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Credit-card industry may cut $2 trillion lines: analyst (Reuters via Yahoo! News)
The U.S. credit-card industry may pull back well over $2 trillion of lines over the next 18 months due to risk aversion and regulatory changes, leading to sharp declines in consumer spending, prominent banking analyst Meredith Whitney said.
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Credit card companies quick to raise rates, fees (Atlanta Journal-Constitution)
Greg Fischer was already fed up with Bank of America for doubling his credit card's interest rate to 28.99 percent — the price for being a couple of weeks late with a payment in April. What sent him over the top, he said, was the bank's decision to rule his September payment late, too. He paid on the due date on the bank's Web site. But he paid at 4:10 p.m. — past a 3:30 cutoff that Fischer said ...
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Credit Card Crunch (Portfolio.com via Yahoo! Finance)
Meredith Whitney has a piece in the FT which is full of extremely large numbers: Capital destruction has been so intense that multi-trillions in capital raised by institutions through both private and public capital has gone to plug holes and not stabilise the effects of shrinking liquidity to corporations and consumers.
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Frugal Asia to dodge much of credit card beating (Khaleej Times)
TOKYO - Even after 14 years in the white-knuckle world of stock trading, Ken Masuda doesn’t sound like a big risk-taker—at least when he talks about his own cash.
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Reduce debt the smart way (The Springfield News-Leader)
It's time to go on a debt diet. Carrying around a few thousand dollars in credit-card balances may have seemed perfectly acceptable a few months ago. But in this financial crisis, it can be downright dangerous to your financial health. Credit-card companies are jacking up rates and fees, making it easier to fall deeper in the hole. And during a recession, when the possibility of layoffs looms ...
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Consumer rights: How moving house can make you a credit risk (Independent)
We recently moved home and have been turned down for a credit card at this address, despite having an immaculate credit record previously. Can an address be blacklisted? Is there anything we can do about it? FK,ANDOVER
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Credit-card lenders ease pressure on borrowers (Independent)
Credit-card lenders have agreed to ease pressure on struggling customers after a marathon meeting with the Business Secretary, Lord Mandelson, yesterday.
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Much-needed financial counseling open to all (Amarillo Globe-News)
[Consumer Credit Counseling Service always has had plenty of customers to serve, but the tough times have made them multiply.
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Get Your Fair Share When a Company Goes Broke (Kiplinger.com)
Here's what happens if you buy a gift card or make a down payment with a retailer that files for bankruptcy this season.
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Utimaco Overviews the Pending Perfect Storm of Data Breaches over the Thanksgiving Holiday Weekend (Business Wire via Yahoo! Finance)
FOXBORO, Mass. and OBERURSEL, Germany----Utimaco – The Data Security Company, today issued a warning for companies and consumers who may have unknowingly put their personal or corporate data at risk over the Thanksgiving holiday weekend due to device loss and data theft that can occur when portable devices are left unsecured.
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