Debt

Top five credit card predictions for 2010

Top five credit card predictions for 2010
Credit card companies battered and abused credit credit users throughout 2009 -- raising interest rates, cutting available credit and closing the cards of millions of credit card users -- as they rushed to raise profits before the start of the Credit CARD Act on February 22, 2010. Now that we're just about a month away from the start of the CARD Act, I contacted three key credit card websites to collect their predictions for the credit card market

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Bad Credit? You Can Borrow Again � for a Price

Bad Credit? You Can Borrow Again � for a Price
Banks just a few years ago were handing out cards and extending lines of credit to just about everyone, a decision that came back to haunt them in a major way when borrowers, beset by job losses and falling home values, began defaulting in huge numbers. Banks battened down the hatches and severely curtailed their lending, extending credit to only the most affluent customers or those with near-perfect credit scores. Recently, though, it seems that

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More disclosures on credit card statements mandated for February

More disclosures on credit card statements mandated for February
The Federal Reserve proposed 841 pages of rules designed to protect consumers from costly credit card practices. These proposed rules, if adopted, will take effect in February and represent the second stage of the Federal Reserve's implementation of the Credit CARD Act signed into law by President Obama in May. Bill Hardekopf, CEO of LowCards.com, discussed these new rules with me by email. The following is a summary of the new disclosures the Federal

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Debt Is the Real Reason Why Your Personal Recession May Last for Years

Debt Is the Real Reason Why Your Personal Recession May Last for Years
The recession may have officially "ended," but chances are your financial struggles are far from behind you. The weak jobs market is certainly a factor, not to mention the volatile stock market, which has likely made whatever investments you have drop in value. There's also the sagging housing market, which may mean your home is worthless. Those are the obvious things – the stuff that explains why nearly 75% of Americans don't believe the recession

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What to Do With a Timeshare You No Longer Want

What to Do With a Timeshare You No Longer Want
Buying a timeshare property may have seemed like a good idea when you signed the timeshare contract. But if you're taking yet another "staycation" this summer – and really haven't been able to travel as much as you'd like the rest of the year as well – you may have realized that you aren't truly benefiting from your timeshare purchase. Some people buy timeshares as potential investments. But that's often an unwise move, since timeshares

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Don’t let job trouble turn into credit card trouble

Don’t let job trouble turn into credit card trouble
Despite experts now saying the recession officially ended in June, the job market is still bleak. Many Americans have lost their jobs, had their wages or hours cut or go to work every day praying they don't come home with a pink slip. While many of us feel powerless about our employment situations, one area where we can -- and should -- take charge is in our credit card habits before and during a period of unemployment. Many of us still have the

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Tips for Pricing a College Before You Apply

Tips for Pricing a College Before You Apply
How do you avoid sending your kid off into the world without a pile of student loan debt? One key is to figure out the real, bottom-line price of a specific college -- before you apply. DailyFinance's Laura Rowley explains.

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New rules encourage credit card issuers to raise rates and fees

New rules encourage credit card issuers to raise rates and fees
Millions of Americans will be paying a whole lot more interest on their credit card balances as credit card companies rushed to raise raise rates before the first changes in credit laws take effect this week. Starting this week credit card issuers must mail bills 21 days rather than 14 days in advance and they must give 45 days notice before raising interest rates. Before the Credit Card Accountability Responsibility and Disclosure Act (CARD) went

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Charge cards versus credit cards versus debit cards

Charge cards versus credit cards versus debit cards
If you need to use credit but don't want to impact your credit score, you may want to apply for a charge card rather than a credit card. If you've found yourself paying frequent overdraft fees when using debit cards, or finding your checking account tied up waiting for the bank to correct an error from your debit card usage, charge cards may also be the answer.Both FICO and the new Vantage Score, which is used by the three credit reporting agencies,

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Lenders plan to guess your income from credit report

Lenders plan to guess your income from credit report
You may never know when it happens, but lenders may begin guessing your income before they approve your credit application when the new Credit CARD Act takes effect on February 22. The new law requires lenders to consider your ability to pay any new or additional debt before approving a credit card application. While they could do something as simple as ask you, they may want to verify what you tell them. Since most people don't carry around a pay

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