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SATURDAY, NOVEMBER 21, 2009
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NEWS ABOUT: consumer credit

consumer credit stories: 21 news summaries

1 - 20 of 21 Stories | 1 2 Next >>

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 FTC Takes on 'Free' 
 Credit Report Minstrels 

Latest showdown between Feds and credit bureau goes viral

Nov 3, 09 10:44 AM CST
(Newser) - A long-running battle between the Federal Trade Commission and credit bureau Experian has blossomed into a viral video showdown of sorts. Experian runs FreeCreditReport.com—beneficiary of the cheeky slacker music video/ads. The FTC thinks—rightly, in the opinion of many—that the company is intentionally diverting consumers from the... More »

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TV advertising • consumer credit • Experian • Federal Trade Commission • credit report • credit bureau • freecreditreport.com • annualcreditreport.com



 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 »

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Florida • California • list • debt • credit card • consumer debt • consumer credit

New Credit Card Rules Could Trim $10B From Industry Coffers

Law dials back crucial fees, interest rates

May 22, 09 1:53 PM CDT
(Newser) - A law President Obama is expected to sign today bringing new consumer-friendly rules on credit cards could cost the industry $10 billion in revenue, the Wall Street Journal reports. The legislation, which dials back various fees and interest rates, will devastate companies that target consumers with checkered credit histories and... More »

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legislation • credit card • consumer credit • Obama administration • banking industry • President Obama • consumers • Credit Cardholder's Bill of Rights • credit card reform

 Banks Seize Herds as 
 Recession Hits Mongolia 

Badly managed loans and overconfidence in cashmere have Mongolians in default

Apr 20, 09 10:05 AM CDT
(Newser) - Proving the recession is truly global, banks in Mongolia are threatening to foreclose on herders’ goats, sheep, and camels, the Wall Street Journal reports. Mongolians call it a financial “zud,” a local term for unusually devastating winters. Falling cashmere prices stemming from the West’s recession—the high-end... More »

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livestock • herdsman • Mongolia • camels • sheep • goats • consumer credit • financial crisis • cashmere

 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

Fee Hikes at Bailed-Out Banks Spur Investigation

Interest rates as high as 30% raise questions about program's effectiveness

Apr 13, 09 7:08 AM CDT
(Newser) - Congressional overseers of the TARP program are investigating the lending practices of several of the banks they bailed out in response to complaints that the banks are raising interest rates and fees, the Wall Street Journal reports. Despite receiving billions in taxpayer dollars, Bank of America last week nearly doubled... More »

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Citigroup • Bank of America • loans • credit card • fees • consumer credit • interest rates • Elizabeth Warren

To Dodge Recession, Move to Huntsville

Mid-size cities do better in crunch, have seen lending increase

Mar 30, 09 12:42 PM CDT
(Newser) - While big cities and rural areas have taken a beating as the financial crisis unfolds, many mid-size cities have seen consumer lending increase, indicating an economic resilience that other areas lack, the Wall Street Journal reports. In cities with populations around 400,000—like Huntsville, Ala.; McAllen, Texas; and Provo,... More »

MORE ABOUT:
subprime mortgages • loans • US cities • cities • housing bubble • consumer credit • financial crisis • Equifax

 Bailed-Out Banks Cut Lending 

Report finds that bailout funds have failed to jolt banks into boosting lending

Feb 18, 09 3:15 AM CST
(AP) - The 20 largest banks that received billions in  US government rescue funds slightly reduced their lending to consumers and businesses in the last quarter of 2008, the government said yesterday. Banks cut their mortgage and business loans by a median of 1% each, while credit card lending rose by a... More »

MORE ABOUT:
Treasury Department • credit crisis • loan • bailout • consumer credit • banks • financial crisis

 New Credit Scores 
 in Play Today 

Fair Isaac Corp. hopes new scores will better predict consumer defaults

Jan 29, 09 7:42 AM CST
(Newser) - New credit scores intended to make identifying bad risks easier make their debut today, with TransUnion taking the lead in offering “FICO 08” metrics, reports the Wall Street Journal. The new formula is more forgiving of one-time lapses than its predecessors, but popularizing it may take years, according... More »

MORE ABOUT:
credit score • consumer credit • FICO • Equifax • TransUnion LLC • Experian

ANALYSIS

$173B Later, Taxpayers
Still Can't Get a Loan

Consumer credit remains frozen, even at banks flush with bailout funds

Jan 6, 09 10:09 AM CST
(Newser) - Though US taxpayers own $172.5 billion of shares and warrants in 208 financial institutions, most of them still can’t get a loan. Interbank lending rates have fallen since TARP funds have been paid out, but consumer lending remains tight and average credit card rates are virtually unchanged from... More »

