Category Archives: Credit cards

Massachusetts to move money in dispute over credit card interest rates

By doug | Published: April 14, 2010

The Massachusetts state government will soon start moving its money out of accounts it has on deposit in Citi, Bank of America, and Wells Fargo because those giant banks have refused to cap their interest rates at 18 percent. Many more people in Massachusetts have been forced to consider bankruptcy recently, because many banks have […]

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Another view of credit card reform

By doug | Published: March 14, 2010

If you’re contemplating bankruptcy, a must-read is Detroit Free Press cartoonist Mike Thompson’s take on credit card reform. Click here and check it out!

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Polly wants a lawyer!

By doug | Published: March 13, 2010

One side effect form the fallout from Bank of America’s announcement earlier this week concerning the demise of overdraft charges is a renewed spotlight on a Pennsylvania woman who came home from work to find her house padlocked, wrongfully foreclosed on by BOA, and her pet parrot (actually named Luke instead of Polly) taken away […]

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Limits on credit card penalties in the works

By doug | Published: March 4, 2010

The next wave of credit card reform could include strict limits on the penalites that credit card issuers love to tack on to your bills. These new rules will not take effect until the summer. Under a proposal outlined by the Federal Reserve, one big change would be to cap over-the-limit fees to the dollar […]

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Sifting through the fine print of the new credit card rules

By doug | Published: March 2, 2010

Now that the new federal credit card rules are in effect, card issuers have to give consumers advance warning of upcoming rate increases, right? Not so fast. If the rate is one that is tied to another variable rate or financial index, such as “prime plus X percent,” no warning is required. Also, if you […]

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Can I keep a credit card when I file for bankruptcy?

By doug | Published: March 1, 2010

It is the eternal question at any bankruptcy attorney’s office: “If I file a bankruptcy case, can I keep one of my credit cards?” Unfortunately, the short answer is probably no. We live in an age of increasing communication speeds. Most major credit card companies are wired into both the credit reporting agencies and the […]

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Credit card rules and payday loans

By doug | Published: February 23, 2010

While the new credit card rules that are just taking effect do not legislate any maximum interest rate on the card, issuers will from now on have to give a 45 day warning of any interest rate increase. The credit card bloodsuckers are already adjusting. First Premier, an issuer of subprime credit cards, which have […]

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Credit card firm’s suit bounced from New Hampshire bankruptcy court

By doug | Published: February 1, 2010

When a consumer gets sued by a credit card company, the result is a forgone conclusion, right? Not so fast. The pleadings filed by big finance companies may fall short of what is required to bring a successful suit. The pleadings are often concocted by low level functionary’s in far flung locations, and may actually […]

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Credit card holders: some good news on the horizon

By doug | Published: January 25, 2010

With February just around the corner, credit card users can finally look forward to the benefits of the new federal credit rules passed last summer. The changes include prohibitions or limits on a number of card issuer billing practices that are unfair or that difficult to understand even if disclosed: (1) universal cross-default; (2) any-time, […]

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