savings Interest Rate » Cancelling John Hancock Life ... . This makes me wonder if the government might not be picking up some of WaMu’s bad debt to sweeten [more...]

Date: 2008-09-26 01:10:10

Fed Announces $800 Billion in Homeowner, Consumer and Small Business Aid

The U.S. Federal Reserve and Treasury Department announced yesterday (Tuesday) ... -backed securities (ABS) – loans often taken for students, car owners, credit card holders and small ... directly into U.S. banks and insurance companies, firing off a flurry of takeover deals – [more...]

Date: 2008-11-26 13:05:07

Bailout Gets More Costly Due to “Bipartisan” Deal; Foolish Limits on Foreclosure Should Be Removed

Liberal Congressional leaders have apparently reached a deal with the Bush Administration on the principal elements of a $700 billion bailout of the ... student loans, car loans, credit card debt and any other ‘troubled’ assets held by banks.” ... .  Although it is being sold as a “bipartisan” — a buzzword often used to push bad policies – Republican [more...]

Date: 2008-09-28 20:34:55

This and That: Thanksgiving Edition

Freelance work has slowed down this week due to the upcoming Thanksgiving weekend ... that will allow my clients to pay by credit card. It will cost me a bit in bank fees but it will make me look ... deadlines. The bad news is I’ve been so busy tunneling through papers that I’ve barely drawn anything [more...]

Date: 2008-11-26 06:55:19

Capital One Mails Fraud Claim To The Person Committing Fraud [Defeating The Purpose]

"Lisa" writes, "I recently found out that I was a victim of identity theft ... in LA. Capital One Bank— while I appreciate them sending me a letter telling me they sent a credit card ... at all three Credit Bureaus— why ON EARTH would they still send out a card? I called Capital One immediately [more...]

Date: 2008-09-17 01:51:59

Cash Envelope System for Budgeting

Is the cash envelope system for you? ... people with their little envelopes labeled “Food” and “Gas”. “Hmmph! They must have such bad credit they can’t even get a bank account!” is exactly what I thought as I swiped my credit card through [more...]

Date: 2008-10-04 10:00:18

Bank Temporarily Bans Signature Debit, Mandates PIN to Reduce Threat!

It's true!  Without even realizing what they're saying, a financial institution in Illinois, has "eliminated" ... will continue to "earn rewards" since the bank is "forcing" them to use their PIN?   Credit Card Scam ... pay at the pump privileges for their cardholders and has temporarily barred it's card holders [more...]

Date: 2008-11-20 18:41:00

Markets won't Bottom until Banks Stabilize

It should be obvious to most investors that until the financial sector stabilizes and starts to post a meaningful rally, ... in other segments of credit, including revolving credit card and auto loans and now deteriorating ... . As I stated a few days ago, the market will probably not bottom until we see a combination of bad assets [more...]

Date: 2009-01-16 14:12:44

The Hierarchy of Woe Can Only Be Heard From The Top

I don’t give a damn if Wall Street and every bank in America crashes and burns. I don’t care if people lose their houses. I don’t care ... Visa, something obtained by providing a security deposit, because we either have bad credit ... credit card, I was denied. DENIED. I was told that I owed thousands of dollars. No one cared [more...]

Date: 2008-09-30 00:29:00

Dubai, Redux

It seems my post about Dubai struck a chord. I wrote that at my lowest — when I was particularly down and angry, for a couple of things ( ... of realism from the city. You’d try to apply for credit cards, and find that nobody at the banks [more...]

Date: 2009-01-17 20:03:43

A Second Day of Job Cuts at Barclays

A Second Day of Job Cuts at Barclays January 14, 2009, 12:14 pm ... an additional 2,100 jobs in its retail, commercial banking and credit card businesses, The New York Times’s Julia Werdigier and Landon Thomas Jr. report from London. The announcement comes a day after [more...]

