Forgiven Credit Card Debt May Be Taxable

If you negotiated a debt settlement in 2012 on the balance of your credit card account, you may surprised to find that you owe taxes on the debt that has been forgiven. The IRS views forgiven debt of $600 or … Continue reading

LowCards.com Weekly Credit Card Update January 18

Banks Bury Fees in the Fine Print Pew's annual Safe Checking study has uncovered a number of items and fees that most consumers wouldn't have a clue about until they got hit with them. From mandatory arbitration clauses that waive jury … Continue reading

Banks Reach $8.5 Billion Foreclosure Settlement

On Monday, ten U.S. banks agreed to pay $8.5 billion to settle regulator's accusations that they didn't follow the correct foreclosure process and made errors in the loan process. This includes the robo-signers used to sign off on thousands of … Continue reading

Is Robo-signing Being Used with Credit Card Lawsuits?

The robo-signing scandal burst onto the financial scene two years ago when a number of major U.S. banks aggressively fast-tracked foreclosure paperwork. The practice was loudly condemned and the government handed down a $25-billion dollar fine. Robo-signing slowed, but it … Continue reading

Capital One to Pay Soldiers $12 Million in Settlement

Last Thursday, Capital One agreed to pay $12 million in a settlement over alleged violations of special consumer protections for military families. The Office of the Comptroller of the Currency and the Department of Justice took action against Capital One … Continue reading