Are Consumers Really Paying Off Credit Cards?
A report out this week says that Americans reduced their credit card debt by $93 billion between 2008 and 2009. This could be seen by some as good news. Experts are not convinced. According to an analysis of federal data by cardhub.com, a credit card comparison site, during the third quarter of last year, bank [...]
Bipartisan Debt Commission Or Mission Impossible?
In an effort to rein in the ever growing national debt, President Obama signed an executive order last Thursday creating a bipartisan debt commission that will plan a course of action to address and diminish the federal budget deficit to 3% of gross domestic product by 2015. That is in comparison to the current 10% [...]
New Consumer Protection Agency To Monitor Lenders
The Massachusetts Public Interest Research Group recently released a report which revealed practices of lenders who offer private or student loans. Private loans differ from Federally based loans. Private loans have no capped limit on interest rates and some lenders are charging significant up front fees in order to originate the loan.
Because of these practices, [...]
FTC Reporting Abusive Debt Collection Tactics
The FTC has received more than 45,000 complaints about debt collectors in the first half of the year, up almost 20% compared to the first six months of 2008. Debt collection agencies have been under more scrutiny in the last year than ever before.
If you are like many other Americans who have fallen behind on [...]
Consumer Protection Agency One Step Closer To Reality
New legislation passed by the House of Representatives, the Wall Street Reform and Consumer Protection Act, would give the government new powers to break up companies that threaten the national economy. The Federal regulatory restructuring would require the creation of a new agency that will be responsible for overseeing consumer banking and rein in shady [...]
