tag:blogger.com,1999:blog-222125622010-02-03T11:24:58.123-06:00You may print any of these LowCards.com articles if you include a URL link back to LowCards.com and mention LowCards.com as the source.Lynnnoreply@blogger.comBlogger189125tag:blogger.com,1999:blog-22212562.post-24782650222225137822010-02-03T11:21:00.002-06:002010-02-03T11:24:58.132-06:00

The Credit CARD Act will take effect in two weeks and one of the major provisions is the restriction on marketing credit cards to young adults under 21."Right now, it is easier for a college student to get a credit card than to get up for class. College students use credit cards to pay for everything, just like their parents. Once this new law takes effect, many college students will have

Lynnnoreply@blogger.comtag:blogger.com,1999:blog-22212562.post-65772756666886373032010-01-26T19:52:00.002-06:002010-01-26T20:01:55.089-06:00

Balance transfers have been popular among credit cardholders for a number of years. More consumers are now considering a balance transfer due to the rising interest rates on their existing cards. But is this a good idea?If you have good credit and your credit card APR is currently above 20%, this is the time to consider transferring your balance to a card with a lower rate. As we saw in 2009,

Lynnnoreply@blogger.comtag:blogger.com,1999:blog-22212562.post-56761860751896248752010-01-21T14:57:00.001-06:002010-01-21T14:59:55.431-06:00

The major provisions of the CARD Act take effect on February 22, one month from tomorrow."The CARD Act made some very beneficial changes for credit cardholders. Consumers have been wanting these strong protections for years and they will become real in one month," says Bill Hardekopf, CEO of LowCards.com and author of The Credit Card Guidebook. "However, the industry landscape has changed

Lynnnoreply@blogger.comtag:blogger.com,1999:blog-22212562.post-17416059583595718482010-01-20T16:46:00.002-06:002010-01-20T16:50:15.680-06:00

One positive sign from the economic downturn of the past year is that consumers finally began paying down their credit card debt.In November, Equifax reported that credit card debt had declined 7.3% from a year ago. The latest Federal Reserve Consumer Credit report reveals that credit card debt fell in November for the 14th consecutive month. Revolving credit, the majority of which is credit card

Lynnnoreply@blogger.comtag:blogger.com,1999:blog-22212562.post-70330217996746964142010-01-14T13:47:00.002-06:002010-01-14T13:53:04.949-06:00

January is historically the busiest month for credit card applications. Consumers are inspired by New Year's resolutions to save money or find themselves trying to repair the damage done by holiday shopping.Before applying for a credit card, consumers should do an internal audit on their financial situation and then thoroughly compare credit card offers instead of applying for the first offer

Lynnnoreply@blogger.comtag:blogger.com,1999:blog-22212562.post-16415367679095424302010-01-05T14:58:00.002-06:002010-01-05T15:05:07.955-06:00

The LowCards.com credit card prediction for 2010 is no surprise: cardholders will pay more for credit card loans. The cost of credit cards will continue to increase for consumers even though the major provisions of the CARD Act go into effect on February 22. Cardholders could see increases in both their interest rates and existing fees, as well as the introduction of new credit card fees."Credit

Lynnnoreply@blogger.comtag:blogger.com,1999:blog-22212562.post-10323543607562274542009-12-16T11:32:00.001-06:002009-12-16T11:35:34.838-06:00

This past year has been one of the most turbulent years in the history of the credit card industry for both issuers and cardholders. Issuers made substantial changes in their rates and fees to increase revenue. This created higher payments for consumers during a time of recession and high unemployment.This week, comScore released its Online Credit Card Report: 2009 Edition. The study shows that

Lynnnoreply@blogger.comtag:blogger.com,1999:blog-22212562.post-81261275988540556892009-12-11T20:42:00.000-06:002009-12-11T20:44:23.046-06:00

A study released yesterday by the Center for Responsible Lending gives new data to show that credit card issuers have instituted a number of "hidden" price changes since debate first began on credit card reform.The study entitled "Dodging Reform: As Some Credit Card Abuses are Outlawed, New Ones Proliferate" says that these practices have affected over 400 million credit card accounts. The study

johnhttp://www.blogger.com/profile/17111478910313048272noreply@blogger.comtag:blogger.com,1999:blog-22212562.post-7345523242639481592009-12-09T17:33:00.001-06:002009-12-09T17:34:32.328-06:00

