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Tag Archives: american express

Gift Cards, The Gift That Can Stop Giving

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Gift cards have been a great tool to give people for rewards and presents. And not that we are creeping towards that holy and special gift giving time of year and gift cards will line the racks and fall first into our consideration of things to give, WATCH OUT! With the danger of so many retailers not making it through ... Read More »

Banks Agree to Wipe Out Up to 40 Percent of Credit Card Debt But Watch Out.

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Credit card lenders include Discover Financial Services LLC, Bank of America Corp., Citigroup Inc., JPMorgan Chase & Co., Capital One Financial Corp., American Express Co. and HSBC Holdings have finally come together with the help of the National Foundation for Credit Counseling, Consumer Federation of America and the Financial Service Roundtable to start the process of creating a debt solution, ... Read More »

American Express to Cut 7,000 Jobs. Experience The Freedom Of Joblessness.

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As part of a reengineering plan, American Express plans to cut some 7,000 jobs, or about 10% of its work force, the company said Thursday morning. The company will cut staffing levels, reduce compensation, lower operating costs, and scale back its investment spending. "We've been engaged for the past few months in an intensive, companywide review of priorities and staffing levels," said Kenneth Read More »

Soon, Where You Shop Will Control Your Credit

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Information is already leaking out about the efforts of American Express to closely watch the places their card members shop at as an indication of credit problems. With mounting losses by credit card companies and an avalanche of new bad credit card debt to come, creditors are looking for ways to identify potential high risk customers in order to reduce ... Read More »

Credit Card Horror Stories: Tales of Credit Limit Reductions and Account Closures

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Bankrate.com did a story on Friday (sorry for not getting to this earlier) highlighting some of the same stuff that I've been pointing out here for weeks. More and more customers are experiencing credit-limit reductions and account closures. Over the course of the past few weeks, Bankrate.com readers have been chiming in with their own credit-card tales. Many of their stories will seem familiar. Read More »

Easy Come, Easy Go: Prosper.com Hits Regulatory Hurdle

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OK. Remember earlier this week when I posted a story about alternative lending? You remember. It was the upbeat story about peer-to-peer (p2p) lending -- and how this credit crisis is good for business (link here). That story was written by Economix, a blog at the New York Times. The blog pointed out that more traditional-looking borrowers were turning to p2p for funding needs during the credit Read More »

American Express Customers: Don’t Try This At Home

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I hate writing these kinds of stories. On the one hand, it will help those who are currently doing -- or thinking about doing -- what I am about to write about. On the other hand, there will be some readers who will now go out and do exactly what I am trying to dissuade them from doing. That said, I can't control what my readers do. They'll do what they're going to do. Here's the deal. A Read More »

Sandra Is a Single Mother And Worried About Paying For College

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“Dear Steve, I am a 40-year old single mother of one and currently have $22K in credit card debt among 3 creditors: American Express $16K (9.99%), Home Depot $3K (12%), and Furniture Express $3K (zero interest and payment until March 2010). I have $35K in student loans (6.2%) with Wachovia who is also the holder of my employer sponsored 401K ... Read More »

ML Writes In, “I Can’t Pay My American Express Card.”

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“Dear Steve, I am self employed and have lost an important account. I now cannot pay the minimum on my American Express card, which is $2,000.00. If I pay them I can’t pay my other expenses. Have you any ideas ?” Dear ML, Ouch! I know how much it hurts to lose a major account and have your income suddenly ... Read More »

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