Representative Carolyn Maloney, a Democrat from NY, introduced the Credit Cardholders Bill of Rights Act of 2008. Maloney is the Chairwoman of the House Financial Institutions and Consumer Credit Subcommittee. The bill of rights is supposed to protect cardholders against arbitrary interest rate increases, prohibit excessive fees and require Congress to provide better oversight of the [...]
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Are you Struggling to Pay your Mortgage ? It is estimated by the Center for Responsible Lending, that 2.2 million homes with subprime loans may be lost to foreclosure in the next few years. That’s 1 in 5 subprime mortgages that are projected to end in foreclosure. And, if the economy falters, it could get worse. If you are one of those in trouble [...] Bankruptcy Reform Backfires on Banks According to a Bloomberg article on November 8, 2007, the bankruptcy reform lobbied for in 2005 by a group of banks, may be contributing significantly to the rapid increase in foreclosures. Bloomberg’s contention is that since it’s now much harder to discharge credit card debt, strapped consumers are instead walking away from their [...] Ok, so I’m late to the party. Every blogger, pundit and reporter has already been waiving their arms around for weeks now, trying to get their 15 minutes of fame from the subprime fiasco. Never mind that most of these hacks never saw it coming. It’s big news right now and everyone is chiming in, with thoughtful [...] The Love of Credit… We all love the convenience of using our credit cards. You walk up; buy something, swipe your card and you’re on your way. Credit cards come in very handy for frequent purchases like gasoline and groceries. They are great for automatically paying recurring bills, like utilities. And, they are indispensable for dining, travel and entertainment. [...] |
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