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Credit card interest rate increases are behind the House's vote Wednesday to make new rules on credit card companies immediately, accelerating the February enactment date in legislation previously passed by Congress.
Not only have credit card companies continued to use practices that will be outlawed under a strict law due to take effect in February, in many cases their policies have gotten harsher since the law passed.
Senate Banking Committee Chairman Chris Dodd, who is fighting for his political survival, proposed Monday an immediate interest rate freeze on existing balances for the estimated 700 million credit cards in circulation.
The House Financial Services Committee has voted to speed up the enactment of tough new credit card rules from mid-February of next year to Dec. 1 of this year.
Moving up the effective date of tough new regulations to protect credit card customers from sudden interest rate increases could be a double-edged sword, according to Federal Reserve Chairman Ben Bernanke.
Fed up with rising fees, interest rate hikes, limit cuts and other harsh changes to their credit cards, most consumers want the date for major reforms moved up.
Rep. Barney Frank, the tough-talking liberal ushering through a major rewrite of rules governing Wall Street, sounded a warning shot on Thursday to big banks: Start playing nice or Congress will make your life even more difficult.
The Federal Reserve proposed rules Tuesday to better protect Americans from sudden hikes in interest rates on credit cards.
The rate at which credit card holders fell behind on their payments was far worse in the second quarter than it was last year, but did improve sharply from the alarming level seen in the first three months of 2009.
The rules your credit card company operates by will start getting much clearer on Thursday. But just because you'll know what they're up to doesn't mean you're going to like what you learn.
Most major credit card companies say fewer customers defaulted on their accounts in July, but that doesn't necessarily mean they're financially better off.
Two major credit card providers reported more improvements in delinquency rates in June on Wednesday, an encouraging sign that borrowers are not in as bad shape as many had feared.
It could be time to kiss fixed-rate credit cards goodbye.
Credit card reform may be looming in the headlines, but for now the fine print is still hitting consumers hard.
Credit card interest rates wavered in the past week, with the lowest rates holding steady while some higher rates dipped.
Credit card holders who in ordinary years might have used their tax refunds to pay down their balances apparently spent the money elsewhere as the recession deepened in the first quarter.
The new credit card law is receiving widespread kudos as a victory for cardholders over the lenders that impose "gotcha" fees and penalties with scant justification and little notice.
President Barack Obama warned overeager shoppers and greedy credit card companies alike on Friday to act responsibly as he signed into law a bill designed to protect debt-ridden consumers from surprise charges.
New rules for credit card companies will clamp down on when they can hike interest rates and force them to spell out their terms in plain English. But opening your monthly statement could still be a dizzying experience.
The overhaul of the credit card industry is being hailed as a triumph for long-abused consumers. But before you start banking on falling interest rates or vanishing fees, you might want to read the fine print.
A look at legislation with sweeping new rules for the credit card industry that Congress sent to the president on Wednesday, as well as pending Federal Reserve regulations.
It's an end of an era for the thousands of college students who rely on MasterCard or Visa to get them through tight times.
The Senate has cleared the way for a final vote on prohibiting credit card companies from arbitrarily raising an individual's interest rate and charging many of the exorbitant fees.
Unable to stop the tide of foreclosures and job losses, lawmakers are hoping to give voters at least some breathing room in the economic downturn by banning arbitrary credit card rate hikes and excessive fees.
Push to Simplify Credit Card 'Gobbledygook'Have you ever read your credit card contract? If not, you're not alone.
GOP senators block effort to freeze credit card interest ratesThe Grand Obstructionist Party... The last Congress, the GOP set a record for obstructing more legislation than any congress prior, this Congress, the GOP will break their own record...
Beware Of Credit Card Debt Reduction Offers Woman Charged Hundreds In Alleged Scam (Video)BOSTON -- With unemployment in double digits, millions of people are struggling to pay their bills. Team 5 Investigates Susan Wornick reported that offers to help reduce credit card debt can be tantalizing, but may not be legitimate.
Is Bank Of America Of Trying To Skirt The CARD Act With New Annual Fees?WalletBlog has accused Bank of America of breaking the spirit of its "no new fees" promise and of potentially breaking the law next year, after it announced it will introduce annual fees on some existing credit card accounts in 2010.
