Debt Credit Cards

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    American Express reported a profit that fell from a year ago but topped Wall Street's expectations as the credit card company trimmed costs, a decline in consumer spending stabilized and bad loans eased.

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    With a key Congressional committee  beginning markup of legislation creating a consumer financial products watchdog, the Federal Reserve's unusual role as a source of funds will likely draw attention.

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    Consumers are increasingly late paying off loans on their primary home, as the highest unemployment in a quarter of a century pushes up delinquency rates on most types of loans.

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    A combination of falling revenues, high debt and tougher lending standards by banks has pushed up dependence on alternative lenders in the UK.

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    The best mortgage rates are not necessarily offered by the big volume players or the bank where you currently do your checking. Instead, they can often be found at smaller banks and credit unions.

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    This stock’s a great play on the move from paper money to plastic cards.

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    Bank of America on Tuesday pledged not to hike credit card interest rates or fees before a new law intended to reform industry practices takes effect in February.

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    Consumers will end up paying more money to banks if the numerous regulations proposed for the financial sector come to fruition, said Dick Bove, financial strategist for Rochdale Securities.

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    Banks and credit unions have long pitched debit cards as a convenient and prudent way to buy. But a growing number are now allowing consumers to exceed their balances — for a price.

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    The man accused of masterminding the largest identity theft in U.S. history agreed to plead guilty to related charges, according to court papers filed in Boston federal court Friday.

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    The rate at which credit card holders fell behind on their payments was far worse in the second quarter than it was last year, but did improve sharply from the alarming level seen in the first three months of 2009.

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    During college, I racked up quite a credit card bill (about $35,000 in credit card debt plus $8,000 in student debt). I have stopped using the cards and have been paying above the minimum every month. I talked to a California based company,and they want me to go delinquent on my card payments and to pay them $7000 into an "escrow" account so they can try to negotiate down my debt with the credit card. Do you have any advice for me as to how to absolve my credit card debt? I really feel stuck.

  • The market bounced back on Tuesday against all odds, just like the Mad Money host said it would.

  • Bank of America branch, New York City.

    Bank of America said that as of Thursday it will stop requiring that disputes with its credit card holders and banking and lending customers be settled by binding arbitration, opening the door for class-action and other lawsuits to push up the bank's legal costs.

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    The noxious penalty imposed on American Express and Discover consumers who exceeded their spending limit has finally died, quashed by legislation signed in May by President Obama to ease onerous fees for cardholders.

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    The Federal Reserve says consumers paid down their credit cards and reduced other debt in June for the fifth straight month as they rebuild savings battered by the recession.

  • A recent Bloomberg article “Unintended Consequences of Mortgage Modifications: Falling Credit Scores” addresses a topic that deserves serious follow up. The article accurately identifies that loan modifications could damage your FICO credit scores, if they are reported to the credit bureaus using the new reporting guidelines set up by the credit bureaus and their trade organization, the Consumer Data Industry Association (CDIA).

  • Stocks rallied Thursday, logging the highest close since November, despite a late-afternoon pullback.

  • Cramer offers his card of choice. Plus, get calls on the casinos, banks and fast food.

  • Stocks rallied Thursday as investors were encouraged by the latest jobless report and round of corporate earnings.