It's been seven years since credit bureaus have been required by law to provide Americans with annual access to their credit reports, at no charge; but the the AnnualCreditReport.com web site created to manage the process has been overshadowed by a variety of companies claiming they can offer "free" credit health reports leaving many consumers confused [...]
With the implementation of the Credit Card Act last month, many credit card companies are taking actions to make up for lost profits. The implementation of annual fees and inactivity fees are just two of the most commonly used strategies being utilized by credit card companies to fill in the gap of lost profits. But [...]
The new Credit Card Act which requires credit card companies to disclose how much a debtor needs to pay each month to pay off their balance clean within three years, and how long it would take them to be debt free if only minimum payments are made may not effectively reach debtors who bank online [...]
After the passing of the Credit Card Act, which will restrict credit card companies' ability to increase interest rates, amongst other things, the credit card industry took decisive action to soften the blow to their profits. Below are some of the changes you may see on your credit card in 2010: An annual fee. Since [...]
Many debtors who have fallen at least six months behind on their credit card accounts are receiving payment demands from debt collectors. These calls and letters can be unsettling and scary. But it is important that debtors understand that debt collectors are infamous for using unethical and even illegal means to get you to pay [...]
Making a late payment on your credit card has always carried a heavy penalty. Most prime credit card issuers will dramatically increase a debtor's interest rate for one missed payment. The penalty interest rate is typically called the "default rate." The average default rate for credit card issuers is 27.88 percent, and more than half [...]
Since the passage of the Credit Card Act, many credit card lenders have been dreaming up new ways of getting more money out your pockets. One of the newest tricks on the block is the infamous "inactivity fee." Inactivity fees were at one point commonplace for credit cards; but eventually fell out of fashion. But [...]
The best and simplest way to avoid high interest rates on your credit cards is to pay off your balance every month. But for those of us who are already inundated with credit card debt , doing so may seem next to impossible. So here are a few tips on how to avoid high interest [...]
Universal Default and The Credit Card Act of 2009 Once the Credit Card Act of 2009 is implemented in February credit consumers will receive relief from some of the credit card industries most damaging practices. One of those practices, Universal Default. will become illegal. Universal Default is a provision often found in credit card policies [...]
As credit card companies increase interest rates and fees, many credit card consumers are looking for alternative sources of credit. Even personal loans are given a second look due to their lower interest rates. But what is a personal loan? A personal loan is an "unsecured" credit line which is similar to "secured" loans in [...]