… credit card companies have already introduced new “rules” that effectively allow them to hike interest rates and/or add outrageous fees despite the CARD Act.

In response to the credit card industry’s attack on this CARD Act, legislators are now looking into new legislation that would place a cap on the credit card interest rates at 16 percent.  Of course, most credit card industry “experts” claim that such a law would bring lending to a screeching halt.  Do you believe it!  …

Tags: Credit Credit Card Act Financial services Interest rate

Permalink: /loans-mortgages/three-reasons-why-a-cap-on-credit-card-interest-rates-and-fees-is-good-for-america/

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 debt, doing so may seem next to impossible.  So here are a few tips on how to avoid high interest rates, even if you have a balance:

Pay your credit card on time.  This tip may seem obvious; but many credit card consumers fail to make timely payments and find …

Tags: Credit card Debt Interest Rates Personal Finance

Permalink: /managing-your-finances/four-tips-for-avoiding-high-interest-rates-on-credit-cards/

Seven years of overspending its budget may cause Detroit Public Schools to file for bankruptcy.

It’s a good thing that Michigan sent a state-appointed financial manger to get Detroit Public School’s financial situation in order, because once Robert Bobb got there he started referring to their budget as the worst he’d ever seen.  He said, “They said the sky was falling but they didn’t act.”

Bobb has overseen drastic measures since …

Tags: Bankruptcy Detroit Public School Education Public school United States

Permalink: /bankruptcy/detroit-public-schools-may-file-for-bankruptcy/

… made by the debtor filing for bankruptcy; or 2) if the creditor is attempting to foreclose on its interest in the policy or if the policy was used to secure the debt of the beneficiary or insured.

However, depending on the circumstances, the life insurance payout may not be completely exempt during bankruptcy.  For example, if you have a whole life insurance policy and cash it as the “owner” of the policy, not the insured or the beneficiary, it may become part of the bankruptcy …

Comment author: My Spouse Died During Bankruptcy, Will I Lose The Life Insurance … Interest just to Me

Comment author URL: http://interest.justtome.com/my-spouse-died-during-bankruptcy-will-i-lose-the-life-insurance/

… Act (SCRA) provides a wide range of protections for active duty members who may be facing high interest rates on their credit cards.

The article said:

“The Servicemember’s Civil Relief Act provides a wide range of protections for active-duty military members. It’s aimed at postponing or suspending certain civil obligations to enable service members to devote full attention to duty and relieve stress on the family members.

Among other things, the law limits the interest charged …

Permalink: /credit_card_negotiation/servicemembers-civil-relief-act-protects-active-duty-members-from-high-interest-rates-on-credit-cards/

YouTuber stages debtor revolt after Bank of America hikes her credit card’s interest rate up to 30 percent. The YouTuber says that she tried to negotiate with her credit card lender; but they refused to budge.  She’s paid her credit card bills on time; but still they refused to negotiate AND they transferred her to a credit counseling and debt consolidation service.  Well this YouTuber is fed up and staging a debtor revolt that threatens to gain a huge following …

Permalink: /credit_card_negotiation/debtors-revolt-against-high-interest-rate-hikes/

… make use of the credit lines, some companies are taking the opportunity to increase their interest rates. Many credit card consumers don’t realize that they may have the right to “opt-out” of an interest rate hike in most cases. The first thing credit card consumers need to know is that although the current law governing credit card companies does NOT REQUIRE that companies allow consumers to close their variable rate account and pay off the balance under the old rate, many …

Permalink: /dallas_lawyer/can-i-opt-out-of-a-credit-card-interest-rate-increase/

… in the Star-Telegram, JPMorgan Chase & Co. and Bank of America Corp. are replacing fixed interest rates on some credit cards with variable rates. The credit card lenders’ decision to go with variable rates was influenced by the new laws created to protect consumers from predatory credit card lenders.

The article said:

“They are basically keeping your rate stable while rates are really low, so that they can raise them when rates go back up again — and rates will go up,” …

Permalink: /dallas_attorney/credit-card-companies-strike-back-with-variable-interest-rates/

… in the Dallas Morning News, the Dallas Housing Authority has received $8.8 million to use for public housing as part of the Obama administration stimulus package. The agency plans to use the funds to replace roofs, upgrade security lights, resurface parking lots and replace carpets in many public housing properties. The Dallas Housing Authority which owns and manages 3,900 units at 27 locations also plans to use the stimulus money within 3 years to complete a number of significant …

Permalink: /breaking-news/public-housing-funds-arrive-in-dallas-fort-worth/

… 2009" which is designed to help homeowners avoid foreclosure will allow homeowners to modify interest on an existing mortgage. The legislation, if passed would allow a mortgage loan interest modification on toxic loans such as subprime and adjustable rate mortgage (ARMs) in a Chapter 13 bankruptcy. Homeowners facing foreclosure who have high-cost subprime mortgage loans would be able to reduce their interest rates in Chapter 13 bankruptcy. In the case of adjustable rate mortgages …

Permalink: /loans-mortgages/pending-legislation-would-allow-homeowners-facing-foreclosure-to-reduce-interest/

On Tuesday, interest rates dropped to their lowest point since the early 1960s. In an effort to shock the sluggish economy out of its slumber, the Federal Reserve cut the federal funds rate from 1 percent to a target range of zero to 0.25 percent. Many homeowners, especially those facing imminent foreclosure are rushing to refinance with at these basement bargain interest rates. With the new rates, …

Permalink: /loans-mortgages/historically-low-interest-rates-offer-homeowners-refinance-opportunity/

… serious service cuts to education, police force reductions and even the closing of such essential public buildings such as fire stations.  But after a Chapter 9 bankruptcy, a city will be able to at least stop the financial bleeding and begin on the road to recovery.

Chapter 9 bankruptcy can offer a city the opportunity to significantly reduce their debt and get a fresh start similar to an individual filing a personal bankruptcy.  Usually there have been mistakes made by those running the …