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SUNDAY, NOVEMBER 22, 2009
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NEWS ABOUT: consumer debt

consumer debt stories: 19 news summaries

BofA Cardholder Rips 'Thieving Bastards'

Foe of 'usury and plunder' won't pay 'til CEO watches video

Sep 14, 09 1:04 PM CDT
(Newser) - A California woman who says she kept paying her credit card bill even after she lost her job has had enough: She's pledging not to pay down her Bank of America account until the creditor lowers her interest rate, the Huffington Post reports.. It’s “the proverbial first... More »

MORE ABOUT:
Bank of America • credit card • interest rate • consumer debt • Wall Street bailout • Ken Lewis • Ann Minch • debtor

Credit Cards
Cut Deadbeats More Slack

With unemployment rising, companies modify, reduce debt

Sep 10, 09 9:15 AM CDT
(Newser) - With unemployment nearing 10%, credit card companies are doing something once unheard of: forgiving debt, or modifying it in the customer’s favor, the Washington Post reports. Companies are loathe to discuss the practice, lest it inspire more delinquencies, but according to one industry report, roughly 3 million people... More »

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unemployment • credit card • interest rate • consumer debt • financial crisis • loan modification

(Newser) - American banks will pull in $38.5 billion in overdraft fees this year, a record sum that's largely coming from pockets of the poorest and most indebted consumers. According to the Financial Times, banks hiked fees on overdrafts and credit cards as the financial crisis took hold; this year's take... More »

MORE ABOUT:
Citigroup • Bank of America • debt • bank • credit • banking • consumer debt • JPMorgan Chase • overdraft fee

Arbitration Firms Quit Consumer Debt Biz

Credit card, cell phone companies scramble to collect by themselves

Jul 22, 09 8:33 AM CDT
(Newser) - Credit card and cell phone companies are scrambling as two major arbitration firms back out of the business of settling consumer disputes, the Wall Street Journal reports. The National Arbitration Forum—accused in a Minnesota lawsuit of misleading consumers into thinking it was impartial—will stop taking cases this week,... More »

MORE ABOUT:
consumer protection • credit card • contract law • contract • cell phone industry • credit card loans • consumer debt • arbitration • debt collection • National Arbitration Forum • American Arbitration Association



 Cities Saddled 
 With the Most 
 Credit Card Debt 

Florida, California have credit problem, Forbes shows

Jun 2, 09 2:41 PM CDT
(Newser) - The recession has many Americans tightening their belts, but some just can’t seem to put away the plastic. Forbes checked in with Equifax and compiled a list of the country's most credit card-happy cities. Conclusion? Florida might have a problem.
  1. Miami: Average household credit card debt: $9,
... More »

MORE ABOUT:
Florida • California • list • debt • credit card • consumer debt • consumer credit

(AP) - Putting himself on the side of fuming consumers, President Obama is pushing for Congress to send him legislation by Memorial Day that would immediately reign in the credit card industry, he said in his radio address this morning. The House has passed a bill banning several predatory practices, but it... More »

MORE ABOUT:
credit card • consumer debt • predatory lending • Government Credit Card Abuse Prevention Act • President Obama • rate increase • Credit Cardholder's Bill of Rights

(Newser) - The House today approved legislation to protect credit card holders from hidden fees and sudden rate hikes, Reuters reports. Legislators voted overwhelmingly for the Credit Cardholders' Bill of Rights, a measure banks complain will tighten the amount of credit available and make holding a card more expensive. The Senate is... More »

MORE ABOUT:
Congress • House of Representatives • legislation • credit card • lending practices • consumer debt • Obama administration • President Obama • Credit Cardholder's Bill of Rights

 White House Targets 
 Credit Card Chicanery 

Issuers coming under pressure to halt unfair, misleading practices

Apr 21, 09 5:58 AM CDT
(Newser) - The Obama administration is throwing its weight behind congressional efforts to crack down on credit card companies, the Wall Street Journal reports. Lawmakers are pushing legislation to ban practices like arbitrarily raising interest rates on existing balances and the president is expected to take a hard line on the issue... More »

MORE ABOUT:
credit card • consumer debt • Obama administration • credit card accounts • Lawrence Summers

 Debt Settlers 
 Promise Relief, 
 Provide Little 



Cash-strapped consumers claim companies charge fees without reducing debt

Apr 20, 09 8:33 AM CDT
(Newser) - State attorneys general are being overwhelmed with complaints about “debt settlement” companies that promise consumers relief from mounting bills but rarely deliver, the New York Times reports. The number of such companies, which often collect fees of 15% of the total debt to negotiate with creditors, has tripled in... More »

MORE ABOUT:
credit card • consumer debt • household debt • consumer credit • debt collection • financial crisis • creditor

