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Credit Card Industry

Consumers Pissed Off at Credit Card Companies. One-Third Don’t Even Have a Credit Card.

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Credit card holders are angry. More than a one-third (32%) have paid off and closed a card since January 2008, and half of those that canceled did so in direct response to the actions of credit-card issuers, such as cutting limits, hiking rates, or imposing fees, according to a national poll by Consumer Reports. Twenty-one percent of respondents said they ... Read More »

    Chase Class Action Suit For People Offered a Chase Fixed Annual Rate Credit Card

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    This might be of interest to you if you were offered a fixed rate credit card from JP Morgan Chase and then they switched the terms. This is an ongoing investigation and pending consumer class action against Chase Bank USA and JPMorgan Chase & Co. (hereinafter “JP Morgan Chase”) in which it is alleged that JP Morgan Chase offered to ... Read More »

      Credit Card Arbitration Falls Out of Bed. Began with National Arbitration Forum Getting Sued.

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      Minnesota Attorney General Lori Swanson and the National Arbitration Forum—the country’s largest administrator of credit card and consumer collections arbitrations—have reached an agreement that the company would get out of the business of arbitrating credit card and other consumer collection disputes. “I am very pleased with the settlement. To consumers, the company said it was impartial, but behind the scenes, ... Read More »

        Facts Reveled in National Arbitration Forum Lawsuit Should Make You Want to Puke

        The state of Minnesota recently filed a lawsuit against the National Arbitration Forum, the entity that claims to independently resolve consumer issues with creditors through binding arbitration. We’ve known for year this is a well controlled scheme in which the outcome is all but certain when a case goes to arbitration, the consumer will lose. In the lawsuit, download a ... Read More »

          Minnesota Attorney General Sues National Arbitration Forum. Claims Consumer Deception.

          Today the Attorney General of Minnesota, Lori Swanson, filled a lawsuit against the largest consumer arbitration company, National Arbitration Forum. She claims that the National Arbitration Forum tells the public and government that it acts fairly and impartially to help mediate complaints between consumers and credit card companies. It appears that Attorney General Swanson finally found the magic word to ... Read More »

            Should We Stop Using Credit Cards Altogether in America?

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            An interesting story on Marketplace about the possibility of living a life without the use of credit cards in the America. Listen to story online. Get Out of Debt Guy – Twitter, G+, Facebook Need More Help? Get Out of Debt Guy – Twitter, G+, Facebook Read More »

              Credit Card Companies Accelerate Card Closures. More to Come.

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              If you have a moment you need to take a look at Credit Card Line Reductions and Eliminations on the Credit Slips blog. Thank you Adam Levitin for posting this information. Read full post here. In the coming months and years we are likely to hear the banking industry and its supporters blame the Credit CARD Act for reductions in ... Read More »

                Credit Card Industry to Punish Consumers for New Credit Card Protections

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                There is no easy way to say this, credit card company greed makes me want to vomit. Today, credit card companies and the American Bankers Association have their britches all in a bunch because new credit card limits and protections for consumers will be voted into law within the week. The banks response, more fear mongering and scare tactics to ... Read More »

                  What You Buy Tells Your Credit Card Company How to Treat You

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                  Thanks to @lizweston of Twitter for pointing out this very important article that all debtros need to read. What Does Your Credit-Card Company Know About You? To understand how the credit-card industry got interested in psychology, you have to go way back, to a time when many Americans didn’t have a credit card, when almost every company charged the same ... Read More »

                    Credit Card Reform News as Only Stephen Colbert Can Give It

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                    The Colbert Report Credit Check Gay Marriage Get Out of Debt Guy – Twitter, G+, Facebook Need More Help? Get Out of Debt Guy – Twitter, G+, Facebook Read More »

                      Disturbing and Potentially Deceptive Move by Credit Card Industry. HelpWithMyCredit.org

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                      It what certainly feels like yet another self-serving action by the credit card industry, Bank of America, Capital One, Citi and Discover Card, as well as the payments networks MasterCard and Visa have launched a new website HelpWithMyCredit.org that misleads consumers. What appears to be even worse, is that a CNN personal financial reporter that I normally respect, Gerri Willis, ... Read More »

                        Circuit City May Be Dead, But Not The Circuit City Credit Card. It’s Alive.

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                        This news about Best Buy and Circuit City was recently reported. Best Buy Co. Inc. is making a move to woo people who had credit cards through its now-defunct competitor — Circuit City, according to media reports. Best Buy spokeswoman Sue Busch told Bloomberg News that Chase Bank USA will automatically issue Best Buy cards to existing Circuit City credit-card ... Read More »

                          Canadian Bankers Whining About Credit Card Interest Rates. They Must Think Canadians Are Idiots.

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                          According to UPI, the Canadian Bankers Association defended credit card fees to a senate committee in Ottawa, saying consumers have a choice of 68 low-rate cards. I guess that’s like saying that Canadian consumer that don’t chose one of those 68 low rate cards are idiots. The senate’s Standing Committee on Banking, Trade and Commerce is having hearings on fees ... Read More »

                            100% Credit Card Interest Rates Charged in Mexico

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                            Just when you thought the banks in the United States were really sticking it to consumers, least we forget what is happening in Mexico. I previously wrote about Wal-Mart de Mexico Plans 100,000 Credit Cards by Year-End — With Interest Rates of 59% to 75% Well apparently Mexico is now starting to draw some lines about the amount of interest ... Read More »

                              A Brilliant Article You Need to Read on Misguided Credit Card Lending

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                              I just read an amazing article that everyone should read about the future and present of credit cards. If you have an interest in consumer debt issues you need to read “Credit Cards Are the Next Credit Crunch” While it is all brilliant, I think the following section is the most important. There are several factors that are playing into ... Read More »

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