According to an article in the Star-Telegram , many credit card changes will take effect next week. Credit card companies can no longer change interest rates and fees on a whim and they are required to notify credit card consumers at least 45 days in advance of changes. But many credit card companies are already [...]
As more credit card consumers make use of the credit lines, some companies are taking the opportunity to increase their interest rates. Many credit card consumers don't realize that they may have the right to "opt-out" of an interest rate hike in most cases. The first thing credit card consumers need to know is that [...]
According to an article in CNN, America's senior citizens are racking up credit card debt at a rate that outpaces other groups. The article said: "People age 65 and up carried an average of $10,235 credit card debt in 2008, according to a study released Tuesday by Demos, a public policy research group. That's an [...]
Many credit card consumers are under the mistaken belief that as long as they pay "something" on their credit card debt every month (even if it's lower than the minimum required payment), their creditor cannot take further action against them. That's a MYTH. The truth is that each credit card has a minimum payment requirement [...]
According to an article in the Star-Telegram , JPMorgan Chase & Co. and Bank of America Corp. are replacing fixed interest rates on some credit cards with variable rates. The credit card lenders' decision to go with variable rates was influenced by the new laws created to protect consumers from predatory credit card lenders. The [...]
In Sections 301 to 305 of the new credit card legislation are designed to control the credit card industry's very aggressive targeting of youth in college, specifically those less than 21 years old. The legislation specifically requires anyone younger than 21 to prove that they can repay the money before being given a credit card [...]
Between January 2007 and January 2009 credit card defaults increased by 75 percent, sending many credit card companies into a panicky frenzy in an effort to avoid the slew of bankruptcies caused by massive foreclosures in the mortgage industry. What They're Doing Plain and simple, credit card companies are cutting limits, increasing rates, increasing monthly [...]