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

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

Soon, Where You Shop Will Control Your Credit

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 … Read more

Consumers Feel the Next Crisis: It’s Credit Cards

Indeed it is. If you’re not in top shape for the credit card shakeout that’s already taking place, there isn’t much you’ll be able to do about it. It’s probably already too late. After years of flooding the market with credit cards (and generous limits), banks are finally starting to take it back. Eric Dash, a New York Times reporter, does an excellent job of distilling the situation. From

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

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.

Outrage Over Credit Cards with 222% APR

Outrage Over Credit Cards with 222% APR QCK, UK – 1 hour ago The money must then be repaid at a rate that is more than 10 times the average APR of a credit card. Debt groups and politicians have expressed anger at the …

Reader Tip of the Day: How to Conveniently Maximize Discover’s Bonus Cash Back

This tip comes from one of my readers. If you have a tip that you’d like me to pass along, feel free to email me at [email protected] If you want me to give you a tip of the cap (meaning you would like credit for the tip), feel free to include a name that I can use (whether it be a first name or posting ID). I’ll publish these tips as often as I get them, so keep those tips coming. Of course,