The Fed announced that there are several proposed changes for Truth in Lending laws. The alterations to the rules are designed to further increase protections for consumers and to eliminate some ambiguity for lenders. For example, the Fed proposed additional regulations for when a lender can revoke the terms of a promotional offer, it said. […]
Verizon was going to begin charging customers with its landline phone, FiOS cable and internet and DSL internet services an additional $3.50 every time they made a single payment by taking on credit card debt, according to the Consumerist. However, this may no longer be the case. The site said when customers go to Verizon's […]
Citibank said that its charge offs – credit card debt that is 90 days or more behind and deemed uncollectable – declined to 8.99 percent in September after it spiked at 11.18 percent in August, according to Businessweek. Prior to that, it had reached 9.75 percent in July. Citibank reported sharper improvements than any other […]
Fortunately, there are a number of simple debt solutions that will allow consumers to take back control of their finances by managing their debt loads sensibly. Consumer credit counseling is a debt solution program for those who are unable to make their minimum payments and are undergoing financial difficulties. However, consumer credit counseling programs could […]
A common question people have when they are struggling financially, is “How do I lower my debt?” Some solutions are more aggressive than others and depending on your individual situation; each one has its benefits. Making an assessment of your situation and calculating the amount of debtyou owe, how much you can afford to spend […]
A reporter for the Associated Press participated in a one-month experiment to see how much it cost those who don't have a bank account and can't take on credit card debt. The report said she piled up $93 in fees and charges that those who are part of the banking system never have to worry […]
According to a new report in the New York Times, many large utility companies charge consumers for the convenience of taking on credit card debt to pay their bills rather than using other payment methods, including paying by debit card. For example, Con Edison charges people who use their credit cards to pay their electric […]
Although bankruptcy is an idea that often comes to the minds of most consumers first, this is an option that many Americans would prefer to avoid if possible. The good news is that there are several alternatives to help consumers get out of debt fast. Four Ways to Get Out of Debt Fast: 1. Paying […]
According to the latest statistics from the Federal Reserve Board, the amount of nationwide revolving credit, which is typically associated with credit card debt, declined by $5 billion between July and August, from $827.2 billion to $822.2 billion. This drop, which totaled 7.2 percent, was the same proportion observed in July, and slightly less than […]
According to a report in the Wall Street Journal, Citi and GE reached an agreement on the sale of about $1.6 billion of the banking company's credit card debt. However, that is a relatively small amount when compared to what Citigroup wants to free itself from. The report said Citi Holdings, the banking giant's division […]