Despite CARD Act Doomsday Predictions, Credit Card Profits Jump

Credit Cards

Despite CARD Act Doomsday Predictions, Credit Card Profits Jump

Despite CARD Act Doomsday Predictions, Credit Card Profits Jump

When the CARD Act was getting passed, the banks moaned over how having to deal with tighter consumer protection laws was going to kill their business.  It turns out that those fears might have been a tad overblown. A new report from Nilson shows that since the legislation was enacted, profits at most of the… Read More

Don’t Waste Money On Avoidable Overdraft Fees

Personal Finance

Don’t Waste Money On Avoidable Overdraft Fees

Don’t Waste Money On Avoidable Overdraft Fees

Last week, the Consumer Financial Protection Bureau (CFPB) launched an investigation into the overdraft fees charged by banks and other financial institutions on checking accounts. But who says government regulators get to have all the fun? Savvy consumers should launch their own overdraft fee investigation — and make sure they aren’t paying any. Overdraft fees… Read More

5 Consumer Groups That Have Your Back

Personal Finance

5 Consumer Groups That Have Your Back

5 Consumer Groups That Have Your Back

If you’ve ever been scammed or battled a corporate giant over a policy you think is unfair, you know how easy it is to feel trapped or powerless to change things. It’s hard when it’s just you against them. But when consumers band together, it is possible to shut down scammers or to pass laws… Read More

The Biggest Consumer Complaints of the Year

Personal Finance

The Biggest Consumer Complaints of the Year

The Biggest Consumer Complaints of the Year

Identity theft continues to be a major concern for American consumers, accounting for more complaints in 2011 than any other type of fraud or scam, according to a report released Tuesday by the Federal Trade Commission. It was the twelfth straight year that identity theft topped the list of consumer complaints. The number of ID… Read More

10 Ways to Protect Your Credit (and Your Money)

Credit Cards

10 Ways to Protect Your Credit (and Your Money)

10 Ways to Protect Your Credit (and Your Money)

When it comes to credit cards, you can be your own consumer advocate… or your own worst enemy. And these days, this lesson couldn’t be more important. According to TransUnion, one of the major credit bureaus, the number of new credit accounts grew by 14 percent in 2011, including subprime credit. While I’m glad that… Read More

Feds Launch Investigation into Bank Overdraft Fees

Personal Finance

Feds Launch Investigation into Bank Overdraft Fees

Feds Launch Investigation into Bank Overdraft Fees

Federal regulators announced a new investigation into bank overdraft fees last week, which could lead to new regulations aimed at helping consumers avoid paying such fees. The Consumer Financial Protection Bureau is especially concerned that a small group of mostly young and low-income consumers pay the vast majority of overdraft fees. Only nine percent of… Read More

1099-C: The Worst Tax Mess of the Year?

Personal Finance

1099-C: The Worst Tax Mess of the Year?

1099-C: The Worst Tax Mess of the Year?

It’s perhaps the biggest tax mess of 2012: An estimated 6.3 million 1099-C forms reporting cancellation of debt income have gone out to taxpayers. Some of those forms are being sent to consumers for very old debts that they never thought they would hear about again. To make the situation worse, the IRS is arguably… Read More

Capital One Not Accepting Low-Score FHA Mortgages

Mortgages

Capital One Not Accepting Low-Score FHA Mortgages

Capital One Not Accepting Low-Score FHA Mortgages

Despite reaching an agreement to begin originating loans designed to help borrowers with lower credit ratings obtain mortgages, one of the nation’s largest lenders still has not done so. Capital One Financial, as part of its purchase of ING’s U.S. online banking service, ING Direct, said it would commit to originating home loans insured by… Read More

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