Jun 19, 2009
We periodically read other consumer complaint sites to see what active trends in business/consumer relations lie. And every so often there is an articles that will not fit the demographics of a site. On Monday June 15th 2009 major credit card companies announced a rise in consumer card defaults, and some consumer sites have picked up on this information. The rise across the board is roughly 1 percent. Although that seems small in contrast, to big business that means serious a serious ... Read More
Jun 18, 2009
A federal court has ordered a payment processor that debited consumers’ bank accounts without their authorization to pay $1,779,000 in consumer redress and to end the illegal practice. Payment processors serve as middlemen between merchants and banks or credit card companies. In 2006, the Federal Trade Commission charged the defendants with unfairly debiting thousands of consumer accounts for a merchant’s nonexistent “discount pharmacy cards,” despite indications that the pharmacy card operation was bogus.
According to the FTC’s complaint, the payment processor did not ... Read More
Apr 24, 2009
Trying to get a decent loan during hard times is tough. Trying to keep your payments current to existing lenders is also tough, imagine not having a job, and wanting to do all that. This is not an education piece, but a "let's not go down that road again" piece. Predatory lenders thrive during the backside of a peak. When we refer to a peak we are talking about the point when our economy is just about to turn down. We have ... Read More
Apr 6, 2009
The victories just keep pouring in. Rep. Carolyn B. Maloney (D-NY) the sponsor behind H.R. 627, has got her bill through the sub-committe which provides the U.S. consumer one more tool towards protection from greedy credit card companies that have been running rampant with abuse for so long. The “Credit Cardholders’ Bill of Rights,” provides crucial protections against unfair, but unfortunately common, credit card practices.
Here is the summary of this bill, and what it will do for the consumer.
Ends Unfair, Arbitrary Interest ... Read More
Mar 5, 2009
We talked about this last fall. Credit card companies that abuse their authority, and make a huge negative impact to the consumer. American Express, Chase Cut Card Limits, how does this effect you? What can you expect in the future, and what can you do to stop this sort of abuse. All of these are valid questions, but the answers might shock you.
Let’s first visit the idea of what your credit card payments are going to be with this new “Terms of ... Read More
