Joe Nocera has a post on his blog by an anonymous banker who tells the truth about the incoming credit card business crash.
The Worst Is Yet To Come: Anonymous Banker Weighs In On The Coming Credit Card Debacle
The line that I like best about that article is when the anonymous banker wrote:
And credit card rates, [...]
But! “regulators would give card issuers until mid-2010 to comply with the rules.”
Just like the government to finally move to take care of an egregious problem but not put protections in place until 18-months later!
New Limits Imposed on Credit Card Companies
This is the reason why the voters always get shafted by those we vote for. [...]
Back in May I posted about the new changes being proposed by the Office of Thrift Supervision and Congress to curb credit card abuses by credit card issuers: Do I Dare Hope?
Today I read this news:
Fed moves on credit card crackdown
Bank regulators approve proposal to eliminate industry practices like ‘double-cycle billing’ as banks push back. [...]
The biggest changes discourage piggybacking and penalizing infrequent delinquencies.
By Renuka Rayasam, Associate Editor, The Kiplinger Letter
By next spring, two of three credit reporting bureaus will use a new model. Fair Isaac, the developer of FICO scores, has made the biggest change to its mathematical credit score model since it was introduced in 1989. Scores will [...]
I haven’t posted at all since July. I can’t believe time has flown by so fast. The year 2008 is coming to an end in a few weeks. Wow.
I haven’t done that great a job posting on this blog. I want to change that for the new year.
I just came to the realization that I [...]
Slowly but surely. That’s how this is going down.
This month I managed to only bring down my debt by $266.19. This is due to my declining income this month and the high interested rate credit cards. I have two of those right now. But I will not for much longer. This week I asked for [...]
This month I knocked off $522.34, peanuts, but hey it slow going from here on.
My total debt still hovers over $18,000.00. Wish I could dump more on this debt.
I don’t have much to post about, it’s been a quite month for me as far as keeping my spending down.
But I did learn something new. Did [...]
This month I knocked off $1036.28 from all my credit card debt. Since I started this blog I have knocked off a total of $1,860.12 from my total credit card debt. Not bad, considering that I actually used them again.
But, life always gets in the way, doesn’t it?
I am going to try my hardest to [...]
Do I dare hope that this time the Feds are actually moving to help the citizens of this nation with real action, instead of pandering, that will help most of us working peons from being abused to no end by the predatory credit card issuers?
The industry is already in full swing trying desperately to stop [...]
The U.S. Office of Thrift Supervision is crafting rules to protect consumers from abusive credit card practices:
WASHINGTON (Reuters) – The U.S. Office of Thrift Supervision is crafting rules to protect consumers from abusive credit card practices such as retroactive rate increases, the agency’s deputy director told lawmakers on Thursday (April 14, 2008).
I don’t know if [...]
