Retailers and Banks Still Bickering Over Interchange Fees

Credit Cards

Retailers and Banks Still Bickering Over Interchange Fees

Retailers and Banks Still Bickering Over Interchange Fees

Most recently, a group of business owners held a forum on the proposed interchange fee restrictions that would greatly limit what they believe are exorbitant charges, according to a report from the New Orleans Times-Picayune. However, officials at banks large and small say the proposed changes would have a massive, detrimental effect on community institutions… Read More

Top 5 Store Credit Cards

Credit Cards

Top 5 Store Credit Cards

Top 5 Store Credit Cards

In general, I’m not a huge advocate for store credit cards. They tend to carry higher than average interest rates and low credit limits. Run wild with these cards and your credit score will likely take a nosedive. Of course, not all store credit cards are created equal. Some, when used responsibly, offer considerable benefits. If… Read More

Time for a CARD Act for Checking Accounts?

Personal Finance

Time for a CARD Act for Checking Accounts?

Time for a CARD Act for Checking Accounts?

Surprised by a fee on your checking account? Don’t be. If you’ve tried to get information about the costs of your checking account, you may have come away from the experience ready to stash your money in your mattress. Two recent studies point out just how difficult it is to get straightforward checking account cost… Read More

Financial News Roundup: Rich Purchase Luxury Health Insurance, New Rules Protects Social Security Recipients

Personal Finance

Financial News Roundup: Rich Purchase Luxury Health Insurance, New Rules Protects Social Security Recipients

Financial News Roundup: Rich Purchase Luxury Health Insurance, New Rules Protects Social Security Recipients

Today’s top news headlines feature new concerns that middle- to low-income families are struggling to meet their needs and highlights ‘concierge’ medical insurance available to the wealthy. Plus, read about new rules that protect Social Security recipients from having their benefits garnished by banks. Wealthy Buy Specialized Health Insurance The New York Times Affluent Americans… Read More

Fewer Americans Falling Behind on Credit Card Payments

Personal Finance

Fewer Americans Falling Behind on Credit Card Payments

Fewer Americans Falling Behind on Credit Card Payments

Banks wrote off fewer debts as uncollectible in March, continuing a trend that was interrupted briefly in February. According to Moody’s Investor Service, banks wrote off 7.35 percent of all credit card debt in March, down from 7.56 percent in February and 7.45 percent in January. Moody’s said it expects the credit card charge-off rate… Read More

How Credit Inquiries Affect Your Credit Score

Credit Score

How Credit Inquiries Affect Your Credit Score

How Credit Inquiries Affect Your Credit Score

One of the most common questions I receive is how an inquiry can affect a credit score.  It’s interesting that people focus on this particular area given that, compared to paying bills on time and keeping credit balances relatively low, inquiries have relatively little impact on your credit score. First point—there are many different types… Read More

Bumper Crop of Lawsuits Hit Creditors, Collections Firms

Managing Debt

Bumper Crop of Lawsuits Hit Creditors, Collections Firms

Bumper Crop of Lawsuits Hit Creditors, Collections Firms

Consumers filed 570 federal lawsuits against debt collectors and creditors in just the last two weeks of March, the highest number so far this year, according to a tally by PaymentsSource.com. It was the most lawsuits filed in a two-week period all year. The vast majority of the suits, 562, alleged violations of the federal… Read More

Study: Consumers Lax On Protecting Against Medical ID Theft

Identity Theft

Study: Consumers Lax On Protecting Against Medical ID Theft

Study: Consumers Lax On Protecting Against Medical ID Theft

How prevalent is medical identity theft? Why are Americans so indifferent toward it (at their peril)? And what can consumers do to protect themselves from medical identity theft? A recent national study claims to answer these questions. The National Study on Medical Identity Theft by the Poneman Institute, a California based think tank, concludes that… Read More

Good News for Homebuyers and Renters

Mortgages

Good News for Homebuyers and Renters

Good News for Homebuyers and Renters

Finally we have some good news about the housing market. Big increases in the number of new mortgages and new home construction may signal that the housing rebound has finally begun. The number of new mortgages for commercial and multifamily properties grew 44% last year, according to a new report by the Mortgage Bankers Association…. Read More

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