Quick Answer: Store credit cards from retailers like Nordstrom and Target are experiencing significantly higher default rates during economic downturns, with retail card charge-offs jumping to 8.1% compared to 6.08% for general-purpose cards. Target’s CFO identified credit cards as the company’s “second-largest challenge” due to these rising losses. Store cards in good times are a …
Quick Answer: The U.S. government does not offer grants or programs to eliminate credit card debt, except through bankruptcy proceedings. The Office of the Comptroller of the Currency actively blocks government debt elimination programs, with only IRS-recognized nonprofit credit counseling services providing legitimate debt management assistance.A question I am getting asked more and more is …
Quick Answer: Citibank’s planned layoffs of 10,000 additional employees (totaling 33,000 cuts this year) will likely result in higher credit card interest rates and increased fees for consumers. The bank appears to be using rate hikes and fee increases to offset revenue losses from workforce reductions.Anonymous sources in Citibank are leaking that Citibank expects to …
Quick Answer: Federal bank regulators rejected a proposed program that would have allowed lenders to forgive up to 40% of credit card debt for struggling consumers. The Office of the Comptroller of the Currency killed the plan because it would let banks defer recognizing losses for several years, which regulators deemed imprudent.All I’ve got to …
Quick Answer: A divorced unemployed mother with $137k in 401k funds should consider cashing out $33k to eliminate high-interest credit card debt despite the 20% tax penalty. The expert makes an exception to the usual advice against using retirement funds because her unemployment status makes debt repayment nearly impossible.“Dear Steve,I recently recieved $137k into a …
Quick Answer: Bank of America’s Clean Sweep Debt Consolidation Plan is legitimate but misleading, as the offer encourages further borrowing up to $50,000 for vacations and renovations rather than true debt elimination. The “predictable payment” claim is deceptive since the APR is variable and adjusts monthly.In this time of great economic worry and stress, Bank …
Quick Answer: Payday loans and check cashing stores are legitimate businesses that serve customers banks often don’t, offering transparent fees and personal service. While payday loans can be expensive, bank overdraft fees of $35 for a $1 overdraft can be equally costly for consumers.I’ve got to be honest with you. While the righteous scream out …
Quick Answer: Nordstrom Bank now restricts access to repaid credit for up to 21 days after payments are credited to accounts. Even after a payment clears the customer’s bank and is credited to their Nordstrom account, the available credit limit remains reduced until the 21-day hold period expires. A particular little notice looks like it …
Quick Answer: Credit card payment deferrals and account closures after injury will negatively impact credit scores, as deferred payments typically get reported as delinquent and closed accounts show as “closed by creditor.” Financial survival should take priority over credit protection when facing income loss from disability.“Dear Steve,I’ve been out of work since 10/17/07 (Auto accident) …
Quick Answer: The Bush administration’s mortgage help plan assists some struggling homeowners by reducing interest rates or extending loans to lower payments to 38% of income, but excludes those most in trouble. The plan doesn’t reduce total debt owed and requires lender agreement, making it inadequate for homeowners owing more than their home’s current value.The …
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