Looking ahead

For Thursday: • Congress holds a joint session to count the electoral ballots for president and vice president. ( ... . • Economic reports: The Labor Department announces the latest unemployment claims; retailers report ... consumer credit figures for November. • The Treasury Department's man behind the TARP delivers [more...]

Date: 2009-01-08 02:07:47

Blog posts (370) | Videos (149)
 

2008 Adsense & Analytics Figures

One of my goals with Debt Prison, besides using it to convince consumers to stop using credit, ... of the ads appear to be offering debt settlement or debt consolidation programs.  These companies are seeking readers to sign up for their program, where they stand to make thousands of dollars [more...]

Date: 2009-01-02 04:50:08

How to Repair Derogatory Credit on Joint Credit Accounts

Whether you were recently divorced or decided to partner up with someone on a financial venture that went sour, chances are your credit worthiness and credit rating have taken quite the beating. There are many reasons that consumers fall behind or quit making their monthly credit installments all together [more...]

Date: 2009-01-04 04:45:10

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

A Housing Market Detached From Reality

The Ukiah Daily Journal reports from California. “Worried consumers, ... , assets, credit and long-term job stability,’ as requirements for a home loan, said Ginny Richards ... a loan with no money down and no proof of income are over. If you’re buying, Richards advises, ‘ [more...]

Date: 2008-11-22 17:46:53

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.org for our economic crisis comes help

gstv_credit_logo I have always kept an eye out for sites that are there to help people benefit in one way or another and today is no exception ... . Springboard is a non-profit consumer credit counseling organization formed in 1974 by local ... . I am reviewing credit.org which is a not for profit site to help people with credit issues [more...]

Date: 2009-01-15 15:39:17

Treasury rejects credit card debt, only Wall Street debt matters

As much as I am against credit card debt, I'm fed up with the double standards of Paulson and Bush ... program that would allow as much as 40 percent of credit card debt to be forgiven for consumers ... . There are plenty of Americans who pushed debt onto credit cards because they were struggling [more...]

Date: 2008-11-14 01:05:01

Franken on Looming Credit Crisis

Al Franken’s been holding press conferences, roundtables and events around the state about where he stands on tons of issues ... in consumer debt, the average household’s credit card debt is over $8,500. I’m not sure why this isn’ ... said he would back a “credit card bill of rights,” crack down on predatory lenders and repeal [more...]

Date: 2008-08-14 09:21:12

FTC Crackdown on 36 Credit "Repair" Companies

sweep.jpg Ever wonder if those TV ads claiming to help you repair your credit are legit? ... they are able to scrub your credit reports of accurate, negative information for a fee are lying - plain ... information from consumers' credit reports, even if that information is accurate and timely. The FTC [more...]

Date: 2008-10-28 11:15:52

The Return of Layaways

With the economic crisis looming over the new year, retail stores are now thinking of alternatives to offer their consumers, who are by now experiencing the credit crunch. More and more credit card companies are helping ... the item unless it has been paid for in full. It is really the exact opposite of using a credit card [more...]

Date: 2008-12-27 09:01:13

Is Debt Consolidation The Right Choice For You?

by William Blake Debt consolidation means to combine several small debts into one single payment per month in order to lower monthly payments or high interest rates. Typically, consumers will consolidate credit card debt, medical bills ... rate and create payments that are more manageable. Keep in mind that for debt consolidation [more...]

Date: 2008-10-27 12:23:33

Credit Card Issuers See the Writing on the Wall: Forgiveness of Debt — they also got paid in full through securitization, so there is no obligation owed to them

Credit Card Companies Willing to Deal Over DebtBank of America says it eased off on more than 700,000 credit card holders in 2008, ... to foster the explosive growth of consumer debt in recent years, credit card companies are realizing ... and card companies are bracing for a wave of defaults on credit card debt in early 2009 [more...]

Date: 2009-01-05 00:34:25

Consumer Credit Counseling Services

These days, people are living far beyond their means. It is too easy to get credit cards, and before you know it, massive bills come your way with huge amounts of interest slapped on them. There are many people who find themselves in grave [more...]

