Friday, 28 Aug 2009 | Source: The Associated Press
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.
Tuesday, 25 Aug 2009 | Source: The Associated Press
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.
Friday, 14 Aug 2009 | Source: The Associated Press
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.
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.
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.
Visa reported better-than-expected quarterly earnings, as the it sold its stake in Brazil's VisaNet, trimmed expenses and consumers used debit cards more.
Thursday, 16 Jul 2009 | Source: The New York Times
Merchants across the nation have spent years unsuccessfully fighting interchange fees, which generates an estimated $40 billion to $50 billion in income annually for banks that issue credit cards. But after Congress passed a law last month to protect consumers from excessive fees and interest on credit cards, merchants are mounting a fresh offensive.
American Express Chief Executive Kenneth Chenault says he has seen signs of stabilization in the economy, but there have not been any signs of improvement yet.
Despite swelling delinquencies and reform pressure from the government, credit card companies are using pricing power and staying power to emerge as a favorite among market pros.
A recent Bloomberg article “Unintended Consequences of Mortgage Modifications: Falling Credit Scores” addresses a topic that deserves serious follow up... Read More