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Press:
Senate Banking Committee to Scrutinize Credit Card Industry
The Senate Banking Committee hearing on Credit Card Practices will be held on Tuesday, May 17, 2005 at 10 a.m. in the Dirksen Senate Office Building, Room 538. Linda Sherry of Consumer Action, Travis Plunkett of the Consumer Federation of America, Edmund Mierzwinski of the U.S. Public Interest Research Group and Dr. Robert Manning, author of Credit Card Nation, will represent the consumer interest in a Senate Banking Committee hearing on credit card industry practices tomorrow. On the same panel will be representatives of four of the largest credit card companies: CitiGroup, MBNA, Capital One and JP Morgan Chase. Also taking part in the hearings will be representatives of federal banking regulators, including the Federal Reserve Board and the Office of the Comptroller of the Currency. Abusive interest rate and fee practices by the credit card industry are the subject of increasing scrutiny by Congress, state and federal regulators, the media and consumers. For nine years, complaints about unfair credit card practices have topped Consumer Action’s list of all complaint categories. In 2004, 38% of the complaints we received were about credit cards. In the past six months, complaints to Consumer Action about “universal default,” hefty rate hikes imposed by credit card companies based on the way customers handle other credit accounts, have jumped more than 400% compared to the previous six months. -
Press:
Ways to avoid the payday loan trap
Back when life moved at a more leisurely pace, here’s how many people dealt with a short-term money crunch: They cashed a check at a friendly grocery store and prayed it wouldn’t clear before payday.… -
Press:
New rules slash card fees
Don’t look now but a funny thing is happening to the plastic in your wallet: It’s getting safer and easier to understand and use — at least if you’re the right type of customer. The… -
Press:
Time to refinance? Rates hit record lows
For anyone under the age of 57, mortgage rates are at the lowest point ever in their lifetime. This fact isn’t lost on a growing number of homeowners who have started a new wave of… -
Press:
New credit rules don’t apply to business cards
If you’re joining the ranks of the self-employed, you’ll need to take certain steps to show you’re serious about your business. A designated home office is a good idea. So is a professional-looking website. You… -
Press:
Lenders to disclose how credit scores affect mortgage rates
Home mortgage shoppers should see an addition to the application paper blitz starting Jan. 1 — a mandatory alert on how their credit scores might affect the rate quote and terms they receive from their… -
Press:
Tax deduction for mortgage interest could be cut
Fifteen years ago, Carol Nietmann and her husband bought a spacious house in Maryland near Chesapeake Bay. And thanks to the time-honored tax deduction for mortgage interest, she said, their new place was a little… -
Press:
The best paths to wipe out credit card debt
As one year ends and another begins, people begin to assess how deep in debt they are. Of particular concern is tackling credit card debt. The following is a transcript of some of the credit… -
Press:
Fannie Mae is jacking up mortgage fees
Here’s mortgage giant Fannie Mae’s sobering New Year’s greeting for home buyers and refinancers in 2011: Give me more money! If you want a loan this year, you’re going to have to pay more —… -
Press:
One in five mortgages default after modification
One in five U.S. homeowners whose loans were modified under a federal government program to help reduce foreclosures were at least 60 days late in their payments a year after their mortgages were reworked. The… -
Press:
In Fannie, Freddie overhaul better late than sorry
To hear congressional Republicans tell it, the Obama administration is much like the harried white rabbit that mutters, “Oh dear! Oh dear! I shall be too late!” in Lewis Carroll’s “Alice’s Adventures in Wonderland.” It… -
Press:
Title loans’ interest rates literally out of control
John Robert Aguirre stood forlornly at RPM Lenders on the edge of South-Central Los Angeles, slapping twenties onto the yellow countertop. He was a week late with his monthly payment, and the anxiety showed on… -
Press:
With credit cards, the good news only goes so far
TransUnion, one of the major credit bureaus, issued what on the surface should have been welcome news about the delinquency rate of credit users. The ratio of bank card borrowers 90 days or more late… -
Press:
GOP’s plan to wind down Fannie, Freddie
A month-and-a-half after the White House announced its plan to wind down Fannie Mae and Freddie Mac, House Republicans on Tuesday plan to introduce their own. According to congressional sources familiar with the matter, a… -
Featured:
Credit Cards - What You Need To Know - Training Manual
This training manual, written in question-and-answer format, will help give trainers the background they need to help participants understand how credit cards work and that the way they use credit cards can have an important…
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