Credit Cards Blog
Credit Card Reform 2010
The FED, the Office of Thrift Supervision, and the National Credit Union Administration voted in May 2009 to adopt new changes to credit card policies. These regulations are aimed to work in favor of consumers, protecting them from previously unfair and perhaps unethical practices from credit card companies.
Card’s fixed rate APR changes to variable? What to do?
In recent times, a number of credit card companies have hiked up interest rates, have changes interest charges from fixed to variable or done both. During such periods of economic hardship to the common man, this makes it much more difficult for people barely managing to stay current with monthly payments.
5 Steps to Greater Online Payment Security
Take these steps to greater online payment security to reduce the risks of your falling victim to identity theft and fraud. Prevention is better than cure.
How Credit Card Balance Transfers Affects your Credit Score
Believe it or not, credit card balance transfers take a toll on your credit score but to what depth depends on your situation. This post explains the general concept behind balance transfers and gives information on how reckless balance transferring may affect your credit score.
IberiaBank Pricing Changes
IberiaBank has announced pricing updates for its credit card products. As per IberiaBank message, the bank will no longer charge penalty pricing or over the limit fees on any of its products.
Consumer Credit Card Protection Law 2010′ – A Blessing or Curse?
Analyzing the consumer credit card protection law to take effect in February 2010, the new law poses many blessings to the consumer but a point of annoyance for card companies bent on increasing profits.
Getting Ready For a Crisis
As the saying goes, ‘failure to plan’ is ‘planning to fail’, a financial crisis deserves every bit of planning on your part. Gaining ammunition on what to expect during a financial crisis goes a long way in getting you ready for tougher times ahead and ensuring you don’t make the silly mistakes a lot of us subscribe to during these periods.
Understanding How Bailouts Work
What is a bailout? Since the beginning of the sub-prime mortgage crisis, a lot of financial terms have been thrown around by financial experts, Media, and Uncle Sam but nobody has taken the time out to explain what all these terms mean to Joe who isn’t very good with dictionaries. Outside of a class to gain financial knowledge, this article provides most of what every Joe needs to understand what a bailout is all about.
Obama Hosting Credit Card CEOs, Pledges New Rules
WASHINGTON – President Barack Obama is pushing to rein in costs for millions of Americans who use credit cards, an appeal to consumers as many struggle to pay their bills.
Laws to Prevent and Counter the Financial Crisis
Since the beginning of the crisis in late 2008, the U.S Government and Congress have passed a number of bills into law. These bills have been designed to inject liquidity into the financial markets, increase availability of credit, and encourage consumer spending. A number of regulations have also been introduced to curb practices in the sub-prime mortgage industry.
Vicious Cycle that led to the Financial Crisis
Experts have citied a lot of reasons for the financial crisis. Due to increased demand for housing, and government policies encouraging subprime mortgaging, banks lowered minimum requirements and credit ratings of potential borrowers became less important.
How the Financial Crisis Began?
According to the Federal Reserve and various other independent financial experts, the financial crisis of 2008 was largely an extension of the sub-prime mortgage crisis resulting from a burst in housing prices, and the inability of mortgage borrowers to fulfill their payment obligations and refinance current mortgage. This led to a situation where banks didn’t have enough money for lending and normal business purposes.
How Reducing Prime Rate Affects Credit Card Debt and Finance?
The prime rate is always seen as the first approach to controlling a recession. Burst periods which accompany the end of a market boom can be controlled by reducing the prime rate. Up until now, the Federal Reserve has steadily reduced prime rates in a bid to reduce interest rates and stimulate consumer spending.
Second ‘$800 billion’ Bailout and It’s Affect on US Consumer Banking
Unlike the first $700 billion stimulus package which was intended to promote inter-bank lending, the second bailout $800 billion economic stimulus package would be used to purchase consumer debt and mortgage backed securities.
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