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Banks are struggling to make money in the credit card business these days, and consumers are paying the price. Interest rates are going up, credit lines are being cut and a variety of new fees are being imposed on even the best cardholders. Full Article at The New York Times
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The Irish Independent reports that more than 1,000 people a month are turning to the Government for help to pay their mortgages. But as many as half of them are being turned down some months. Full Article at FinFacts
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credit lines on borrowers with good credit scores. About 40 percent said they were imposing higher fees. The banks also said they were demanding higher minimum credit scores and tightening other requirements. Full Article at TwinCities.com
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Barney Frank (D-MA) speaks during a news conference on Capitol Hill November 3, 2009 in Washington, DC. Full Article at Southern California Public Radio
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November 4, 2009 -- WASHINGTON, DC – Today, Congresswoman Doris O. Matsui (D – Sacramento) joined her colleagues in the House of Representatives to pass H.R. 3639, the Expedited CARD Reform for Consumers Act of 2009, of which she is a co-sponsor. Full Article at All American Patriots
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With the price of gas at more than $3 a gallon, credit card companies and their banks who sponsor gasoline credit cards are collecting as much as 8 cents per gallon for interchange fees ... We need to examine our options to lower these fees and pass the savings on to California's struggling consumers.
– Pedro Nava SOURCE: Legal NewsLine -
Nothing we did gave [the credit card companies] any power that they didn't already have ... So the notion that they only raised these rates because the deadline was coming doesn't hold up. They've been raising rates consistently and could have done this at any time if we hadn't passed the bill or if we ...
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We are dealing with a brand new huge federal agency that has the power to ban products ... Consumer financial products impact 10 to 15 percent of the economy, cause unemployment, cause credit to be restricted and cause credit to be more expensive.
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I urge all Americans, whether they’re first-time buyers who’ve always dreamed of buying a home of their own or someone who’s been gridlocked in the failure of our move-up market, to take advantage of this opportunity