MORE ABOUT:
credit card • Treasury Department • credit crisis • bailout • consumer credit • financial crisis • TARP

ANALYSIS

Fed Cut Won't Translate Into Much for Consumers ... Yet

Its plans to buy more debt may unfreeze market in '09, but consumer rates stuck for now

Dec 17, 08 9:53 AM CST
(Newser) - Consumers hoping for lower interest rates on credit cards, car loans, and mortgages after the Federal Reserve dropped a key interest rate to near 0% yesterday aren’t likely to get a break soon, reports MarketWatch. But loans could be easier to get once the Fed’s other actions—buying... More »

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student loans • credit card • mortgage rates • interest rate • interest rate cut • consumer credit • financial crisis

 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

Consumers May See 45% Cut in Available Credit

Lower credit-card limits are coming just as job losses soar

Dec 1, 08 6:00 AM CST
(Newser) - Americans already struggling with tight credit are in for another blow: banks may cut available credit card lines up to 45% over the next 18 months, reducing available credit by some $2 trillion, reports Reuters. Home equity and credit card limits already are lower than in the second quarter, an... More »

MORE ABOUT:
Bank of America • credit card • JPMorgan Chase • consumer credit • financial crisis

MARKETS

 Slim Gain Is Dow's 3rd in Row 

New consumer credit plan inspires confidence on the street

Nov 25, 08 3:16 PM CST
(Newser) - Stocks were mixed today, as enthusiasm over the Fed’s plan to get banks lending was tempered by a downward revision to third-quarter GDP and a drop in a home-price index, the Wall Street Journal reports. The Dow rose 36.47—its third consecutive up session—to 8,479.86.... More »

MORE ABOUT:
Dow Jones • consumer confidence • Nasdaq • gas prices • credit crisis • S&P 500 • JPMorgan Chase • consumer credit • financial crisis

UPDATED

Fed Launches $800B Programs to Unlock Lending

Will lend to investors buying credit-backed securities

Nov 25, 08 7:35 AM CST
(Newser) - The Fed today unveiled a new $200 billion lending facility designed to thaw the freeze in consumer credit, the Wall Street Journal reports. The facility will lend to investors who want to buy securities backed by credit cards, auto loans, student loans, and loans to small businesses. The Fed... More »

MORE ABOUT:
Henry Paulson • Treasury Department • consumer credit • Troubled Asset Relief Program

 Treasury Shifts Focus to Consumer Credit

Will alleviate consumer credit instead

Nov 12, 08 11:26 AM CST
(Newser) - The Treasury will spend its remaining bailout funds on consumer credit rescue programs, Henry Paulson announced today, scrapping his original plan of buying illiquid mortgage-related assets from financial institutions. The freeze on consumer credit, he said, is “creating a heavy burden on the American people and reducing the number... More »

MORE ABOUT:
Henry Paulson • credit market • bailout • consumer credit • Troubled Asset Relief Program

Wal-Mart May Launch Own Credit Card

Retailer in talks; low rates, few fees could rattle lending industry

Nov 6, 08 7:42 PM CST
(Newser) - Wal-Mart sees an opening in the consumer credit market and is trying to start up its own credit-card operation, BusinessWeek reports. The retail giant is in talks with a veteran financial services firm to launch a card with low interest rates and few fees. It's not clear how far... More »

MORE ABOUT:
recession • credit card • Wal-Mart • consumer credit

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

Lenders Yank Credit Cards
as Economy Sours

Plastic crisis comes hot on the heels of mortgage crisis

Oct 29, 08 4:33 AM CDT
(Newser) - The flattening economy is putting the squeeze on credit card lending just when consumers can least afford it, the New York Times reports. Lenders are putting the brakes on new credit card offers and reining in lines of spending for existing holders, even those with good credit records. The flood... More »

MORE ABOUT:
American Express • credit card • Visa • MasterCard • lending practices • consumer credit • financial crisis

OPINION

What Killed Bear, Lehman Is What the World Needs

Subprime loans bring relief to millions worldwide

Sep 21, 08 12:44 PM CDT
(Newser) - Sure, subprime loans toppled two pillars of American investment banking, gutted the world’s largest insurer, and plunged the entire US financial system into a tailspin. But they are exactly what the world needs today, Daniel Gross argues in Slate. “Far from the madding, depressed crowds of Wall Street,... More »

MORE ABOUT:
subprime mortgages • interest rate • loan • microfinance • consumer credit • banks

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