credit cards: Credit Card Reform? - 04/22/09 08:00 PM
Finally, the Obama administration is trying to rein in the credit card companies. Because congress is at the beck and call of the credit card lobbyists, they have been stalling on enacting any credible credit card reform. Even though the U.S. Federal Reserve has already drawn up new rules to protect consumers, they aren't scheduled to take effect until July 2010.
Get this quote from Edward Yingling, president of the American Bankers Association, the banking industry's lobbying group. "The [banking] industry understands the concerns about credit cards, but the administration should fully recognize the impact of the Federal Reserve Board regulation, which is one of … (2 comments)

credit cards: Using a personal loan to pay off credit cards - 04/16/09 10:04 AM
I want to pass on this blog by Matt Listro. This is an exceptional review of a few ways to deal with credit card debt, as simple as 1,2, 3.
Very good advice. Thank you Matt!

Using a personal loan to pay off credit cards:
OK so you've got credit card debt - what are YOU going to do about it.  First you need to take charge (no don't go charge - take charge - insert chuckle here).  You have three options:
1) file bankruptcy.  Yes it's an extreme response - but if you are so far in over your head … (3 comments)

credit cards: Still More Credit Card Interest Rate Hikes - 04/13/09 01:41 PM
"Complaints rise about interest rate hikes" was scrolling across the bottom of the screen on CNBC's Power Lunch show this morning. That piqued my interest, so I waited for the discussion to follow. When Bill Griffith and his cohorts finally brought up the story, the discussion, although brief, covered a variety of viewpoints. There were arguments made both against, and in defense of the banks. These are the highlights that I noted:

Arguments criticizing the Banks: 
Banks that have received TARP money are raising interest rates on Credit Cards Responsible consumers are targeted for increased fees Rate hikes are arbitrary and indefensible The "Consumer Bill of Rights" is still merely … (7 comments)

credit cards: Join the Credit Card Revolt! - 04/08/09 10:46 AM
I wish I could take credit for the Credit Card Revolution. But that is beside the point. When I wrote the blog "Days of Our Fathers" a few weeks ago, I was hoping to start a mini-revolution. I decided that I had taken enough abuse from the credit card companies, and I wasn't going to take it anymore.
The big picture however, went beyond the credit card companies. The real problem that needed correcting was my dependence, indeed, my addiction to using credit. I am not alone either. Americans nationwide are addicted as well. Like the tobacco industry, the credit card companies … (11 comments)

 

Michael S. Mackey

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