interest rate Tag

29 Sep REMINDER: New Credit Card Rules Go into Effect in 2010

New rules prohibiting unfair collection acts and practices will go into effect in 2010.  The Federal Reserve Board announced last December the approval of these new rules to better protect credit card users.  

In the meantime, credit card companies are positioning themselves to try to lessen the impact on them of the new rules.

For instance, credit card companies are taking advantage of consumers who are late with their credit card payments.  Creditors are now, without prior notice, raising the interest rate on late paying consumer’s credit card debts, by three or four, or even five times the rate it was before.

In addition, new credit card applicants are finding themselves subject to more stringent screening processes as well as a higher interest from the beginning.

The following is a synopsis of some of the new rules:

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27 Apr Debt Cures: Does Kevin Trudeau Make Money or Sense? Part 12: Stealing Candy From Babies (Getting Into Deeper Debt)

Part 12 of my review of Kevin Trudeau's book, Debt Cures They Don't Want You to Know examines Chapter 17: Stealing Candy From Babies. The purpose of the review is to examine whether Trudeau, who has had extensive involvement with credit card fraud and the Federal Trade Commission for some of his previous books, makes any sense in this latest self-help promotion or is he making money selling empty promises. Trudeau turns his attention to the state of the economy, both nationally and indvidually. He points out that the consumer has increased their debt through the efforts of the credit card industry and through the "have it now" philosophy of the American consumer. Trudeau believes that the accounting practices used by the credit card industry make it difficult to know exactly what one owes. He also points out that the targets of the credit card industry is the new consumer, such as college students, illegal immigrants, the impoverished. He urges parents to educate their children regarding the wise use of credit.
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19 Mar Debt Cures: Does Kevin Trudeau Make Money or Sense? Credit Card Rates, Part 4

At the former Debt Law Network (now Bankruptcy Law Network), I am reviewing Kevin Trudeau's book, "Debt Cures "They" Don't Want You to Know". The purpose of the review is to examine whether Trudeau, who has had extensive involvement with credit card fraud and the Federal Trade Commission for some of his previous books, makes any sense in this latest self-help promotion or is he making money selling empty promises? Parts 1 and 2 dealt with Trudeau's explanations of how much profit is made in the credit industry, and how to determine your net worth. Part 3, coming soon, discusses Trudeau's encouragement to negotiate the balance of your debt. Part 4 examines Chapter 6, "Cut Your Rate". Trudeau advises that a consumer who is persistent can successfully bargain with a credit card company to reduce the interest rate on a credit card.
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11 Jul Is There Anyone I Can Complain To About My Credit Card?

Many ask is there is anyone they can complain to about their credit card and the outrageous interest rates. You can complain to your spouse, family members or your pets but you are likely to get the same response as you well from complaining directly to the credit card company, absolutely NOTHING! However, now you have a chance to not only voice your opinion but you actually might be heard. If you go to the Federal Reserve website you can voice your opinion about the proposed changes to the rules regulating the lending and credit card industry. It is your chance to provide facts about the credit card industry and how they have affected your life. The five key changes that the new rules
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