Date: 2009-01-03 18:10:13

Dr. Doom #5

Many thanks to a comment from Pej. It turns out we have a fifth Dr. Doom. Peter Schiff. His extremely bearish views on the U.S ... would extend to the credit card lending industry. Thus Peter Schiff appears ... to have been de rigeur, in terms of a housing bust and excessive consumer credit. I feel a lot of people sort [more...]

Date: 2009-01-07 16:36:06

Pensioners hit by spiralling credit card debts forced to take out loans as energy prices soar

One in four people is approaching retirement with thousands of pounds worth of debt because they cannot meet the rising cost of living ... for debt charity the Consumer Credit Counselling Service (CCCS) said the research tallied with its own ... to pay their bills. The average credit card debt for the age group is now just over £8,000, according [more...]

Date: 2008-11-23 00:05:36

More Inactive Credit Cards Being Closed: Protect Your FICO Credit Score

If you haven’t heard already, several large credit card issuers (Chase, Washington Mutual, Citibank, Capital One, HSBC) ... . Some credit repair experts say it does, others disagree. However, if someone does a manual review ... are currently closing millions of consumers’ credit cards without prior warning due to inactivity [more...]

Date: 2009-01-07 11:48:09

Fall Noted In Borrowing Outlook

Fall Noted In Borrowing Outlook January 6th, 2009 Less people are looking to save, borrow or invest money, ... , with those planning to borrow via personal loans and credit cards falling by 1.8 million ... one for retail financial services providers. With higher-margin consumer credit constrained by continuing [more...]

Date: 2009-01-06 15:30:10

JPMorgan chief sees bleak year ahead

The US financial and economic crisis will worsen this year as hard-hit consumers default on credit cards and other loans, Jamie Dimon, chief executive of JPMorgan Chase, has predicted. Dimon, whose bank will report Q4 results on Thursday, gave his bleak assessment in an FT interview as bank shares tumbled in key markets on fears [more...]

Date: 2009-01-15 05:31:17

Is Vacation Ownership Immune from the Credit Crisis Cold?

I wrote this article for  ARDA’s Development’s magazine in the summer of 2008 ... in record numbers, wouldn’t they default on their timeshare loans first? The correlation has not yet become apparent. Default rates across a spectrum of consumer credit has risen, spreads [more...]

Date: 2009-01-15 16:07:27

Mortgage Mania 26 - …And Henry Giveth Again

You would have to be living under a rock to have missed this today, so here is a newsflash for all you subterranian dwellers ... up mortgage assets, consumer credit card debt and car loans. In his article, “Fed bets $800 billion ... securities backed by auto loan and credit card debt. Hmmm, let me see if I get this straight [more...]

Date: 2008-11-26 04:30:52

Foodie Philanthropy

Don't get me wrong, Christmas is a great time of year ... consumed, and the amount of credit card debt I've racked up buying gifts and decorations, I always ... not only your money but your help: Bread for the World This Christian organization advocates [more...]

Date: 2008-12-23 21:42:59

Becoming Debt Free

Becoming Debt Free Posted By William Blake on @ 9: ... balances, especially credit card debt, experience emotional stress that can make it difficult to enjoy ... more for the items you purchased than their actual sticker price. Second, debt can hurt a consumer’s credit score [more...]

Date: 2008-11-18 21:10:43

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

How The FTC Helps To Protect Your Credit Repair Consumer Rights

The FTC or Federal Trade Commission works on behalf of consumers throughout the United States for more than 90 years. They gather and publish consumer information to educate and inform them. They also investigate consumer complaints of fraud and unfair business practices. [more...]

Date: 2009-09-28 14:01:14

Senate Steineger Addresses Address to AFP Summit

We received this email from State Senator Chris Steineger earlier today, and we wanted to share it with you uncut and unedited ... , huge credit card debt for throw away consumer goods, and driving gas guzzler vehicles exemplify ... . Our government and its people have been living well beyond our means. The increased National debt, the federal [more...]

Date: 2009-01-14 20:07:00

Dems: New Credit Card Regs Are No Substitute for Legislation

After months of proposals, arguments, hearings and public comments, ... sooner to protect American consumers by giving credit card protections the permanence and force of law ... card practices that mire families in debt. Legislation is needed to stop abuses such as charging [more...]

