Skip navigation


Current DateTime: 12:59:06 27 Nov 2009
LinksList Documentid: 24355697
  • Runway Angels

      The superbowl of fashion shows, models walk down the runway at the 2009 Victoria's Secret Show.

  • Smartphone Guide

      Here's a need-to-know guide to nine devices, based on features, price, network and platform.

  • Wines for the Holidays

      Not quite sure what wine to pair with Turkey or Creme Brulee? Our experts do.

FEATURED QUIZZES


Current DateTime: 12:59:06 27 Nov 2009
LinksList Documentid: 33793611
  • How Well Do You Know Your Bird?

      Let's talk turkey. Test your turkey knowledge and perhaps pick up a bit of trivia to trot out at your holiday meal.

  • A Healthier & Wealthier You

      Take the following quiz and find out how much you know about the impact of obesity on the health of the U.S. economy.

  • The Billionaire BFF's

      Philanthropists. Bridge partners. Hockey players. Which responses are based on facts from Buffett's and Gates' real lives?


Current DateTime: 12:59:06 27 Nov 2009
LinksList Documentid: 24890560
  • Winterizing Your Portfolio

      If 2009 was the winter of our discontent, will 2010 be a winter wonderland for investors? A lot depends on the recovery—or lack thereof.

  • Investor's Guide to Real Estate

      Some even say the long-awaited recovery is here. Regardless, buyers and sellers alike can profit from our guide.

  • Alternative Investing

      Stocks and bonds? Sure. But it's a big world out there for investors.

powered by digg
Tougher Credit: How Consumers Should Prepare
By: Kenneth Stier, Features Writer | 30 Sep 2008 | 05:23 PM ET
Text Size

It will be tougher to get credit in the months ahead. So what should consumers do?

Crowd of people on the street

Amber Dakar, a personal finance adviser with Weiss Research’s Money and Markets newsletter, recommends people pay extra attention to maintaining a good credit score of 700 or better.

“Scores of less than 620 are subprime which means possibly being declined the line of credit or being hit with very high rate,” she says.

Credit scores range from 300 to 850 and the average credit card score is 678.

Consumers will also have to pay attention to the fine print.

Travis Plunkett, of the Consumer Federation of America, says there seems to be rising incidences of “back-end pricing abuses” by credit card companies unilaterally raising  interest rates or imposing “high fees for small problems.”

“It is a risky situation for consumers,” says Plunkett. “Not only is there less credit being offered but to the extent that they have existing balances those balances might be more volatile because of these practices.”

Up to 25 percent of account holders are being hit with such arbitrary, but currently still legal, fees which Plunkett says companies resort to make up for declining revenues.

Last week the House of Representatives passed a credit cardholder “bill of rights"’ with strong bipartisan support (312-11) aimed at curbing a range of common abuses the Federation says traps consumers in a vicious cycle of debt.

Americans have about $850 billion in credit card debt, which represents an average of $17,000 in debt for the roughly 50 million households that do not pay their credit card balances in full every month.

© 2008 CNBC.com
Tools:
Print EmailAdd This share icon
  • digg share

CNBC HIGHLIGHTS

  • Ever wished your cab driver would stop nattering and just get to where you're going? Well that moment is near(er).
  • Eric Schmidt pledges to create a virtual copy of the Iraq National Museum at Google’s expense.
  • Bill Griffeth is taking a leave of absence from CNBC and Power Lunch for a year. Here's a message from Bill.
  • More shoppers than ever plan to comparison-shop this season. Who will benefit?
  • It may be the most unusual guide to business you'll read.
ADD COMMENTS
Remaining characters


Current DateTime: 01:44:15 26 Nov 2009
LinksList Documentid: 29778428

Current DateTime: 01:03:48 26 Nov 2009
LinksList Documentid: 29779196

Current DateTime: 01:07:49 26 Nov 2009
LinksList Documentid: 29779199

Current DateTime: 01:02:06 26 Nov 2009
LinksList Documentid: 29779198
  Data is a real-time snapshot  *Data is delayed at least 15 minutes
Global Business and Financial News, Stock Quotes, and Market Data and Analysis

© 2009 CNBC, Inc.  All Rights Reserved.
A Division of NBC Universal
Thomson ReutersThomson Reuters