reuters.com - 12/14/2008
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WASHINGTON (Reuters) - The U.S. credit card industry, harshly criticized for imposing surprise fees and interest rate hikes on consumers, may face a day of reckoning on Thursday.. The Federal Reserve is to vote on credit card reforms that may bring some relief to customers who face a variety of ...
google.com - 12/18/2008
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google.com —
9 hours ago WASHINGTON (AP) Consumers will be
shielded from increases in interest rates on existing account...
balances on their credit cards under new rules being adopted by federal regulators. The changes will allow credit card companies to raise ...
(more)
The Associated Press: Consumer-friendly credit card ...
onthehillblog.blogspot.com - 12/19/2008
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onthehillblog.blogspot.com —
Federal regulators issued credit card rules that take
a "significant" step to curb some of the industry's...
most unfair and abusive practices, according to a well-known research and policy organization working to eliminate abusive financial practices.
(more)
Center For Responsible Lending: New Credit Card Rules a ...
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Banks and consumers brace for new credit card rules
Democratic Underground Latest Breaking News —
... defaults, shorter payment periods and confusing payment allocations for different balances. Credit card users likely also would see easier-to-read tables in their monthly statements as a result of the changes. The new rules, which were proposed earlier this year, are expected to total some 1,000 pages. They need approval of the Federal Reserve, the Office of Thrift Supervision and the National Credit Union Administration, which all are expected to act on Thursday. Read more: http://www.reuters.com/article/topNews/idUSTRE4BC1YK200...
A Day of Reckoning for Credit Card Companies
Crooks and Liars —
... A good friend who always checks every single item in every bill has told me she finds more companies playing games with the bills lately. She even got charged a late fee because they changed the posting time (not date) on her bill. She fought it and won. ...
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Obama set to OK new credit card rules
msnbc.msn.com 5/22/2009 — New rules for the credit card industry that are designed to protect consumers from surprise charges, such as over-the-limit fees and costs for paying a bill by phone, are part of a bill President Barack Obama is set to sign into law.
Credit Card Companies Raising Rates on Consumers
foxbusiness.com 2/27/2009 — Credit-card companies continue to raise customer interest rates and fees despite a record-low target rate from the Federal Reserve and billions of dollars in bailout money that has been pumped in to the financial companies. Though the Federal Reserve ...
Banks Brace for Credit Card Write-Offs
nytimes.com 5/11/2009 — It used to be easy to guess how many Americans would have problems paying their credit card bills. Banks just looked at unemployment: Fewer jobs meant more trouble ahead. The unemployment rate has long mirrored banks ’ loss rates on card balances. ...
Banks asking for credit card debt forgiveness
huffingtonpost.com 10/31/2008 — WASHINGTON — With defaults on credit card debt spiraling amid a global financial downturn, banks already reeling from the mortgage crisis are losing billions more from unpaid credit card bills.
Big banks have formed an unusual alliance with ...
For banks, what credit crunch?
startribune.com 11/18/2008 — The president hectors bankers to lend. The secretary of the Treasury complains that banks are hoarding cash. The Federal Reserve chairman sounds alarms about reanimating banks in gridlock. The nation indeed may be facing a financial crisis, with large ...
Video: Credit card controversy
marketnewslive.blogspot.com 4/23/2009 — High credit card fees are coming under fire in Washington but banks say they need to price in risk.
WSJ: Banks may see record credit card losses
calculatedrisk.blogspot.com 10/23/2008 — From David Reilly at the WSJ Heard on the Street: Credit Card Losses May Scale New Peak
... A broader range of consumers now carry cards, and many run consistent credit balances to fund their lifestyles. This has led to successively higher peaks over ...
Credit Card Industry May Cut $2 Trillion Of Lines: Analyst
nytimes.com 12/1/2008 — (Reuters) - The U.S. credit card industry may pull back well over $2 trillion of lines over the next 18 months due to risk aversion and regulatory changes, leading to sharp declines in consumer spending, prominent banking analyst Meredith Whitney said.
Credit Card Payments and Psychological "Anchoring"
tpmcafe.talkingpointsmemo.com 12/17/2008 — How much do you pay per month on your credit card balance(s)? The minimum suggested? The full balance? Somewhere in between? Does the "suggested minimum" payment (a legal requirement) have an effect?
It may not seem so, but psychologists have ...
Michigan makes its plea —
First Read 12/12/2008
From NBC's Domenico Montanaro Now that Detroit bailout efforts have failed in the Senate, members of the Michigan Congressional delegation is asking the White House, Treasury and the Federal Reserve to step in and take action to prevent the ...
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