Report: Consumers To Blame For Financial Crisis
A new report released from the Mckinsey Global Institute says consumers are to blame for the global financial meltdown of 2008. The Mckinsey report blames middle-class consumers… Americans, Britons, Canadians, and others for purchasing more home than they could afford. The International banking Community and Wall Street have been looking for a way to deflect [...]
Credit Card Debt Declining
According to the Federal Reserve, consumer credit card balances saw the largest dollar value drop since records began in 1968 and the biggest percentage drop of 18.5% since December 1974. The Federal Reserves monthly G-19 Report considers various components of consumer debt which include revolving debt, consisting mainly of credit card debt, and non- revolving [...]
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 [...]
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 [...]
