With the passage of the credit card bill from the Senate, consumers are seeing a bit of hope from the economic crisis. Consumer groups are also hailing the credit card bill and are excited to finally see a tough legislation for consumer protection come out of Congress.
Travis Plunkett from Consumer Federation of America recently said, “This is probably the strongest piece of consumer legislation to pass Congress in a decade.”
Although consumer groups consider the credit card bill as a...
The credit card bill has just made it out of Congress and is headed for President Obama's desk. The bill is expected to be signed by the President on Friday. As the credit card bill nears completion, the credit card industry is looking ahead to an ominous future.
Risky borrowers have been very lucrative for credit card companies for the past few years. Lending to borrowers with low credit scores may mean that the chances of them paying their debts are low but creditors have not been daunted....
The recently passed credit card bill primarily addresses many of the unfair practices of the credit card industry. One particular amendment in the bill specifically calls for the protection of students. Sen. Bob Corker and Sen. Dian Feinstein are the sponsors of the amendment.
Credit card debts from college students are fast becoming a serious problem. Credit card companies often exploit college students, giving credit card offers to them while knowing that they are hardly in the position to...
The economic downturn has gotten the entire country in an uproar. Prices of basic goods are soaring, employment is going down, and interest rates are jumping from as low as 1.7% to as high as 25%. One thing that the economic collapse has proven is how important good credit rating is.
Banks have upped their interest rates to astronomical heights since the economic crisis began. They have also drastically lowered the credit limits for most credit holders. In most cases, those who have bad...