Credit Card Day of Reckoning This Thursday?

Most of us are painfully familiar of the tendency for credit card issuers to try and screw us in any and every way possible, ... card (like, say, your interest rate…) if you default on another, completely non credit card related ... all are expected to act on Thursday. Consumer groups say practices of credit card companies blindside [more...]

Date: 2008-12-15 03:05:04

Blog posts (10) | Videos (11)
 

Time to reform the Consumer Credit Act?

Iain Dale has posted about a report that has been released by Grant Shapps called "Payday for Loan Sharks" ... it's worth taking a step back here for a second and clarifying something, these people are not loan sharks. Loan sharks break your legs when you don't pay. These people are bastards, absolute bastards [more...]

Date: 2009-01-09 09:48:38

Credit Card Laws and Court Rulings–Have They Helped Consumers?

This is a guest post by Bill Hardekopf, CEO of LowCards.com . Congress passed the Credit CARD Act in May but gave issuers and banks almost one year to implement the major provisions of the bill. Since then, issuers did exactly what they threatened to do–raise rates and fees on a broad group of cardholders. Consumers and elected officials are not happy about this, and members of Congress plan to introduce a bill to accelerate the effective date of the bill from February 22, 2010 to December 1, 2009. [more...]

Date: 2009-09-25 19:18:38

Common Credit Questions: Should You Send a Debt Validation Letter on an Attorney's Letterhead?

No. Actually, a debt collector may overreact to a DV letter sent from an attorney. You do not want the collection agency/creditor paying too much attention to your dispute. You want them to ignore it so it goes away. The Fair Credit Reporting Act (FCRA) expects that the consumer [more...]

Date: 2008-12-26 19:14:00

What are my Credit Rights?

Knowing your credit rights as a credit card holder will be your guide and protection against unlawful practices that may be committed by creditors and debt collectors. The Fair Credit Reporting Act (FCRA) has made distinct stipulations ... details or inaccurate information on your credit report. Notify a Consumer Reporting Agency [more...]

Date: 2008-12-22 06:55:21

Consumer Groups Blast Banks' Card 'Tricks'

If credit cardholders feel worse off since the passage of the law designed to protect them from banks, that's because they are. An avalanche of new fees, interest rate hikes and other costly changes since the law was signed in May suggest the Credit Card Accountability, Responsibility and Disclosure Act, or the CARD Act, has backfired. [more...]

Date: 2009-09-29 19:40:03

Foreclosures linked to 2005 Bankruptcy Reform law

For those readers not familiar with the Bankruptcy Abuse Prevention and Consumer Protection Act ("BAPCA"), prior to October of 2005, unsecured debt ( ... of their credit card debt, and that would free up income to pay the mortgage. The new law blocks that escape route and forces better-off household to continue paying credit card debt, which makes [more...]

Date: 2009-01-13 16:03:13

Bankruptcy Laws

Bankruptcy Laws Significant changes in consumer bankruptcy laws took effect on October 17, 2005, ... chapter 7. Individuals that decide to pre-file, still have to complete the credit counseling ... with passage of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. Before [more...]

Date: 2009-01-08 04:06:14

US FDIC $114m CompuCredit subprime card settlement

Good News for hard pressed US credit consumers The USA’s Federal Deposit Insurance Corporation (FDIC) announced (Friday 19th Dec) a settlement with CompuCredit Corporation of Atlanta, Georgia (CompuCredit), a company charged ... . The settlement will result in an order that will correct the FTC Act violations, and provide restitution [more...]

Date: 2008-12-22 11:00:02

Bernanke Acts While Paulson Dithers

bernpaul1.jpg Today, in yet another transformation of the ever-changing Troubled Assets Relief Program (TARP) ... to creditworthy consumers,” by extending relief to holders of “auto loans, student loans, credit card loans ... to a plan being implemented by the New York Fed that is aimed at easing the current credit crunch. The NY [more...]

Date: 2008-11-25 19:26:04

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