How Stupid Could Credit Card Companies Be?
July 20, 2009 by Erik Folgate
Filed under Credit Cards, Credit and Debt, Real Estate
I don’t know what it is with credit card companies, but they do some awfully dumb things. Credit card issuers have automated the entire process of extending a line of credit. Even with the massive credit crunch this country has experienced, banks are still issuing credit cards to anyone, and when I say anyone, I mean ANYONE.
Credit Card Regulations Bill Passed By Congress
May 20, 2009 by Erik Folgate
Filed under Credit Cards, Credit and Debt, Politics
The bill to regulate certain credit card policies has now passed through the Congress. Why is Congress regulating credit card companies? Because, they recongize the abusive consumer practices that credit cards perform each and every day, yet we still continue to use them. Here is an excerpt from the article from Fox News:
Meanwhile, the credit card portion is aimed at addressing consumer concerns.
The new restrictions would protect debt-ridden consumers from many of the surprise charges common in the industry, like over-the-limit fees and a charge to pay the bill by phone.
Your Credit Card Statement Will Look Different Soon
January 14, 2009 by Erik Folgate
Filed under Credit Cards, Credit and Debt
Over the past few years with the credit crisis, our government has finally started to realize that credit card companies will do anything and everything to hide their unscrupulous practices, terms, and conditions. As part of a credit card regulation reform, credit card companies will be required to change the look of their credit card statements and terms & conditions.
Here are some things that will change on your statement:
- Late payment warning box
- Minimum payment warning box.
- Separate area detailing changes to your account terms and conditions
How To Handle A Credit Card Debt in Collections
October 30, 2008 by Erik Folgate
Filed under Credit Cards, Credit and Debt
A Money Crasher’s reader recently sent me a message about a credit card balance in collections. I thought that you all would benefit from his/her question and how I answered it.
Question:
I have a credit card debt of a little of 8,000. It went to collection, and I just don’t have the money to pay it off. I thought I would be able to use my student loan to pay it off, but it didn’t come through. Do you think it would be possible for me to set up a payment plan with the collection agency, and if so, how should I go about it? I know that I won’t be able to pay a lot at first because I just don’t have the money while in school, but once I get done (may 09), I’ll be able to pay it off a lot quicker.