Date: 2009-01-14 17:14:13

The Winners From the Year That Was

Jamie Dimon and Ken Lewis: Wall Street desperately needed a hero in 2008 ... , risks and questions abound. How hard will both banks be hit by the coming credit-card storm ... by hostile offers–ones that often failed. InBev’s hostile offer for Anheuser-Busch was an exception [more...]

Date: 2008-12-31 13:33:00

Quit Blaming Democrats or Obama for Economic Meltdown

By Rowan Wolf Republicans and the "right" have been yelling that the mortgage crisis which toppled the economic house of shaky cards is the fault ... often inappropriate for buyers with bad credit. -Banks would have been required to increase efforts ... guidelines for banks writing risky loans. Today, in the midst of the worst housing recession [more...]

Date: 2008-12-01 15:57:31

Travel Tips

Someone pointed out a budget travel article to me sometime last year, but I didn’t care much for it, so I’m not going to link it here ... a month’s rent late. I diligently paid down my credit cards, paid my student loans on time, and banked [more...]

Date: 2008-06-26 13:28:45

eCommnerce Chargebacks and Remedies

According to a recent report (Oct, 2008) by CyberSource (a leading payment & risk management services company) ... with their bank or credit/debit card provider. Sometimes the consumer dispute is untrue, and their refund claim ... . In cases of credit card fraud, the merchant loses the goods or services sold, the payment, the fees [more...]

Date: 2009-01-06 07:09:50

Shocked that my credit card number was stolen

Wow, this is one of things you never expect to happen to you ... the victim of credit card fraud. I presume it was skimmed by the same guys who had impersonated repair men ... and I should contact my bank. This morning I received a letter from the bank saying they had tried [more...]

Date: 2008-09-04 12:41:09

Peak Credit & What That May Mean

A: Peak credit, sounds like I hit my limit on my credit cards! I guess its kind of true. For owners of home equity lines of credit, you may have noticed a decrease in your available credit line recently. Why is that? Because credit has peaked, and is now contracting! As banks work [more...]

Date: 2008-08-04 16:55:33

My Brother’s Nasty Bank of America Experience

Make a couple of late payments and Bank of America will jack your interest rate up to 29.99%! ... of America credit card so I pulled up a statement online and come to find out it was 29.99%. I had seen online about how you can call your credit card company and tell them that you have offers [more...]

Date: 2008-09-05 01:47:49

Three Ways to Know When the Credit Crisis Hits Bottom

There is a growing body of data that suggests banks have recognized only a fraction of the overall potential losses - approximately $50 billion to ... t include the additional losses from secondary-prime mortgage loans, auto loans, credit card balances, student loans and the other credit-related flotsam and jetsam floating around in the debt markets [more...]

Date: 2008-12-08 13:42:23

Rapidshare (.com) Premium Account for free in less than 15 minutes

Hi guys, Right here I will show YOU how to get a Rapidshare.com PREMIUM ACCOUNT FOR FREE and earn some extra money aswell!! ... (picture) if it asks for your bank or credit card, just cancel (yes, premier account is 100% free [more...]

Date: 2009-01-18 06:29:17

Mobile banking is too risky in the eyes on consumers

According to a recently published report entitled “2008 Mobile Banking Security Standards” consumers are too wary of security to use their mobile ... for mobile banking transactions instead of whipping out cash or a credit card isn’t worth the risks that it entails. However, the same report being cited here earlier suggests ways of making [more...]

Date: 2008-12-31 09:24:33

Bank of America: Return Item Chargeback?

As I do each morning, ... of some sort. But I haven’t returned anything in years. And that would have gone onto a credit card, I’d think… And the term “chargeback” really makes it sound like a credit card transaction [more...]

Date: 2008-09-09 11:48:19

Bank of America: Bailout hides huge bank subsidy deep in press release text

Marshall Auerback here.  I wanted to add a few thoughts to the discussion about recent events in U.S. banking ... over governments 94.5% fro 10 years) and you can go and make credit card loans at 16% and make a 1200 bp profit margin. Then JPM just puts up the credit card loans as collateral as per the new [more...]

