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. [...]
If you have difficulties curbing your spending and getting out of debt with your credit cards, you are not alone. Hundreds of thousands of Americans still struggle with credit card debt. Credit card debt is a never ending cycle. Credit card companies know this, and by keeping you in debt, they profit by millions of [...]
Ok, for all you folks thinking you’re safe out there with credit cards and the deceptive practices of creditors, here’s one more example of how they put consumers deeper into debt. And they like to keep it that way for obvious reasons. The U.S. Justice Department and seven US states are suing Visa, Mastercard and American [...]
Having large amounts of debt can cause many problems we all know. We blog about it here all the time. Debt affects credit score, your ability to get new loans, and even a new job. What we haven’t talked about yet is the strain it puts on your personal relationships. Sometimes the hidden debt isn’t even [...]
Here we go again. The latest report from a Fed study shows that credit card companies are like a ‘reverse Robin Hood’. You know Robin Hood. He’s the guy that used to help out his fellow woodsman and villagers by stealing from the rich and giving to the poor. Ok, well credit cards do the [...]
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 [...]
The FICO credit scores of US consumers are crashing and burning. You’ve probably already read that millions of people across America (43 million to be exact) are sinking below a FICO score of 600. The plummet is being fueled by rising credit card debt, foreclosures, late payments and otherwise huge amount of debt. In [...]
Since we just talked about heeding the danger signs of credit card debt, we thought we’d share this review with you. We previously mentioned debt management programs such as debt consolidation, but thought another reminder might be in order. This has become sort of a buzzword among consumers thanks to the bombardment of radio, TV [...]
Sometimes we get caught up in life’s little routines; so much so that we may miss signs of approaching danger. If you’re unaware you may be headed towards debtville, with your pedal to the metal, consider the warning signs below. If you can’t curb spending and you’ve racked up credit card debt, we have written [...]
This post is the first in our ‘Case Studies’ series which will detail actual comparisons in debt settlement costs compared to debt resolution costs. These are real examples, submitted by clients and they are provided in order to help you choose a debt management solution. Whether you have credit card debt or other unsecured debt, [...]
