Credit Scores Plunge as Consumers Twist in Wind

Feds have fined debt collector for deceptive practices

(NEWSER) - Americans burdened with old debt and low credit ratings are getting an unlikely offer in the mail: a new credit card. But the fine print explains that accepting the card means reviving debts that had expired by law, the Wall Street Journal reports. For one New York deli owner, the debt transfer was "totally worth it" because he felt "like dirt" without a credit card, particularly on dates. To get his new plastic, he paid $400 on a seven-year-old debt that, yes, was expired. Others say the practice is deceptive and illegal. More»

Short form in plain English could become industry standard

(NEWSER) - The government's consumer finance watchdog has created a credit card agreement that's five times shorter than usual and written in plain English. The Consumer Financial Protection Bureau is asking for the public's feedback on the prototype, which can be viewed here . The agreement is just over 1,000 words long and does away with much of the legalese that studies show befuddles up to two-thirds of credit card users, AP reports. More»

Because it's strapped for cash, Julian Assange says

(NEWSER) - WikiLeaks won’t be releasing any more secrets in the near future, Julian Assange announced today; the credit card companies have brought it down. In a statement, WikiLeaks said it was making the move in response to the “blockade” against donations established by banks and credit card companies . “We are forced to temporarily suspend publishing whilst we secure our economic survival,” its website reads today. More»

Have they sent you one yet?

(NEWSER) - Citigroup is moving aggressively to expand its credit card business, hoping to capitalize on rivals who are toning down their efforts in the area. The bank sent out a whopping 346 million card offers to North American customers in the third quarter alone—which, the Wall Street Journal observes, is more than one for each person in America, and should vault it past Chase as the most dogged mailer of card offers. More»

Bar soap, antiperspirant spray wane in popularity

(NEWSER) - Another casualty of the recession could be your favorite deodorant: As consumers flock toward store brands and stores in turn look to downsize, the result is the death of some of America's best-known consumer products, the Minneapolis Star-Tribune reports. "As we shrink the size of stores, a number of products will disappear," says a consumer expert. Some of the prominent victims:

• Incandescent light bulbs: Government regulation is helping push this one out—more than half of Target's lightbulb section is dominated by CFLs.