4 Ways Sneaky Banks Will Evade the New Credit Card Law

For months I’ve been trying to figure out what credit card companies are going to do to get around the CARD Act, which takes effect on February 22. I had already identified one — switching everybody to variable rates linked to an index like the prime rate. Doing so allows to banks to change your [...]

Credit card companies exploiting loopholes in federal law

Upcoming federal credit card reforms are intended to make debt management easier for people, but one consumer group is warning that lenders are already using a variety of tricks to continue maximizing their profits.
According to the Center for Responsible Lending (CRL), consumers are finding it very difficult to gauge the true cost of their [...]

Suze Orman on credit card companies

Orman said credit card companies are changing the rules on consumers before the government changes the rules on them.
“People are being raised to 30, 31, 32 percent (interest rate) across the board — for no reason at all in many of the cases,” Orman said.
Coming in February 2010, there will be “consumer friendly” reforms to [...]

Responding to a Credit Card Company Suing You

Sadly, if you don’t pay off your credit cards, you may soon find out that the credit card companies are going to come around, and most likely sue you. Should they be able to do this? Of course, you’re borrowing their money, and they want it back. If you gave someone $1,000, [...]

Students Get Squeezed between Credit Card Companies and Colleges

College students beware: School is back in session in a few short weeks, and that also means credit card companies are gearing up to tempt you with as many offers as possible. Often, you’ll see their tables set up in student common areas, laden with enticing gimmicks – from baseball hats to MP3 players.
Selling student [...]

Avoiding Bankruptcy Can Be a Mistake

Despite the fact that they may have little or no equity in their home (if they own one), and despite the fact that they do not have any assets that can be lost in a bankruptcy, they have this negative opinion about bankruptcy and want to avoid it.
But this is usually a mistake. Bankruptcy [...]