Judging by the clamor for the credit card bill and the general jubilation among credit cardholders and their supporters when President Barack Obama signed it this May, it could not have come at a more timely fashion.
The credit card bill is a very important and much needed piece of legislation for credit cardholders. Already burdened with the economic recession and the employment crisis, credit cardholders were staggering under the weight of rising interest rates and fees that credit card...
If you've followed the news, you'll know that the credit card industry is in a state of turmoil nowadays. Defaults are up, debts are not falling and the credit card bill just got passed. The credit card industry, in a preemptive attempt to stem their foreseen profit losses are raising interest rates and cutting credit. You'd think that keeping your credit score good and having zero debt would save you from these. You'd be wrong.
Still, the whole doom and gloom credit scenario does not mean...
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...