News

2007

June

04

• Beware these credit card traps. One of the biggest challenges facing the 1.5 million or so new college graduates is learning to use a credit card wisely. Many grads already carry an average card balance of nearly $3,000, according to…

• As the kids go buy. They agonize over price. They're thoughtful, not impulsive. They arrive at the mall with information and purpose. They actually care about what their parents would think about those micro shorts. They are teenage girls, and…

03

• Option ARM rife with pitfalls for borrowers. For Los Angeles newlyweds Joseph and Jamie Horton, the deal looked too good to pass up: a mortgage with an initial 1.75 percent interest rate and payments that wouldn't change for five years. The Hortons…

• Climbing out from under college debt. You've got the college degree, and now you're stressed about what to do with the debt. "Even if your student loans exceed your annual salary -- which is, unfortunately, a common phenomenon these days --…

02

• Reprisals on property appraisals. A federal class-action lawsuit is focusing attention on an issue that's important to homeowners nationwide: Who - or what - tells you how much your property is worth? Is it a person? A digitized substitute?…

01

• Bad times for credit card owners. Credit-card providers appear to be moving "universal default clauses" - where interest rate increases are based on the way customers handle other credit accounts - deeper into their disclosures, making it harder for consumers to…

May

30

• Get compensated for airline wrongs. For the past four months, Mahesh Soori has been engaged in a slow and torturous battle with United Airlines for what he says is a well-deserved refund. The refund stems from travel his parents endured…

• How insurance scores affect premiums. How is the credit score that insurance companies use when setting premiums different from the one that lenders use when determining your rates on a loan? The version insurers use is slightly different from the…

• Consolidating your student loans. It's a good thing you got that college education. You can put it to good use navigating the complex maze that is the student loan industry as you consider whether to consolidate your federal student…

29

• No reform on private student loans. For weeks, an investigation of the student loan business has been scrutinizing whether close ties between lenders and colleges have enriched them at the expense of debt-laden students. New York Attorney General Andrew Cuomo, at…

27

• Don't let movers take you for a ride. Few things in life match the stress and expense of a big move -- just ask anyone who has recently changed addresses. "Moving is a major decision that can really impact your financial status," said…

26

• Can FHA bill save the day?. With more credit-stressed mortgage borrowers falling behind on their payments, will Congress step in and throw them a lifeline? Will legislators transform the most consumer-friendly home mortgage program for moderate-income buyers into a serious alternative…

25

• Credit cards: As rough as ever. There are some things you can control with your credit card bill, including how much you charge every month and how much you pay back on time. Beyond that, though, the ball is in your…

• Credit cards still charging high fees. A credit card survey by Consumer Action out is warning credit card holders are still being hit with big fees, penalties and unexpected rate changes, in spite of increasing scrutiny of these practices. And we…

• Fees, rates up on credit cards in 2007. The average late fee on credit cards has soared to $28 in the United States, while penalty interest rates average 24.51 percent, according to a survey released Thursday by Consumer Action. The San Francisco-based consumer…

24

• Consumer Action's 2007 Credit Card Survey released (‘Any time, any reason’ changes in terms give consumers no place to hide from high penalty rates and interest rate tricks). For immediate release, Thursday, May 24, 2007—Consumer Action (CA) today releases its 2007 Credit Card Survey, which reveals new details about industry practices, including: Universal default provisions, where interest rate hikes are based on the…

• Fed calls for more card fee disclosure. The government wants to make it easier for you to know when your credit card company is about to pull a fast one, or to figure out when it already has. The Federal Reserve Board…

• House passes gasoline gouging bill. Congress is desperate to show it feels your pain at the pump. The House today voted, 284-141, to pass a bill that would make gasoline price gouging a federal offense. In the Senate, Democratic leaders…

• Tax collection tactics under scrutiny. The battle over the IRS' use of private collection firms to dun delinquent taxpayers escalated Wednesday as a congressional panel debated the companies' tactics and cost-effectiveness. The House Ways and Means Committee's sparring, largely along…

• Fed releases new credit card disclosure proposals. redit card companies would have to disclose interest rates and fees in clearer, easier-to-understand language under proposed new consumer-protection rules that could take effect by year-end. The proposed rules, which the Federal Reserve Board unveiled…