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CHICAGO (MarketWatch) -- Credit-card debt has been falling for 16 straight months but consumers aren't paying off their financial obligations as much you might think. Instead, they're walking away from the debt, forcing credit-card issuers to write off as much as 90% of that reported drop, according to a new report by CardHub.com. U.S. banks charged off a record $83.3 billion in credit-card losses last year. That makes up the bulk of the $93.2 billion drop in outstanding credit-card debt that was reported by the Federal Reserve for 2009.
Published on Wednesday 10th of March 2010 04:58:35 PM
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Posted by admin! / Under Credit Repair
2010 credit card reform The majority of new regulations go into effect Feb. 22, 2010. The new credit card reform laws were created to protect consumers. The majority of these reforms prohibit credit card issuers from changing the terms of a consumer’s credit card. Below is a summary of the changes you can expect as a result of the credit card reform: __________________>> Significant changes to the terms of your credit card must be given 45 days prior to the change taking affect. Under current rules, credit card companies only needed to give 15 days notice prior to making certain...
Published on Wednesday 10th of March 2010 04:58:35 PM
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Posted by admin! / Under Credit Repair
CHART OF THE DAY: Banks Continue To Pull The Rug Out From Under The Economy Joe Weisenthal and Kamelia Angelova Feb. 22, 2010, 3:21 PM Can the economy revive if banks don't start to lend again? Let's hope so. Today the St. Louis Fed released its latest monthly look at commercial and industrial loans at major banks -- a measure that some would say represents the essence of the US banking system. As you can see, this measure is still falling like a knife -- a bad sign for the ongoing health of the economy. (And also not what we...
Published on Wednesday 10th of March 2010 04:58:35 PM
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Posted by admin! / Under Credit Repair
DUBAI (Reuters) - New evidence incriminating Israel's spy agency in the assassination of a Hamas commander in Dubai includes credit card payments and phone calls made by suspects, an Arabic-language daily reported on Saturday. Police have already said the 11 suspects used forged passports in the names of innocent individuals of several European nationalities. "Dubai police have information confirming that the suspects purchased travel tickets from companies in other countries with credit cards carrying the same names we have publicized (in the passports)," Al Bayan daily on Saturday quoted Dubai police chief Dahi Khalfan Tamim as saying. It did not...
Published on Wednesday 10th of March 2010 04:58:35 PM
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UK And Eurozone Economic Recovery Over, Bundesbank Fears Second Wave of Credit Crisis Economics / Recession 2008 - 2010 Feb 21, 2010 - 08:02 AM Mike Shedlock Recent data shows the economic slump in the UK and Eurozone is accelerating to the downside at a rapid pace. Let's review a few articles supporting that view. UK Business lending Falls At Record Pace Angela Monaghan at the Telegraph reports Lending to British businesses falls at record pace Lending to British businesses fell by £4.3bn in December, the Bank of England said on Thursday, in a further sign of banks' persistent unwillingness...
Published on Wednesday 10th of March 2010 04:58:35 PM
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U.S. 1800 Bank Failures Financial Tsunami On Horizon Economics / Credit Crisis 2010 Feb 21, 2010 - 08:45 AM By: Fresbee CalculatedRisk predicts 2010 to account for more number of failures than 2009 but lesser than the peak of 534 in 1989. My prediction is the FDIC will close more banks in 2010 than in 2009 (more than 140), but fewer banks than in 1989 – peak of the S&L crisis (534 banks). I do not disagree. But I think there is a need to understand how deep the rot is and how long before we see stabilization. Unemployment and...
Published on Wednesday 10th of March 2010 04:58:35 PM
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WASHINGTON—Marco Community Bank, the only federally insured bank headquartered on Florida's Marco Island, failed Friday under the weight of bad real-estate loans, marking the 17th bank failure of 2010. The Federal Deposit Insurance Corp. sold the state-chartered bank's $117.1 million of deposits to Mutual of Omaha Bank in Nebraska. Mutual of Omaha also purchased essentially all of the bank's assets.
Published on Wednesday 10th of March 2010 04:58:35 PM
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Posted by admin! / Under Credit Repair
If you have bad credit in the new era of credit card regulation, be prepared to pay -- dearly -- for the privilege of using credit. That's the message underlying recent credit card offers that feature jaw-dropping interest rates of up to 79.9 percent. The sky-high rates may be a sign of things to come in the market for so-called subprime credit cards as issuers who lend to the riskiest of borrowers try to figure out how to stay in business and comply with the new credit card reform law. "We need to price our product based on the risk...
Published on Wednesday 10th of March 2010 04:58:35 PM
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Posted by admin! / Under Credit Repair
Usually, people just roll their eyes and dismiss Joe "the plagiarist" Biden's egregious misstatements of the facts and tone-deaf blunders as him simply being the oblivious habitual gaffe machine we've all been warned about...
Published on Wednesday 10th of March 2010 04:58:35 PM
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Posted by admin! / Under Credit Repair
APR Shocks Many, but Issuer Says They Are Pricing for the Risk If you have bad credit in the new era of credit card regulation, be prepared to pay -- dearly -- for the privilege of using credit. That's the message underlying recent credit card offers that feature jaw-dropping interest rates of up to 79.9 percent. The sky-high rates may be a sign of things to come in the market for so-called subprime credit cards as issuers who lend to the riskiest of borrowers try to figure out how to stay in business and comply with the new credit card...
Published on Wednesday 10th of March 2010 04:58:35 PM
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