… are drafting a proposal that would shield big banks from potentially tougher state regulations of credit cards, mortgages and savings accounts.

The article said:

“…their proposal, spearheaded by Illinois Democratic Rep. Melissa Bean, isn’t sitting well with consumer advocates who say banks shouldn’t be allowed to skirt state regulations if the restrictions don’t suit them.”

Under the plan created by President Obama and Congressman Barney Frank, lenders would face credit …

Comment by Jacob Decker: Credit card debt can almost always be …

Category: Credit Crisis

Tags: Banking Services Consumer Protections Credit card

Permalink: /credit-crisis/state-legislators-seek-to-shield-banks-from-tough-credit-card-rules/

According to an article on Reuters , the recent recovery in the credit markets might be in trouble.  The Federal Reserve is getting some of the credit for the rebound by helping the credit markets recover.  One program that the Fed used to get credit flowing again is the Term Asset-Backed Securities Loan Facility, or TALF.  Now, many people are concerned as to whether or not the credit markets will be able to stand on their own at the end of December, …

Comment by Jacob Decker: … not anticpate the credit crisis fog to lift until at …

Category: Credit Card Negotiation , Credit Crisis , Economy

Permalink: /credit_card_negotiation/the-credit-crisis-recovery-might-be-in-trouble-if-talf-program-expires/

… is a result of potential homebuyers delaying their decision to buy a home due to the expiring tax credit which will end November 30, 2009.

The article said:

“It has been taking longer to close a transaction this year because it’s taking longer to get approved for a mortgage and to have a property appraised. Those time lags could make buyers nervous they won’t be able to complete the deal before the Nov. 30 deadline to take advantage of a tax credit of up to $8,000 for first-time …

Category: Credit Crisis , Economy , Foreclosures , Unemployment - Job Loss

Tags: Dallas Morning News foreclosure Mortgage Tax credit

Permalink: /foreclosures/pending-expiration-of-tax-credit-causes-home-sales-to-slow/

Credit card companies are frantically taking drastic actions in their attempt to “work around” the new credit card legislation that will restrict their ability to randomly raise interest rates and hit credit card consumers with surprise fees.  Already credit card consumers are beginning to scream foul. An article in the NJ featured a distraught credit card consumer whose monthly minimum …

Comment by Jacob Decker: Credit cards companies employ unfair …

Category: Credit Card Negotiation , Credit Counseling , Credit Crisis

Tags: Credit card Debt Money Management Personal Finance

Permalink: /credit_card_negotiation/this-is-the-worst-time-to-have-credit-card-debt/

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 or pay their credit card bill through automatic electronic payment.  Debtors who bank online and forgo …

Category: Credit Card Negotiation , Credit Counseling , Credit Crisis , Economy , Managing Your Finances

Tags: Credit card Debt online banking

Permalink: /credit_card_negotiation/new-credit-card-disclosures-may-not-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 the Credit Card Act was passed, about 43 percent of new credit card offers contained annual fees, …

Category: Credit Card Negotiation , Credit Counseling , Credit Crisis , Economy

Tags: Credit card Credit Card Act fees repayment

Permalink: /credit_card_negotiation/what-to-expect-from-the-credit-card-industry-in-2010/

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 your debt.  Before you rush off to pay that credit card debt because of the demand of a debt collector, there are a few things …

Category: Credit Card Negotiation , Credit Counseling , Credit Crisis

Tags: collection credit cards Debtors

Permalink: /credit_card_negotiation/what-you-need-to-know-before-you-pay-that-credit-card-debt/

In the throes of this recession, the average Americans is just piling on more credit card debt and finding it more difficult to find a way out.  According to a report released by TransUnion, as of October 2009, the national average for credit card debt $5,612 per person.  The average!  That’s scary knowing that the job situation is only getting worse with at least one company announcing job losses at least every week. So what can we do to get out of credit card debt? …

Category: Credit Card Negotiation , Credit and Bankruptcy

Tags: Chapter 7 Bankruptcy credit cards TransUnion

Permalink: /credit_card_negotiation/five-ways-to-get-out-of-credit-card-debt/

… the handling of cash, expensive merchandise or a security clearance, you may be subjected to a credit check. If you’re behind on your bills, have delinquencies, defaults, judgments or liens, there a few things you should know.

While a company is restricted from not hiring you simply because you filed bankruptcy, they may be allowed to deny you employment if you have bad credit.  However, if they were challenged in a court, they would need to prove that your poor credit demonstrated …

Comment by Karen: … you because of bad credit? I 'think' that I have lost out …

Category: Credit and Bankruptcy , Unemployment - Job Loss

Tags: Bankruptcy Credit Check Employment

Permalink: /job_loss_unemployment/credit-checks-bankruptcy-and-employment/

Every since the new legislation passed restricting credit card companies’ ability to raise interest rates, among other things, credit card companies have been using every dirty trick in the book to “get back” at borrowers and squeeze every cent out of them. According to an article in the Star-Telegram, some credit card borrowers are reporting that their minimum monthly payments are rising as much as 3 times what it was originally since …

Category: Credit Card Negotiation , Credit Crisis , Economy

Tags: Bank Credit card Financial services Interest rate JPMorgan Chase

Permalink: /credit_card_negotiation/warning-more-dirty-tricks-from-credit-card-companies/

… recession.  Lisa Smith lists five basic principles that should be garnered from this financial crisis:

1.  Risk matters…but protecting what you have is just as important as trying to get more.

2.  Experts don’t know everything…blind trust is a bad idea.

3.  You can’t live on averages… if the train is about to crash…get off.

4.  You shouldn’t buy what you don’t understand…save the “set it and forget it” principle for a Ronco product.

5.  You can’t …

Category: Credit Counseling , Credit and Bankruptcy , Economy

Tags: Bankruptcy Credit card Financial crisis Personal Finance Recession

… Star-Telegram the rising number of foreclosures and unemployed residents are creating a budget crisis for homeowners associations, especially in Dallas- Fort Worth area. With many properties vacant and other homeowners failing to pay their dues, the associations are struggling to provide basic maintenance.

The article said:

“To increase collections and balance their books, many associations are raising dues, imposing emergency fees and even forcing foreclosures. Others are saving …

Comment by mitchell drimmer: … the curve on this crisis. Mitchell Drimmer

Category: Credit Crisis , Economy , Foreclosures , Fort Worth Bankruptcy

Permalink: /fort_worth_bankruptcy/foreclosure-crisis-hits-homeowners-associations-hard/