Debt Collectors Fleece Relatives of the Dead

Getting bereaved to pay up one of the healthiest parts of industry

Mar 4, 09 11:26 AM CST
(Newser) - Bankruptcy and defaults are all the rage these days, but one group is being targeted to pay up: the dead. Entire debt collection agencies have cropped up that specialize in calling bereaved relatives and convincing them to pay the deceased’s debts, even though they have no legal obligation to... More »

MORE ABOUT:
death • credit card • banking • consumer debt • debt collection • banking industry

BofA Tricks People Into Paying the Dead's Bills 

Bank accused of shady practices in collecting cash from bereaved relatives

Feb 7, 09 7:34 AM CST
(Newser) - Bank of America has been misleading customers into believing they have to pay off the credit card bills of dead relatives, TPM reports. One customer was outraged when a bank rep tried to first trick, and then guilt-trip him into paying his dead mother's bills. A former rep for the... More »

MORE ABOUT:
Bank of America • death • bank • credit card • banking • consumer debt • debt collection • banking industry

 As Economy 
 Tanks, Will 
 Plastic Fade? 

Debit, layaways tempt as consumers watch wallets

Dec 7, 08 10:43 AM CST
(Newser) - Will today’s wallet-watching leave a permanent dent in America’s beloved plastic? Likely to write off $45 billion this year, with billions more at stake, credit-card lenders are tightening rules and raising fees, the New York Times reports. “People are going to have to live within their means,... More »

MORE ABOUT:
credit card • consumer debt • consumer credit • financial crisis • layaway

As Debit Cards Catch Credit, Banks Cash In

Consumers see way to limit spending; banks adjust fee tactics

Oct 30, 08 2:10 PM CDT
(Newser) - Credit is no longer the king of cards, Business Week reports. As banks get stingy with credit and consumers look for ways to reel in their "charge it" ways, more and more are turning to debit cards—so many, in fact, that Visa projects debit spending could exceed credit... More »

MORE ABOUT:
debt • credit card • consumer debt • consumer credit • debit cards • financial crisis

(Newser) - The credit crisis may force Americans to do something truly drastic: live frugally. Benjamin Franklin-style penny-pinching once defined America, but thrift has gone decidedly out of style in recent times, BusinessWeek reports. "I can't help the economy," says one recent convert to the new frugality. "... More »

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debt • credit • consumer debt • Thrifty • financial crisis

Maxed-Out Debtors Find Credit Crutch

Support groups doing brisk business as Americans see red

Jun 10, 08 1:48 PM CDT
(Newser) - With the economy sagging and 11.8 million credit-card accounts delinquent, support groups are popping up in churches, colleges, and coffee shops to help people curtail their spending and share red-ink horror stories, the Wall Street Journal reports. "It used to be that you had to live in shame... More »

MORE ABOUT:
personal finance • debt • credit card • consumer debt

Quick-Fix Cash Schemes Find More Takers

Reverse mortgages, insurance buyouts   among risky moves

Jun 2, 08 10:21 AM CDT
(Newser) - Big banks aren’t the only ones struggling to find the cash to keep going. Americans are feeling the pinch, and grabbing cash anywhere they can find it, the Wall Street Journal reports. Credit-card debts remains high, but more are turning to options that bring a quick infusion of cash... More »

MORE ABOUT:
personal finance • debt • 401k • consumer debt • life insurance • cash flow • reverse mortgage

Indian Phone Banks Tackle US Debt Collection

Cheaper and better workers draw American agencies overseas

Apr 24, 08 2:20 PM CDT
(Newser) - As individuals' debt grows in a tough economy, US debt-collection agencies are expanding into India, where collectors work more cheaply—and are often better, the New York Times reports. Indian collectors are “very polite, very respectful, and they don’t raise their voice,” says one CEO. And a... More »

MORE ABOUT:
India • outsourcing • consumer debt • debt collection

Bank of England Launches Mortgage Swap Plan

Central bank would take on $100B in mortgages

Apr 21, 08 4:00 AM CDT
(Newser) - Commercial banks will be allowed to temporarily swap some $100 billion in troublesome mortgages for securities backed by Britain's central bank under a plan announced today, the Wall Street Journal reports. The move by the Bank of England, aimed at boosting  liquidity and confidence in the banking system, follows similar... More »

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Federal Reserve • Gordon Brown • mortgage • Bank of England • Alistair Darling • mortgage lender • consumer debt

Will That Be Cash or Cash?

Americans save more, pay upfront as  times get  tougher

Feb 5, 08 9:20 AM CST
(Newser) - The collapsing housing market, shaky employment security, and uncertain economic outlook are changing Americans' buying habits: They’re paying with cash. Plastic has become synonymous with debt, helping revive the pay-as-you-go mentality, reports the New York Times. The change could have a major impact on an economy, and a culture,... More »

MORE ABOUT:
US economy • credit card • consumer debt

19 Stories


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