Credit News

Consumers Cutting Back On Credit Cards

March 14, 2011

According to a new study from the credit bureau, TransUnion, there are as many as eight million credit card accounts that are deemed “incactive” today. The inactive accounts are believed to have contributed to the 24.6% decrease in U.S. Credit card delinquency rates. The majority of the inactive cards were in the “high risk” category [...]

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Business Or Professional Credit Cards

February 2, 2011

With the passing of the CARD act many of the most egregious practices with credit cards have been eliminated for personal credit cards. But not for business credit cards. A so-called business or professional credit card is not regulated by the CARD act so the advantages to getting one of these cards should be carefully [...]

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Kardashian Card Is History

December 7, 2010

The debit card that was targeted towards teens and had the likeness of the Kardashian sisters on the front has been withdrawn from the market. 250 consumers bought the MasterCard-branded “Kardashian Kard” since it was launched on November 9 and these people can continue to use the card for up to 30 days and then [...]

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Beware Of The Interest Rates On Store Credit Cards

November 15, 2010

If you must use them at all, that is. Store credit cards are much more detrimental to your credit score than the typical credit card. After all, 10% of your score is determined by the type of credit that you have. The credit bureaus don’t like retail cards. A regular credit card is much more [...]

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The CARD Act of 2009 And The Benefits For Consumers

October 27, 2010

On February 22, 2010 the Credit Card Accountability Responsibility and Disclosure Act of 2009 took effect. The CARD as it is more popularly known, is a comprehensive credit card reform legislation that is meant to establish “fair and transparent practices relating to the extension of credit under an open end consumer credit plan” and for [...]

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Credit Card Company Tactics

October 1, 2010

The credit card companies have a mission, to make money, no matter what. Even though now Congress has passed both the Dodd-Frank financial “reform” law and the Credit Card Accountability, Responsibility, and Disclosure or CARD act of 2009, credit card companies are still up to their usual tricks and tactics in order to get more [...]

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Spending Up But Debt Down

August 31, 2010

Credit card spending is up this year over the same time as 2009 indicating a bit more confidence from consumers; however, credit card debt has dropped to the lowest level in eight years. The last time spending was up was the third quarter of 2008 right before the financial meltdown hit the most people. Read [...]

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Auto Lenders Loosening Up Lending

August 30, 2010

Auto lenders are responding to the bad economy by loosening up a bit. More and more people with problematic or blemished credit are able to get car loans these days, and that is especially true with the new-car loans. The average amount financed on vehicle purchases is also increasing. While lending standards are still much [...]

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No More Unreasonable Late Payment And Penalty Fees

August 23, 2010

As of Sunday, August 22, 2010, the punishment must fit the crime. No more paying $35.00 for a $5.00 mistake. If you don’t have the money in your account yet you use your debit card, you will still get a penalty fee but now it will be more equitable. The fee cannot exceed the violation, [...]

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Last Significant Provisions From the CARD Act To Take Effect 8/22

August 18, 2010

The last of the significant provisions of the CARD act includes · Requiring penalty fees to be “reasonable and proportional to the omission or violation” (no more outrageous late fees, etc.) · Prohibits the credit card issuers from charging a penalty fee of more than $25.00 for being late on a payment or other violations [...]

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