It seems that the financial crisis, as bad as it has been for the country, is having some positive, albeit very minor, effects. Credit card companies have become much more conservative in offering their credit cards to those with limited means for repaying their debt, such as college students.
Only a few months ago, credit card companies would rush to market their credit cards to incoming college freshmen. In the heyday of “easy credit”, college students who had very limited income could...
Capital One is one of the biggest credit card companies in the United States. During the economic downturn and the resulting credit card crisis, it also became one of the heaviest hit credit card companies in the country.Along with several other major credit card companies, Capital One was on the verge of bankruptcy and was saved through the intervention of the government which provided it and other credit card companies with large loans.
Although Capital One has recovered somewhat from its...
The economic crisis has had an enormous effect on the average American consumer. Traditionally very free with their credit card use, the average consumer now considers carefully every purchase made on their plastic. While credit cards had become the preferred method of transaction in the past few years, nowadays cash is again becoming fashionable and with good reason.
Burdened with the economic and employment crisis, a majority of credit card carrying American consumers have been unable to...
As the economic crisis continues, credit card holders carrying Chase credit cards are going to be in even worse condition. This month, Chase has just announced that they will be raising their minimum amount per month to 5%, up three points from the former 2%. Thousands of Chase credit cards are being affected by this worrying increase.
The increase seems minor to many observers and, in fact many Chase credit card holders will probably consider it as a mere annoyance instead of something...
Understandably, American consumers are now scrambling for every available means of maintaining their finances. A large debt is a huge drain on the monthly income and is therefore something which should be settled as quickly as possible. Skipping on debt payment is an option and, indeed many consumers carrying debts too big to handle are opting for it. However, in the long run, it is a disastrous solution. The best way to get rid of debt is to pay it off. The problem is that, in the current...
Continue readingSurvive The Economic Crisis, Keep Your Credit Score HealthyYour credit score is one of the most important financial records that you have.
Your credit score serves as a check on how good of a credit owner you are. This is very important for loan and credit companies. By getting your credit score, they can determine if you are fit for getting a loan or credit or not. The better your credit score is, the better your chances are of getting a loan. Therefore, you should keep your credit score as...
In these days of financial insecurity, American consumers are doing their best to balance out their finances. They are trying to make sure that they have enough savings or credit to their name in case a serious emergency should come up. Unfortunately, with the economic crisis hardly slowing pace, massive layoffs, rising unemployment and debt interest rates soaring to record levels, that is proving to be very difficult. What makes it even more difficult is that many of these American consumers...
Continue readingConsumers heaved a sigh of relief when, last May, President Barack Obama signed into law the credit card bill which was fast tracked through Congress and released also this May. Consumers are seeing the credit card bill as a great equalizer which will give them better control over their credit and curtail the unfair and abusive practices of credit card companies.
However, credit industry insiders are warning that the credit card bill may not be as consumer friendly as it sounds.
For the...
Among credit cardholders and within the credit card industry, the current buzz is the credit card bill and what it will mean for each and everyone of them.
The credit cardholders are hoping that the legislation in the bill will give them a better arrangement for paying off their debts and keeping their credit. The credit card industry is dreading the cut in profits that the credit card bill will bring.
With the credit card bill in place, predatory practices by credit card companies will...
Debates about how good or bad the recently passed credit card law is has been going around even before the legislation got out of congress. There have been some valid points voiced out but, in the end, the credit card law is simply a compromise so that the credit card industry and the consumers survive the on going economic crisis and, perhaps build a better relationship between credit card companies and consumers.
The credit card industry found itself on the verge of collapse when, at the...
Senator Evan Bayh made a stop in Fort Wayne last Wednesday to hold a dialog regarding the recently passed credit card bill and what it will mean for consumers. One of the hottest topics was the credit card industry's assertion that responsible credit cardholders will be the ones getting penalized because of the practices of bad credit cardholders once the bill becomes active.
According to Sen. Bayh, the regulations included in the credit card bill are specifically designed to protect and...
The credit card industry is in an uproar over the legislations in the recently passed credit card bill. The credit card bill is aimed at legislating many credit card industry practices that cardholders see as unfair and deceitful. For the credit card industry, the credit card bill is a disastrous piece of legislation which will destroy their profitability and, according to them, limit the available credit for American consumers.
During the past few years, the credit card industry has enjoyed...