Report Reveals Deceptive Practices of Credit Card Issuers
A new research study just released from The Center for Responsible Lending (CRL) finds credit card companies are working hard to find loopholes in order to bypass the new regulations being imposed by the Federal Reserve Board. This study examined the practices of issuers that hold over 400 million credit card accounts. It found eight [...]
Banks Forced To Make Changes, Consumers Benefit
Bank of America has launched a new program that will offer to their credit card customers an easy to understand list of terms and conditions for each customers account. This is in response to the credit CARD Act enacted in May 2009 and will be in full effect starting February 2010. The credit CARD Act requires [...]
Debt Relief Companies Under Fire
The Federal Trade Commission is proposing stricter rules for debt relief agencies by requiring them to disclose, in greater detail, how their programs work as well as limiting up-front fees. Debt settlement, a predatory debt relief option, entails deliberately failing to pay creditors until an agreement is reached to pay only a portion of the [...]
New Bill To Freeze Credit Card Rates
The Credit Card Accountability, Responsibility, and Disclosure Act (CARD), enacted in May 2009, prevents arbitrary interest rate, fee and finance charge increases on a customers existing balance. The credit CARD Act requires a 45 day notification of interest rate increases and also lengthens the due date that statements must be delivered, from 14 days to [...]
National Foundation for Credit Counseling
The National Foundation for Credit Counseling (NFCC) accredits debt counseling agencies with high standards, high ethics, certified counselors, and policies that help consumers achieve financial stability. Consumers with difficult credit issues will find low-cost assistance. The NFCC includes over 100 member agencies and 900 offices across the nation. Most NFCC member agencies are considered Consumer [...]
Predatory Lending
Predatory lending usually means a secured loan made by a lender that knows the borrower won’t be able to repay them. They then sieze the car or home and sell it. The practice involves some deception on the part of the lender. Some of the practices of predatory lending are illegal in many states. Other [...]