Data released this week by the Federal Reserve shows that the consumer debt continues to decline.The Federal Reserve Consumer Credit report reveals that credit card debt fell in October for the 13th consecutive month. Revolving credit, the majority of which is credit card debt, decreased at an annual rate of 9.3% in October. It has fallen $88 billion since October of 2008, from $976.1 billion to

johnhttp://www.blogger.com/profile/17111478910313048272noreply@blogger.comtag:blogger.com,1999:blog-22212562.post-35167075266843664242009-12-02T11:20:00.001-06:002009-12-02T11:23:05.749-06:00

December and January are traditionally the busiest months for new credit card applications. Shoppers want lower rates for their holiday purchases. Budgeters want lower rates to help keep their financial resolutions. This year, applicants may be disappointed in the credit card offers they receive from issuers."Shopping and applying for cards is not as easy as it used to be. Consumers should now

Lynnnoreply@blogger.comtag:blogger.com,1999:blog-22212562.post-23981949902852274512009-11-18T16:24:00.001-06:002009-11-18T16:26:44.104-06:00

New holiday spending surveys are providing data that shows consumers plan to cut their holiday spending and reduce their usage of credit cards. Credit card delinquency rates are up again, showing consumers are still under financial stress. Many cardholders are still reeling from large APR increases they have received this year and they can no longer afford to charge their way through the

johnhttp://www.blogger.com/profile/17111478910313048272noreply@blogger.comtag:blogger.com,1999:blog-22212562.post-22038800414500430152009-11-11T07:37:00.002-06:002009-11-11T07:40:14.181-06:00

A Federal Reserve survey released yesterday showed that a substantial number of credit card issuers have cut credit limits, increased interest rates, and raised the minimum credit scores required for a credit card during the past three months.The quarterly survey among loan officers also found 75% of banks that make credit card loans do not expect to be compliant with the provisions of the

Lynnnoreply@blogger.comtag:blogger.com,1999:blog-22212562.post-80680581155727336402009-11-05T12:57:00.001-06:002009-11-05T13:00:04.533-06:00

We are entering the holiday gift card season. While new studies show gift cards are the most popular presents to give and receive, the hidden costs may outweigh the convenience of the gift. It is important for consumers to give and use these cards correctly."Gift cards are easy to give, but they are also easy to forget. If the card has a monthly fee or expiration date, these can become costly

Lynnnoreply@blogger.comtag:blogger.com,1999:blog-22212562.post-72484982239711245622009-10-28T14:28:00.002-05:002009-10-28T14:30:44.996-05:00

A new study confirmed what cardholders and Congress already know: credit card issuers are in no hurry to implement the regulations of the CARD Act. Instead, some of the most harmful practices are even more widespread.Today, the Pew Charitable Trust released "Still Waiting: 'Unfair or Deceptive' Credit Card Practices Continue as Americans Wait for New Reforms to Take Effect". The study examined

Lynnnoreply@blogger.comtag:blogger.com,1999:blog-22212562.post-70154751380682247022009-10-26T21:50:00.002-05:002009-10-26T21:54:32.139-05:00

Today, Senate Banking Committee Chairman Chris Dodd introduced new legislation that would immediately freeze credit card rates on existing balances through February of 2010. Dodd felt this bill would prevent issuers from further interest rate hikes that have taken place since the Credit CARD Act was signed into law in May of this year."No sooner had it been signed into law, credit-card companies

Lynnnoreply@blogger.comtag:blogger.com,1999:blog-22212562.post-48636515569277556872009-10-22T15:41:00.001-05:002009-10-23T00:52:46.322-05:00

Today, the House Financial Services Committee approved the creation of a Consumer Financial Protection Agency (CFPA) by a vote of 39 to 29. This is the first step in creating a new regulatory agency that will protect consumers. The CFPA is an important piece of the Obama administration's plan to tighten lending regulations and help prevent future financial failures.The bill would give states more

Lynnnoreply@blogger.comtag:blogger.com,1999:blog-22212562.post-78458930924190466792009-10-21T15:15:00.002-05:002009-10-21T15:18:00.143-05:00