Date: 2008-12-18 21:12:36

The Paradox of Thrift

Has the economy scared you into cutting back on your spending, paying down your credit cards, getting your budget in order? ... couple profiled in the Journal story: Rick and Noreen Capp recently reduced their credit-card debt ... with that? Haven’t consumers been told they need to be more responsible about debt and spending - the lesson [more...]

Date: 2009-01-06 14:12:53

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

Kevin Drum — Why Can’t We Have It All?

Kevin Drum is looking at the benefits of massive fiscal stimulus as well as tax cuts… And he wonders why we don’t do both? Stimulus spending can ( ... than they are today. Likewise, it will be helped along if consumers have paid down some of that credit card debt and put a few dollars aside. Right? We can’t keep running a negative savings rate [more...]

Date: 2009-01-12 21:07:07

Thursday morning links

TOP STORIES GDP falls 0.3% in third quarter on dive in spending - MarketWatch World markets cheer Fed rate cut - AP Bernanke makes it official ... as U.S. dollar falls - Canadian Press Credit card borrowing reaches record levels as consumers turn to plastic ... . We are Japan. - MarketWatch Greenspan Slept as Off-Balance-Sheet Toxic Debt Evaded Scrutiny [more...]

Date: 2008-10-30 12:42:00

White House Philosophy Stoked Mortgage Bonfire

White House Philosophy Stoked Mortgage Bonfire, Dec 21, 2008 By JO BECKER , SHERYL GAY STOLBERG and STEPHEN LABATON ... terrifying news: The credit markets, gripped by panic, had frozen overnight, and banks were refusing ... of culprits, like lenders who peddled easy credit, consumers who took on mortgages they could not afford [more...]

Date: 2008-12-26 20:43:30

Auto Sales Collapse, GM At 49 Year Low

It was a grim December across the board for Automakers as GM’s 2008 U.S. Sales Plummet to 49-Year Low; Toyota, Honda Fall.General Motors Corp ... t overcome the weight of consumer pessimism and tight credit in the world’s biggest auto market. Ford’ ... percent, Ford Motor Co. fell 32 percent and Nissan Motor Co. was down 31 percent, pointing toward [more...]

Date: 2009-01-05 19:27:00

Economic Crises Deepens: JPMorgan Chief Says 2009 Will Be Bleak

Jump to CommentsBy Francesco Guerrera in New YorkThe Financial Times The US financial and economic crisis will worsen this year as hard-hit consumers default on credit cards and other loans, Jamie Dimon, chief executive of JPMorgan Chase ... to deteriorate for most of 2009,” said Mr Dimon. “In terms of our sector, we expect consumer loans [more...]

Date: 2009-01-15 18:20:12

Financials, Cyclicals - Plus Retailers - Weigh On Equities

LOSSES STEEPEN AS EARNINGS REPORTS NEAR The same dragons that have ravaged the countryside and laid waste to the good citizens of Wall Street - ... of other financials lost ground, on a combination of worries about the fourth-quarter earnings reports that are due out shortly, and exposure to the consumer, amid clear signs that credit-card spending [more...]

Date: 2009-01-15 21:10:46

Deregulation Japan-style: on the (local) grog

Author: Luke Nottage (with thanks to Ichiro Araki) ... of much accumulated government debt. The country was then hit by the collapse of its export markets ... , evident in product safety or consumer credit re-regulation. On the other hand, deregulation [more...]

Date: 2009-01-15 05:00:05

Book Review - The Subprime Solution

The winner from last week’s drawing for Working Longer is Chris.  There were only 5 entries last week, so come on peopel! ... , and complacent borrowers. Like me, Shiller believes that overly easy credit allowed many people ... in the average consumer, combined with easier lending standards created the bubble. He then looks [more...]

Date: 2009-01-15 14:00:29

Fed bets $800 billion on consumers

That $200 billion aimed at spurring consumer borrowing will come from the Federal Reserve Bank of New York, which will lend that money to holders of securities backed by consumer debt, such as credit card debt. ... He said the fact that the Fed and Treasury had to work together to get an additional $800 [more...]

