Consumers 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...
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...
The recent passage of the credit card bill from Congress was cause for celebration for credit cardholders, though the legislation itself won't become active until nine months have passed. Now, the government is looking into other credit card practices that seem unfair to consumers and how best to legislate them.
Currently, the Government Accountability Office is studying credit card usage among American consumers. They are interested in one particular practice and its effect on merchants and...
The passage of the credit card bill has given credit cardholders a lot to look forward to when it becomes active after nine months. With the credit card bill in place, credit cardholders can expect to see limitations being put in place for interest rate hikes, credit card agreement transparency, and generally, more protection for them from unfair credit card industry practices.
However, a key fact is being overlooked by many of those who are hailing the approval of the credit card bill –...
As the bill protecting credit cardholders from unfair and deceptive practices steams through the Senate, unrelated amendments are making their way into the bill. One example is Sen. David Vitter's immigration provision, which would have banned non-American citizens from owning credit cards. It never really had a chance and was quickly dropped.
However, one amendment that seems to be holding on is one that allows visitors in national parks to carry guns. Surprisingly, the amendment passed...
Credit card debt is a fact of life. That needs to change as soon as possible, especially if you want to survive the economic crisis. To do just that, read on.
Don't Spend What You Don't Have
Credit cards are very convenient, no argument. With credit cards, you don't have to carry a wad of cash every time you go out, you only use a small, thin card to pay for your purchases and you get to shop even if you don't actually have the money to pay for it. That last one is the problem.
Credit...
The economic recession, the rise of unemployment, and the fall of the property markets have hit the country quite hard. For the average American, the reality has been rising loan rates, the risk of losing homes, and the threat of unemployment. As a result, every American has had to rethink the way they spend their earnings.
Today, Americans around the country are moving away from their old, consumer-driven spending habits. The order of the day for most Americans is now spending smart. It...
With rising credit interest rates and ever increasing credit fees, everyone desperately wants to get out and stay out of debt. Unfortunately, more than it has ever been before, this is something that is much easier said than done. Still, there is hope. With a bit of belt-tightening, some smart spending decisions and keeping an eye on the details, it is possible for you to live debt free, even with the current economic climate.
According to industry insiders, the average American family owns...
Credit card consumers may be relieved to hear that President Obama and top economic officials will meet with the heads of 14 major banks to discuss unfair credit card practices. Since the beginning of the financial crisis credit card companies have implemented many practices to try to reduce their level of risk. Unfortunately most of these aggressive practices are putting Americans finances at higher risk as they continue to struggle with increased unemployment, loss of savings and other...
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