According to an article in Forbes, as study conducted by the Pew Charitable Trust found that credit cards offered by credit unions may offer lower rates and cheaper fees than their bank issued counterparts.

The article said:

“The study found that the median advertised interest rates for credit cards issued by the nation’s 12 largest credit unions were 20% lower than those for bank-issued cards. All told, the study looked at 400 financial institutions and was conducted by an arm …

Category: Credit Card Negotiation , Credit Counseling , Economy

Tags: credit cards Credit Unions

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According to an article in the Star-Telegram, eight credit unions in North Texas plan to compete directly with payday lenders by providing short-term loans to the low-income community who depend on payday loans. Credit Unions are developing a pilot program to entice low-income consumers of payday loans to join a credit union and take out short-term loans from the credit union instead.

The article said:

“We are in the very early stages of …

Category: Credit Counseling , Unemployment - Job Loss

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… 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

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… 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

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Bankruptcy offers the perfect opportunity to rebuild your credit score by using credit cards and other forms of debt shrewdly.  Here a few tips on how to master the credit score game after filing bankruptcy.

Tip #1 – Go for the top credit cards and other loan products first.  Many debtors mistakenly believe that once they file for bankruptcy they are forever relegated to the “trash heap” of creditors who charge outrageous interest rates and …

Comment by Jim Ince: … in rebuilding your credit legally, so that you avoid …

Category: Bankruptcy , Credit Card Negotiation , Credit and Bankruptcy

Tags: Bankruptcy Credit card Debt Personal Finance

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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

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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

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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

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… year statute of limitations on the ability of debt collectors to sue a debtor because of an unpaid credit card debt.  What that means is that if after your credit card debt is charged off, a debt collector only has 4 years to sue you and get a judgment. If they have not sued you within 4 year, they are not allowed to sue you for repayment of the credit card debt after the statute of limitations has expired.  However, if a creditor is able to sue you and win a judgment, that judgment can last …

Category: Bankruptcy Q&A , Chapter 7 Bankruptcy , Credit Counseling

Tags: Chapter 7 Bankruptcy credit cards statute of limitations

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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

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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 of credit card issuers have a default rate that is much higher.  But after the …

Category: Credit Card Negotiation , Credit Counseling

Tags: Credit Card Act default rate penalty

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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

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