The so called ‘Durbin Amendment’ passed by congress last year, limits the amount of interchange fees (or swipe fees) that credit card companies can charge retailers. Because of this, several big credit card companies (Chase, Citi, Bank of America) are retaliating. These major creditors are considering capping debit card use to $50 or $100 for transactions. [...]
It seems debt collectors and debt collection agencies are getting more tech savvy these days. In the past, collectors would use things like ’skip-tracing’, personal investigations, phone records, and utility bills to find you. Their job seems to be getting easier now with the advent of social media. Facebook, My Space, Linked In and Twitter are [...]
Credit card companies are losing billions due to the newly enacted Credit Card Accountability Responsibility and Disclosure Act. In an effort to recoup some of these losses, companies are offering ‘business’ credit cards to individual consumers. Why? Because the new laws do not affect business credit cards. Credit card companies are ’skirting’ around the new [...]
Despite all the new regulations imposed by the government, credit card companies still somehow manage to squeeze consumers for every penny. If you have credit card debt, you know what we mean. There are still pitfalls, traps, and tricks credit card companies use, especially now, to make up for lost revenue. Consumer Reports recently published [...]
Ok, so how are we all doing just a week after the new credit card laws went into effect? Has anyone managed to get out of debt? We didn’t think so either. It’s a long climb to get out of debt. Certainly just a week after new regulations went into effect is not enough time. [...]
For those of you trying to get out of debt, but creditors keep changing the rules on you, get ready. On August 22, a new round of rules come out by lawmakers intended to further protect consumers from predatory practices. Most of the new rules were put in place this year [...]
When paying down your credit card debt, be sure to pay your monthly payment on time. Everybody knows that right? Sure. Everybody also knows when you don’t pay on time there’s typically an interest hike and a late fee. Right again! Do you know what your late fee & interest penalty is exactly? Well, it’s [...]
Don’t worry, all the new legislation and laws that are coming about credit card restrictions will protect you from traps right? Think again. There are still lots of loopholes credit card companies can exploit to trick you into debt. Aside from the legal loopholes, incentives are being ramped up as well. If you want [...]
Credit card companies are bracing for impact. On August 22, just about a month from now, new legislation goes into effect for creditors in an attempt to stop the madness with late fees, inactivity fees, and multiple fees for late payments (see our post HERE). Credit card companies are preparing for HUGE losses due [...]
Whether you’ve got credit card debt, medical bills, student loans, or other debt, you’re vulnerable. You’re vulnerable if you default on these debts. If a credit card company, for example, doesn’t get it’s money, they can sue. Recently, state courts have seen a very dramatic increase in debt collection lawsuits. Courts have been ‘jammed to [...]