Date: 2008-11-25 19:04:49

Outdoor Wire Names Obama “Gun Salesman of the Year”

In recognition of the unprece­dented demand for firearms by nervous consumers, ... the automotive and housing industries. It’s credit where credit is due. Mr. Obama has consistently [more...]

Date: 2009-01-15 01:22:18

Banks Agree to Wipe Out Up to 40 Percent of Credit Card Debt But Watch Out.

Credit card lenders include Discover Financial Services LLC, Bank of America Corp., Citigroup Inc., JPMorgan Chase & Co ... with the help of the National Foundation for Credit Counseling, Consumer Federation of America and the Financial Service Roundtable to start the process of creating a debt solution, other than [more...]

Date: 2008-10-31 15:51:17

Stocks Recoup Sessions Losses

FINANCIALS EVIDENCE HOPE FOR CONGRESSIONAL BAILOUT U.S ... and has moved narrowly higher in the session’s later trading. Capital One (COF), the consumer-lending giant that reported credit-card defaults continued to widen in December, recouped its early losses to move [more...]

Date: 2009-01-15 19:56:41

D. Other Publishers

A number of publications from non-Nolo publishers have a wealth of information beyond what is in this book. The Ultimate Credit Handbook, by Gerri Detweiler (Plume Books), covers everything you’d want to know about credit ratings, credit cards, completing credit applications, protecting your credit privacy and many other topics. Surviving Debt: A Guide for Consumers, by National Consumer Law Center. NCLC is a nonprofit organization that normally publishes books to assist lawyers. [more...]

Date: 2009-09-24 02:03:01

Bank Failures in the Hundreds a Possibilty in 2009

Eatin’ my lunch, reading up on my economic news, and this caused me to spray yogurt on my monitor: But banks will fail, ... as credit issues fed by consumer weakness during the recession. That little gem comes courtesy [more...]

Date: 2009-01-15 17:47:26

South African Consumer Debt Spinning Out of Control. Half Of Work Force Can’t Pay Their Debts.

Last year I had the opportunity to visit South Africa and take a firsthand look at the consumer debt situation ... debt counselling agency Credit Matters, revealed that whites — who make up 9.2% of the population ... debt problems. New regulations passed recently give more control to debt counselors to go before [more...]

Date: 2008-11-09 03:23:11

Wall Street Breakfast: Must-Know News

New acronym on the block... The government unveiled its newest initiative, called TALF, or Term Asset-Backed Securities Loan Facility. The $200B facility will support consumer finance, including student, auto and credit card loans ... Mac (FRE) and the Federal Home Loan Banks. According to the statement released by the Fed [more...]

Date: 2008-11-26 12:14:47

Mortgage and Credit Card Companies Under the Spotlight on Consumer Charging

For the first time since May 1996 reports have indicated that wage increases have risen faster than house price inflation ... that consumers are struggling with debt. Ed Stansfield of Capital Economics, said, “Today’s figures show that for a small but growing minority of borrowers levels of debt have become a problem, despite [more...]

Date: 2009-01-14 23:35:31

Walmart CEO Thinks Consumers Have Finally Learned That Debt Is Bad [Poll]

Retailers are hoping that the credit crunch ends and consumers will start spending like crazy again — but Walmart's CEO Lee Scott doesn't think ... , if you're going to have the same immediate desire to go back to consumption and debt," he said [more...]

Date: 2009-01-12 18:50:54

Credit Repair Financial

There are Federal and State laws that regulate creditors and credit bureaus and protect consumers. We use these laws to help you attack your credit i 1 Vote(s) [more...]

Date: 2009-01-08 04:53:59

Is It A Good Or Bad Thing That So Many Companies Are Going Out Of Business?

What exactly will 2009 bring us in terms of businesses closing down for good? ... $2.56 trillion in consumer debt, with the average household’s credit card debt amounting to $8,565 ... filing for bankruptcy or are already in it, so we won’t know if some of them make [more...]

Date: 2009-01-06 14:00:00

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

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