Date: 2009-01-16 15:45:18

Prevent someone else from using your wireless Internet connection

Prevention is better than cure, its so true for securing your wireless Internet connection ... stealing your Internet Banking passwords, credit card details etc. I am going to list down [more...]

Date: 2008-12-04 10:23:27

Cebu Pacific Promos | Credit Cards

Just like Philippine Airlines (PAL) teamed up with Visa and Mastercard to offer Mabuhay Miles, Cebu Pacific Airline has entered into partnerships with several credit card companies to offer rewards to loyal clients. (Yay for me!) ABSCBN reports that cardholders of American Express, Bank [more...]

Date: 2008-12-30 18:43:35

Delinquent Loans Impacting Credit Unions

On July 23, Marketwatch reported: Despite instability in the mortgage-banking arena, ... first-half loss stemming from delinquent auto, credit-card and home-equity loans. The Phoenix-based ... America’s credit unions remain strong and safe for homeowners seeking solutions to their woes [more...]

Date: 2008-07-28 12:57:41

Bizarre: Reading an Anti-Bailout Piece in the Toronto Star

The Toronto Star picks up David Ignatius' syndicated column on the subject of bailouts ... would be that bad behaviour brings a rescue. If Wall Street investment banks can get away ... , or who maxed out his credit cards without a hope of repaying the debt? What the heck? We're [more...]

Date: 2009-01-05 20:40:00

Merchant Services Charge-back Horror: Why Paypal Ia The Only Way:

_3248 Creative Commons License photo credit: David Boyle in DC There are reasons why I had the outrageous gall to re-start my online marketing ... ), those customers can decide to lie to the banks at any time, about an e-check, or a credit card payment ... to our merchant account when that happened. As if it wasn’t bad enough that people stopped [more...]

Date: 2008-11-01 17:55:10

Wall Street bailout plan to include more than bad mortgage debt: Feds to absorb unpaid bar bets, inadvertently laundered postage stamps, unredeemed soda cans and insufficient tooth-fairy disbursements

Totally absurd? Think twice: In the dark of night over the weekend when most people were snoozing, the Treasury dramatically expanded its bailout plan to include buying student loans, car loans, credit card debt and any other “troubled” assets held by banks. The changes, which were included [more...]

Date: 2008-09-23 06:05:06

ATMs Are Signs of Progress in Iraq

The first ATMs have opened in Iraq since the invasion five years ago -- an encouraging factoid contained in a new by-the-numbers Defense Department report about progress in the country. In fact, there are now 20 ATMs in Baghdad, where the banking ... with dollars to pay government employees. Some restaurants even accept credit cards these days [more...]

Date: 2009-01-16 15:24:00

Basics of Reverse Mortgages

Basics of Reverse Mortgages Posted by Dark Spider at January 17, 2009 What is a reverse mortgage? ... profile fortune 500 bank, for whatever reason. If you have bad credit or questionable financial ... free card. It is a serious loan and therefore must be treated as one - if you know for sure [more...]

Date: 2009-01-17 00:07:33

“Top 10 Ways to Lock Down Your Data”…12.20.08

This is great for everyone to review carefully–”The Top 10 Ways to Lock Down Your Data” from LifeHacker [http://lifehacker ... card. Most major banks, PayPal, and Discover offer them, even if they’re not widely used. If you’re ... easier wiping steps. 9. Use virtual credit cards for iffy online buys. Buying a DVD from Amazon [more...]

Date: 2008-12-20 21:43:56

Barclays loses billions off its share value - The Times, uk - link (aqui)

January 17, 2009Stock plunges after ban on short-selling endsJohn Varley, chief executive of Barclays Group, and Bob Diamond, ... be valued in the bank’s books. A downgrade in the creditworthi-ness of some credit card companies – ... . The Treasury will also hold out the prospect of creating a “bad bank”, to take the toxic assets off [more...]

Date: 2009-01-17 11:10:00

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