Cops: DNA ties anchor slaying suspect to rapeForensic evidence gathered at the home of a slain television anchorwoman led police to a man now also suspected of raping a school teacher in eastern Arkansas, officials said Friday.
Stricter credit card terms likelyBanks expect to tighten terms on credit cards in response to a new law that aims to protect consumers from sudden rate increases, the Federal Reserve said Monday.
State Gives Lesson In Credit Card Debt Federal Laws Change The Way Credit Card Companies Conduct BusinessBOSTON -- The state estimates Boston-area college students are more than a half billion dollars in debt, and that doesn't even include student loans. NewsCenter 5's Susan Wornick said that the state has a new lesson plan for educating co-eds.
Credit-card rates up before new lawHave you checked the interest rates on your credit cards lately? Odds are they're going way up.
Financial Terrorism in AmericaThe Taliban is no threat to the security and well being of this Nation, yet we will spend trillions to try to suppress them. The greatest threat facing this nation (as with all great threats) is from within our nations borders.
Swine Flu....is todays Big Business.Yes ...flu and politics do mix.....with big business at the helm. Can you even name anything that is competing more for medical attention than flu? Hospitals filled to capacity. Dr offices full. Waiting in lines for shots.
Banks punish perfect customersIf you do everything right and play by the rules, you may be asked to pony up between $29 and $99 a year.
As the holiday season nears, most of us look forward to spending time with family and friends. Children anticipate the arrival of Santa Claus. It is a time for peace and harmony. Our minds are filled with feelings of generosity, sentimentality and reflection.
Elizabeth Warren: We Have Consumer Protection For Toasters In This Country But Not For Mortgages and Credit Cards (Interviews and Video From Michael Moore's New Film)The House Financial Services Committee passed a watered-down version of the proposed Consumer Financial Protection Agency Thursday morning. In the words of Financial Services chairman Barney Frank: "We have restricted the CFPA from what the administration proposed."
Fed is proposing tough new credit card rules - Ban on first-year rate increases , issuing to those under 21 without cosignerWASHINGTON - The Federal Reserve proposed rules Tuesday to better protect Americans from sudden hikes in interest rates on credit cards. The proposal would generally bar rate increases during the first year after an account is opened.
$1 million in credit?!?!"Dear Credit Card Adviser, I have approximately 20 credits cards with a combined credit limit well in excess of $300,000. At the start of this credit crunch I read about "use it or lose it" regarding credit cards.
Fed Proposes Tougher Credit Card RulesCredit, I predict, will be a thing of the past. Credit is a want, not a need. It should be temporary and not forever.
This came up in a thread - and so I figured I'd make it easy to find - it's my long term monetary/economic forecast (Just like in the title!!! How 'bout that!)
American Express Small Business OPEN -- "Not Really"A small business owner and professional photographer speaks out how OPEN isn't really open at all. The sign reads, "Credit Lines CLOSED." And just a few days ago, American Express released they are again paying Ogilvy & Mather to re-market their Brand: Trust.
'How we paid off $106,000 in debt'Five years ago, the Hildebrandt family of New Richmond, Wis., was juggling more than $100,000 in credit card and personal debt. Through frugality, determination and hard work, they are now -- other than a mortgage -- debt-free.
Retailers Ready for Fight on Credit-Card FeesAmericans are being forced to pay significantly higher swipe fees whenever they use their credit cards than any of their peers in the industrialized world, according to a report by the Merchants Payments Coalition.The report, released Thursday by a coalition of retailers, superma …
Australians crunching credit card debtReserve Bank statistics show credit cards are being payed off at the fastest rate on record.
Today, I read of a woman that had started a credit card revolt. She had posted a short on U.Tube and over a hundred thousand had watched it to date.
The U.S. Secret Service made arrests last Wednesday, Sept. 2, in a case that combined elements of international fraud, credit card data, luxury auto exports, and counterfeit credit cards.
Credit CardThere are so many banks and financial institutes issuing credit cards. They provide credit cards after the verifying account. Then the card owner may use it for shopping at bazaar where the bazaar management may accept that card.
Overspending on Debit Cards Is a Boon for Banks "...he was stunned when his bank charged him seven $34 fees to cover seven purchases when there was not enough cash in his account, notifying him only afterward. He paid $4.14 for a coffee at Starbucks — and a $34 fee.
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