In the past week, Citi has increased the interest rate on a number of their cardholders to 29.99% and cancelled the accounts of customers holding some of their gas partner co-branded cards. Bank of America notified some of their cardholders that it will begin charging an annual fee ranging from $29 to $99 on their cards beginning in February 2010.These actions follow last week's earnings reports

Lynnnoreply@blogger.comtag:blogger.com,1999:blog-22212562.post-76007599781755090652009-10-20T21:14:00.003-05:002009-10-20T21:18:58.656-05:00

The September performance numbers from credit card issuers show the economicrecovery may not happen as quickly as politicians are predicting.The delinquency rates--the percentage of accounts where payments are overdue by at least one month--have increased for five of the six top credit card companies when comparing the September rates to August. (American Express reported an identical delinquency

Lynnnoreply@blogger.comtag:blogger.com,1999:blog-22212562.post-87635827396274142852009-10-19T14:07:00.002-05:002009-10-19T14:09:46.559-05:00

On September 29, the Federal Reserve proposed 841 pages of rules designedto protect consumers from costly credit card practices. These proposed rulesrepresent the second stage of the Federal Reserve's implementation of the Credit CARD Act signed into law by President Obama in May.In this document, the Federal Reserve requires credit card issuers to includea number of new disclosures beginning

Lynnnoreply@blogger.comtag:blogger.com,1999:blog-22212562.post-85805625742906330582009-10-08T17:01:00.002-05:002009-10-08T17:03:37.937-05:00

Yesterday, the Federal Reserve released the monthly Consumer Credit report for August that shows credit card debt is down for the 11th consecutive month. It declined at an annual rate of 13.1% to $899.44 billion, a drop of $9.9 billion. This was the largest decline since February.One factor in this decline is the decrease in credit card limits. Credit card companies slashed the limits for almost

Lynnnoreply@blogger.comtag:blogger.com,1999:blog-22212562.post-76819620704247111682009-10-07T17:30:00.002-05:002009-10-07T21:26:22.405-05:00

Tomorrow, the House Financial Services Committee will be conducting hearings to move the effective date for the next provisions of the Credit Card Act from February 22, 2010 to December 1, 2009.Speeding up the implementation date for the next stage of these credit card reforms by 12 weeks won't be easy for a bureaucratic government. However, the timing would benefit cardholders."Starting these

Lynnnoreply@blogger.comtag:blogger.com,1999:blog-22212562.post-25374021243627325052009-09-24T15:40:00.003-05:002009-10-01T17:11:08.223-05:00

Congress passed the Credit CARD Act in May but it gave issuers and banks almost one year to implement the major provisions of the bill. Since then, issuers did exactly what they threatened to do--raise rates and fees on a broad group of cardholders. Consumers and elected officials are not happy about this, and members of Congress plan to introduce a bill to accelerate the effective date of the

Lynnnoreply@blogger.comtag:blogger.com,1999:blog-22212562.post-7606443577084975512009-09-23T17:07:00.002-05:002009-09-23T17:10:10.671-05:00

The major provisions of the Credit CARD Act do not go into effect until February of 2010. Meanwhile, cardholders have been encountering some of the negative consequences resulting from the bill while waiting for the benefits. Even after the bill goes into effect in five months, the benefits for cardholders may be outweighed by an acceleration of interest rate hikes and increases in fees that

Lynnnoreply@blogger.comtag:blogger.com,1999:blog-22212562.post-29629925518442370972009-09-17T15:36:00.002-05:002009-09-17T15:40:56.462-05:00

While some Washington politicians claim the economy is recovering nicely, credit card default rates indicate consumers are still facing very significant struggles.The default rates reported by some of the country's major credit card issuers were up again in August. Two issuers, Bank of America and Citigroup, showed their highest default rates since the onset of this current economic crisis.Here

Lynnnoreply@blogger.comtag:blogger.com,1999:blog-22212562.post-8279348881832253182009-09-16T17:38:00.001-05:002009-09-16T17:42:08.476-05:00

The death of a spouse is one of life's most difficult times. It becomes even more difficult if the surviving spouse is not fully prepared to handle the family's financial matters."It is human nature to avoid thinking about death and very few people like to talk about their financial matters. So it is not surprising that very few couples ever talk about how to handle their financial situation in

Lynnnoreply@blogger.com