Oct 8, 2009
Two bogus credit repair companies and their principals settled Federal Trade Commission charges that they falsely claimed they could clean up consumers’ credit reports and collected up-front fees for their services, in violation of federal law. In one case, the FTC alleged that the defendants marketed their services via Web sites and real estate investment seminars and falsely claimed that their special relationships with creditors, collection companies, public records providers and credit bureaus enabled them to remove derogatory information from consumers’ credit ... Read More
Sep 4, 2009
Many credit cardholders find their interest rates rising, minimum payments spiking and credit limits plummeting, says Consumer Action, which today releases its 2009 Credit Card Survey.
The results of the new Credit Card Survey confirm widespread cardholder complaints that even excellent customers who carry a balance are subject to costly, unilateral increases in their credit card bills.
Consumers are seeing increases in purchase rates, cash advance rates and in some cases default rates. Some issuers are using the new credit card law coming next ... 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
