Only 48 percent of small businesses sought accounts that would allow them to take on credit card debt to grow their companies in 2010, down from 55 percent in 2009, according to a new survey from the National Federation of Independent Business. This decrease was likely because 15 percent of those polled thought they would […]
Elizabeth Warren, the special advisor in charge of setting goals for the Consumer Financial Protection Bureau ahead of its official start, recently said that the agency will make clarifying credit card agreements its top priority when it gains regulatory powers on July 21, according to a report fromthe Associated Press. In particular, she wants the […]
Recent proposals from the Federal Reserve Board, intended to better protect consumers from the dangers of excessive credit card debt, may have the unintended result of making it more difficult or even impossible for those without their own income to obtain a line of credit, according to a report from MarketWatch. The rule would, if […]
Capital One recently began sending new credit card bills to consumers who had long since defaulted on their accounts, according to a report in the Los Angeles Times. In one case, a person who had $2,000 in credit card debt charged off more than a decade ago recently received a bill for nearly $5,200. This […]
While no one region of the country has been more affected than another, several states have residents that are struggling more than others under the weight of their outstanding credit card debt, according to a report from credit reporting bureau Equifax. Californians currently carry the greatest debt burden, with nearly $90.6 billion in outstanding balances, […]
American Express enjoyed an income of $1.1 billion in the final three months of 2010, an increase of 48 percent over the same quarter in 2009, according to the company's latest regulatory filings. This was largely due to its U.S. Card Services division pulling in $701 million in the quarter, up 70 percent from the […]
Many consumers that own their own company can expect to see a greater number of offers for their small business in the coming year, according to a report from the Los Angeles Times. New rules for consumer credit card debt have made it more difficult for financial institutions to turn a profit on these accounts, […]
The mobile payment industry is expected to gain a strong foothold with consumers in the coming years as major financial institutions and cellular phone service providers combine to make it easier for consumers to take on credit card debt without reaching for their wallets, according to a report from CNN Money. Credit giants like Visa, […]
As a result of a renewed effort from lenders to recoup profits lost to new federal regulations, consumers looking to avoid credit card debt may find that debit is no longer a cost-effective payment option either, according to a report from the New York Daily News. Major lenders are expected to roll out or reintroduce […]
The newly-introduced Interest Rate Reduction Act would limit what lenders can charge for credit card debt, as well as all other consumer loans, to just 15 percent, according to the bill's author, New York Representative Maurice Hinchey. Currently, Hinchey says companies can increase rates with too little warning or justification. "Many hardworking Americans are using […]